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Jun 30, 2024
Hudson Pacific Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024.
Key Takeaways
Hudson Pacific Properties reported a total revenue of $218.0 million and a net loss attributable to common stockholders of $47.0 million, or $0.33 per diluted share, for the second quarter of 2024. They signed 540,000 square feet of office leases. The company is providing a third quarter FFO outlook of $0.08 to $0.12 per diluted share and updating key assumptions related to its full year FFO outlook.
Signed 540,000 square feet of office leases.
Total revenue was $218.0 million.
Net loss attributable to common stockholders was $47.0 million, or $0.33 per diluted share.
FFO, excluding specified items, was $24.5 million, or $0.17 per diluted share.
Revenue by Segment
Forward Guidance
Hudson Pacific is providing an FFO outlook for the third quarter of $0.08 to $0.12 per diluted share and updating key assumptions related to its full-year FFO outlook.
Positive Outlook
- IATSE and Teamsters unions ratified new contracts in mid-July and early August, respectively, which paves the way for production to normalize.
- Office occupancy at the end of the third quarter could be in line with that reported for the second quarter.
- The Company’s same-store office portfolio continues to perform in line with its previously provided full-year same-store cash NOI growth assumptions.
- Solid leasing execution will continue as we move through the balance of the year given the second quarter was our highest activity since 2022, and our leasing pipeline remains healthy.
- Ongoing deleveraging remains a top priority and we have no debt maturities until the end of 2025.
Challenges Ahead
- Lower studio NOI is expected in the third quarter, as operating conditions are incrementally less favorable than the first half of the year.
- It will take time to greenlight and ready new productions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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