XML 41 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Common Stock Offering and Common Unit Repurchase

On January 10, 2017, the Company, Blackstone and the Farallon Funds completed a public offering of 18,673,808 shares of common stock of Hudson Pacific Properties, Inc., including 8,881,575 shares offered by the Company and 9,792,233 shares by Blackstone and the Farallon Funds. The Company’s proceeds from the offering were used to repurchase 8,881,575 common units in the operating partnership held by Blackstone and the Farallon Funds. Following the completion of these transactions, Blackstone and the Farallon Funds no longer hold any ownership interests in the Company or the operating partnership and the Stockholders Agreement between the Company, the operating partnership and Blackstone automatically terminated.
    
3402 Pico Disposition

On January 20, 2017, the Company entered into an agreement to sell its 3402 Pico property for $34.0 million (before certain credits, prorations and closing costs). The Company expects this transaction to close in the first quarter of 2017, and intends to use proceeds to pay down amounts outstanding under its unsecured revolving credit facility.

222 Kearny Street Disposition

On February 14, 2017, the Company sold its 222 Kearny Street property for $51.8 million (before certain credits, prorations and closing costs). The Company applied $45.0 million of proceeds from the sale to pay down amounts outstanding under the unsecured revolving credit facility.