Hudson Pacific Properties, Inc. - HPP STOCK NEWS

Hudson Pacific Properties (NYSE: HPP) has pledged $20 million over five years to enhance affordable housing and support those experiencing homelessness. This initiative is part of their Better Blueprint™ corporate responsibility platform, focusing on impact investments and philanthropic donations in key markets including Los Angeles and San Francisco. The company is investing $3 million into the Supportive Housing Fund, aiming to expedite and reduce the costs of permanent housing development. This commitment reflects Hudson Pacific's recognition of the urgent need for affordable housing amidst rising costs in California and other regions.

Hudson Pacific Properties (NYSE: HPP) announced the resignations of Chief Investment Officer Alexander Vouvalides and Executive Vice President Joshua Hatfield, who are leaving to start their own company. Victor Coleman, the CEO, expressed gratitude for their contributions and confirmed a consulting arrangement to ensure a smooth transition. Hudson Pacific, a real estate investment trust with over 19 million square feet of office and studio properties, will continue to focus on its business priorities with its seasoned leadership team.

Hudson Pacific Properties (NYSE: HPP) announced the tax classification for its 2020 common stock dividends. The dividends will be categorized for federal income tax purposes, including ordinary dividends totaling $1.00 per share. Notably, the record and payment dates include March 20, 2020 (payment on March 30, 2020), June 19, 2020 (payment on June 29, 2020), September 18, 2020 (payment on September 28, 2020), and December 21, 2020 (payment on December 31, 2020).

Hudson Pacific Properties (NYSE: HPP) will announce its fourth quarter financial results on February 17, 2021, after market close. A conference call is scheduled for February 18, 2021, at 11:00 a.m. PT to discuss these results. Interested parties can access the call by dialing (877) 407-0784 for domestic calls or (201) 689-8560 for international calls. Additionally, a live webcast will be available on the company's website, with a replay accessible from February 18 to March 4, 2021. Hudson Pacific is a REIT focused on prime office and studio properties, boasting over 19 million square feet in its portfolio.

Hudson Pacific Properties and Canada Pension Plan Investment Board have finalized their acquisition of a 668,000-square-foot Class A office building in Seattle for US$625 million. Hudson Pacific holds a 55% stake while CPP Investments owns 45%. The transaction was supported by a US$314.3 million mortgage loan with an initial interest rate of LIBOR plus 1.70%, interest-only for five years. This acquisition enhances Hudson Pacific's portfolio, emphasizing its focus on premier West Coast properties and notable tenants like Netflix and Google.

Hudson Pacific Properties (HPP) has declared a quarterly dividend of $0.25 per share for Q4 2020, payable on December 31, 2020, to stockholders of record as of December 21, 2020. The company focuses on real estate investments in premier West Coast locations, with a portfolio of nearly 19 million square feet that includes properties leased to major companies like Netflix and Google. As a publicly traded entity listed on the NYSE, HPP is also part of the S&P MidCap 400 Index.

Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board have agreed to acquire a 668,000-square-foot office tower in Seattle for US$625 million. Hudson Pacific will hold a 55% stake and manage the property, while CPP Investments will own 45%. The tower, located at 1918 8th Avenue, is 98% leased, primarily to Amazon, and has an average remaining lease term of 10 years. The transaction is set to close in Q4 2020 and will be financed with a secured loan covering approximately 50% of costs.

Hudson Pacific Properties reported a net loss of $5.4 million for Q3 2020, down from a profit of $58.8 million in Q3 2019. FFO, excluding specified items, was $66 million, a decrease from $79.6 million year-over-year. Total revenue declined 5.4% to $196.3 million, while operating expenses increased by 1.0% to $167.6 million. Rent collections remained strong, with 97% of third-quarter rents collected. The company, with $1.3 billion in liquidity, is strategically positioned for growth and achieved 100% carbon neutrality in its operations.

Hudson Pacific Properties (NYSE: HPP) will release its third quarter financial results on October 29, 2020, post-market. A conference call is scheduled for October 30, 2020, at 11:00 a.m. PT to discuss these results. Investors can access the call by dialing (877) 407-0784 or listen online via the company’s website. A replay will be available from October 30 through November 13, 2020, with specific access numbers provided. Hudson Pacific, a real estate investment trust, operates nearly 19 million square feet of office and studio properties, serving major tenants like Netflix and Google.