Hudson Pacific Properties, Inc. (NYSE:HPP) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET
Company Participants
Laura Campbell - EVP, IR & Marketing
Victor Coleman - Chairman & CEO
Mark Lammas - President
Harout Diramerian - CFO
Arthur Suazo - EVP of Leasing
Conference Call Participants
Blaine Heck - Wells Fargo
Ronald Kamdem - Morgan Stanley
Nick Yulico - Scotiabank
Caitlin Burrows - Goldman Sachs
John Kim - BMO
Alexander Goldfarb - Piper Sandler
Tom Catherwood - BTIG
Michael Griffin - Citi
Dylan Burzinski - Green Street
Peter Abramowitz - Jefferies
Rich Anderson - Wedbush Securities
Operator
Hello, everyone. Thank you for attending today's Hudson Pacific Properties Second Quarter 2024 Earnings Call. My name is Sierra, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions]
I'd now like to turn the conference over to our host, Laura Campbell, Executive Vice President of Investor Relations and Marketing. Please proceed.
Laura Campbell
Good afternoon, 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. This afternoon, 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 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 the 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. Good afternoon, everyone, and welcome to our second quarter call. The results we reported this quarter were in line with our FFO outlook with our office portfolio performing better than our expectations. This quarter, our team's strong execution resulted in leasing over 0.5 million square feet. This is our highest leasing activity since the second quarter of 2022, and our year-to-date leasing was up 40% compared to last year. 2/3 of those leases were new, the most since first quarter 2019. Even after another strong quarter of leasing, our pipeline of deals in leases, LOIs or proposals is healthy at 2 million square feet with an average requirement of above 15,000 square feet, up from about 9,000 square feet two years ago.