Hudson Pacific Properties, Inc. (NYSE:HPP) Q4 2022 Results Conference Call February 9, 2023 2:00 PM ET
Company Participants
Laura Campbell - EVP, IR & Marketing
Victor Coleman - CEO, Chairman
Harout Diramerian - CFO
Arthur Suazo - EVP, Leasing
Mark Lammas - President
Jeff Stotland - EVP, Global Studios
Conference Call Participants
Michael Griffin - Citi
Alexander Goldfarb - Piper Sandler
Dave Rodgers - Baird
Dylan Burzinski - Green Street
John Kim - BMO
Nick Yulico - Scotiabank
Ronald Camden - Morgan Stanley
Vikram Malhotra - Mizuho
Young Ku - Wells Fargo
Operator
Good morning, and welcome to the Hudson Pacific Properties Fourth Quarter 2022 Conference Call. [Operator Instructions]. Please note, this event is being recorded.
I would now like to turn the conference over to Laura Campbell, Executive Vice President, Investor Relations and Marketing. Please go ahead.
Laura Campbell
Good morning, everyone. Thanks for joining us. With me today on the call are Victor Coleman, our CEO and Chairman; Mark Lammas, President; Harout Diramerian, CFO; and Art Suazo, EVP of Leasing. Yesterday, we filed our earnings release and supplemental on 8-K with the SEC, and both are now available on our website. An audio webcast of this call will 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 our 2022 accomplishments and 2023 priorities, along with macro trends across our markets. Mark will review our office leasing and development highlights and Harout will review our fourth quarter financial results and 2023 outlook. Thereafter, we'll be happy to take your questions.
Victor?
Victor Coleman
Thank you, Laura. Good morning, everyone, and thanks for joining us. Let me start by highlighting Hudson Pacific's 2022 accomplishments, which align with the 5 key objectives centered around leasing, capital recycling, development, balance sheet management and ESG that I outlined on our call at this time last year.
Let me start with leasing. We leased over 2.1 million square feet in 2022, just shy of our long-term average and up more than 300,000 square feet from 2021. We achieved positive GAAP and cash rent growth of 14% and 4%, respectively. We executed on all 4 of our planned nonstrategic asset sales, closing 3 last year for a combined $144 million of gross proceeds with our fourth Skyway Landing now closed for an additional $102 million of gross proceeds for total dispositions of $246 million.