STRUGGLING REIT: HPP EARNINGS CALL Q3 - Hudson Pacific Properties

The Company's Board of Directors suspended payment of a quarterly dividend on its common stock and declared and paid a dividend on its 4.750% Series C cumulative preferred stock of $0.296875
per share
Financial Results Compared to Third Quarter 2023
• Total revenue of $200.4 million compared to $231.4 million, almost entirely due to the sale of One
Westside and expiration of the Block lease at 1455 Market last year, all partially offset by growth in
studio revenue
• Net loss attributable to common stockholders of $97.9 million, or $0.69 per diluted share, compared
to net loss of $37.6 million, or $0.27 per diluted share, largely attributable to non-cash impairments
associated with potential asset sales, along with the items affecting revenue, all partially offset by
reduced depreciation and interest expense
• FFO, excluding specified items, of $14.3 million, or $0.10 per diluted share, compared to $26.1
million, or $0.18 per diluted share, mostly attributable to the items affecting revenue and lower FFO
attributable to non-controlling interests. Specified items consisted of a one-time straight-line rent
reserve related to transitioning a tenant to cash basis reporting of $3.9 million, or $0.03 per diluted
share; a non-cash revaluation associated with a loan swap unqualified for hedge accounting of
$2.2 million, or $0.02 per diluted share; a non-cash deferred tax asset write-off of $1.2 million, or
$0.01 per diluted share; and transaction-related expense of $0.3 million, or $0.00 per diluted share.
There were no specified items for the third quarter 2023
• FFO of $6.8 million, or $0.05 per diluted share, compared to $26.1 million, or $0.18 per diluted
share
• AFFO of $15.8 million, or $0.11 per diluted share, compared to $28.1 million, or $0.20 per diluted
share, primarily attributable to the items affecting FFO
Hudson Pacific Properties Reports
Third Quarter 2024 Financial Results