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Dec 31, 2024
Hudson Pacific Q4 2024 Earnings Report
Hudson Pacific Properties reported its financial results for the fourth quarter of 2024, highlighting increased office leasing activity and strategic priorities for 2025.
Key Takeaways
Hudson Pacific Properties concluded 2024 with a significant increase in office leasing, exceeding 2.0 million square feet for the year, and reported a net loss of $167.0 million for Q4 2024. The company is focused on driving leasing, executing asset sales, and strengthening its balance sheet in 2025.
Office leasing activity in 2024 was nearly 20% higher than the prior year, totaling over 2.0 million square feet.
The company's leasing pipeline currently exceeds 2.0 million square feet, with nearly 800,000 square feet in later-stage deals.
Net loss attributable to common stockholders for Q4 2024 was $167.0 million, or $1.18 per diluted share.
FFO, excluding specified items, was $15.5 million, or $0.11 per diluted share for Q4 2024.
Revenue by Segment
Forward Guidance
Hudson Pacific is providing an FFO outlook for the first quarter of 2025, ranging from $0.07 to $0.11 per diluted share, reflecting management's view of current and future market conditions.
Positive Outlook
- Continued focus on driving office and studio leasing.
- Anticipated ongoing progress in raising occupancy.
- Return of high-caliber shows to studios and ramp-up of production later in the year.
- Potential stimulation of demand from California governor's film and television tax credit program in H2 2025.
- Strategic priorities include asset sales, additional cost savings, and balance sheet strengthening.
Challenges Ahead
- Outlook excludes any impact from new acquisitions or dispositions.
- Outlook excludes any impact from debt financings, amendments, or repayments.
- Outlook excludes any impact from recapitalizations or capital markets activity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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