Hudson Pacific posts Q1 net loss of $19.8M; same-store NOI up 1.4%; narrows FFO guidance

Hudson Pacific Properties, Inc.

2022-Q1 EPS reported -$0.13 revenue$244,513,000

Net loss $19.8M ($0.13 diluted) vs net income $5.0M ($0.03) a year ago; revenue up 14.7% to $244.5M.
FFO excluding specified items rose 2.3% to $75.2M ($0.50/diluted); AFFO grew 11.8% to $58.6M.
Leased 504K sq ft; in-service office 91.1% occupied, 92.3% leased; GAAP rent spreads +12.0%.
Initiated $200M ASR with 6.6M shares repurchased; liquidity $802.6M; declared $0.25/share dividend.
Narrowed FY22 FFO guidance to $2.02-$2.08/sh; assumes $325-$350M property sales proceeds.

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