Welcome to our dedicated page for Hudson Pacific Properties news (Ticker: HPP), a resource for investors and traders seeking the latest updates and insights on Hudson Pacific Properties stock.
Hudson Pacific Properties, Inc. (NYSE: HPP) is a premier, vertically-integrated real estate company specializing in the acquisition, development, and operation of high-quality office and state-of-the-art media and entertainment properties. Founded in 2006 and going public in 2010, Hudson Pacific Properties has grown its portfolio to approximately 17.3 million square feet, strategically located in high-growth, high-barrier-to-entry markets across Northern and Southern California and the Pacific Northwest.
The company focuses on creating additional value through its expertise in leasing, capital investment, and management. Hudson Pacific Properties' portfolio includes a diverse array of assets catering to Fortune 500 companies and industry-leading growth enterprises, particularly in the technology, media, and entertainment sectors. Its properties are designed to meet the demands of next-generation workspaces, featuring innovative and design-forward environments.
Hudson Pacific Properties operates in two main segments: office properties and related operations, and studio properties and related operations. The majority of the company's revenue is derived from its office properties segment, which includes premier office buildings in urban hubs like Greater Seattle, San Francisco, and Los Angeles. The studio properties segment is equally significant, featuring state-of-the-art sound stages and production facilities that serve as the backbone for major media and entertainment projects.
In recent years, Hudson Pacific Properties has made significant strides in expanding its portfolio and enhancing its market presence. The company has been involved in several high-profile projects and partnerships, solidifying its status as a leading real estate investment trust (REIT). With a commitment to sustainable and innovative development, Hudson Pacific Properties continues to set new standards in the commercial real estate industry.
Hudson Pacific Properties (NYSE: HPP) has announced the tax treatment for its 2024 common and preferred stock dividends. For common stock, the total distribution is $0.1000 per share, with $0.06684 (66.84%) classified as non-qualified ordinary dividends and $0.03316 (33.16%) as return of capital. Payments are scheduled for March 28 and June 27, 2024.
For Series C preferred stock, the total annual distribution is $1.187500 per share, paid quarterly at $0.296875 per share. These payments are 100% classified as non-qualified ordinary dividends, with no portion allocated to qualified dividends, capital gains distributions, or return of capital. The preferred stock dividends will be paid on March 28, June 27, September 30, and December 30, 2024.
Hudson Pacific Properties (NYSE: HPP) has sold Maxwell, a non-core office property in the Los Angeles Arts District, for $46.0 million before prorations and closing costs. The company used the net proceeds to reduce its unsecured revolving credit facility debt.
Including the pending sale of Foothill Research Center expected to close in Q1 2024, HPP will have executed $93.8 million in non-core asset sales since mid-November 2023. The company expects to realize over $90 million in gross proceeds from closed non-core asset sales by the end of Q1 2025, with additional sales in process.
Hudson Pacific Properties (NYSE: HPP) has reported that its Los Angeles office properties and studio facilities remain undamaged and fully operational despite recent wildfires in the area. The company, which specializes in real estate solutions for tech and media tenants, confirmed the safety of its employees while acknowledging the significant impact on the broader Los Angeles community.
Hudson Pacific Properties (NYSE: HPP), a real estate solutions provider focusing on tech and media tenants, has announced its schedule for fourth quarter financial results. The company will release its Q4 results after market close on Thursday, February 20, 2025, followed by a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day.
The conference call will be accessible through a live audio webcast on the Investors section of HudsonPacificProperties.com, with a replay available after the call.
Hudson Pacific Properties (NYSE: HPP) has completed the sale of its non-core Palo Alto office property, 3176 Porter, for $24.8 million before prorations and closing costs. The proceeds were used to reduce outstanding debt on the company's unsecured revolving credit facility. Additionally, HPP has another non-core Palo Alto property, Foothill Research Center, under contract with an expected closing in first quarter 2025. The company aims to continue strategic asset sales and build on its 2024 leasing progress.
Hudson Pacific Properties (NYSE: HPP) has announced its fourth quarter 2024 preferred stock dividend. The company's Board of Directors declared a dividend of $0.296875 per share on its 4.750% Series C cumulative preferred stock, which equals an annual rate of $1.18750 per share. The dividend will be paid on December 30, 2024 to preferred stockholders of record as of December 20, 2024.
Hudson Pacific Properties (NYSE: HPP) reported its third quarter 2024 financial results, highlighting significant leasing activity and providing updated guidance. Year-to-date, HPP has leased 1.6 million sq ft of office space, with 539,000 sq ft signed in Q3. Despite this, total revenue decreased to $200.4 million from $231.4 million in Q3 2023, primarily due to property sales and lease expirations. Net loss widened to $97.9 million, or $0.69 per share, compared to a $37.6 million loss last year. FFO, excluding specified items, fell to $14.3 million, or $0.10 per share, from $26.1 million, or $0.18 per share. Same-store cash NOI decreased to $96.9 million from $113.2 million. The in-service office portfolio ended the quarter 79.1% occupied and 80.0% leased. HPP's liquidity stood at $695.7 million. The company suspended its quarterly common stock dividend but maintained preferred stock dividends. HPP provided a Q4 FFO outlook of $0.09 to $0.13 per share.
Hudson Pacific Properties (NYSE: HPP) has announced the date for its third quarter earnings release and conference call. The company, which specializes in providing real estate solutions for tech and media tenants, will release its financial results after market close on Tuesday, November 12, 2024. A conference call to discuss the results is scheduled for 2:00 p.m. PT / 5:00 p.m. ET on the same day.
Investors can access the live audio webcast of the conference call through the Investors section of Hudson Pacific's website. For those unable to attend the live call, a replay of the audio webcast will be made available following the event.
Hudson Pacific Properties (NYSE: HPP) has suspended its quarterly dividend on common stock, starting with the third quarter dividend due in September 2024. This decision comes as studio demand recovers more slowly than expected following union strikes and negotiations. The company no longer anticipates a need for distribution related to taxable income in 2024.
However, HPP has declared a dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share, equivalent to an annual rate of $1.18750 per share. This preferred stock dividend will be paid on September 30, 2024, to stockholders of record on September 20, 2024. The Board will continue to monitor the company's financial performance and operating environment to determine when to reinstate the common stock dividend.
Hudson Pacific Properties (NYSE: HPP) reported Q2 2024 financial results, highlighting 540,000 sq ft of office leases signed. Key points include:
- Total revenue: $218.0 million, down from $245.2 million in Q2 2023
- Net loss: $47.0 million ($0.33 per diluted share)
- FFO: $23.3 million ($0.16 per diluted share)
- Same-store cash NOI: $105.2 million
The company provided a Q3 2024 FFO outlook of $0.08 to $0.12 per diluted share. HPP's in-service office portfolio was 78.7% occupied and 80.0% leased at quarter-end. The studio portfolio was 76.1% leased on average over the trailing 12 months. HPP maintains $706.5 million in total liquidity and expects challenging but gradually improving west coast office market conditions.
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