Hudson Pacific Q1 net loss $20.4M, FFO down 35%; cuts dividend 40-50%; withdraws FFO guidance due to writers strike

Hudson Pacific Properties, Inc.

2023-Q1 EPS reported -$0.14 revenue$252,263,000

Net loss attributable to common stockholders of $20.4M ($0.14/diluted) vs $19.8M loss in Q1 2022.
FFO (excl. specified items) $49.7M ($0.35/diluted), down 34% YoY from $75.2M ($0.50).
Revenue $252.3M, up 3.2% driven by Quixote acquisition; March production slowed by writers strike.
Board approved 40-50% common dividend reduction; exact amount to be determined later in May.
Withdrew 2023 FFO guidance citing WGA strike uncertainty; office same-store cash NOI growth 1-2% reaffirmed.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

Hudson Pacific Properties, Inc. reported first quarter ended March 31, 2023 results: revenue Total revenue of $252.3 million, net income Net loss attributable to common stockholders of $20.4 million, or $0.14 per diluted share, EPS $0.14 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: Total revenue of $252.3 million
Net income: Net loss attributable to common stockholders of $20.4 million, or $0.14 per diluted share
EPS: $0.14 per diluted share
Result: reported results

Exact text from the filing

approval to bring our dividend policy in line with other capital preservation efforts as we move forward." Financial Results Compared to First Quarter 2022 • Total revenue of $252.3 million up 3.2% compared to $244.5 million, primarily due to the acquisition of Quixote in the third quarter 2022 • Net loss attributable to common stockholders of $20.4 million, or

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Source: SEC EDGAR

accession 0001482512-23-000095

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