Hudson Pacific Posts $3.38 Per-Share Q3 Loss
HPP has more than doubled off its 52-week low of $5.26.
Summary
Hudson Pacific reported a third-quarter loss of $3.38 per share, a steep per-share loss for a company trading near $10.56, alongside core FFO of 28 cents per diluted share and FFO of 33 cents per share. The size dwarfs the prior quarter's loss, which was driven by a $50.4M impairment, so the Q3 figure likely reflects another large non-cash charge. Revenue fell more than expected. Context matters here: the company has been shoring up its balance sheet, extending the $1.1B Hollywood Media Portfolio CMBS loan to November 2027 with no principal paydown, buying back up to $200M of senior notes (tenders came in at 2.7x the target), and selling Skyport Plaza for $75.5M. Those moves reduce near-term maturity risk but the recurring losses keep pressure on the equity.
At the time of this announcement, HPP was trading at $10.56 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $585.8M. The 52-week trading range was $5.26 to $17.20. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.