Hudson Pacific Properties, Inc. Buyback
OLI recorded this information on 7/18/2016
Hudson Pacific Properties, Inc.
Share Amount Authorized:
Hudson Pacific Properties, Inc. ("Hudson Pacific" or the "Company") (NYSE:HPP) today announced an underwritten public offering of 16,000,000 shares of its common stock pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), consisting of 15,597,686 shares offered by the Company and 402,314 shares offered by certain funds affiliated with Farallon Capital Management, L.L.C. (collectively, the "Farallon Funds").Hudson Pacific intends to use the net proceeds that it receives from this offering, after deducting estimated underwriting discounts, but before estimated offering expenses payable by the Company, to acquire an aggregate of 15,500,000 common units of limited partnership interest in its operating partnership, Hudson Pacific Properties, L.P. (the "Operating Partnership"), from certain entities affiliated with The Blackstone Group L.P. (collectively, "Blackstone"), and 97,686 common units of limited partnership interest in the Operating Partnership from the Farallon Funds. Upon completion of this offering, Blackstone and the Farallon Funds will own approximately 26.0% and 2.3% of Hudson Pacific, respectively, through their interests in the outstanding shares of common stock of the Company and in the common units of limited partnership interest in the Operating Partnership, which are redeemable by the holders for cash or, at Hudson Pacific's election, exchangeable for shares of common stock of the Company on a one-for-one basis.
Hudson Pacific Properties is a holding company. Through its subsidiaries, Co. is a real estate company focused on acquiring, repositioning, developing and operating office and studio properties in submarkets. Co. owns its interests in all of its properties and conducts substantially all of its business through its operating partnership, Hudson Pacific Properties, L.P. Co. has two segments: office properties and studio properties. Co.'s office portfolio consists of various office properties located in Northern and Southern California, the Pacific Northwest, and Western Canada. Co.'s studio portfolio consists of various properties located in Southern California.
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Hold (2.09 out of 4)