Hudson Pacific Q3 net loss $97.9M; FFO drops to $0.05/shr; suspends common dividend

Hudson Pacific Properties, Inc.

2024-Q3 EPS reported -$1.40 revenue$632,416,000

Total revenue $200.4M, down 13% YoY; net loss $97.9M ($0.69/shr) vs $37.6M loss year ago.
FFO (ex-items) $14.3M ($0.10/shr) vs $26.1M; FFO $6.8M ($0.05); AFFO $15.8M ($0.11).
Leased 539k sq ft in Q3; YTD 1.6M sq ft (+25%); in-service office 79.1% occupied.
Board suspends common dividend; preferred dividend declared. Foothill Research Center held-for-sale.
Q4 FFO guidance $0.09-$0.13/shr; full-year same-store cash NOI decline 13-14%.

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