Welcome to our dedicated page for Hudson Pacific news (Ticker: HPP), a resource for investors and traders seeking the latest updates and insights on Hudson Pacific stock.
Hudson Pacific Properties reports news as a real estate investment trust focused on office and studio properties for technology and media tenants. Company updates commonly cover quarterly results, office leasing and occupancy, same-store cash NOI, FFO outlook, asset sales, capital transactions and operating trends across its office and studio segments.
Recurring announcements also address Sunset Studios leasing, Quixote operating changes and cost optimization, preferred stock dividends, dividend tax treatment and executive participation in real estate industry conferences. The company’s news flow centers on portfolio performance, tenant demand, capital discipline and the economics of tech and media real estate.
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.