Hudson Pacific Properties, Inc. - HPP STOCK NEWS

Hudson Pacific Properties (NYSE: HPP) reported its first quarter 2021 results, showing net income of $5 million, down from $10.8 million in Q1 2020. FFO decreased to $73.5 million ($0.48 per diluted share), compared to $84.6 million ($0.54 per diluted share) a year prior. Total revenue rose by 3.3% to $213.1 million, while operating expenses increased by 7.4% to $179.2 million. The company highlighted strong rent collections at 98%, with a leasing pipeline indicating a return to pre-COVID activity levels. Future development includes over three million square feet targeted for tech and media industries.

Hudson Pacific Properties (NYSE: HPP) has secured a significant 11-year lease for 70,285 square feet at its newly completed Harlow office development in Hollywood with Company 3, a global post-production firm. This lease, effective from the second quarter of 2022, expands Company 3’s presence in Los Angeles where it already occupies Hudson Pacific's Santa Monica property. Harlow, which features modern architecture and environmentally-friendly design, is now over 50% leased, reflecting strong demand as companies adapt to returning to office environments.

Hudson Pacific Properties (NYSE: HPP) will release its first quarter financial results post-market on May 5, 2021, with a follow-up conference call on May 6, 2021, at 11:00 a.m. PT. Interested participants can join by dialing (877) 407-0784 or accessing the webcast on the company’s website. Hudson Pacific, a real estate investment trust, manages a diverse portfolio of nearly 20 million square feet, focusing on the West Coast's innovation centers with tenants including major firms like Google and Netflix. The company is a component of the S&P MidCap 400 Index.

Hudson Pacific Properties (NYSE: HPP) has declared a quarterly dividend of $0.25 per share for Q1 2021, to be paid on March 29, 2021. Shareholders on record as of March 19, 2021 will receive this dividend. The company focuses on premier West Coast properties totaling nearly 20 million square feet, with key tenants including Netflix, Google, and Uber. As a publicly traded real estate investment trust, it is listed in the S&P MidCap 400 Index.

Hudson Pacific Properties (NYSE: HPP) announced that Victor Coleman, CEO and Chairman, and senior management will participate in a roundtable at Citi’s 2021 Virtual Global Property CEO Conference on March 10, 2021, at 2:00 p.m. ET. A live webcast will be available on the company’s website, with a replay accessible one hour post-event. As a real estate investment trust, Hudson Pacific focuses on premier office and studio properties, totaling nearly 20 million square feet, housing notable tenants like Google and Netflix. For more details, visit HudsonPacificProperties.com.

Hudson Pacific Properties (NYSE: HPP) announced that it has signed 296,475 square feet of new and renewal deals this year, addressing its largest expiration in 2021, a 207,857-square-foot lease renewal with Google in Palo Alto. The renewal lease starts in December 2021, reducing remaining expirations to 7.5% of annualized base rent, with in-place rents 20% below market. The company noted an increase in leasing activity, with 143,000 square feet signed in Q4 2020, indicating a positive trend as demand for office space rebounds.

Hudson Pacific Properties (NYSE: HPP) announced the hiring of Jeff Stotland as Senior Vice President of Global Studios, alongside promotions for Drew Gordon and Andy Wattula to Executive Vice Presidents of California Office Operations and Pacific Northwest/Canada Office Operations, respectively. These changes aim to enhance operational efficiency and support growth. Stotland, previously at Disney, brings valuable experience. Gordon and Wattula have been key players since joining Hudson Pacific, overseeing significant portfolios in California and the Pacific Northwest.

Hudson Pacific Properties (HPP) reported a fourth-quarter 2020 net loss of $8.5 million, or $0.05 per diluted share, a decline from $13.6 million, or $0.09 per diluted share in Q4 2019. Total revenue fell 6% to $203.8 million, with FFO of $62 million, down from $84.6 million a year earlier. However, the company signed nearly 280,000 square feet of office leases, marking its best quarter of the year. Approximately 97% of rents were collected, and $1 billion in liquidity remains for future projects. HPP aims for Q1 2021 FFO of $0.45 to $0.47 per share.

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.