Hudson Pacific Properties, Inc.

Hello, everyone. Thank you for joining us and welcome to the Hudson Pacific Properties first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. 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, Chairman and CEO, Mark Lamas, President, Harut Dhirumirian, CFO, and Art Suazo, EVP 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 first quarter results and current market trends. Mark will provide detail on our office and studio operations, and Harit will review our financial results and updated 2026 outlook. Thereafter, we'll be happy to take your questions. Victor?

Thanks, Laura. Good morning, and welcome, everyone, to our first quarter call. 2026 is off to a strong start, building on decisive actions we took last year. We delivered improvement in both occupancy and cash flow, sequentially growing FFO in total and on a per share basis. We signed over 500,000 square feet of office leases, our third consecutive quarter of occupancy gains, supported by leasing pipelines that remain robust. On the studio side, prime locations are performing well. and operational streamlining at Coyote continues to drive annualized savings. We also achieved substantial year-over-year reductions in G&A, maintained total liquidity in excess of $930 million, with our credit facility fully undrawn, and advanced an active pipeline of FFO accretive dispositions. From a macro perspective, a record $267 billion of venture capital was deployed in the first quarter of fueled by large-scale AI financings and broad investment across adjacent sectors. That capital is translating into leasing activity. Well-funded tech and AI-focused companies are accelerating demand across our West Coast markets, while more traditional office users are reengaging on either new leases or expansions. The Bay Area obviously is leading. San Francisco had a record 2.3 million square feet of positive absorption, capping the strongest six-quarter run of occupancy growth To date, leasing activity reached 4.1 million square feet, and AI-related tenants accounted for nearly 60% of total volume, and asking rents rose close to 4% year over year. Silicon Valley extended its momentum with a sixth consecutive quarter of occupancy growth. The peninsula is also showing further signs of positive inflection, particularly in Redwood City and Foster City, where our assets are concentrated. The Puget Sound posted its second consecutive quarter of positive absorption. Downtown Seattle is beginning to capture its share of AI and tech demand, and our portfolio quality positions us to benefit as activity further extends from the east side to the urban core. In Los Angeles, fundamentals remain challenged, but with our own limited near-term availability concentrated in one well-leased top-tier asset, we can be patient as conditions strengthen. Turning to studios, U.S. production activity remains subdued, but the flight to quality is real. Our Hollywood stages are 97% leased and Sunset Pier 94 reached 100% leased within the first quarter of operations. The leasing results made it clear. These are the right assets in the right locations. We're actively refining our studio portfolio to focus on the highest performing assets and lines of businesses. And on Coyote, We're making the necessary and, quite frankly, difficult decisions. As announced, Coyote will wind down leased soundstage facilities and Atlanta area operations. We remain committed to ensuring Coyote is earnings neutral by year end. On capital recycling, we're in various stages on asset sales targeting approximately $200 million this year, and these are all ethical, creative, non-core dispositions. We have a buyer and agreed price at 10950 Washington, as well as another asset under contract. As we look ahead, both occupancy and our leasing pipeline should remain strong. We're making the hard calls and continue to ensure our overhead is controlled, our disposition pipeline remains on track, and we have ample liquidity and a clear executable path to FFO growth through the balance of the year. And with that, I'll turn the call over to Mark.