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Sep 30, 2023
Hudson Pacific Q3 2023 Earnings Report
Reported financial results for the third quarter of 2023.
Key Takeaways
Hudson Pacific Properties reported a decrease in total revenue to $231.4 million compared to $260.4 million year-over-year, primarily due to asset sales and tenant move-outs. The company experienced a net loss attributable to common stockholders of $37.6 million, or $0.27 per diluted share, compared to a net loss of $17.3 million, or $0.12 per diluted share in the same quarter of the previous year. Leasing activity saw acceleration, and the company is focusing on expense control and balance sheet management.
Leasing activity accelerated in Q3 2023 with an uptick in tours and inquiries.
Writers strike resolved, ready to assist studio tenants with production.
Focus remains on controlling expenses and deleveraging the balance sheet.
Executed 53 new and renewal leases totaling 519,167 square feet.
Hudson Pacific
Hudson Pacific
Hudson Pacific Revenue by Segment
Revenue by Segment
Office Revenue
CapyFin.comStudio Revenue
CapyFin.com Forward Guidance
Due to uncertainty around the duration of the studio-related union strikes, the Company will continue to provide certain assumptions relevant to its full-year 2023 office outlook, but has not reinstated its outlook for 2023 full-year FFO or studio-related assumptions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income