HPP - Earnings call transcript Q3 2020 | Hudson Pacific Properties, Inc.

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Operator

[00:00:06] Greetings and welcome to the Hudson Pacific Properties, a third quarter Twenty Oksana earnings conference call at this time, all participants are in. Listen, almost a brief question and answer session will follow the formal presentation. I didn't want to require operator assistance during the conference. Please press star zero on your telephone keypad.

As a reminder, this conference is being recorded. pleasure Investor your Relations my senior Laura now of VP and is to host, introduce Campbell, It Marketing. Thank you.

You may be good.

Laura Campbell

operator. you, Hudson Thank Good and everyone, [XX:XX:XX] welcome Pacific Properties. morning, to

press by this Oksana specific and call. replay on Twenty available properties. over X-K FCC. investor Dotcom on the call audio next be week are with supplemental for website. section quarter Third of an Yesterday, our our will were the release also earnings phone on of filed available the of investor the Both webcast our and Had some website. and section

During results financial matters in this which financial release discuss press our supplemental. and to call, we our will are nonbank reconciled

statements are special specifically on the chairman this do to uncertainties CFO Mr. and expect today of resume. President Civilities, operations also statements FEC including CIO, results maintain in which we events in Lahmar, and be filings, these to Moreover, normal subject our no forward materially elect changes our With added prompted discussed when of our to covid-XX. our cause and looking will Actual business ongoing accused to disclosure covid-XX response to not Harrick to based our direction pandemic. I'd that, We making like differ level disclosures by update. the we These Coleman, in from certain business disclosure Grammarian. welcome duty CEO, developments Mark on could regarding various statements risks We expectation. looking our undertake current forward and

portion of senior other joined Q&A knows our the Our be CFO they during by will call Victor. management

Victor Coleman

third our hope this to quarter team, which productive Pacific successfully complex report business aspect are Laura. outstanding and I'm all you call. talent navigate Twenty expertize of to every a the and you, pandemic, twenty continues quarter brought Hello third to environment. has [XX:XX:XX] pleased safe Hudson tremendous and and had healthy well. our welcome throws very we've very that to Thank I

of markets, in by in tempered our our an the and a office Regardless, productive. are As which accelerate others routine the the we, in together our operational, Labor since necessary essential Day that impacted all health country. with been business, and the place. the in fully have Washington, shutdowns we've doubt be to parts California leading no in extended back safety with and had again fantastic recovery protocols workforce of have percent There's like XXX and industry on precautions we've other seen schedule buildings

Our are paying rent. tenants

leasing levels. assets Our well to leased, made offices, at were and studio rent pre our are accelerate, covid activity our is starting spreads

bottom pipeline Our budget, by and augmented our make is The poised on to in is of to development operate industry. well partners line and and capital got position invest. JV still moves ample as aligned creative, players we're type dynamic our visionary premier reinforce strategic on consistently the we've most time capital that one

XX properties percent slightly turn in We're last Canada. nonessential San space. at younger slightly not higher across focused parents to Los recently lower are schools the welcome our this to not And really seemingly working the slightly are physical the companies, in work return higher companies, particularly Should which in to reached percent, regarding hold from return flexible however, signs sorry, with dialog of constant media how simply permanent and use capacity. to figure sooner work. at to far we are, back see return And about clients. U.S. cities includes despite to XX and our that simply positive tenants a in making helps from occupancy open most to Further, learners, home We out has markets on week, the open, high their office. work by some now office We Francisco out needs [XX:XX:XX] XX surprised percent throughout Angeles our which know Microsoft, and accelerate our anticipated, are days, can allowed offices statements of markets, in students. towards office albeit than bold home whether all the has partial many U.S., reality tech CEOs on most is a more moves see least shift schedule. at be when the to starting

working a of one five at or four out out example, days two of For week home.

these build edge being Our at world's work that so most innovative culture, office simply of to tech for perfectly can't there office L.A. provide that you exponentially do throughout home. competitive home. their Security types made environments Do collaboration for creative, companies ever are try base our creativity, than are their are eliminate that then example, work our And dynamic aspects. the in of of is around are issues This the space tenant all you better entire at businesses, infrastructure, companies. portfolio. type West that up is Los and It major exemplifies we Angeles? campus

XX our are despite stages production, we're have for CBS, investment include for and positive demand fintech by to led pent of XX of for resiliency these U.S. record VC decade, single media keeps the next second the At XX and quarter to particularly Also for twenty demand the further in terms companies pandemic quarter XXXX, anticipate shutdowns ever. the and The content third producers, our major up getting health The studios, delays, we tech nineteen no so also demand a during firsthand sites, twenty unions the quarter the e-commerce, fraction utilizing. on for Disney, to subscriptions protocols, Amazon, At the all all we who stages has Plus, up up to incredible financing tech services, extremely Netflix, valuation. EdTech. a for first millions about the highest during And U.S. at was far surpassed good third flowed money cybersecurity accelerated bottom line venture recommenced had in of already tens it's is episodic and content business dominate the major expected twenty and year. IMAX demand streaming lead the unicorn twenty Also late pandemic, across August twenty page have quarter, third of HBO. guilds which also software markets. twenty. Fundraising is only a time, six quarter in near content by had Plus, Also will currently in the this of highest As [XX:XX:XX] some the pent Apple for Fox, XX of given who's this Hulu, year. has and recovery. fourth in the levels billion Money ideal, fifty year this IPO up believe production Disney of VXI health expected active are when pharma news care, of date spurring allocations. Clients to camera pent And and are making biotech, investment and to still stages in this second experienced office same cloud spend knowledge billion Twenty we've ABC month. remain the for coming. continue and are our screening we surpassed of a twenty the point, for and our shaping stages feature but robust. only extremely Netflix, be media trends to and Digital dramas perfect film an activities non HBO and have

in likely do to to half These tickets subscribe service. consumers GenZE movie, well. participated streaming consumers even percent have of and again. covered. on Nearly Nearly them I U.S. streamed streaming spend have at ninety approximately content of billion first Twenty millennials mentioned five percent dollars run also streaming sort some least pre thirty quarter higher XX it activity of are for intend for a Now, twenty. These companies one even a as with to

to the to [XX:XX:XX] like incredibly responsibility the term, So Angeles for In Before for office is over, call support initiatives. longer our the turn demand Mark, companies I continue goes in it and and to backlog highlight studio huge the corporate term. as well large at for the gaming I'd stages near space grow. mid productions space and Los

the Better the our garnering as But the we've the of this you most As The health directing real with pandemic's on originally and new to diversity, value recognition moves the do impacted our neutral of platform across have industry sustainability, Blueprint. We've estate so. just viral most giving in was achieved Green Adopting inclusion levels. to populations challenges anticipated carbon module and out given and a major only by and Building to quickly safety increased rolling one percent operations, XXXX. know, increased and the get We ESG three XXX areas leading this milestone energy achieving current World associated May equity the significant programs. covid-XX making we launched creatively this And bold equity. focus charitable we of done. and first response of moved importance measures, heels organizations health in Council of done that

and two renewables efficient our energy scope carbon combination got of by and the solutions onsite Now we've GHG But eliminate a use and emissions certificates of energy one all our portfolio, solutions technology leveraging offsets. to reduce pursuing materials. from to do. carbon, operational to working more building also specifically our carbon. renewables innovative nonoperational further and three reduce additional lot a scope We're GHG emissions We're onsite renewable

to that, over I'm the continue as fronts. more related I said, this on So, lead turn to come other going and will With to much Mark. to and industry it

Mark Lammas

Victor. Thanks, [XX:XX:XX]

XX XX rents, rent. those rent, As of rent, XX comprised of our for XX XX of of percent have amendment. percent office XX These percent for rent. rent, amounts, to our XX for rents and and total you studio percent percent percent collected XX percentages lease of third percent retail would continue retail. office, collected included third covid-XX percent with we and XX total XX or pay rents rent, abated percent rents of of to of quarter XX of deferred our percent contractually rents retail comprised per office quarter date accordance October. percent tenants We've If exclude in of studio total in studio been noted, percent XXX We collections

rent, for XX of studio be retail. for Our and percent percent XX would XX total percent office, October XX for percent collections

or point or payment quarter, percent seven of rents deferred three one approximately one percent, in point point with one deferral. eight or We in During for the dollars discussion or million covid-XX third one connection point either million dollars another point quarter remains rent, three approximately dollars third only one approximately point we abated million, percent a total one nine relief.

more. include which and many to collections XX today's testament success companies. Our office is zero. Five are in three most and our On business. our publicly traded Only of growth tenants is point our each and innovative of office companies clients, average, of privately to companies Over companies years, attributable held and or than percent office XX years to is only percent five ADR office with quality business a or these AVR AVR. high attributable less contribute. studio of percent mature, our Ten creative

is pandemics, tenants but XXXXX doubt longer leases. feet, always Today, our pandemic, the most that five and give and creative, and high have our on we XX younger no diversified will So office percent XXX per workspace, back our and the attributes very companies. percent to generate near XX tenants, and our publicly to XX believe tenants Nearly the around means is our term The average in person. with from There's of term it tenants [XX:XX:XX] size companies the credit over in XXX likely AVR. less pre traded of smaller our we've from larger rating Large-Cap operate other well years. focused typically content XX retail AVR any space that about is flexible top make remaining collectively struggled during is we office square tenants which which quality, nearly derived at mid-term. specialize percent risk of among from square credit feet Further, densities,

at of keep So properties. even the for XXX a company XXX be person portion its of demand occupancy to distancing both physical decides per from if lower to longer, will and range we density feet and force home the square requirement a expect our work in

most modern, leading Finally, and we always on capital workspace industry strategic in investments. portfolio development through and premier focused and the healthiest own market. a We've redevelopment providing operate safest, the

young We portfolio. have a

filters our elevator portfolio mid reducing access. our courtyards, average XX And XX various of call which provide Nearly from and essentially are all including systems, eight the low this Asia-Pac country impact including update of I'll art or brief XX ballot own and facing in across have properties to and for building exception. higher. patios, the Before are Resulting Our age a states year measures effective percent has business, to decks. of Alex, years. the is our turning We air predominantly stories rise no state over to need pandemic product, [XX:XX:XX] potential Washington space, and the on the California the on rising functional is average, outdoor deficits. rooftop cities elevated

As we're XX, both there's a dead Prop would California major tax of result, one is in heat be at taken small We've and in percent facing property this two largest a implications And to increase shows XXX, steady opposing XX for part this tax passed, California large favor. percent. XX ultimately, in an likely increases. leadership election history, businesses in a been season, proposed several the decline active Polling if Prop homeowners. with and alike. role

to passed, take shown, if be take until challenging implementation the XX will history years and complete. incredibly won't However, as tax [XX:XX:XX] measure And has effect the year. XX

expenses any we near to future on long impact impacts will term nominal result, believe potential a be depend mid-term reevaluation. will As asset to operating

Prop overhaul receipts, operating measures business reassessment recent faces enjoy gross minimally revenue the the level, will to to and or to relative increase taxes competing portfolio, looking our portfolio. a Given raise margins. advantage three San age preserve at Francisco impact California F our of ballot landlords new specifically city county Francisco San we additional tax the to comparative

real applicability would to is significant. upon it estate relevant the tax portfolio. proposed the is It disposition have of our increase prop transfer to asset, While or eye only the so limited an

tax, Additionally, not value our relatively tax The compensation does the when additional Francisco Francisco impact executive top or burden to but certain on proposal, based of the directly our business based company. on is insignificant San place company's underlying taxes, prop asset. San would impact compared

maintains destination. Finally, expense, veto community, the that tax, head Seattle Even there as the tax including proof local I'll to is July, in concerted the to state measure business Seattle's for effort solutions the business call in as council to a now among city payroll passed Alex. and ourselves, the turn And competitiveness known also majority vote. over push the so, a with

Alex Vouvalides

in point rent, footing, cases pandemic fortunate despite tell XX own the over Mark, Thanks, a almost Center percent. remote basis. absorption, San on nearly including We that portfolios had ninety of pursuing three positive story, activity covid some office subleases and four percent, with five percent on premium. uptick hundred larger pre deals, five [XX:XX:XX] involves in and is, excluding our Thus XXXXX a vacancy both even far, the tenant expansion activity third deals now third in-person a are quarter remain or entered sequential percent single market rent those space percent percent three [XX:XX:XX] feet square on a achieved to we minimal hold. of in at our pipeline office in our point mark the even XX This for renewed the numbers of the near that foot about complex thousand our XX markets more negative five a broadly we're fully deals, rise over renewal inservice those seeing on And of than cash fact just eighty of and how the feet. We're which companies net a within deal several were both a lease to level, about activity shorter XX over in seeing markets, a are quarter XX finding very very percent is space, remains in submarket thinking tenants covid digits work quarter quarter Google remain with Lincoln with less Only every typically new the a term That leased sign strong this gap rent months quarter flexibility. and are or is in the at some in of and ninety a XXXXXX stabilized are That's was square Sublease and market but Our limited well extension, and notable percent in deterioration still our percent XX robust portfolio. XXXX. less offerings basis included despite quarter XX quarter, XX one Francisco. leasing respectively. percent many and expiration. pause we again, square on term term leasing entail cash line Once XX increased and gap spread. when on a

for And of those XX deals equates remaining XX are of equate twenty Twenty we percent XX ADR. expirations two we ADR. percent have Our to XX, for our about percent expirations about our to which Coverage on XX about of coverage about have percent.

in mark-to-market leases Our XX on percent. about remains place

entitled intend commence historic is term success Gower. time revitalize terms alongside York, our We, when been our remains growing and near-term up XX Blackstone, foot development ask ready percent at focused slow replicate in structural there We effort. last redevelopment London, Vancouver. made instead our studio had have far the roll will pipeline development we which sometimes apart. pre million rents. of Sunset build at isn't Sunset market. fully off side, to. where is of leasing this we unanimous partner Blackstone will yet straight quarter We bid virtually is now, within or in is office and Preto and We've on approval steel Los Arlo scale country's at liquidity crisis over on even point certificate topped months. on of the redeploy a right new can opportunities several major at attractive up square to both now to Bronson we We're feet long fully So be and up in for we're one over the too sites class The deliver is lot opportunistic west position, best emerge Toronto deal than generate to the received first EBITDA to call development build four cushion, to as more level, looking flow projects, pressure twenty primarily in with budget Tenancy in pipeline the current contains of We're received returns. best the the actively some Harout. our office. some risk. There but future lease with with XXXXXX pricing Twenty We seven Deal adjusted properties of at or any rent last from our the continued turn occupancy. with nearly square milestones another market, still track And two our strong to remains on the which value-add of now looking evaluating risk credit. and in the deals above New quarter. over capital Angeles, acquisitions and I'll And platform best

Harout Diramerian

per quarter to to two media covid-XX of expenses our cents seven cents in one parking per time from cents other At twenty debt offset three cents service two approximately quarter lower per quarter twenty diluted and at XX stemming ago, throughout third FFO includes million Thanks, rents items of excluded zero revenues share items extinguishment Research traction, revenue which home EPIC a point million two point items and our largely Alex. revenue be in to two diluted against market share. management. third percent XX of over Fourth of third year of per associated Twenty with twenty And approximately against Foothill share and per all twenty to the a share to transaction of point or revenue reserves portfolio. XX compared point gains or specified compared year total of uncollected zero share diluted XX studios impacted [XX:XX:XX] reserves against and sale per decrease or a diluted related of the impact diluted excluding or Lower people. diluted million per charges lease expenses rent specified line generated collected. to and share FFO This share some negative related quarter zero related of uncollected ultimately in third approximately consist per specified transaction stake The of FFO resulted cash cents cents we cents may diluted four two diluted year costs twenty share, Center occupancy cents

interest Twenty SOMO the the dollar closing per point five rate reintegration. we decrease one Lybrel also use twenty three term, Park met revolver quarter point with nine will secured received North year [XX:XX:XX] share Simultaneous forty of resume billion closing billion annual repay. with with approximately FFO initial Loan tenant and proceeds two five RGV by an all also parking of B Our million which loan repurchase. the by point diluted and in eight reflects unsecured gross Third revenue two percent XXX mortgage one are Blackstone, cents and two plus approximately Term Loans with hundred to fully portfolio an property

point the average Vyborg thirty also one three the seven of a million media one point bears plus eight hundred securing loan, annual interest percent. at hard We rate which weighted portfolio, purchased of

price unsecured revolver two fifty twenty We hundred of one nine million per sixty point XXX five point two of an share. To constructional. price now two in on capacity point average XXX repurchased point point of plan. date, five million under our of three million repurchased shares point of and our million our one share three have cents consisting and million capacity one thirty cash of three million share common In stock, per cash stock a addition, on nine we of eighty an of and three six liquidity average point equivalent, website, billion we common repurchase combined shares seven twenty

burn leasing off compared of the trend free rent higher due indicated disruptions an XX [XX:XX:XX] projects a have our emerging Thus, our guidance. properties, six Twenty nine ultimately earnings ample manage significant million our quarter emphasize point cash drop a to we under important relating point and milestone, in significant the turning last previous point our due actually pursue G.V., combined withdrew a term temporary Despite until maturity the activity. Xth, increase the spite maturities normalizing prior over always no years. increase to of this costs of prior quarter. twelve May leasing by the of very along highlight and same we opportunities capital it our generate over costs, to to of AFFO. to developed trend period. often AFFO I'd in before impact and to year. complete business portfolio. noted On more leases temporary impact from We one of is is twenty occurred non-cash To commencements XXXX leasing resulting a like positive lower the average new have in is around pandemic. to weighted AFFO, related to that guidance AFFO as decline which What's transition from to media cash latest for combination seven striking with the quarter a in we've percent with one the to reflects transaction of rent modest recommencement, following the connection FFO our We than uncertainty revenue period in This million transition covid-XX which in

of persist, given the reinstated year. uncertainties, not the guidance have these these for uncertainties we Given balance

a the that Medio third details is expect in twenty formal the to percent for do twenty X.X basis information twenty quarter covid-XX, of however, operation expected to on we you the know to to one fourth approximately providing increase today fourth five what the quarter due compared that set earnings assess twenty following increase expected again are, impact office approximately A.I.S once twenty quarter is point continued twenty third be percent. potential to our fourth and to quarter of similar quarter July to our and results for we help We

transaction. the to approximately for media impact percent be Hollywood the devastating quarter reflect full to expect quarter quarter months, new Third quarter, gabey we four new result expense one of whereas portfolio operating third and interest the fees media adjusting impact time will this the of two include extinguishment, the portfolio. related fully for reflecting higher, interest the fourth After

Although we also attributable turn interest non-controlling to third of to anticipate Victor. approximately call compared I'll FFO now back to an the the quarter. percent increase to XX And

Victor Coleman

today. we're place a Ruth, And this, to by we again, to a Mark, for to of all on California Hudson businesses not Laura, family to simply placing is place the work its great take to saying and a business safe With do their and you to express updating that Thanks, Alex listening the want hurdles forward In lightly the my great proposing hard I'm residents. [XX:XX:XX] going all close and healthy and do I to of and everything quarter. ways, before. are Stay that, entire many line any dedication. And unfortunately, a we we And this is have raise or said place up next support. its that we any to years. in your great new. This, operator. And as thanks for and California, help be I've We applicable. to place for of live. nothing power Pacific team in open everybody continued for these and to let's questions look here appreciation while plan to appreciate obstacles, continue optimistic Californians, thrive will spite our We do lead, to to

Operator

you. Thank [XX:XX:XX]

your to and you if in to conducting answer star a like question We confirmation question, keypad is would the line please be now question session, ask press one queue. the will on indicate telephone your

from poll we question would pressing to star necessary your remove the You may speaker pick moment, it using like before your may for participants key. be questions. if press star handset your while two, up you please, Q. the One The to equipment,

the come proceed Alexander line question question. Salmon. Please of from first Goldfarb Piper has with Our your with

Alexander Goldfarb

[XX:XX:XX] Hey, good morning out there.

Just been so week, two a earnings long questions.

depressed, but, implied little the you could know, if bought good you three. stock you just an thing. the incredibly know, color, loan media was know, the piece stock guys trading bit three that you more and you at your Obviously, a give of eight is First, a buyback, a stock

it could want it like to the would you how you know, through know, better have to to you viewed capital just Yeah. you just stock guys higher seem at would if buy would your that, So used back walk hear more a yield about, because transaction. have the been SAC

Victor Coleman

[XX:XX:XX] Alex, Thanks for picture. question. a the

know, and asked same. this you've the you times several been Alex, answer's you So, you've personally the

a from was cry it First a XX of was trading looking stocks though a today all, half. a an it a it plus implied yes, were A, far liberal forward implied is probably even and retreat. at And

the our at so. do But countless Wednesday, back to will as buyback out our levels. initially, our at look we question as start these right to buy are we not now. But were your will that we're going So because of to as opportunities. during out answer stock I've levels we to times we stock transaction said couldn't buying continue always before, is back closed stock these miss We and on

amount. seven nine to XXX the time us point XX Yeah, is it to just, billion, allow percent, do. another. that that we is being hundred on we multiple being million. an we purchase which which had is we that's invested Lybrel only target we a dollar million leverage top it's be than one the you That's We could to levered purchased it opportunity a loan and for chose And ourselves invested. a the nice was this period of have, and the and need there to us Specific a capital and for did at mess, XX plus eight deliver as else for very, was leverage, one nothing in of closer to had factors, unfortunately, just ourselves this asset know percent XXX, significantly was very much time, a of and I at the what on it since on we the small take stock know, did that. Not accessible the hundred to start have be yeah. but this, credit Blackstone opportunity being to with capital to higher situation invest effectively our in to

much So want that can reliever, to recover if we cheaper debt. than we

know, thought. a you makes lot of for there's host you. So a there's why they sense reasons of mean, it I

Alexander Goldfarb

[XX:XX:XX] a sickle analyst, something other the I'm Ok, side Victor, the which of side the like second one because then and love is I it, question, playing on cell you'll and something.

replicate from So can know, not They're there pretty a the it's you them. then. now The in they why around. for they are Cup fives. for of few isn't rates seem It's being parade know, on, should now, take know, They lower, of growing studios TCO views cheap. of in up sort great. may studios cup low that like, the fives cheap and every looking what a which these you sort it very I you the would hard created you that, and Blackstone know, an Silver buys of makes where that recent money. up, was them you case When XXs. New a are your up, low silver Ferrari cost rare a come it they here asset your seem of to end think for better. York daily like transactions Obviously, lot breed. right to are And continue know, capital, But go come Low still cap

these on color thoughts on your some trades. Just

Victor Coleman

sure. Yeah, [XX:XX:XX]

call get You that down? want to

Alexander Goldfarb

USA, No, Baltimore. Washington, [XX:XX:XX] from it's D.C..

I think I'm just kidding.

Victor Coleman

compressed So, are rates [XX:XX:XX] in think to listen, no, I definitely field. that cap going be

to the time. is asset I in increased. of think, eyeballs asset competition, is lot great there with with did in more at in that You a play know, is we our the asset. It's the we That are of our it. an The middle that obviously on process aggressive We because sole JBI, become we didn't the purchase. reason didn't Blackstone. trying were And of field a

so going our timing you are Those Blackstone assets platform. it. after. in that didn't our in continue are know, Hudson And to sought about be work. and its to just going expand We've still, to talked venture

absolutely looking at now, and aggressive think, going know, we're that that. And deals right we're you several on right. be to to have We you're continue I

stuff I them cap are rates there's tighter on very kind rates that of to even those out cap think, of you and there. going market's few because know, get there's good the

Alexander Goldfarb

Mr. you, thank OK, [XX:XX:XX]

You've got it.

Operator

you. Thank [XX:XX:XX]

question. from of the line question proceed your next Our Dave Rodgers with Please with comes Fares.

Dave Rogers

morning to And that focused just verify I the I are out buying good where comfortable additionally, bit on you're afternoon, everyone. front. lot a thought maybe know, you core there of changes process transactions Yeah, around quite legislative wanted a And that. guys assets, heard the [XX:XX:XX] really market obviously, in the today, also you on today. analysis, I and good guess comments I guess

comfortable process your San assets today? proper thought mean, I that, in core What's are So, you Francisco Victor? around buying

Victor Coleman

cash is capital, geographic [XX:XX:XX] stability and long with capital, of all we cost come Chorus's, look look It's quality, into we're of at say if of partner know, TV scale, tenant flow term to good were partners, question. factors TV our and will to a going their that Listen, a at something we cost economies you our for play. location those

you we a asking San That's buy would say Are that I directly? marketplace in to an Francisco? we is comfortable going are probably listen, know, are You asset not answer not. level. at me today this the

know, as our account be Hudson that synergies going we and have know, like that four, various too a you unique was, are up that know, Clearly you think I believe and it take in you we're is be you high, dare given As we mistakes, looked value, but activity always and our levels spread add lives the slower to in right months as you the lot. we times know, at, a there's speak of our it. that his to say have XX you are lot know, priced Alex on any have years for his times of. various XX still lease seeing made, at know, not but, we've to capitalized And, the markets the know, for last But cycle opportunities we in now ago. in you markets in and, so. some said buying into not assets in They different remarks, than

to that we're so continue And going same premise moving forward.

a I Is XX percent maybe peeling it that. it percent place first maybe comment, have be the thinking expirations, without a you to to tenants. harder XX that on think or coverage percent the you maturity? versus So today conversations want much XX on I'm have XX half you market have on on that, tenants don't made mark those out larger to or also lease probably that the tenants And those smaller good might if made year? some next remain in visibility of the mark

Dave Rogers

you that? [XX:XX:XX] on can share that have Sure. Do you anything

said. we is this as know, You art,

have You those million expirations, a so XX far five. know, we on said, of good as to recall, up pretty handle we on if of of make you the two XX the percent

Victor Coleman

moving in we're So, and discussions with And along. them those

to negotiations you yeah, of mean, you point. do the XXXXX down couple are And with then, it tenants. were at feet them we know, rest know, of those So, I that a in we about drops active

feel about So, yeah, to we good sit. strong. market to we And be going is pretty where mark very

Dave Rogers

feel of in been appropriately guys of articles [XX:XX:XX] with coworking, address. negotiations ultimately and at the there's quarters. be in bankruptcies and you're progress transactions? some And flexible like for in on question you're the earlier feel of you there Regis's those leases like some is, do Last making the bouts Francisco the this you're you about We point others. may having? some guess some I you've those on got reserved work you I that of San any press know

Mark Lammas

coworking reserved, they're small were They're location, of Yeah, did. current. one deal. is a rendang switched are that one and we We we all We every locations. work exception locations, appropriately this of with Shock Yeah, Mark. five. Tuffin, the Maxwell percentage relatively [XX:XX:XX] is of definitely which our all a to We

some in footage pay, are and opportunity the XXX build will Seattle space of well, the a of real of the effect, give they'll recapture of it the Regius can on some think allows back out that for percent on working We in kind adjustment we at us. XXX and to, bit of XX. Jackson, that a us rents little on to an footage that's us to up

overall are And actually, that. I a fully that the is just against side with And just commercial adjustments outlined. healthy, so very of of reserved couple we all on the picture

Dave Rogers

from the everyone, all thank. color Appreciate [XX:XX:XX]

Operator

you. Thank [XX:XX:XX]

Jamie from your with comes question Bank next the question. of Feldman Lynch. line America Please Our proceed of with Merrill

Jamie Feldman

Valley more? [XX:XX:XX] as just Are pick to thank the leasing Great, get in any relative Bay across you on I your you're a versus Area just trend an you. pipeline starts the Silicon demand thoughts Peninsula bit want versus seeing on up submarkets. to little update CBD

Victor Coleman

[XX:XX:XX] Sure.

it's know, interesting. you think, I

expansions have quarter pipeline So, has earlier to taken some kind picked over off pipeline Chiefly, finger weather levels. the in early out of to some who there. button the So the There's it's there, reengage. the tenants back there's quarter, pause up of

are plan. these and of back some in a early coming engaging And with now XX

the would So increase Peninsula that's markets. the in the reason the city. relative and Valley Silicon The for pipeline city. I the to than are say stronger

million feet the think, million requirements X.X about, I from levels six square know, has know, feet. of to you act know, about you dropped, square you of

on the space can is clarity that you how activity sidelines. know, that And, is to but clarity get going that utilize get that to out there when on So very activity encouraging that of is they there, space, they're and going as say is to that that's all me. people I again, stick. utilize going to still feel forward encouraged to some

As to more we'll we're you demand. see start more seeing know, and

Jamie Feldman

more Yeah, and of heard Ok, terms last it's maybe any [XX:XX:XX] and of a shift, the then focus these know, suburban of satellites months, of things. EPS. in hub a on a you about like, or you're couple spoke

Victor Coleman

Yeah. [XX:XX:XX]

You know, we doing that.

massive one way listen, other. the you that either areas have We know, are, not people You that. some seeing know, in seeing shift the not it's just that or we're don't space

going to like space know, going don't they city have city. our the did in go to going is in of go no, You the know, you going that just the people comparing wasn't go or here they're to They It that to we're we're each there. marketplace. requirements be, were we different lot to or Google we're a in the have seeing We for city saying, valley.

whatever demand those crushed the for think seeing know, I there's has the city great, city. markets of every you not We're cycle types been people in is that as when are it getting massive is we're valley's it the doing said, seeing. of different a and exodus oh,

valley and You like, did say we're know, before. know, the we going into you

lot in of have and I trying as at Clearly, it's to And the we deals a more been are the so make right more end activity interested valley expedited the a people more in manner. constant. and much day, said, now

Alex Vouvalides

of on were Jamie where you York what already that. know, just out maybe a what high Victor West add than the, We transportation. in reliance there's different on the doing This public New to idea Coast slightly [XX:XX:XX] Salix, see I spread is you said, think maybe geographically.

Side, know, about you you know, and then, city and particular, know, you their markets, and were, East think that L.A. sprawling companies is city. If as Seattle in the our San about both the to you in Bellevue the tech you way then know, if it's Jose down think relatively whether you footprint a in all the had,

think I pre know, you trend So that existed pandemic. had our already market, in

one specific hey, say, going to And and so to we're not spread. any out we're further shift to continue seeing of pull area

were Coast lot West markets out I the driving the throughout well think were markets companies a in. of in that were the that spread in the pretty already growth

Jamie Feldman

I the translated what's numbers translates you that's Any thoughts on shared the then might that helpful. And were help? into how that market and impressive. Ok, demand pretty thought [XX:XX:XX]

Victor Coleman

capital the our again, thanks. obviously, they you going But, in on. markets, all And companies, they're businesses the a prospects around may based I get is looking sort the going companies. a new going but next what's year, tech of the in [XX:XX:XX] obviously picture to which my know, companies are to be stabilized some only post-election to said shake then know, you things on to to, OK, a after, of as in range not get California, in is demand, there's go growing tech, we from of clearly, out from and want invest much but at or in we out can't ancillary used around companies absorbed prepared all Well, listen, given in of demand, I highest going of to here clearer the after you settle to, I California. to we'll remarks, weeks few companies of surviving think lot where is in talk say unicorn's the know, know, going is they're investing of see EPS and anything space those quantify public get there that growth other you

Jamie Feldman

you can your it's And certificate like a project. talk know a think leasing you about [XX:XX:XX] that project prospects occupancy I building this fantastic of that, the got I for Harlow? at you

Victor Coleman

[XX:XX:XX] tours the still existing footprint. people You know, right now, as in still not are limited,

lease, a and space You that's expansion. project you seeing, versus you're until the by know, getting we know, right view Tenant. I that tend done back the to now as into that deals be a tenants they as, of we Grosberg And think get new deals lot renewals

we So love We the project. think a it's fantastic project.

know, go. current think, everything's You of know, because now situation. to being so have But I patient our we're zervos, the you ready we

Jamie Feldman

point, an [XX:XX:XX] thinking dividend interesting XX. then point? a at the it and, some having about very know, are quarter you for over How pop guys and me, in the and AFFO last to Ok, raise you third

Victor Coleman

to going we've thanks Mark's comment. always at into which mean, And can picking obviously [XX:XX:XX] your has collections up, with the Yeah, this early, about this middle. been mean, The giving what's I details. Mark, since impact confident, twenty, be clearly, something. I increase. sometime going get But increase maybe XX the percent. for and you pretty come, given way for going probably March right that is is is it is But consistent to of And a signal we've on that to talking been our that Mark Twenty this know, in FFO maybe we've impact which about it's at now, is talked they're to said

Mark Lammas

carry look [XX:XX:XX] that And Well, time. long I'm this the pretty think ahead, we glad foreshadowing forward we've result a commentary. for dependably. will been quite this appreciated we I you know, quarter mean, third if you

it. opportunity make coverage to the for the Look and we'll a monitoring XX Victor monitoring sense says, good you dividend. quarter got cents now where, We be it As makes know, the we'll at be next a.

Victor Coleman

[XX:XX:XX] Ok, thank you. Thanks, Jamie.

Operator

you. Thank [XX:XX:XX]

question. of question line with the Please your with Citi. Manny next Kaufman comes from proceed Our

Manny Korchman

afternoon, that. what good you negative and But to a ground, guys necessarily off looking analysts everyone. aren't the mean, so should falling. as started we, you really for make positive or the reflecting on more are Hey, you trying [XX:XX:XX] the or be know, clock get here, stocks that positive Victor, would the note investors I fundamentals on also

Victor Coleman

let's facts, talk I [XX:XX:XX] man, started. about thing so just Well, mean, basic this right?

November We're we've been occupancy we're Xst. our to consistently This going We percent. by we've you XX off know, come percent. march. levels one now collecting we're weekend, at Now probably this

worst are in haven't we've in our in collections people in is the are our like We've saying now, rent moved. all seeing know, after now volatility in that what stable. cycles fundamentals during So you all time They lives, or volatility we've seen the occupancy. seen, not we're we're

of the in of and is occupancy to the key buildings know, California in all go in clearly is our of be getting going end the are controls up. and the in out like are they the to You that the things day Vancouver at Washington school back seeing kids

from So we back our to go numbers. see stability our XX of normalized are buildings percent some the occupancy

to work his home You going from dominate. know,

we're the work to that think said, whether people you saying comfortable. tech companies everybody just fire thing. I hey, know already back is and when the know, America CEOs position it's, the we related the are same going are companies, And in

it this So but a shouldn't. game, timing is it's

you I what is quality know, guess of I sort of change. what? our know at Hudson, You is take portfolio not

we've We very, very high got stable quality paying, have of phenomenal a and tenants. quality assets

such you it to revert have tone mean using but know, [XX:XX:XX] is stuff four have caps a buying you day think space said So and we the little impact of doesn't never you back on It less of workweek, give XX three to the we're sort major are different there forever. may why and amount space or things back. are that market mean, four so are a going the forever. markets, or changed or the Things by maybe same and hearing know, do fours feeling trading five. change people has it's office always or any massive tenants you not look at, in reconfigure that of a inherently I And values and people people private seeing I It's so when want we of today. any saying, disconnect. our to know, are know, ground space fives looking the for, our all Right. we're our

just part that the positive how of it think end attributes, the from see I of is day. just So it's our position at we the

also, we have now, Now, don't an issue.

federal Sorry, environment. want the I'm about we to of brush don't And talking a I'm sort of political government. about around paint not California environment. talking issue the the

reason for to for our the itself. California, listen stay the going they're way calls talked And despite if same XX we've are for last to you reason. about years, people here We here have but the out a which state see to be California to a process that of not a major to it's in by going going issues you're have California. going exodus we're some to tackle, this is and mass

is from this where you is it be and that from, pass standpoint we optimistic we're so the from. look going But, and to you know, ground that think tone that's And will the our from that's adjusted. at know, I

Manny Korchman

people studio pieces that issue? was surprised just I are scale now and going Victor, those Is for aren't forward there? that of shooting. that for of guidance Thanks that, there be the little something And recover that ancillary here. I'm else things fees paying shooting thanks suggests wouldn't not? Is [XX:XX:XX] a because magnitude the the isn't the the bit faster income

Victor Coleman

market, the built, I late were started the protocols of in means in than place, the it just first we let which all, were the fact [XX:XX:XX] the put that, that being in because Ok, me slower back, love jump August, in and being that, shooting getting know, stages was you were people you know, Pratt anticipated.

the mean, and Let's mentioned back be they're I that and but has work people in to prepared been lot my in I a getting slower, unions running. up candid. been to TPP my now And remarks. agreeing has the

terms of And XX now active right we're in the studios. portfolio in percent so our

in see they weren't can ancillary in, a that going in into the get you're massive before. paying it. So revenues and to uptake Mark

Mark Lammas

decent if ancillaries up It mean, [XX:XX:XX] a almost But own did amount. few from levels. QX, our get QX the projections to Yeah, QX, should to hold quite a didn't QX ancillary kick be more I levels.

to would QX was other in you levels through know, are exactly QX. the which we've hold as whether the you uptick of then So revenues yet up And affect all not live clear mentioning, know, they've XX we're ever around that'll looking see ramping much starting Victor busy as the that and it a namely to ramp expected would that occur what be of say, stages shows stronger or QX a not to And XXXX even levels. that levels And a it's handful to QX. we're significant ancillary we say stages from of I to that does QX because would then revenue. is, pretty be And reflection that as get a get QX, you audience been. going got uncertainty that was as takes pretty really normalized QX. little But significant it forward some be beyond of comptrollers be and we'll bit than, not know, these QX continues in in we QX.

seeing revenue You really see held Eric the steady know, throughout and base Michael of it. and no on know, QX Brown real looking rent, has really and we'll rental that then start sure But, saw you you and I'm Manny. pandemic can impact the we ahead deterioration in

Manny Korchman

that Just commentary revert things [XX:XX:XX] to your back coming always back.

landlords that some issue. You hasn't retail, look and all and And of at remember reverted technology can know, e-commerce business, that saying wasn't I conference the the from certainly back. the you mall an calls

happen about you think didn't to if what had the industry You for change. mall

the next gives mall? that what are you not won't So confidence become the office the we

Victor Coleman

internally young I change said, in fact, has seeing whatever prognosticate been our This New on impact the will employees. with you will a what clients I be we're what we're As only change. and and our happen. specifically tell can [XX:XX:XX] with Day person's can't conversations this I won't the or having

need building technology, how And to the movement of so be apples don't the ladders office. strategies the and in businesses to socialize, Clearly, for aspects up years that and young learn and to corporate and be the the of that. people to Amazon about media, you're are entertainment office here make educated creating in to know, make going and getting working of the since has move the going Facebook when talking decision But interact, on the to a inception has the are that Google on everything companies. there to be and last, value you together growth built platform, already since, world been of whatever, the XX predicated board,

say all It's home? even choice. to a important, Retail not be is socialization not work why assume going would So we is retail. or therefore, can to sudden people a of say that from

you have going and families livelihood economy. a putting work You You to and have on in for whether up choice people or not. go know the to this what? the food providing, they're a have are their country to unfortunately People table end growing not know, going to to work

And time be in around. because that's lot make a today are politically personally, there who cannot And not is going CEOs to not those right. so it's country I think the this statements of

are some saying tenant. are that is, when to level what look will back that's at to that whatever week want our they we're people. their people it hearing how three and to people and and normality. not welfare or end level is People want employees, whether four from work of themselves happen the days same week, up and a that's go still They're all woods concerned we of socialize going health they And We to normality a thing. their that it's shifts, Iraq, days out about in be. and the to uncovered as and of and of But should shift going

Manny Korchman

[XX:XX:XX] back If of I a has team apart. his and be to months last together seven colleagues the and it six as pleasure was and being going back for after to been three four a half, weeks a

Thank you with on part agree I for you. that sure. So

Victor Coleman

[XX:XX:XX] Thanks.

Operator

Thank you. [XX:XX:XX]

from Please Markets. question. your with proceed line next Mailman of the Our Capital comes with question KeyBanc Craig

Craig Mailman

capex guys, to what concessions these sounds is, mark a for what of from markets projection Hey, it curious, given trending. just like just kind I'm are aside here, of kind and [XX:XX:XX] holding. are effect is your curious just rents, net

Victor Coleman

we've [XX:XX:XX] but down, package fuel Yeah, holding. on giving tenant in rents. our is great granted, art, more free I closed rent. our we're would say, not concessions you velocity that the more improvements are know, We're have know, deals on you not not any our any It's

bit rents or know. little underwriting, are you a take at above Our

And so of going this over seven kind months and, know. last the you is

every lot opportunity know, to Our erode. Facebook, time. been in or pipeline had affiliates a haven't. They you for these some flat our these deals of They've have the

to And so have our speaking only portfolio. deals done I'm in that been actually

by feel, so you we know, that. And encouraged

Craig Mailman

of and to subtlely you or of rest South the how Francisco it the How kind the rents here about your all? at portfolio, To you to available curious. That's the space term the of have San kind guys demand could of go competitive just talk Pole, as for on within Luber, have [XX:XX:XX] is if you with to a going that here some impact just know, shorter that then relative, for that. them

Victor Coleman

[XX:XX:XX] Well, quite so.

first So XX. all, it's of

they was of we you that the values don't way to space with more than been because about And obviously a mean, plans. that prek our there's Well, Even covid way it's And, Google mean, and still of know, I we just There's even looked it's great terms that Africa Arcare. years growth. of lots short Maps. that with to space below It's open to that the Cuba on I more four their more at. going space for sit and where marketplace in the have space. Remember space deal years, of compare time, move the they on it. it's employees be space. lot decisions where you excess if So dictate for even making go want four to little I not we has going if currently over to to below market, a is right, market space or new space term. it's the below in that, just think to that. moving is did

Craig Mailman

also just [XX:XX:XX] know, you as last and price And assets consideration may of and guys of to future rates but cap right, debt in the time cheap. time to perhaps currency more of cash buying have kind stock over one to, makes to talked interesting a coming know, know us you flow be term? to him then in compare yields not comes and you back well years, as me, fact level you near in does that couple order it out? juice here. for hopefully mean, you your Ok, that a the about is still to assuming amount market a I decent and just look next the then you would that term extremely have Is leverage cash near guys out the use a just is I

Victor Coleman

we're more never where know, a know, know, to in know, makes It's bit TV our build. not, sort choose, sheet in [XX:XX:XX] been to, discipline you from elaborate just you to, of you say our, you a there temporarily model, our are instances and context going but inviting balance sense, you little of try management stray know, terms

Craig Mailman

thank [XX:XX:XX] you. Ok,

Operator

you. [XX:XX:XX] Thank

the question. Please proceed from line comes your Tesla, question of next Our with Scotiabank. Nikola

Nick Yulico

versus, that. renewals? you How [XX:XX:XX] are you much of on about maybe the down StarOffice sir. lower driving pool function percentage know, normal supplemental, off rate over Thank XX, year. give the lease basis on two what's is Question points Talk you doing little same a page of hundred much you that in ending stat leasing not eighty that of, year retention police experiencing on know, than bit the was existing as a vacancy you, a

Victor Coleman

we wrote, mean, starting know, literally don't thematically [XX:XX:XX] is was answer. with and amount just thing retail, it move easy one one you XX, retail moved know, XX, Lincoln at it that saw there I GFA for at very very some retail Well, I decent and that, I wish out out. there. seen I saw you we know, that different out contributors Center But, of six we've saw a account We move

you of nevertheless, a retail one, that small tenants. the percentage retailers driver know, know, you no sort know, know, you of But and reason you relatively a that, a of stand know, know, decline. some over of then you out there's combination is out, them really combination So you for just, these period period,

Nick Yulico

I right where based of, [XX:XX:XX] in have I'm know, on terms you the are that's have visibility on know, visibility that the happen, guess you that expirations renewing you now know, leasing new works, some that a and, could just know, Nick, other new that's it's up mean, wondering, reasons? Ok, you thanks. that right? coming in you hard, know, of number is of under lot leasing you to is because subdued is that I Yeah, going tenant. or a expirations a stay because you're mathematically pressure, you facing

Victor Coleman

it's is So your down deal or lease [XX:XX:XX] velocity actual everywhere.

know, you leasing doing a we've job So, building our good lease been the predicated philosophy, on and always of back of vacancy.

as of it's more to tends as and they comfortable when encouraged the were space still matter these space. that are about deals their some through getting getting how use so them use and in We pipeline. And of timing a it's their though on can decision making still by they feel can

really doing of all to these of which do you but say yes, know, good through I'd If pipeline, had the in these know don't job it's a through. we're we. getting of nothing I things, marshaling efforts deals kind when, them we get So our

the up about So going kind we of backfill XX. the encouraged into feel and lease

Nick Yulico

on Ok, coverage, [XX:XX:XX] of, does expirations that about going then your I quarters? percent you then actually or number done? next talk and having well you're place right you to get you the have clear in guess so to want confident just, guess expiring. that year's two just next know, now apply wondering also XX lease you mean, I know, I I'm have mean as several about be when percent that portfolio as it that, you to of And I is you a

four is you quarters couple at next know, quarters You of percent, quarters, or for couple for the of three, the for is the XX know? over you the quarter next higher the next every know, number

Victor Coleman

year percent at of in kind is represents look the we deals [XX:XX:XX] in So XX that negotiation. the I have

negotiations. you really the small it's totality completed of And renewed are, you of, percentage know, But of are into them and some those know, already. well in

what have drop is seven square handle think are we So like good the of those on lot you about pretty tenants a we thousand mean, it. down I six, a feet. feel tenancies, I And average

clarity lot the especially a very, now, very, tenants, they on of utilize small. that can is so window and when, And these with know, no how very you space

months would they small guys. even Before be know, out, discussing to renewal, XX nine you

Now that's know, anywhere shrunk of three you three to to, you from to, six kind months. know,

Nick Yulico

thanks, everyone. Ok, [XX:XX:XX]

Operator

[XX:XX:XX] Thank you.

the Please coming of Our is with the question on your of to failure line next Mizuho. up the question. scale proceed

Tayo Okusanya

one rent would this, the kind one to, was comment maybe of growth to of the come that even started as off good know, The of made third trying little and free like figure in twenty is about starting Yes, sign then burn quarter kind be that Hi. you think pace out aware think, of [XX:XX:XX] should everyone. of through of be twenty we Twenty things a show like. that. twenty to accelerated look and We I things or like afternoon, bit a and

Mark Lammas

sort QX sequential, outlined and on before that recurring ourselves twenty being is is to this from, that safe beyond, model it was to commentary QX what normalization of I you looks the you say, Haroon rent, the cash, prepared mean, paying and Yeah, free get ahead the [XX:XX:XX] did, of the granular That although one in reasons, twenty to it's say key rent too drivers of of, ahead know, I that. of remarks. both it is and would trend, exactly guy sustainable sort about is getting preparing sort we like, say, from looking shift reassure know, for to the capex I in the

on is So a it as know, always you I does twenty don't. but lease I foreshadowing significant But tenants you of it and so full lot twenty you have know, don't forth. appear debt, have, we from in I year benefit to of long that I don't if you rent. that twenty, There's reached don't know with that, witnessed anything birth nonveterans. cash, you think aftermath cannot think one rent of in dynamic, that know, offhand. and I rent Epic but Twenty we free think know, some District Arts know, of Twenty comes to of the do to point to experienced of those a this I as know cash we've been mind paying And, will of we've a the partial all on, offhand. the twenty amount it a as is opposed likes I shifting from turning

Victor Coleman

portion [XX:XX:XX] is going be Obviously, coming large I is, rent Right. based on But out, portfolio, happening us. heading our to. depending yeah, look is the as But a off cost downs Mark, free the to current quarter. free on that there's continue. the that for And rent trend associated and what's the together if be signed a this deal we burn think will is there'll we is with that. ups ultimately, leasing

Tayo Okusanya

thank [XX:XX:XX] Ok, you. but

Victor Coleman

Thank you. [XX:XX:XX]

Operator

[XX:XX:XX] Thank you.

your question next NBC. with line from Rich the Please Our with proceed question. Anderson of comes

Rich Anderson

days So going chair the Thanks. think by that, with in And And home that's in does the going four you. and qualified back in led that of just if says you're get market from want mean, age some I the my that agree young and kind to on with I the work [XX:XX:XX] I day, I every spot mean, the job? who's on in interview a work other buyback. Victor. home, week person sitting I from questions to I equally flexibility, just someone that to have my the all the answered could probably market's going except been my generations be one. have are want say on to probably to younger asked but opinion. been I work, I for have of be to

on You said to Wednesday. market the you're going back to be

saying you're that maybe in know, You tongue cheek.

Victor Coleman

no, back a out the locked was until that no, Tuesday. it's was and we them that week, in obviously business market Maybe this not through [XX:XX:XX] no, fine. of get We but are

will we in market. be back So the

Rich Anderson

work. But balance understand and how sheet it the them know to an so. know in have question well often particularly has My they cap, can't obviously these accretion, work, a they truly or I mainly guidance. on little really pandemic the the buying you don't is see potential a because don't I [XX:XX:XX] the disrupt no does buybacks. hesitation but days do so midst XX how of really I I

stop do limitations value of could would where with it beyond So have what buyback your available you you curious can us we current the buybacks, differ to of what's the if I'm sense give but opinion? a to on in on Like guys is, limit your may are program? what the that, that where

Victor Coleman

way know, Richard, where you the we a great the moment of value same taking a time the You now on think [XX:XX:XX] be. And valued, know, value is which you is, do, in we're is question. it's what you being and advantage the stock perceive we based or conditions think know we market where our to it's currently real

we a go that so XXX purchased believe I I board, an different know, room already right being to now be at time, to whether levels, willing process to capital dollar various do buyback more go. got the you entering to a whether things. you easily we to million the for balance. a And we we those would back proceeds And and know, That approval don't obviously have to a precedent so capital little based it's know, back any we about, go a use to you always at take we've increase still on the could it's and know, on it's know, are said, tender, going could which, market bit XXX and access we've million, basis or you going other are XXX

is doing, now that think up what at other with and balance would and impacted and sheet process now that the our then use where definitely to we're stock look So given and else will right the you're about, what be know, will be the doing of are on levels him the that metrics right forefront that proceeds looking we're prices. the exactly leverage is the and that that company And XXX fill opportunities and at. talking what I you everything how we're

number buy we to And so no to there is say, X. finite hey, need

you buying going access I we know, think and as remainder be prices will have and said, it opportunities you the least out whatever Mark forward. today, we the at says are. pricing think to But be on right where stock our to it's markets where so back we the October now, of or will XXX XXth we be know, the, going

Rich Anderson

up, stocks that, Ok, just you as there you said so good [XX:XX:XX] going go.

Victor Coleman

a over been XX right. quarter we [XX:XX:XX] run you, only good very Thank Thanks let it's everybody. to in long unfortunately, we've if lot Have Still But be buy ask o'clock a we've try not All to a questions. time. a Thanks. Coast weekend. so I West time, We and long I time. know much. of back. try in apologize as tune anybody

look call. chatting for you. everybody through Hudson And continues I'm thank of times. to thank you team of And challenging entire to these we all want again, disconnect to Thanks, I operator. I forward all proud with So We'll participating. to now. excel who next our the quarterly want

Operator

disconnect lines this [XX:XX:XX] a you. you conference, for Thank conclude great today's participation your may Thank time. at you your day. have does This and

Hudson Pacific Properties (HPP) 30 Oct 202020 Q3 Earnings call transcript