Los Angeles Business Journal

Hudson Pacific to Unlock Restricted Shares

By Deborah Crowe Originally published August 30, 2011 at 10:36 a.m., updated August 30, 2011 at 2:31 p.m.

Hudson Pacific Properties Inc. late Monday filed a regulatory registration statement that would enable insiders and other buyers of restricted stock in previous private placements to begin trading up to $10.3 million worth of shares on the open market in the coming months.

Hudson Pacific, which has 33 million shares outstanding and a market cap of $475 million, said it would not be raising any money in the sales. The Los Angeles real estate investment trust, which owns office, media and entertainment properties across California, said the stock initially was issued in private placements on May 3 and on June 29 last year. The filing also covers roughly 2.6 million shares that the company would issue in exchange for units that some of its limited partners hold in the REIT’s operating partnership.

Shareholders whose shares are covered in the registration include Farallon Capital Partners L.P., the company’s largest shareholder with 30 percent. Also listed as potential sellers of some of their shares include Chief Executive Victor Coleman, President Howard S. Stern and Glenborough Fund XIV L.P.

The REIT, which went public in June 2010, raised roughly $101 million in a follow-on offering in April. At the time it said it planned to use the proceeds to make acquisitions and pay down a revolving credit facility.

Shares closed down 10 cents, or less than 1 percent, to $14.06 on the New York Stock Exchange.