Hudson Pacific Properties Donates $1 Million to Support Housing Development at the West Los Angeles VA Campus

Rhea-AI Summary

Hudson Pacific Properties, Inc. (NYSE: HPP) has pledged a total of $1 million to support The Veterans Fund, a $10 million initiative aimed at constructing the largest veteran housing community at the West Los Angeles VA Campus. This includes a $500,000 monetary donation and $500,000 in pro bono services. The project will result in over 1,600 supportive housing units for veterans and their families, alongside essential services. This is part of Hudson Pacific’s broader $20 million commitment to address homelessness in core markets.

Positive

• Hudson Pacific's total pledge of $1 million enhances its reputation for corporate social responsibility.
• The project aims to create over 1,600 supportive housing units, significantly addressing veteran homelessness.
• Collaboration with experienced partners and the promise of pro bono work could streamline project execution.

Negative

• None.

Pledge includes a $500,000 monetary donation and $500,000 in pro bono work to support The Veterans Fund, a $10-million capital campaign to build the nation’s largest veteran housing community

LOS ANGELES--(BUSINESS WIRE)-- Hudson Pacific Properties, Inc. (NYSE: HPP) today announced a $1 million donation to support The Veterans Fund, a $10-million launch fund for the capital campaign to build the nation’s largest veteran housing community at the West Los Angeles VA Campus. The pledge includes a $500,000 monetary donation and $500,000 in pro bono work from Hudson Pacific to support the housing development which will be built at the iconic West Los Angeles Veterans Administration in Los Angeles, located across the street from Hudson Pacific’s headquarters.

The project is being led by The Veterans Collective, a partnership between U.S.VETS, Century Housing and Thomas Safran & Associates, who were selected by the U.S. Department of Veteran Affairs to serve as Principal Developer of the project.

Hudson Pacific’s pro bono commitment is a first-of-its-kind for The Veterans Collective, which will give the project access to its employees’ decades of development experience and deep relationships in the Los Angeles area to aid in bringing the project to life.

“Supporting innovative solutions to the homelessness crisis is a top priority of our Better Blueprint ESG platform, and we are proud to support the Veterans Fund to help provide supportive housing for the men and women who have served and given so much to our country,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “We are grateful to the other members of the business community, The Veterans Collective and dedicated individuals who are making the project possible. Our own employees are eager to support the development with their highly specialized skills as we collectively work to build this much-needed facility here in Los Angeles.”

“Across 32 sites, U.S.VETS positively impacts more than 5,500 veterans and their families every day. We are proud of our impact, but our ambitions for the future are far greater, and they need to be,” said Stephen Peck, President and CEO of U.S.VETS. “This important work is only possible with the help of partners like Hudson Pacific who share the same goals and ideals. The Veterans Collective is working closely with its partners to transform the West L.A. VA campus into a community. In the not-too-distant future, veterans and their families will be welcomed with newly constructed supportive housing, wrap-around services and a thriving community that is there to serve them diligently.”

Upon completion, the campus will be the nation’s largest veteran housing community. The four-phased project will create more than 1,600 units of supportive housing and services, including a career center, transit plaza, mental health and substance use treatment, kitchen, gardens, athletic and social spaces. The neighborhood will house more than 2,000 veterans and their families. It will also offer services and programs to veterans across Los Angeles County.

This donation is part of Hudson Pacific’s $20 million commitment over the next five years to address homelessness in its core markets. The company has also invested $3 million in SDS Capital Group’s Supportive Housing Fund and donated $500,000 to Union Rescue Mission in Los Angeles.

About Hudson Pacific Properties

Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling over 20 million square feet, including land for development. Focused on global epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Google, Netflix, Riot Games, Square, Uber and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information visit HudsonPacificProperties.com.

About U.S.VETS

As the nation’s largest veteran services nonprofit, U.S.VETS provides housing, counseling, career services and comprehensive support to thousands of veterans and their families, each day. Founded 28 years ago, U.S.VETS now has 32 residential sites across 11 regional locations, services centers across the country, and new housing projects in development. With the goal of ending veteran homelessness, U.S.VETS prevention programs focus on career development and mental health and wellness for at-risk veterans. We will continue our mission until no one who served our country is left sleeping on its streets. Learn more at www.usvets.org.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005088/en/

Hudson Pacific Properties

Laura Campbell

Executive Vice President, Investor Relations & Marketing

(310) 622-1702

lcampbell@hudsonppi.com

Laura Murray

Director, Communications

(310) 622-1781

lmurray@hudsonppi.com

U.S.VETS

Doreese Norman

National Communications Director

(213) 542-2603

dnorman@usvets.org

Source: Hudson Pacific Properties, Inc.

FAQ

What is Hudson Pacific Properties' donation to The Veterans Fund?

Hudson Pacific Properties pledged a total of $1 million to support The Veterans Fund.

How many housing units will the project at West Los Angeles VA Campus create?

The project will create over 1,600 supportive housing units.

What is the total capital campaign goal for The Veterans Fund?

The total capital campaign goal for The Veterans Fund is $10 million.

What is the significance of Hudson Pacific's pledge for investors?

The pledge enhances Hudson Pacific's community engagement and corporate image, which can positively influence investor sentiment.

When will Hudson Pacific's veteran housing community project be completed?

The completion timeline for the project has not been specified in the press release.