Hudson Pacific Q2 revenue $218M (-11% YoY); net loss $0.33/sh; cuts NOI outlook

Hudson Pacific Properties, Inc.

2024-Q2 EPS reported -$0.70 revenue$432,023,000

Revenue $218.0M vs $245.2M; net loss $47.0M ($0.33/sh) vs $36.2M loss in Q2 2023.
FFO excluding specified items $24.5M ($0.17/sh) vs $34.5M ($0.24/sh) year ago.
Signed 539,531 sq ft of leases, including 157,000 sq ft with City/County SF at 1455 Market (21-year term).
Office occupancy 78.7% (80.0% leased), down from 79.0%/80.5% in Q1; Q3 FFO guidance $0.08-$0.12/sh.
Full-year same-store cash NOI growth revised to -12.5% to -13.5%; no debt maturities until Nov 2025.

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