PAGE | |
COMPANY BACKGROUND AND CORPORATE DATA | |
CONSOLIDATED FINANCIAL RESULTS | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Funds from Operations and Adjusted Funds from Operations | |
Debt Summary | |
PORTFOLIO DATA | |
Office Portfolio Summary, Occupancy, and In-place Rents | |
Media & Entertainment Portfolio Summary, Occupancy, and In-place Rents | |
Ten Largest Office Tenants | |
Office Portfolio Leasing Activity | |
Office Lease Expirations - Annual | |
Quarterly Office Lease Expirations - Next Four Quarters | |
Office Portfolio Diversification | |
DEFINITIONS | |
CORPORATE 11601 Wilshire Boulevard, Suite 1600, Los Angeles, California 90025 (310) 445-5700 | |||||
BOARD OF DIRECTORS | |||||
Victor J. Coleman | Theodore R. Antenucci | Jonathan M. Glaser | |||
Chairman of the Board and Chief Executive Officer, Hudson Pacific Properties, Inc. | President and Chief Executive Officer, Catellus Development Corporation | Managing Member, JMG Capital Management LLC | |||
Richard B. Fried | Mark D. Linehan | Robert M. Moran, Jr. | |||
Managing Member, Farallon Capital Management, L.L.C. | President and Chief Executive Officer, Wynmark Company | Co-founder and Co-owner, FJM Investments LLC | |||
Barry A. Porter | Patrick Whitesell | Howard S. Stern | |||
Managing General Partner, Clarity Partners L.P. | Co-Chief Executive, WME Entertainment | President, Hudson Pacific Properties, Inc. | |||
EXECUTIVE AND SENIOR MANAGEMENT | |||||
Victor J. Coleman | Howard S. Stern | Mark T. Lammas | |||
Chief Executive Officer | President | Chief Financial Officer | |||
Christopher Barton | Dale Shimoda | Alexander Vouvalides | |||
EVP, Operations and Development | EVP, Finance | SVP, Acquisitions | |||
Harout Diramerian | Kay Tidwell | Elva Hernandez | |||
Chief Accounting Officer | EVP, General Counsel | Operational Controller | |||
INVESTOR RELATIONS | |||||
Addo Communications (310) 829-5400 Email Contact: lasseg@addocommunications.com Please visit our corporate Web site at: www.hudsonpacificproperties.com |
Number of office properties owned | 15 | ||
Office properties square feet (in thousands) | 3,583 | ||
Office properties leased rate as of March 31, 2012(1) | 91.2 | % | |
Office properties occupied rate as of March 31, 2012(1) (2) | 89.2 | % | |
Number of media & entertainment properties owned | 2 | ||
Media & entertainment square feet (in thousands) | 878 | ||
Media & entertainment occupied rate as of March 31, 2012(3) | 69.2 | % | |
Number of land assets owned | 4 | ||
Land assets square feet (in thousands)(4) | 1,447 | ||
Market capitalization (in thousands): | |||
Total debt(5) | $ | 359,277 | |
Series A Preferred Units | 12,475 | ||
Series B Preferred Stock | 145,000 | ||
Common equity capitalization(6) | 551,542 | ||
Total market capitalization | $ | 1,068,294 | |
Debt/total market capitalization | 33.6 | % | |
Series A preferred units & debt/total market capitalization | 34.8 | % | |
Common stock data (NYSE:HPP): | |||
Range of closing prices(7) | $ 13.62-16.01 | ||
Closing price at quarter end | $ | 15.13 | |
Weighted average fully diluted shares\units outstanding (in thousands)(8) | 36,454 | ||
Shares of common stock\units outstanding on March 31, 2012 (in thousands)(9) | 36,454 |
(1) | Office properties leased rate and occupied rate includes the approximately 50,000 square-foot vacant 275 Brannan property, which the Company is in the process of renovating in anticipation of re-tenanting. Excluding 275 Brannan, the office properties leased rate and occupied rate was 92.5% and 90.5%, respectively. |
(2) | Represents percent leased less signed leases not yet commenced. |
(3) | Percent occupied for media and entertainment properties is the average percent occupied for the 12 months ended March 31, 2012. |
(4) | Square footage for land assets represents management's estimate of developable square feet, the majority of which remains subject to receipt of entitlement approvals that have not yet been obtained. |
(5) | Total debt excludes non-cash loan premium/discount. |
(6) | Common equity capitalization represents the shares of common stock (including unvested restricted shares) and OP units outstanding multiplied by the closing price of our stock at the end of the period. |
(7) | For the quarter ended March 31, 2012. |
(8) | For the quarter ended March 31, 2012. Diluted shares represent ownership in our company through shares of common stock, OP Units and other convertible instruments. Diluted shares do not include shares issuable upon exchange of our series A preferred units, which do not become exchangeable until June 29, 2013. |
(9) | This amount represents fully diluted common shares and OP units (including unvested restricted shares) at March 31, 2012, and does not include shares issuable upon exchange of our series A preferred units, which do not become exchangeable until June 29, 2013. |
March 31, 2012 | December 31, 2010 | ||||||
ASSETS | |||||||
Total investment in real estate, net | $ | 1,001,034 | $ | 1,007,175 | |||
Cash and cash equivalents | 21,858 | 13,705 | |||||
Restricted cash | 10,175 | 9,521 | |||||
Accounts receivable, net | 8,069 | 8,963 | |||||
Straight-line rent receivables | 12,364 | 10,801 | |||||
Deferred leasing costs and lease intangibles, net | 78,940 | 84,131 | |||||
Deferred finance costs, net | 5,293 | 5,079 | |||||
Interest rate contracts | 437 | 164 | |||||
Goodwill | 8,754 | 8,754 | |||||
Prepaid expenses and other assets | 13,576 | 4,498 | |||||
TOTAL ASSETS | $ | 1,160,500 | $ | 1,152,791 | |||
LIABILITIES AND EQUITY | |||||||
Notes payable | $ | 361,051 | $ | 399,871 | |||
Accounts payable and accrued liabilities | 14,448 | 12,469 | |||||
Below-market leases | 21,503 | 22,861 | |||||
Security deposits | 6,136 | 5,651 | |||||
Prepaid rent | 6,829 | 10,795 | |||||
TOTAL LIABILITIES | 409,967 | 451,647 | |||||
6.25% series A cumulative redeemable preferred units of the Operating Partnership | 12,475 | 12,475 | |||||
EQUITY | |||||||
Hudson Pacific Properties, Inc. stockholders’ equity: | |||||||
Preferred stock, $0.01 par value, 10,000,000 authorized; 8.375% series B cumulative redeemable preferred stock, $25.00 liquidation preference, 5,800,000 shares and 3,500,000 shares outstanding at March 31, 2012 and December 31, 2011, respectively | 145,000 | 87,500 | |||||
Common Stock, $0.01 par value 490,000,000 authorized, 33,998,498 shares and 33,840,854 shares outstanding at March 31, 2012 and December 31, 2011, respectively | 340 | 338 | |||||
Additional paid-in capital | 550,873 | 552,043 | |||||
Accumulated other comprehensive (deficit) income | (968 | ) | (883 | ) | |||
Accumulated deficit | (16,245 | ) | (13,685 | ) | |||
Total Hudson Pacific Properties, Inc. stockholders’ equity | 679,000 | 625,313 | |||||
Non-controlling common units in the Operating Partnership | 59,058 | 63,356 | |||||
TOTAL EQUITY | 738,058 | 688,669 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 1,160,500 | $ | 1,152,791 | |||
Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data) | |||||||
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Revenues | |||||||
Office | |||||||
Rental | $ | 22,380 | $ | 17,514 | |||
Tenant recoveries | 5,374 | 4,963 | |||||
Parking and other | 2,114 | 3,155 | |||||
Total office revenues | 29,868 | 25,632 | |||||
Media & entertainment | |||||||
Rental | 5,451 | 5,480 | |||||
Tenant recoveries | 248 | 343 | |||||
Other property-related revenue | 2,624 | 3,271 | |||||
Other | 40 | 78 | |||||
Total media & entertainment revenues | 8,363 | 9,172 | |||||
Total revenues | 38,231 | 34,804 | |||||
Operating expenses | |||||||
Office operating expenses | 11,356 | 10,274 | |||||
Media & entertainment operating expenses | 4,770 | 5,179 | |||||
General and administrative | 4,514 | 3,146 | |||||
Depreciation and amortization | 12,132 | 11,361 | |||||
Total operating expenses | 32,772 | 29,960 | |||||
Income from operations | 5,459 | 4,844 | |||||
Other expense (income) | |||||||
Interest expense | 4,891 | 4,642 | |||||
Interest income | (5 | ) | (8 | ) | |||
Acquisition-related expenses | 61 | — | |||||
Other expenses (income) | 44 | 117 | |||||
4,991 | 4,751 | ||||||
Net income | $ | 468 | $ | 93 | |||
Less: Net income attributable to preferred stock and units | (3,231 | ) | (2,027 | ) | |||
Less: Net income attributable to restricted shares | (78 | ) | (62 | ) | |||
Less: Net income attributable to non-controlling interest in consolidated real estate entities | — | (813 | ) | ||||
Add: Net loss attributable to common units in the Operating Partnership | 203 | 299 | |||||
Net loss attributable to Hudson Pacific Properties, Inc. shareholders | $ | (2,638 | ) | $ | (2,510 | ) | |
Net loss attributable to shareholders’ per share - basic and diluted | $ | (0.08 | ) | $ | (0.11 | ) | |
Weighted average shares of common stock outstanding - basic and diluted | 33,320,450 | 21,949,118 | |||||
Dividends declared per common share | $ | 0.125 | $ | 0.125 |
Three Months Ended March 31, | ||||||
2012 | 2011 | |||||
Funds From Operations (FFO) (1) | ||||||
Net (loss) income | 468 | 93 | ||||
Adjustments: | ||||||
Depreciation and amortization of real estate assets | 12,132 | 11,361 | ||||
Less: Net loss (income) attributable to non-controlling interest in consolidated real estate entities | — | (813 | ) | |||
Less: Net income attributable to preferred stock and units | (3,231 | ) | (2,027 | ) | ||
FFO to common shareholders and unit holders | 9,369 | 8,614 | ||||
Specified items impacting FFO: | ||||||
Acquisition-related expenses | 61 | — | ||||
Master Halco termination revenue | — | (2,744 | ) | |||
Master Halco non-cash write-off | — | 716 | ||||
FFO (after specified items) to common shareholders and unit holders | 9,430 | 6,586 | ||||
Weighted average common shares/units outstanding - diluted | 36,454 | 25,060 | ||||
FFO per common share/unit - diluted | 0.26 | 0.34 | ||||
FFO (after specified items) per common share/unit - diluted | 0.26 | 0.26 | ||||
Adjusted Funds From Operations (AFFO) (1) | ||||||
FFO | 9,369 | 8,614 | ||||
Adjustments: | ||||||
Straight-line rent | (1,563 | ) | (876 | ) | ||
Amortization of prepaid rent (2) | 314 | 275 | ||||
Amortization of above market and below market leases, net | (370 | ) | (93 | ) | ||
Amortization of below market ground lease | 62 | 80 | ||||
Amortization of lease buy-out costs | 23 | 339 | ||||
Amortization of deferred financing costs and loan premium/discount, net | 304 | 86 | ||||
Recurring capital expenditures, tenant improvements and lease commissions | (2,004 | ) | (1,228 | ) | ||
Non-cash compensation expense | 1,229 | 720 | ||||
AFFO | 7,364 | 7,917 | ||||
Dividends paid to common stock and unit holders | 4,559 | 2,381 | ||||
AFFO payout ratio | 61.9 | % | 30.1 | % |
(1) | See page 18 for Management Statements on Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO). |
(2) | Represents the difference between rental revenue recognize in accordance with accounting principles generally accepted in the United States (GAAP) based on the amortization of the prepaid rent liability relating to the KTLA lease at our Sunset Bronson property compared to scheduled cash rents received in connection with such prepayment. |
Annual | Balance at | |||||||||||||
Debt | Outstanding | Interest Rate (1) | Debt Service (1) | Maturity Date | Maturity | |||||||||
Secured Revolving Credit Facility | $ | 10,000 | LIBOR+2.50% to 3.25% | $ -- | 6/29/2013 | $ -- | ||||||||
Mortgage loan secured by 625 Second Street (2) | 33,700 | 5.85% | 1,999 | 2/1/2014 | 33,700 | |||||||||
Mortgage loan secured by 6922 Hollywood Boulevard (3) | 41,960 | 5.58% | 3,230 | 1/1/2015 | 39,422 | |||||||||
Mortgage loan secured by Sunset Gower/Sunset Bronson (4) | 92,000 | LIBOR+3.50% | -- | 2/11/2016 | 89,681 | |||||||||
Mortgage loan secured by Rincon Center | 108,647 | 5.136% | 7,195 | 5/1/2018 | 97,673 | |||||||||
Mortgage loan secured by First Financial | 43,000 | 4.58% | 2,002 | 2/1/2022 | 36,799 | |||||||||
Mortgage loan secured by 10950 Washington (5) | 29,970 | 5.316% | 2,003 | 3/11/2022 | 99,719 | 24,632 | ||||||||
Subtotal | $ | 359,277 | ||||||||||||
Unamortized loan premium, net (6) | 1,774 | |||||||||||||
Total | $ | 361,051 |
(1) | Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed, excluding the amortization of loan fees and costs. |
(2) | This loan was assumed on September 1, 2011 in connection with the closing of our acquisition of 625 Second Street property. |
(3) | This loan was assumed on November 22, 2011 in connection with the closing of our acquisition of the 6922 Hollywood Boulevard property. |
(4) | On March 16, 2011, we purchased an interest rate cap in order to cap one-month LIBOR at 3.715% with respect to $50.0 million of the loan through its maturity on February 11, 2016. On January 11, 2012 we purchased an interest rate cap in order to cap one-month LIBOR at 2.00% with respect to $42.0 million of the loan through its maturity on February 11, 2016. |
(5) | The loan bears interest only for the first two years. Beginning with the payment due March 1, 2014, monthly debt service will include principal payments based on a 30-year amortization schedule, for total annual debt service of $2,639. |
(6) | Represents unamortized amount of the non-cash mark-to-market adjustment on debt associated with 625 Second Street and 6922 Hollywood Boulevard. |
County | Number of Properties | Square Feet (1) | Percent of Total | Percent Occupied (2) | Annualized Base Rent (3) | Annualized Base Rent Per Leased Square Foot (4) | ||||||||||||||
San Francisco | 6 | 2,216,545 | 61.9 | % | 89.6 | % | $ | 47,826,703 | $ | 24.08 | ||||||||||
Los Angeles | 7 | 920,261 | 25.7 | % | 93.5 | % | 29,733,070 | 34.57 | ||||||||||||
Orange County | 1 | 333,922 | 9.3 | % | 77.9 | % | 6,391,023 | 24.56 | ||||||||||||
San Diego | 1 | 112,300 | 3.1 | % | 80.0 | % | 1,446,991 | 16.11 | ||||||||||||
15 | 3,583,028 | 100 | % | 89.2 | % | $ | 85,397,787 | $ | 26.72 |
(1) | Square footage for office properties has been determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to remeasurement or releasing. |
(2) | Percent occupied for office properties is calculated as (i) square footage under commenced leases as of March 31, 2012, divided by (ii) total square feet, expressed as a percentage. |
(3) | Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2012, by (ii) 12. |
(4) | Annualized base rent per leased square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under lease as of March 31, 2012. |
Property | Square Feet (1) | Percent of Total | Percent Occupied (2) | Annual Base Rent (3) | Annual Base Rent Per Leased Square Foot (4) | ||||||||||||
Sunset Gower | 549,792 | 63.7 | % | 64.8 | % | $ | 10,994,885 | $ | 30.85 | ||||||||
Sunset Bronson | 313,723 | 36.3 | % | 76.9 | % | 9,725,908 | 40.32 | ||||||||||
863,515 | 100.0 | % | 69.2 | % | $ | 20,720,793 | $ | 34.67 |
(1) | Square footage for media and entertainment properties has been determined by management based upon estimated leasable square feet, which may be less or more than the BOMA rentable area. Square footage may change over time due to remeasurement or releasing. On December 16, 2011 we acquired 20,261 square feet of office property located at 6050 Sunset and 1445 Beechwood, ancillary to our Sunset Gower property. Those acquisitions are reflected in the square footage for Sunset Gower as of December 16, 2011 on a weighted average basis. As of December 31, 2011, the square footage for Sunset Gower and Sunset Bronson totaled 878,196 square feet, including those acquisitions. Since the percent occupied is determined on a weighted average basis for the 12 months ended March 31, 2012, the square footage for 6050 Sunset and 1445 Beechwood is also included in the square footage for the media and entertainment properties on a weighted average basis. |
(2) | Percent occupied for media and entertainment properties is the average percent occupied for the 12 months ended March 31, 2012. |
(3) | Annual base rent for media and entertainment properties reflects actual base rent for the 12 months ended March 31, 2012, excluding tenant reimbursements. |
(4) | Annual base rent per leased square foot for the media and entertainment properties is calculated as (i) annual base rent divided by (ii) square footage under lease as of March 31, 2012. |
Tenant | Number of Leases | Number of Properties | Lease Expiration | Total Leased Square Feet | Percent of Rentable Square Feet | Annualized Base Rent (2) | Percent of Annualized Base Rent | ||||||||||||||
Bank of America (3) | 1 | 1 | Various | 832,549 | 23.2 | % | $ | 9,409,853 | 11.0 | % | |||||||||||
AIG (4) | 1 | 1 | Various | 166,757 | 4.7 | % | 6,894,564 | 8.1 | % | ||||||||||||
AT&T | 1 | 1 | 8/31/2013 | 155,964 | 4.4 | % | 5,850,333 | 6.8 | % | ||||||||||||
Fox Interactive Media, Inc. | 1 | 1 | 3/31/2017 | 104,897 | 2.9 | % | 4,384,484 | 5.1 | % | ||||||||||||
Technicolor Creative Services USA, Inc. | 1 | 1 | 5/31/2020 | 114,958 | 3.2 | % | 4,246,778 | 5.0 | % | ||||||||||||
GSA - U.S. Corps of Engineers | 1 | 1 | 2/19/2017 | 89,995 | 2.5 | % | 3,260,240 | 3.8 | % | ||||||||||||
NFL Enterprises | 1 | 1 | 3/31/2015 | 104,589 | 2.9 | % | 3,250,922 | 3.8 | % | ||||||||||||
Kondaur Capital Corp. | 1 | 1 | 3/31/2013 | 125,208 | 3.5 | % | 3,185,292 | 3.7 | % | ||||||||||||
Saatchi & Saatchi North America, Inc. | 1 | 1 | 12/31/2019 | 113,000 | 3.2 | % | 3,069,070 | 3.6 | % | ||||||||||||
Trailer Park, Inc. | 1 | 1 | 9/30/2018 | 72,101 | 2.0 | % | 2,788,967 | 3.3 | % | ||||||||||||
Total | 10 | 10 | 1,880,018 | 52.5 | % | $ | 46,340,503 | 54.2 | % | ||||||||||||
(1) | Top Ten Largest Office Tenants is determined by Annualized Base Rental Income as of March 31, 2012. |
(2) | Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2012, by (ii) 12. |
(3) | Bank of America lease expiration by square footage: (1) 50,948 sf at 12/31/2012; (2) 236,522 sf at 12/31/2013 (right of early termination); (3) 331,197 sf at 12/31/2015 (right of early termination); and (4) 213,882 sf at 12/31/2017. |
(4) | AIG has exercised an early termination right with respect to 18,364 square feet at Rincon Center, which expiration will become effective on July 31, 2012. The remaining 148,393 square feet under their lease is scheduled to expired on July 31, 2017. |
Total Gross Leasing Activity | |||
Rentable square feet | 88,332 | ||
Number of leases | 14 | ||
Gross New Leasing Activity | |||
Rentable square feet | 73,356 | ||
New cash rate | $ | 35.02 | |
Number of leases | 8 | ||
Gross Renewal Leasing Activity | |||
Rentable square feet | 14,976 | ||
Renewal cash rate | $ | 29.64 | |
Number of leases | 6 | ||
Net Absorption | |||
Leased rentable square feet | 67,223 | ||
Cash Rent Growth (1) | |||
Expiring Rate | $ | 30.52 | |
New/Renewal Rate | $ | 34.33 | |
Change | 12.5 | % | |
Straight-Line Rent Growth (2) | |||
Expiring Rate | $ | 29.53 | |
New/Renewal Rate | $ | 36.59 | |
Change | 23.9 | % | |
Weighted Average Lease Terms | |||
New (in months) | 97 | ||
Renewal (in months) | 35 |
Tenant Improvements and Leasing Commissions (3) | Total Lease Transaction Costs Per Square Foot | Annual Lease Transaction Costs Per Square Foot |
New leases | $33.81 | $4.19 |
Renewal leases | $10.89 | $3.78 |
Blended | $29.92 | $4.16 |
(1) | Represents a comparison between initial stabilized cash rents on new and renewal leases as compared to the expiring cash rents in the same space. New leases are only included if the same space was leased within the previous 12 months. |
(2) | Represents a comparison between initial straight-line rents on new and renewal leases as compared to the straight-line rents on expiring leases in the same space. New leases are only included if the same space was leased within the previous 12 months. |
(3) | Represents per square foot weighted average lease transaction costs based on the lease executed in the current quarter in our properties. |
Year of Lease Expiration | Square Footage of Expiring Leases | Percent of Office Portfolio Square Feet | Annualized Base Rent (1) | Percentage of Office Portfolio Annualized Base Rent | Annualized Base Rent Per Leased Square Foot (2) | Annualized Base Rent Per Lease Square Foot at Expiration (3) | |||||||||||||||
Available | 315,051 | 8.8 | % | $ | — | — | $ | — | $ | — | |||||||||||
2012 | 240,708 | 6.7 | % | 6,244,603 | 7.1 | % | 25.94 | 25.98 | |||||||||||||
2013 | 732,147 | 20.4 | % | 18,218,862 | 20.8 | % | 24.88 | 25.36 | |||||||||||||
2014 | 150,934 | 4.2 | % | 4,957,345 | 5.7 | % | 32.84 | 34.27 | |||||||||||||
2015 | 502,145 | 14.0 | % | 8,833,654 | 10.1 | % | 17.59 | 19.39 | |||||||||||||
2016 | 235,298 | 6.6 | % | 6,971,898 | 8.0 | % | 29.63 | 32.98 | |||||||||||||
2017 | 709,191 | 19.8 | % | 20,886,067 | 23.9 | % | 29.45 | 31.4 | |||||||||||||
2018 | 134,471 | 3.8 | % | 4,584,501 | 5.2 | % | 34.09 | 39.62 | |||||||||||||
2019 | 229,127 | 6.4 | % | 6,884,266 | 7.9 | % | 30.05 | 34.76 | |||||||||||||
2020 | 211,000 | 5.9 | % | 6,929,269 | 7.9 | % | 32.84 | 46.13 | |||||||||||||
2021 | — | — | % | — | — | % | — | — | |||||||||||||
Thereafter | 31,261 | 0.9 | % | 887,324 | 1.0 | % | 28.38 | 40.73 | |||||||||||||
Building management use | 20,241 | 0.5 | % | — | — | % | — | — | |||||||||||||
Signed leases not commenced | 71,454 | 2.0 | % | 2,064,630 | 2.4 | % | 28.89 | 44.22 | |||||||||||||
Total/Weighted Average | 3,583,028 | 100.0 | % | $ | 87,462,419 | 100.0 | % | $ | 26.76 | $ | 27.13 |
(1) | Rent data for our office properties is presented on an annualized basis without regard to cancellation options. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2012, by (ii) 12. |
(2) | Annualized base rent per leased square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under lease as of March 31, 2012. |
(3) | Annualized base rent per leased square foot at expiration for the office properties is calculated as (i) annualized base rent at expiration divided by (ii) square footage under lease as of March 31, 2012. |
Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | |||||||||||||||||||||
County | Expiring SF | Rent per SF (1) | Expiring SF | Rent per SF (1) | Expiring SF | Rent per SF (1) | Expiring SF | Rent per SF (1) | ||||||||||||||||
San Francisco | ||||||||||||||||||||||||
Rincon Center | 2,369 | $ | 24.30 | 53,816 | $ | 45.43 | 989 | $ | 66.95 | 1,377 | $ | 38.00 | ||||||||||||
1455 Market Street | — | — | 41,321 | 1.09 | 50,948 | 12.36 | 100 | 69.93 | ||||||||||||||||
875 Howard Street | — | — | — | — | — | — | — | — | ||||||||||||||||
222 Kearny Street | 2,092 | 29.50 | 4,330 | 53.45 | 1,827 | 47.27 | 8,831 | 42.58 | ||||||||||||||||
625 Second Street | — | — | — | — | — | — | — | — | ||||||||||||||||
275 Brannan Street | — | — | — | — | — | — | — | — | ||||||||||||||||
Subtotal | 4,461 | $ | 26.74 | 99,467 | $ | 27.36 | 53,764 | $ | 14.55 | 10,308 | $ | 42.23 | ||||||||||||
Los Angeles | ||||||||||||||||||||||||
First Financial | 772 | $ | 29.66 | — | $ | — | 1,348 | $ | 31.83 | 4,438 | $ | 38.21 | ||||||||||||
Technicolor Building | — | — | — | — | — | — | — | — | ||||||||||||||||
Del Amo Office Building | — | — | — | — | — | — | — | — | ||||||||||||||||
9300 Wilshire | 150 | 37.12 | — | — | 1,087 | 37.08 | 432 | 36.11 | ||||||||||||||||
10950 Washington | 425 | 31.06 | — | — | — | — | — | — | ||||||||||||||||
604 Arizona | — | — | 44,260 | 36.54 | — | — | — | — | ||||||||||||||||
6922 Hollywood | — | — | 2,222 | 38.56 | — | — | — | — | ||||||||||||||||
Subtotal | 1,347 | $ | 30.93 | 46,482 | $ | 36.63 | 2,435 | $ | 34.17 | 4,870 | $ | 38.02 | ||||||||||||
Orange | ||||||||||||||||||||||||
City Plaza | 8,618 | $ | 23.85 | 9,202 | $ | 27.40 | — | $ | — | 127,337 | $ | 25.42 | ||||||||||||
Subtotal | 8,618 | $ | 23.85 | 9,202 | $ | 27.40 | — | $ | — | 127,337 | $ | 25.42 | ||||||||||||
San Diego | ||||||||||||||||||||||||
Tierrasanta | — | $ | — | 14,932 | $ | 22.52 | — | $ | — | — | $ | — | ||||||||||||
Subtotal | — | $ | — | 14,932 | $ | 22.52 | — | $ | — | — | $ | — | ||||||||||||
Total | 14,426 | $ | 25.41 | 170,083 | $ | 29.47 | 56,199 | $ | 15.40 | 142,515 | $ | 27.07 |
(1) | Rent data for our office properties is presented on an annualized basis without regard to cancellation options. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2012, by (ii) 12. |
Total | Annualized Rent as | |||||
Industry | Square Feet (1) | of Percent of Total | ||||
Business Services | 79,109 | 2.7 | % | |||
Educational | 120,396 | 4.1 | % | |||
Financial Services | 1,089,524 | 19.5 | % | |||
Insurance | 180,964 | 8.4 | % | |||
Legal | 144,738 | 5.0 | % | |||
Media & Entertainment | 453,339 | 18.0 | % | |||
Other | 63,875 | 1.0 | % | |||
Real Estate | 63,320 | 2.5 | % | |||
Retail | 201,945 | 6.2 | % | |||
Technology | 501,393 | 21.1 | % | |||
Advertising | 115,735 | 3.7 | % | |||
Government | 125,447 | 5.8 | % | |||
Healthcare | 56,738 | 2.0 | % | |||
Total | 3,196,523 | 100.0 | % |
(1) | Does not include signed leases not commenced. |