Dale Shimoda
About Dale Shimoda
Dale Shimoda is Executive Vice President, Finance at Hudson Pacific Properties (HPP), age 57, serving since the company’s IPO, with prior roles in acquisitions, capital transactions, and management consulting; he holds a degree from UC Berkeley’s Haas School of Business . Company performance context for 2024: FFO per share (excluding specified items) was $0.53, net loss was $(381.4) million, and HPP’s share of net debt to undepreciated book value was 38.7% . Operationally, HPP executed 2.0 million SF of office leasing in 2024 and advanced multiple development projects .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hudson Pacific Properties | Executive Vice President, Finance | Not disclosed | Finance leadership across studio and office segments; longstanding tenure since IPO |
| Hudson Capital, LLC (predecessor) | Consultant (financial/operational matters; studio properties) | Not disclosed | Financial and operational support for Sunset Gower and Sunset Bronson studios |
| Arden Realty, Inc. | Vice President, Acquisitions | Not disclosed | Underwrote and performed due diligence on acquisitions |
| Yarmouth Group (Lend Lease) | Capital Transactions | Not disclosed | Institutional capital transactions for pension fund advisory |
| Ernst & Young LLP; Robert Charles Lesser & Co. | Management Consultant | Not disclosed | Advisory experience in finance and real estate |
Fixed Compensation
- Individual base salary and bonus targets for Mr. Shimoda are not disclosed in the 2025 DEF 14A; HPP did not increase NEO cash compensation opportunities in 2024 or 2025, emphasizing pay-for-performance across senior management .
- Executive compensation governance: clawback policy adopted (Oct 2023), mandatory post-vest holding periods (3 years for time-based, 2 years for performance units), anti-hedging and anti-pledging policies .
Performance Compensation
The company’s 2024 cash bonus scorecard (applies to NEOs and used broadly as corporate metrics) emphasized FFO/share, leasing volume, leverage, ESG execution, and individual/corporate factors:
| Metric | Weighting | Threshold | Target | Maximum | Actual |
|---|---|---|---|---|---|
| Quarterly FFO/share Q1 | 6.25% | $0.15 | $0.17 | $0.19 | $0.17 |
| Quarterly FFO/share Q2 | 6.25% | $0.15 | $0.17 | $0.19 | $0.17 |
| Quarterly FFO/share Q3 | 6.25% | $0.08 | $0.10 | $0.10 | $0.10 |
| Quarterly FFO/share Q4 | 6.25% | $0.09 | $0.11 | $0.13 | $0.11 |
| Leasing Volume (000s SF) | 25% | 1,498.5 | 1,665.0 | 1,831.5 | 2,029.3 |
| Avg. Net Debt / Avg. Gross Assets | 20% | 39% | 38% | 37% | 36.5% |
| Corporate Responsibility Priorities | 10% | 6 | 8 | 10 | 9 |
| Other Corporate/Individual Factors | 20% | Committee assessment | Committee assessment | Committee assessment | Achieved 100% of target component |
Additional long-term design in 2024 focused on stock-price-based performance units for top leaders and time-based LTIP units for EVPs to bolster retention; EVPs (e.g., Suazo and Gordon) received time-based LTIP units with 3-year vesting plus a 3-year post-vest holding period, but Mr. Shimoda’s specific grant data is not disclosed . Notably, CEO/President/CFO forfeited 2024 performance unit awards in June 2025, reducing future G&A by $14.3 million (approx. $4.9 million in 2025) .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 10x salary; NEOs 3x; all other executives 1x salary; anti-hedging/anti-pledging policies prohibit hedging and pledging of company securities .
- Compliance noted for NEOs (as of Jan 1, 2025 all NEOs except CFO met guidelines, with CFO’s shortfall driven by stock price fluctuations), but individual ownership for Mr. Shimoda is not enumerated in the beneficial ownership table (which lists directors and NEOs) .
- Aggregate insider ownership: all directors and executive officers as a group held 6,956,994 shares/units as of April 1, 2025 .
Employment Terms
- HPP’s latest disclosures confirm employment agreements for certain executive officers effective January 1, 2025, covering severance and change-in-control benefits; detailed severance multiples and vesting treatment are provided for NEOs, but Mr. Shimoda’s individual contract terms are not disclosed .
- Change-in-control definitions and plan-wide award treatment are specified in HPP’s Amended and Restated 2010 Incentive Award Plan, including double-trigger features and accelerated vesting if awards are not assumed by a successor .
Investment-Grade Context Metrics (Finance-Relevant)
| Measure | FY 2024 |
|---|---|
| FFO per share (excluding specified items) | $0.53 |
| Net loss (USD millions) | $(381.4) |
| HPP’s share net debt / undepreciated book value | 38.7% |
| 2024 office leasing executed (SF) | 2.0 million |
Investment Implications
- Alignment and retention: Executive policies mandate substantial ownership and prohibit hedging/pledging, with long post-vest holding requirements—strong alignment, though Mr. Shimoda’s individual holdings are not disclosed, limiting direct skin-in-the-game assessment .
- Compensation-performance linkage: Corporate scorecard tied to FFO/share, leasing, leverage, and ESG, with long-term incentives emphasizing stock price recovery; forfeiture of top leaders’ 2024 performance units reduces future G&A and may temper insider selling pressure near term .
- Execution risk: Company-level TSR was challenged in 2024 (PEO pay-versus-performance table shows weak TSR), with continued emphasis on liquidity, leverage discipline, and leasing—areas central to Finance oversight and critical for value creation in office/studio cycles .
- Governance and shareholder sentiment: Strong governance practices and a 91.3% 2024 say-on-pay approval underpin support for comp design through downturns; continued transparency on non-NEO executives (like Mr. Shimoda) would enhance analyst evaluation of individual alignment and retention risks .