Hudson Pacific Properties, Inc.

Ladies and gentlemen, thank you for joining us and welcome to the Hudson Pacific Properties fourth quarter 2025 earnings conference call. For today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star nine to raise your hand and star six to unmute when called upon. I will now hand the conference over to Laura Campbell, Executive Vice President, Investor Relations and Marketing. Laura, please go ahead.

Good morning, everyone. Thanks for joining us. With me on the call today are Victor Coleman, CEO and Chairman, Mark Lamas, President, Harut Dhirumirian, CFO, Art Suazo, EVP of Leasing, and Ken Young, SVP of Leasing. This morning, we filed our earnings release and supplemental on an 8K with the SEC, and both are now available on our website along with an audio webcast of this call for replay. 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 our 2025 accomplishments and priorities for 2026, along with industry and market trends. Mark will provide detail on our office and studio operations and development, and Harut will review our financial results and 2026 outlook. Thereafter, we'll be happy to take your questions. Victor?

Thanks, Laura. Good morning, everyone, and welcome to our fourth quarter call. 2025 was a breakthrough year for Hudson Pacific. We didn't just position the company for a return to earnings growth. We fundamentally transformed our capital structure and significantly enhanced our operating efficiency. We executed nearly $330 million of strategic asset sales and attractive valuations and completed more than $2 billion of proactive capital transactions that extended our maturity runway and nearly doubled our liquidity. Our balance sheet now affords us the flexibility to fully execute on our business objectives, paramount of which is the lease-up and stabilization of our best-in-class office portfolio. In 2025, we drove a combined $26 million in G&A and interest expense savings. Beyond that, we continue restructuring QIOTI, and to date, we have locked in $25 million of annualized expense savings. And we delivered our strongest leasing performance since 2019, signing more than 2.2 million square feet of office leases across our West Coast portfolio. Strengthening market fundamentals continue to validate our thesis. San Francisco generated over 2.5 million square feet of net absorption for the year, the third highest annual total on record. Silicon Valley recorded 2.9 million square feet of positive absorption, marking five consecutive quarters of occupancy gains. The Puget Sound posted its first positive absorption quarter in three years, and in Los Angeles, our office portfolio is essentially fully leased long-term, positioning us well as the broader markets recover. In our studio businesses, we're operating in a recalibrated environment, but let's be clear, media industry consolidation favors the best located, best operated assets, and that's exactly what we own. Los Angeles and New York remain the epicenters of domestic production, and our Hollywood and Manhattan studios continue to lease because productions need premium creative environments, not commodity space. Now, let me address the AI narrative head on. Yes, AI is reshaping workflows, but in the Bay Area and Seattle, AI is driving explosive company formation, record venture capital deployment, and aggressive hiring across multiple sectors. The narrative of AI reduces office demand ignores the reality. Well-funded, fast-growing companies need space and they're choosing our buildings. In studios, AI is a production tool, not a replacement for physical infrastructure. The dominant theme in both sectors is in contraction, it's flight to quality, and we're the beneficiary. Mark's going to provide details, but our office leasing pipeline has grown to 2.3 million square feet. Fourth quarter tours accelerated more than 50% year over year, and we're entering 2026 with the lowest office expiration schedule we've had in four years. We're not hoping for recovery. We're already capturing it. Following our significant de-risking in 2025, our priorities are clear and executable. Drive occupancy growth to unlock embedded NOI expansion, eliminate Kyoti's earnings drag by year end, and maintain capital discipline through value-driven assets, sales, and strategic de-leveraging. On our capital recycling, we sold Element LA in the fourth quarter at a strong valuation. In 2026, we're targeting $200 to $300 million of additional sales while prioritizing transactions that are FFO-accretive through further deleveraging. For example, we're currently marketing 10900 and 10950 Washington in Culver City, which we successfully re-entitled for 508 residential units, and we have a very strong buyer and joint venture interest throughout. Here's the bottom line. We're sharpening our focus on what we do better than anyone else, owning and operating highly selective office and studio assets in only the best locations. We're deploying capital within our existing portfolio only when returns are clear, attractive, and risk adjusted. By executing on these priorities, we have a direct path to FFO per share inflection as we move through 2026. And with that, I'm going to turn the call over to Mark.