Andy Wattula
About Andy Wattula
Andy Wattula is Chief Operating Officer (COO) of Hudson Pacific Properties (HPP), an executive officer listed at age 49 as of the April 23, 2025 proxy; he joined HPP in October 2017 and was appointed COO on October 19, 2022 . He holds a BA in Psychology from Vanderbilt University and an MBA from Harvard Business School . Company performance during his executive tenure included same‑store cash NOI growth of 4.9% (2021), 2.4% (2022), and 3.8% (2023), with cumulative TSR of $71.13 (2021) and $30.66 (2023) per $100 initial investment, reflecting sector headwinds and recovery efforts . In 2024, HPP executed 2.0 million square feet of leasing (+~20% YoY), advanced studio developments, cut G&A and operating costs, and ended the year with $518.3 million in liquidity, underscoring operational focus under the current leadership structure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Beacon Capital Partners (Seattle) | Managing Director | Prior to Oct 2017 | Oversaw asset management and operations in the Pacific Northwest; led acquisitions and development . |
| Hines (Seattle) | Director | 2006–2012 | Focused on acquisitions, development, and leasing of regional projects . |
| United States Navy | Naval Flight Officer | 1997–2004 | Operational leadership and aviation systems experience . |
External Roles
- Not disclosed in public filings reviewed.
Fixed Compensation
- Specific base salary, target bonus, and actual bonus for Andy Wattula are not disclosed in HPP’s 2025 or 2024 proxy statements (he is not a named executive officer in those years) . His October 2022 COO appointment did not include a new material plan or compensatory arrangement; he entered the standard indemnification agreement for officers .
- Executive benefits policy: HPP executives are eligible for health and welfare plans and a 401(k) match equal to 40% of the participant’s contribution up to 6% of eligible compensation (2024) .
Performance Compensation
Wattula-Specific Awards and Vesting
| Award Type | Metric Structure | Grant/Performance Period | Vesting | Shares/Units | Notes |
|---|---|---|---|---|---|
| Performance RSUs (earned for 2020 metrics) | Operational metrics (1‑yr); adjusted by absolute TSR (3‑yr) | 1/1/2020–12/31/2022 | Vested in full on 12/31/2022 | 5,540 | Granted prior to becoming a Section 16 officer . |
| Performance RSUs (earned for 2021 metrics) | Operational metrics (1‑yr); adjusted by absolute TSR (3‑yr) | 1/1/2021–12/31/2023 | Vested in full on 12/31/2023 (subject to service) | 8,845 | Granted prior to becoming a Section 16 officer . |
| Restricted Stock Units | Time-based | As disclosed in initial Form 3 | Installments vest on 12/29/2022, 12/29/2023, 12/29/2024 | 27,965 | As of 10/19/2022 filing . |
| Restricted Stock | Time-based | As disclosed in initial Form 3 | Vests in full on 12/29/2022 | 3,348 | As of 10/19/2022 filing . |
HPP has mandatory post‑vesting holding periods for executive officers on certain awards; recent programs included three-year holds on time-based LTIP units and two-year holds on earned Performance Units/RSUs, which mitigate near‑term selling pressure .
Company Performance Unit Program (context for executive awards)
| Metric | Target Framework | Actual Performance (2019–2022 or 2022 cycle) | Payout | Vesting/Modification |
|---|---|---|---|---|
| Relative TSR vs FTSE NAREIT Equity Office Index (2022 PU) | 37.5%–250% of target for –1,000 bps to +1,500 bps relative TSR | –5,360 bps relative TSR | 0% under TSR component | Three-year performance period ending 12/31/2024 . |
| Operational metrics (2022 PU) | Earned at end of 1‑yr period | 193.1% earned | Reduced by 40% based on absolute TSR –76.3% | Subject to absolute TSR modifier over 3 years . |
- HPP did not adopt a performance-based equity award program for 2025; top three most highly compensated executives canceled their 2024 performance unit awards in June 2025, accelerating $14.3 million of expense and reducing G&A over future periods .
Equity Ownership & Alignment
Beneficial Ownership History (Section 16 filings)
| Filing Date | Security | Amount | Ownership Form | Notes |
|---|---|---|---|---|
| 10/31/2022 (Form 3) | Common Stock | 53,370 | Direct | Includes 3,348 restricted stock vesting 12/29/2022 and 27,965 RSUs vesting in 2022–2024 . |
| 03/03/2023 (Form 3/A) | Common Stock | 14,385 | Direct | Includes 5,540 performance RSUs vested on 12/31/2022 and 8,845 performance RSUs vesting 12/31/2023 . |
Alignment Policies
| Policy | Requirement/Status | Implication |
|---|---|---|
| Stock Ownership Guidelines | NEOs: 3x base salary; all other executives: 1x base salary | Long-term alignment; new NEOs/executives have multi-year time to comply . |
| Anti‑Hedging & Anti‑Pledging | Hedging and pledging of HPP securities prohibited; all executives in compliance | Reduces misalignment/leveraged risk . |
| Clawback Policy | Recovery of erroneously paid incentive compensation for Section 16 officers (effective 10/2/2023) | Governance discipline and restatement protection . |
| Option Usage | No repricing or cash buyouts without shareholder approval; time‑ and performance‑based full‑value awards used | Emphasis on RSUs/LTIP units vs. options; mitigates repricing risk . |
Outstanding options were not held by NEOs in 2022, consistent with a move toward full‑value equity awards (context for program design) .
Employment Terms
| Item | Detail |
|---|---|
| Employment Start at HPP | Joined the Company in October 2017 . |
| COO Appointment Date | Appointed COO on October 19, 2022 . |
| Compensatory Arrangement at Appointment | No new material plan/contract entered in connection with COO appointment; standard indemnification agreement executed . |
| Non‑compete/Non‑solicit | Not disclosed for Andy Wattula in reviewed filings. |
| Severance/Change‑of‑Control | Not disclosed for Andy Wattula; for NEOs, severance multiples ranged from 1x–3x salary+average bonus with accelerated vesting of time‑based awards and COBRA benefits, increasing under change‑in‑control; Wattula’s terms not specified . |
Investment Implications
- Pay‑for‑performance linkage: Wattula’s historical awards tied to operational metrics with absolute TSR modifiers and time‑based RSU schedules indicate alignment with company performance and retention through multi‑year vesting and post‑vesting holds .
- Selling pressure and alignment: Mandatory holding periods for executive officers, anti‑hedging/pledging, and ownership guidelines support reduced near‑term selling pressure and stronger alignment, a positive signal for governance quality .
- Retention risk: Lack of publicly disclosed individual severance/CIC terms for Wattula limits precision, but the company’s executive frameworks (as applied to NEOs) and standard indemnification suggest stability; monitor any future 8‑K Item 5.02 filings for changes to his arrangements .
- Execution track record: Company operational milestones in 2024 (leasing growth, studio development progress, cost reductions, liquidity preservation) under the current leadership structure, where the COO oversees portfolio operations, indicate focus on fundamentals; continued sector headwinds (TSR outcomes) temper near‑term equity compensation payouts tied to market metrics .