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Sep 30, 2020
Hudson Pacific Q3 2020 Earnings Report
Reported a net loss, but saw strong rent collections and leasing activity.
Key Takeaways
Hudson Pacific Properties reported a net loss of $0.04 per diluted share for Q3 2020. However, the company saw positive momentum with the easing of restrictions for non-essential businesses and schools. Rent collections remained strong, and leasing activity accelerated, including a noteworthy new lease and expansion with Google in San Francisco. The company also achieved several major milestones within its development pipeline.
Collected 97% of Q3 total rents, with 98% for office and 100% for studio properties.
Signed nearly 185,000 square feet of office leases.
Achieved cash rent growth of 28.5%, or 24.5% excluding short-term extensions.
Received Certificate of Occupancy at Harlow and topped off structural steel at One Westside.
Hudson Pacific
Hudson Pacific
Hudson Pacific Revenue by Segment
Revenue by Segment
Office Revenue
CapyFin.comStudio Revenue
CapyFin.com Forward Guidance
Due to the uncertainty around business disruptions related to the COVID-19 pandemic, the Company has not reinstated earnings guidance for the balance of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income