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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.
Hudson Pacific
Hudson Pacific
Hudson Pacific Revenue by Segment
Revenue by Segment
Office Revenue
CapyFin.comStudio Revenue
CapyFin.com 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