2024-05-02 19:29:14 ET
Hudson Pacific Properties, Inc. (HPP)
Q1 2024 Earnings Conference Call
May 02, 2024, 12:00 ET
Company Participants
Laura Campbell - EVP, IR & Marketing
Victor Coleman - Chairman & CEO
Mark Lammas - President & Treasurer
Harout Diramerian - CFO
Arthur Suazo - EVP, Leasing
Conference Call Participants
Michael Griffin - Citigroup
Blaine Heck - Wells Fargo Securities
Peter Abramowitz - Jefferies
Camille Bonnel - Bank of America Merrill Lynch
John Kim - BMO Capital Markets
Caitlin Burrows - Goldman Sachs Group
Dylan Burzinski - Green Street Advisors
Vikram Malhotra - Mizuho Securities
Ronald Kamdem - Morgan Stanley
Richard Anderson - Wedbush Securities
Alexander Goldfarb - Piper Sandler & Co.
William Catherwood - BTIG
Nicholas Yulico - Scotiabank
Presentation
Operator
Hello, and welcome to Hudson Pacific Properties First Quarter 2024 Earnings Conference Call. My name is Lydia, and I will be your operator today. [Operator Instructions].
I'll now hand you over to Laura Campbell, Executive Vice President, Investor Relations and Marketing, to begin. Please go ahead.
Laura Campbell
Good morning, everyone. Thanks for joining us. With me on the call today are Victor Coleman, CEO and Chairman; Mark Lammas, President; Harout Diramerian, CFO; and Art Suazo, EVP of Leasing. Yesterday, we filed our earnings release and supplemental on an 8-K with the SEC, and both are now available on our website.
An audio webcast of this call will also be available for replay on our website. Some of the information we'll share on the call today is forward-looking in nature. Please reference our earnings release and supplemental for statements regarding forward-looking information as well as a reconciliation of non-GAAP financial measures used on this call.
Today, Victor will discuss industry and market trends as well as other highlights from the quarter. Mark will provide an update on our office and studio operations and development, and Harout will review our financial results and 2024 outlook. Thereafter, we'll be happy to take your questions. Victor?
Victor Coleman
Thank you, Laura. Hello, everyone, and welcome to our first quarter call. Macroeconomic pressures have persisted into 2024 with the Fed contemplating keeping rates higher for longer. On the office side, speaking thematically across our markets, vacancy and negative net absorption remains stubbornly high as many existing tenants continue to downsize and yet demand in terms of new requirements is recovering.
Sublease is stabilizing with backfills exceeding new additions and minimal construction starts have significantly curtailed new supply. Remote-first companies are becoming rarities and more business-friendly public safety focused policies are taking hold, contributing to meaningful reductions in crime across our urban markets....
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Hudson Pacific Properties, Inc. (HPP) Q1 2024 Earnings Call Transcript