Hudson Pacific Properties, Inc. - HPP STOCK NEWS

Hudson Pacific Properties (NYSE:HPP) has raised its full-year and Q3 2021 Funds From Operations (FFO) guidance to $1.94-$2.00 and $0.48-$0.50 per diluted share, respectively. This revision includes the impact of two acquisitions totaling $222 million and refinancing a $900 million mortgage loan into a $1.1 billion loan at a lower interest rate. The company drew $290 million from its credit facility, maintaining $310 million in undrawn capacity, reflecting management’s optimistic outlook on future market conditions.

Hudson Pacific Properties (HPP) reported its second-quarter financial results for 2021, showing a net income of $2.3 million or $0.02 per diluted share, down from $3.7 million year-over-year. Total revenue increased to $215.6 million, up 8.6%, while FFO excluding specified items was $74.4 million or $0.49 per diluted share. The office leasing market showed strength with over 500,000 square feet signed and a cash rent growth of 12%. The company reinstated its full-year guidance, anticipating FFO per share between $1.90 and $1.96, despite challenges in certain areas.

Blackstone and Hudson Pacific Properties have partnered to develop a new film and TV production center in Broxbourne, Hertfordshire, acquiring a 91-acre site for £120 million. With an anticipated total investment exceeding £700 million, this marks the expansion of their Sunset Studios platform into the UK. The project could create over 4,500 permanent jobs and contribute £300 million annually to the local economy. This venture aligns with Blackstone's focus on media and entertainment, supported by government officials who see it as a significant boost for the UK's creative industry.

Hudson Pacific Properties and Blackstone announced the development of Sunset Glenoaks Studios in Sun Valley, California. The facility will be the first large-scale, purpose-built studio in the Los Angeles area in over 20 years, representing an investment of $170-190 million. Covering 240,000 square feet, it will feature seven sound stages and support spaces, targeting completion in Q3 2023. The project emphasizes sustainability, with plans for LEED certification and carbon neutrality. This expansion aligns with rising demand for studio space among content creators in the region.

Hudson Pacific Properties (HPP) will release its second quarter financial results after market close on August 3, 2021. A conference call to discuss the results will take place on August 4, 2021, at 11:00 a.m. PT / 2:00 p.m. ET. The call can be accessed by dialing (877) 407-0784 for domestic callers and (201) 689-8560 for international callers. A live webcast will be available on HudsonPacificProperties.com and a replay will be accessible starting from August 4 through August 18.

Hudson Pacific Properties (NYSE: HPP) has declared a quarterly dividend of $0.25 per share for Q2 2021. This dividend will be paid on June 28, 2021 to stockholders of record as of June 18, 2021. The Company is a real estate investment trust with nearly 20 million square feet of office and studio properties, focusing on premier West Coast markets. Hudson Pacific’s tenants include major companies like Netflix and Google.

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.