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Dec 31, 2023
Hudson Pacific Q4 2023 Earnings Report
Reported financial results for the fourth quarter of 2023.
Key Takeaways
Hudson Pacific Properties reported a total revenue of $223.4 million and a net loss attributable to common stockholders of $98.0 million, or $0.70 per diluted share, for Q4 2023. The company leased 431,980 square feet and completed $889 million of dispositions.
Total revenue was $223.4 million, compared to $269.9 million in Q4 2022.
Net loss attributable to common stockholders was $98.0 million, or $0.70 per diluted share, compared to a net loss of $12.0 million, or $0.09 per diluted share in Q4 2022.
FFO, excluding specified items, was $19.6 million, or $0.14 per diluted share, compared to $70.2 million, or $0.49 per diluted share in Q4 2022.
Executed 77 new and renewal leases totaling 431,980 square feet.
Revenue by Segment
Forward Guidance
Hudson Pacific is providing its first quarter and full-year 2024 FFO outlook in the range of $0.15 to $0.19 and $1.00 to $1.10 per diluted share, respectively.
Positive Outlook
- FFO per share is projected to be $1.00 to $1.10 for the full year 2024.
- Includes non-cash compensation expense, which the Company estimates at $26,000 in 2024.
- Includes amortization of deferred financing costs and loan discounts/premiums, which the Company estimates at $6,000 in 2024.
Challenges Ahead
- Growth in same-store property cash NOI is projected to be between -11.50% and -12.50%.
- GAAP non-cash revenue (straight-line rent and above/below-market rents) is projected to be between $(500) and $(10,500).
- GAAP non-cash expense (straight-line rent expense and above/below-market ground rent) is projected to be between $(7,100) and $(9,100).
- General and administrative expenses are projected to be between $80,000 and $86,000.
- Interest expense is projected to be between $(170,000) and $(180,000).
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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