Hudson Pacific Properties, Inc. | ||||||||||||||||||||
Hudson Pacific Properties, L.P. | ||||||||||||||||||||
(State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||||||||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
Hudson Pacific Properties, Inc. | ||||||||||||||||||||
Hudson Pacific Properties, Inc. |
(b) | Pro forma financial information. |
(d) | Exhibits. |
Exhibit No. | Description | |||||||
99.1** | ||||||||
99.2 | ||||||||
104 |
Date: January 3, 2024 | ||||||||||||||
HUDSON PACIFIC PROPERTIES, INC. | ||||||||||||||
By: | /s/ Mark T. Lammas | |||||||||||||
Mark T. Lammas | ||||||||||||||
President | ||||||||||||||
HUDSON PACIFIC PROPERTIES, L.P. | ||||||||||||||
By: | Hudson Pacific Properties, Inc., Its General Partner | |||||||||||||
By: | /s/ Mark T. Lammas | |||||||||||||
Mark T. Lammas | ||||||||||||||
President |
Hudson Pacific Properties | Macerich | ||||
Investor Contact: Laura Campbell (310) 622-1702 lcampbell@hudsonppi.com Media Contact: Laura Murray (310) 622-1781 lmurray@hudsonppi.com | Karen Maurer (602) 953-6471 Karen.maurer@macerich.com |
Hudson Pacific Properties, Inc. (A) | Sale of Property (B) | Notes | Pro Forma | ||||||||||||||
ASSETS | |||||||||||||||||
Investment in real estate, at cost | $ | 8,831,914 | $ | (574,317) | $ | 8,257,597 | |||||||||||
Accumulated depreciation and amortization | (1,735,715) | 50,394 | (1,685,321) | ||||||||||||||
Investment in real estate, net | 7,096,199 | (523,923) | 6,572,276 | ||||||||||||||
Non-real estate property, plant and equipment, net | 115,903 | — | 115,903 | ||||||||||||||
Cash and cash equivalents | 75,040 | 219,857 | (C) | 294,897 | |||||||||||||
Restricted cash | 19,054 | 16,000 | (C) | 35,054 | |||||||||||||
Accounts receivable, net | 19,330 | 581 | 19,911 | ||||||||||||||
Straight-line rent receivables, net | 290,938 | (58,535) | 232,403 | ||||||||||||||
Deferred leasing costs and intangible assets, net | 359,870 | (23,543) | 336,327 | ||||||||||||||
Operating lease right-of-use assets | 391,177 | — | 391,177 | ||||||||||||||
Prepaid expenses and other assets, net | 119,494 | (83) | 119,411 | ||||||||||||||
Investment in unconsolidated real estate entities | 236,248 | — | 236,248 | ||||||||||||||
Goodwill | 263,549 | — | 263,549 | ||||||||||||||
TOTAL ASSETS | $ | 8,986,802 | $ | (369,646) | $ | 8,617,156 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Unsecured and secured debt, net | $ | 4,417,020 | $ | (324,273) | (D) | $ | 4,092,747 | ||||||||||
Joint venture partner debt | 66,136 | — | 66,136 | ||||||||||||||
Accounts payable, accrued liabilities and other | 267,426 | (29,208) | 238,218 | ||||||||||||||
Operating lease liabilities | 393,773 | — | 393,773 | ||||||||||||||
Intangible liabilities, net | 29,247 | — | 29,247 | ||||||||||||||
Security deposits, prepaid rent and other | 86,980 | (4,587) | 82,393 | ||||||||||||||
Total liabilities | 5,260,582 | (358,068) | 4,902,514 | ||||||||||||||
Redeemable preferred units of the operating partnership | 9,815 | — | 9,815 | ||||||||||||||
Redeemable non-controlling interest in consolidated real estate entities | 115,580 | (57,914) | (E) | 57,666 | |||||||||||||
Equity | |||||||||||||||||
Hudson Pacific Properties, Inc. stockholders' equity: | |||||||||||||||||
4.750% Series C cumulative redeemable preferred stock, $0.01 par value, $25.00 per share liquidation preference, 18,400,000 authorized, 17,000,000 shares outstanding at September 30, 2023 | 425,000 | — | 425,000 | ||||||||||||||
Common stock, $0.01 par value, 481,600,000 authorized, 140,937,702 shares outstanding at September 30, 2023 | 1,403 | — | 1,403 | ||||||||||||||
Additional paid-in capital | 2,748,309 | 45,515 | (F) | 2,793,824 | |||||||||||||
Accumulated other comprehensive income | 4,178 | — | 4,178 | ||||||||||||||
Total Hudson Pacific Properties, Inc. stockholders’ equity | 3,178,890 | 45,515 | 3,224,405 | ||||||||||||||
Non-controlling interest—members in consolidated real estate entities | 345,058 | — | 345,058 | ||||||||||||||
Non-controlling interest—units in the operating partnership | 76,877 | 821 | (G) | 77,698 | |||||||||||||
Total equity | 3,600,825 | 46,336 | 3,647,161 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 8,986,802 | $ | (369,646) | $ | 8,617,156 |
Hudson Pacific Properties, Inc. (AA) | Sale of Property (BB) | Notes | Pro Forma | ||||||||||||||
REVENUES | |||||||||||||||||
Office | |||||||||||||||||
Rental | $ | 605,776 | $ | (46,729) | $ | 559,047 | |||||||||||
Service and other revenues | 11,735 | (10) | 11,725 | ||||||||||||||
Total office revenues | 617,511 | (46,739) | 570,772 | ||||||||||||||
Studio | |||||||||||||||||
Rental | 46,109 | — | 46,109 | ||||||||||||||
Service and other revenues | 65,254 | — | 65,254 | ||||||||||||||
Total studio revenues | 111,363 | — | 111,363 | ||||||||||||||
Total revenues | 728,874 | (46,739) | 682,135 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Office operating expenses | 231,342 | (7,907) | 223,435 | ||||||||||||||
Studio operating expenses | 103,578 | — | 103,578 | ||||||||||||||
General and administrative | 55,177 | — | 55,177 | ||||||||||||||
Depreciation and amortization | 294,654 | (21,594) | 273,060 | ||||||||||||||
Total operating expenses | 684,751 | (29,501) | 655,250 | ||||||||||||||
OTHER INCOME (EXPENSES) | |||||||||||||||||
Loss from unconsolidated real estate entities | (2,219) | — | (2,219) | ||||||||||||||
Fee income | 5,026 | — | 5,026 | ||||||||||||||
Interest expense | (162,036) | 14,522 | (147,514) | ||||||||||||||
Interest income | 1,407 | (105) | 1,302 | ||||||||||||||
Management services reimbursement income—unconsolidated real estate entities | 3,138 | — | 3,138 | ||||||||||||||
Management services expense—unconsolidated real estate entities | (3,138) | — | (3,138) | ||||||||||||||
Transaction-related expenses | 1,344 | — | 1,344 | ||||||||||||||
Unrealized loss on non-real estate investments | (2,269) | — | (2,269) | ||||||||||||||
Gain on extinguishment of debt | 10,000 | — | 10,000 | ||||||||||||||
Gain on sale of real estate | 23,154 | — | 23,154 | ||||||||||||||
Other income | 139 | — | 139 | ||||||||||||||
Total other expenses | (125,454) | 14,417 | (111,037) | ||||||||||||||
Loss before income tax provision | (81,331) | (2,821) | (84,152) | ||||||||||||||
Income tax provision | (715) | — | (715) | ||||||||||||||
Net loss | (82,046) | (2,821) | (84,867) | ||||||||||||||
Net income attributable to Series A preferred units | (459) | — | (459) | ||||||||||||||
Net income attributable to Series C preferred shares | (15,141) | — | (15,141) | ||||||||||||||
Net income attributable to participating securities | (850) | — | (850) | ||||||||||||||
Net loss attributable to non-controlling interest in consolidated real estate entities | 375 | — | 375 | ||||||||||||||
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities | 2,333 | 402 | (CC) | 2,735 | |||||||||||||
Net loss attributable to common units in the operating partnership | 1,600 | 41 | (DD) | 1,641 | |||||||||||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (94,188) | $ | (2,378) | $ | (96,566) | |||||||||||
BASIC AND DILUTED PER SHARE AMOUNTS | |||||||||||||||||
Net loss attributable to common stockholders—basic | $ | (0.67) | $ | (0.02) | (FF) | $ | (0.69) | ||||||||||
Net loss attributable to common stockholders—diluted | $ | (0.67) | $ | (0.02) | (FF) | $ | (0.69) | ||||||||||
Weighted average shares of common stock outstanding—basic | 140,957,170 | 140,957,170 | |||||||||||||||
Weighted average shares of common stock outstanding—diluted | 140,957,170 | 140,957,170 |
Hudson Pacific Properties, Inc. (AA) | Sale of Property (BB) | Notes | Pro Forma | ||||||||||||||
REVENUES | |||||||||||||||||
Office | |||||||||||||||||
Rental | $ | 834,408 | $ | (48,961) | $ | 785,447 | |||||||||||
Service and other revenues | 18,292 | (14) | 18,278 | ||||||||||||||
Total office revenues | 852,700 | $ | (48,975) | 803,725 | |||||||||||||
Studio | |||||||||||||||||
Rental | 59,672 | — | 59,672 | ||||||||||||||
Service and other revenues | 113,852 | — | 113,852 | ||||||||||||||
Total studio revenues | 173,524 | — | 173,524 | ||||||||||||||
Total revenues | 1,026,224 | (48,975) | 977,249 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Office operating expenses | 308,668 | (10,166) | 298,502 | ||||||||||||||
Studio operating expenses | 105,150 | — | 105,150 | ||||||||||||||
General and administrative | 79,501 | — | 79,501 | ||||||||||||||
Depreciation and amortization | 373,219 | (28,737) | 344,482 | ||||||||||||||
Total operating expenses | 866,538 | (38,903) | 827,635 | ||||||||||||||
OTHER INCOME (EXPENSES) | |||||||||||||||||
Income from unconsolidated real estate entities | 943 | — | 943 | ||||||||||||||
Fee income | 7,972 | — | 7,972 | ||||||||||||||
Interest expense | (149,901) | 13,487 | (136,414) | ||||||||||||||
Interest income | 2,340 | (1,790) | 550 | ||||||||||||||
Management services reimbursement income—unconsolidated real estate entities | 4,163 | — | 4,163 | ||||||||||||||
Management services expense—unconsolidated real estate entities | (4,163) | — | (4,163) | ||||||||||||||
Transaction-related expenses | (14,356) | — | (14,356) | ||||||||||||||
Unrealized loss on non-real estate investments | (1,440) | — | (1,440) | ||||||||||||||
(Loss) Gain on sale of real estate | (2,164) | 60,644 | (EE) | 58,480 | |||||||||||||
Impairment loss | (28,548) | — | (28,548) | ||||||||||||||
Other income | 8,951 | — | 8,951 | ||||||||||||||
Total other expenses | (176,203) | 72,341 | (103,862) | ||||||||||||||
Net (loss) income | (16,517) | 62,269 | 45,752 | ||||||||||||||
Net income attributable to Series A preferred units | (612) | — | (612) | ||||||||||||||
Net income attributable to Series C preferred shares | (20,431) | — | (20,431) | ||||||||||||||
Net income attributable to participating securities | (1,194) | — | (1,194) | ||||||||||||||
Net income attributable to non-controlling interest in consolidated real estate entities | (23,418) | — | (23,418) | ||||||||||||||
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities | 4,964 | (16,426) | (CC) | (11,462) | |||||||||||||
Net loss attributable to common units in the operating partnership | 709 | (16) | (DD) | 693 | |||||||||||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (56,499) | $ | 45,827 | $ | (10,672) | |||||||||||
BASIC AND DILUTED PER SHARE AMOUNTS | |||||||||||||||||
Net loss attributable to common stockholders—basic | $ | (0.39) | $ | 0.32 | (FF) | $ | (0.07) | ||||||||||
Net loss attributable to common stockholders—diluted | $ | (0.39) | $ | 0.32 | (FF) | $ | (0.07) | ||||||||||
Weighted average shares of common stock outstanding—basic | 143,732,433 | 143,732,433 | |||||||||||||||
Weighted average shares of common stock outstanding—diluted | 143,732,433 | 143,732,433 |
Hudson Pacific Properties, L.P. (A) | Sale of Property (B) | Notes | Pro Forma | ||||||||||||||
ASSETS | |||||||||||||||||
Investment in real estate, at cost | $ | 8,831,914 | $ | (574,317) | $ | 8,257,597 | |||||||||||
Accumulated depreciation and amortization | (1,735,715) | 50,394 | (1,685,321) | ||||||||||||||
Investment in real estate, net | 7,096,199 | (523,923) | 6,572,276 | ||||||||||||||
Non-real estate property, plant and equipment, net | 115,903 | — | 115,903 | ||||||||||||||
Cash and cash equivalents | 75,040 | 219,857 | (C) | 294,897 | |||||||||||||
Restricted cash | 19,054 | 16,000 | (C) | 35,054 | |||||||||||||
Accounts receivable, net | 19,330 | 581 | 19,911 | ||||||||||||||
Straight-line rent receivables, net | 290,938 | (58,535) | 232,403 | ||||||||||||||
Deferred leasing costs and intangible assets, net | 359,870 | (23,543) | 336,327 | ||||||||||||||
Operating lease right-of-use assets | 391,177 | — | 391,177 | ||||||||||||||
Prepaid expenses and other assets, net | 119,494 | (83) | 119,411 | ||||||||||||||
Investment in unconsolidated real estate entities | 236,248 | — | 236,248 | ||||||||||||||
Goodwill | 263,549 | — | 263,549 | ||||||||||||||
TOTAL ASSETS | $ | 8,986,802 | $ | (369,646) | $ | 8,617,156 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Unsecured and secured debt, net | $ | 4,417,020 | $ | (324,273) | (D) | $ | 4,092,747 | ||||||||||
Joint venture partner debt | 66,136 | — | 66,136 | ||||||||||||||
Accounts payable, accrued liabilities and other | 267,426 | (29,208) | 238,218 | ||||||||||||||
Operating lease liabilities | 393,773 | — | 393,773 | ||||||||||||||
Intangible liabilities, net | 29,247 | — | 29,247 | ||||||||||||||
Security deposits, prepaid rent and other | 86,980 | (4,587) | 82,393 | ||||||||||||||
Total liabilities | 5,260,582 | (358,068) | 4,902,514 | ||||||||||||||
Redeemable preferred units of the operating partnership | 9,815 | — | 9,815 | ||||||||||||||
Redeemable non-controlling interest in consolidated real estate entities | 115,580 | (57,914) | (E) | 57,666 | |||||||||||||
Capital | |||||||||||||||||
Hudson Pacific Properties, L.P. partners’ capital | |||||||||||||||||
4.750% Series C cumulative redeemable preferred units, $25.00 per unit liquidation preference, 17,000,000 units outstanding at September 30, 2023 | 425,000 | — | 425,000 | ||||||||||||||
Common units, 143,456,164 and 143,246,320 outstanding at September 30, 2023 | 2,826,337 | 46,336 | (F) | 2,872,673 | |||||||||||||
Accumulated other comprehensive income | 4,430 | — | 4,430 | ||||||||||||||
Total Hudson Pacific Properties, L.P. partners’ capital | 3,255,767 | 46,336 | 3,302,103 | ||||||||||||||
Non-controlling interest—members in consolidated real estate entities | 345,058 | — | 345,058 | ||||||||||||||
Total capital | 3,600,825 | 46,336 | 3,647,161 | ||||||||||||||
TOTAL LIABILITIES AND CAPITAL | $ | 8,986,802 | $ | (369,646) | $ | 8,617,156 |
Hudson Pacific Properties, L.P. (AA) | Sale of Property (BB) | Notes | Pro Forma | ||||||||||||||
REVENUES | |||||||||||||||||
Office | |||||||||||||||||
Rental | $ | 605,776 | $ | (46,729) | $ | 559,047 | |||||||||||
Service and other revenues | 11,735 | (10) | 11,725 | ||||||||||||||
Total office revenues | 617,511 | (46,739) | 570,772 | ||||||||||||||
Studio | |||||||||||||||||
Rental | 46,109 | — | 46,109 | ||||||||||||||
Service and other revenues | 65,254 | — | 65,254 | ||||||||||||||
Total studio revenues | 111,363 | — | 111,363 | ||||||||||||||
Total revenues | 728,874 | (46,739) | 682,135 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Office operating expenses | 231,342 | (7,907) | 223,435 | ||||||||||||||
Studio operating expenses | 103,578 | — | 103,578 | ||||||||||||||
General and administrative | 55,177 | — | 55,177 | ||||||||||||||
Depreciation and amortization | 294,654 | (21,594) | 273,060 | ||||||||||||||
Total operating expenses | 684,751 | (29,501) | 655,250 | ||||||||||||||
OTHER INCOME (EXPENSES) | |||||||||||||||||
Loss from unconsolidated real estate entities | (2,219) | — | (2,219) | ||||||||||||||
Fee income | 5,026 | — | 5,026 | ||||||||||||||
Interest expense | (162,036) | 14,522 | (147,514) | ||||||||||||||
Interest income | 1,407 | (105) | 1,302 | ||||||||||||||
Management services reimbursement income—unconsolidated real estate entities | 3,138 | — | 3,138 | ||||||||||||||
Management services expense—unconsolidated real estate entities | (3,138) | — | (3,138) | ||||||||||||||
Transaction-related expenses | 1,344 | — | 1,344 | ||||||||||||||
Unrealized loss on non-real estate investments | (2,269) | — | (2,269) | ||||||||||||||
Gain on extinguishment of debt | 10,000 | — | 10,000 | ||||||||||||||
Gain on sale of real estate | 23,154 | — | 23,154 | ||||||||||||||
Other income | 139 | — | 139 | ||||||||||||||
Total other expenses | (125,454) | 14,417 | (111,037) | ||||||||||||||
Loss before income tax provision | (81,331) | (2,821) | (84,152) | ||||||||||||||
Income tax provision | (715) | — | (715) | ||||||||||||||
Net loss | (82,046) | (2,821) | (84,867) | ||||||||||||||
Net loss attributable to non-controlling interest in consolidated real estate entities | 375 | — | 375 | ||||||||||||||
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities | 2,333 | 402 | (CC) | 2,735 | |||||||||||||
Net loss attributable to Hudson Pacific Properties, L.P. | (79,338) | (2,419) | (81,757) | ||||||||||||||
Net income attributable to Series A preferred units | (459) | — | (459) | ||||||||||||||
Net income attributable to Series C preferred units | (15,141) | — | (15,141) | ||||||||||||||
Net income attributable to participating securities | (850) | — | (850) | ||||||||||||||
NET LOSS AVAILABLE TO COMMON UNITHOLDERS | $ | (95,788) | $ | (2,419) | $ | (98,207) | |||||||||||
BASIC AND DILUTED PER UNIT AMOUNTS | |||||||||||||||||
Net loss attributable to common unitholders—basic | $ | (0.67) | $ | (0.02) | (FF) | $ | (0.69) | ||||||||||
Net loss attributable to common unitholders—diluted | $ | (0.67) | $ | (0.02) | (FF) | $ | (0.69) | ||||||||||
Weighted average shares of common units outstanding—basic | 143,405,044 | 143,405,044 | |||||||||||||||
Weighted average shares of common units outstanding—diluted | 143,405,044 | 143,405,044 |
Hudson Pacific Properties, L.P. (AA) | Sale of Property (BB) | Notes | Pro Forma | ||||||||||||||
REVENUES | |||||||||||||||||
Office | |||||||||||||||||
Rental | $ | 834,408 | $ | (48,961) | $ | 785,447 | |||||||||||
Service and other revenues | 18,292 | (14) | 18,278 | ||||||||||||||
Total office revenues | 852,700 | $ | (48,975) | 803,725 | |||||||||||||
Studio | |||||||||||||||||
Rental | 59,672 | — | 59,672 | ||||||||||||||
Service and other revenues | 113,852 | — | 113,852 | ||||||||||||||
Total studio revenues | 173,524 | — | 173,524 | ||||||||||||||
Total revenues | 1,026,224 | (48,975) | 977,249 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Office operating expenses | 308,668 | (10,166) | 298,502 | ||||||||||||||
Studio operating expenses | 105,150 | — | 105,150 | ||||||||||||||
General and administrative | 79,501 | — | 79,501 | ||||||||||||||
Depreciation and amortization | 373,219 | (28,737) | 344,482 | ||||||||||||||
Total operating expenses | 866,538 | (38,903) | 827,635 | ||||||||||||||
OTHER INCOME (EXPENSES) | |||||||||||||||||
Income from unconsolidated real estate entities | 943 | — | 943 | ||||||||||||||
Fee income | 7,972 | — | 7,972 | ||||||||||||||
Interest expense | (149,901) | 13,487 | (136,414) | ||||||||||||||
Interest income | 2,340 | (1,790) | 550 | ||||||||||||||
Management services reimbursement income—unconsolidated real estate entities | 4,163 | — | 4,163 | ||||||||||||||
Management services expense—unconsolidated real estate entities | (4,163) | — | (4,163) | ||||||||||||||
Transaction-related expenses | (14,356) | — | (14,356) | ||||||||||||||
Unrealized loss on non-real estate investments | (1,440) | — | (1,440) | ||||||||||||||
(Loss) Gain on sale of real estate | (2,164) | 60,644 | (EE) | 58,480 | |||||||||||||
Impairment loss | (28,548) | — | (28,548) | ||||||||||||||
Other income | 8,951 | — | 8,951 | ||||||||||||||
Total other expenses | (176,203) | 72,341 | (103,862) | ||||||||||||||
Net (loss) income | (16,517) | 62,269 | 45,752 | ||||||||||||||
Net income attributable to non-controlling interest in consolidated real estate entities | (23,418) | — | (23,418) | ||||||||||||||
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities | 4,964 | (16,426) | (CC) | (11,462) | |||||||||||||
Net (loss) income attributable to Hudson Pacific Properties, L.P. | (34,971) | 45,843 | 10,872 | ||||||||||||||
Net income attributable to Series A preferred units | (612) | — | (612) | ||||||||||||||
Net income attributable to Series C preferred units | (20,431) | — | (20,431) | ||||||||||||||
Net income attributable to participating securities | (1,194) | — | (1,194) | ||||||||||||||
NET LOSS AVAILABLE TO COMMON UNITHOLDERS | $ | (57,208) | $ | 45,843 | $ | (11,365) | |||||||||||
BASIC AND DILUTED PER UNIT AMOUNTS | |||||||||||||||||
Net loss attributable to common unitholders—basic | $ | (0.39) | $ | 0.31 | (FF) | $ | (0.08) | ||||||||||
Net loss attributable to common unitholders—diluted | $ | (0.39) | $ | 0.31 | (FF) | $ | (0.08) | ||||||||||
Weighted average shares of common units outstanding—basic | 145,580,928 | 145,580,928 | |||||||||||||||
Weighted average shares of common units outstanding—diluted | 145,580,928 | 145,580,928 |
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