Hudson Pacific Properties, Inc.

Welcome to Hudson Pacific Properties' first quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference call is being recorded. I would now like to turn the conference over to your host, Laura Campbell. You may start.

Thank you, Operator. Good morning, everyone, and welcome to Hudson Pacific Properties' first quarter 2020 earnings call. Earlier today, our press release and supplemental were filed on an 8K with the SEC. Both are now available on the investor section of our website, HudsonPacificProperties.com. An audio webcast of this call will also be available for replay by phone over the next week and on the investor section of our website. During this call, we will discuss non-GAAP financial measures, which are reconciled to our GAAP financial results in our press release and supplemental. We will also be making forward-looking statements based on our current expectations. These statements are subject to risks and uncertainties discussed in our SEC filings, including various ongoing developments regarding the COVID-19 pandemic. Actual events could cause our results to differ materially from these forward-looking statements, which we undertake no duty to update. Moreover, today we have added certain disclosures specifically in response to the FEC's direction on special disclosure of changes in our business prompted by COVID-19. We do not expect to maintain this level of disclosure when normal business operations resume. With that, I'd like to welcome Victor Coleman, our Chairman and CEO, Mark Lamas, our President, Alex Guvalide, our COO and CIO, and Harut Girimarian, our CFO. Note they will be joined by other senior management during the Q&A portion of our call. Victor?

Thank you, Laura. Hello, everyone, and welcome to our first quarter 2020 call. As we all know, these are very unprecedented times, and our hearts go out to everyone impacted by COVID-19. And we're grateful for all the frontline workers who are enabling us to stay safe and healthy and to keep doing what we do, albeit remotely, for many of us. I'd like to start off by saying thank The entire Hudson Pacific team has done an absolutely phenomenal job over the last several weeks. We came off a very solid first quarter for our company and our markets, and we'll cover all those details over the course of the call. And since then, every team in every vertical, whether it's construction, operations, leasing, or other, has swiftly adapted to the new realities, and we are well positioned and eagerly await the imminent reopening along the West Coast. I am incredibly proud of where we sit today as a company and what we've built. Our leadership team is second to none. Under any and every circumstances, our employees, tenants, and shareholders benefit from their extensive expertise, their resourcefulness, and their passion for innovation. And we've always maintained a strong balance sheet and excellent credit access. And today, we have over a billion dollars of liquidity at our disposals. We've invested capital wisely to modernize, transform, and build a premier portfolio in the country's most dynamic and resilient office markets. And we have high-quality tenants who are themselves innovators and adapters. And many of our tech and media tenants like Google, Netflix, Amazon, HBO, and ABC, among others, stand to do quite well in the current environment. Further, we have very little construction risk. With substantially pre-leased, fully-funded development pipeline, with limited remaining spend and Mark, Alex and Harut are going to provide further context on all of the above later in the call. We're headed by our Emergency Response Task Force which was put in place on March 2nd. A multidisciplinary team of senior executives from operations, finance, leasing, HR, IT, communications and legal, we successfully rolled out a business continuity plan across the organization. Most of our employees have been working from home since mid-March, and we're thankful to report that we are unaware of any COVID-19 cases among our team to date. Our properties remain open and operational and fully compliant with CDC and BCCDC guidelines. I'd like to give a special recognition to our essential on-site staff, our property managers, engineers, and janitorial teams. They're doing a fantastic job working and managing the day-to-day of our enhanced safety protocols, additional cleanings, and proactive communications. We're putting the finishing touches on a robust plan to enable our tenants and employees to safely return to work once stay-at-home orders are lifted. And our reintegration program leverages the expertise of both our own internal team and outside experts. And we're focused on hygiene, things like cleaning products and air filtering, on health interventions Like PPE and testing, we're taking steps to ensure building access points, common areas, and on-site amenities are configured and properly managed to allow adequate social distancing. And we're looking at a variety of PropTech solutions in collaboration with our partner at the Venture Firm in Fifth Wall and thinking about vendor management best practices for this new area. We've engaged leading architects to incorporate the latest health and safety requirements and preferences into our design and best practices. While exact timing for implementation remains unclear and a variety across all of our markets, we'll be ready to roll out these initiatives seamlessly. Relatedly, I've been asked to join various local, state, and federal communities advising on best practices for opening up the economy, and more specifically, the commercial real estate sector. I was particularly honored by and have accepted a request from Mayor of the Mayor of Los Angeles, Eric Garcetti, to co-chair the city's office and commercial working group. I believe it's very important that we lend our expertise where we can, especially during such extraordinary times, to benefit the greater community. And I have no doubt that my work with Mayor Garcetti, his administration, and other civic leaders will inform our path going forward in our markets throughout. Before I turn the call over to Mark, I'd like to mention that we recently released our 2019 Corporate Responsibility Report. Along with it, we launched our new Better Blueprint ESG platform. And over the last year, our VP of Sustainability and Social Impact, Natalie Teer, worked with our leadership team to gather feedback, review data, and align the leading institutions and local governments. Our goal was to build upon our existing initiatives to create an ESG program authentic to Hudson Pacific and rooted in the issues that matter most to our businesses and stakeholders. The concept for our Better Blueprint blueprint comes from the understanding that the choices we make reverberate in the lives of those who work, play and live in and around our properties and ultimately our ability to thrive as a company is tied to the vibrancy and resiliency of these various communities and more broadly as an urban focused office read our cities. Through this process we honed in on three foundational elements for focused areas, sustainability, health and equity. In our 19 report We outlined programmatic highlights and 2025 goals for each of those. I encourage all of you to download the report from our website. It's a wonderful testament to our people, our culture, and our commitment, and now more importantly than ever, to creating a vibrant, thriving urban space built for long term. With that, I'm going to turn it over to Mark.