Hudson Pacific Properties, Inc.

Hello, everyone. Thank you for joining us and welcome to the Hudson Pacific Properties second 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 afternoon, everyone. Thanks for joining us. With me on the call today are Victor Coleman, Chairman and CEO, Mark Lammas, President, Harout Diramerian, 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 reply. 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 second quarter results and current market trends. Mark will provide detail on our office and studio operations, and Harout will review our financial results and 2026 outlook. Thereafter, we'll be happy to take your questions. Victor?

Thanks, Laura. Hello, everyone, and welcome to our second quarter call. This was both a record leasing and highly productive quarter for Hudson Pacific. We signed 1.3 million square feet of new and renewal office leases headlined by a landmark 891,000 square foot 24-year lease with the city and county of San Francisco at 1455 Market, which locks in nearly a quarter of a century of cash flow visibility. Occupancy increased 470 basis points, our fourth consecutive quarter of gains, and improved performance across our office and studio portfolios drove same store NOI up 7.5%. Together, with continued cost reductions and Coyote restructuring, we nearly tripled core FFO and achieved a 30% increase on a per share basis. We also stayed disciplined on capital, maintaining total liquidity of $876 million while continuing to execute our asset disposition plan. And importantly, as we look ahead, we reloaded our leasing pipeline to 2.4 million square feet. That leasing strength is playing out against a constructive venture and IPO backdrop. U.S. venture investment totaled $145 billion in the second quarter, its second largest and strongest quarter ever, with funding broadening beyond large language models into defense tech, AI infrastructure, robotics, and space tech. This also broadening beyond large language models into defense tech, AI infrastructure, robotics, and space tech. This all points to a wider, more diverse tenant base rather than a single sector bed, which will benefit our portfolio over time. The IPO market is improving too, with pending listings signaling further office demand as newly public companies and the ecosystem around them continue to grow. Across nearly every market in our portfolio, demand is broadening along virtually no new construction, and that dynamic is strengthening fundamentals, though at different rates across our markets. San Francisco posted its seventh consecutive quarter of positive absorption and its largest year-over-year rent increase since 2020. We're seeing strength at the sub-market levels across the Peninsula and Valley, led by strong year-to-date positive absorption in Foster City and Redwood City, Redwood Shores, along with multiple headline leases in Santa Clara. In Los Angeles, our leasing efforts are focused on West Los Angeles, which commands the market's most robust activity and highest rents, even as the broader markets remain challenged overall. The Puget Sound extended its recovery for its third consecutive quarter led by downtown Seattle, which leases came from Anthropic, DocuSign, and Stripe, helped drive the first improvement in CBD vacancy in six years. And downtown Vancouver continues to stand out on fundamentals with vacancy just over 12%, the tightest in our portfolio with positive net absorption both for the quarter and year to date. Regarding studios, our prime location studios continue to outperform as the production landscape remains mixed. New York's show counts improved and the Los Angeles was relatively stable as California's production pipeline continues to work through a meaningful backlog of tax credit approval projects not yet in production. Importantly, with SAG-AFTRA, WGA, and DGA all ratifying new four-year AMPTP agreements, the labor risk that drove much of the industry's recent volatility is now off the table. Our strategy remains unchanged. Restructure KEODI while optimizing performance at our best-in-class assets. Finally, turning to dispositions, we continue to make good progress against our $200 million target. Having sold 2001 Gateway after quarter end, With three additional Bay Area office assets currently in contract or negotiation alongside our 10950 Washington residential development site. Buyer demand for Bay Area office assets has picked up meaningfully this year, allowing us to execute this program on our timeline and to redeploy capital toward our broader strategic priorities. Now with that, I'm going to turn it over to Mark, who's going to talk about leasing and operations.