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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) will release its second quarter financial results on August 7, 2024, after market close. The company will host a conference call to discuss these results at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Participants can join via telephone by dialing (833) 470-1428 (domestic) or (404) 975-4839 (international), using passcode 550142. A live webcast and replay will be available on the company’s website under the Investors section.
Hudson Pacific Properties (NYSE: HPP) announced that its Board of Directors has declared second-quarter dividends for 2024.
The common stock dividend is set at $0.05 per share, translating to an annual rate of $0.20 per share.
Furthermore, the 4.750% Series C cumulative preferred stock dividend is $0.296875 per share, amounting to an annual rate of $1.18750 per share.
Both dividends will be disbursed on June 27, 2024, to shareholders recorded as of June 17, 2024.
Hudson Pacific Properties, Inc. (NYSE: HPP) reported financial results for Q1 2024 with 509,000 square feet of leasing activity and the purchase of a partner's 45% stake in 1455 Market. The company provided its Q2 FFO outlook and updated full-year assumptions. Total revenue decreased to $214.0 million compared to $252.3 million in Q1 2023, resulting in a net loss of $52.2 million. FFO, excluding specified items, was $24.2 million. Leasing activity included 73 new and renewal leases totaling 508,615 square feet. Hudson Pacific's in-service office and studio portfolios remain in line with the full-year 2024 outlook. The company's FFO outlook for Q2 is $0.15 to $0.19 per diluted share. However, challenges in the film and television industry post-strikes affect production and cash flow related to the Quixote business, leading to uncertainties in estimating future performance.
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