The provider of end-to-end real estate solutions for tech and media tenants, Hudson Pacific Properties (NYSE: HPP), slid in pre-market trading on Friday after its Board of Directors suspended the company’s quarterly dividend starting with the third quarter dividend that would have been paid in September 2023.
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In addition, the Board declared a dividend of $0.296875 per share on its 4.750% Series C cumulative preferred stock, equivalent to an annual rate of $1.18750 per share, which will be paid on September 29 to preferred stockholders of record on September 19, 2023.
Victor Coleman, Chairman and CEO of Hudson Pacific Properties, commented, “As we manage through current market conditions, including addressing the impact of the ongoing Hollywood strike, the Board believes that suspending our common stock dividend is a prudent decision.”
The company stated in its press release that it will “continue to monitor the Company’s financial performance and operating environment to determine the appropriate time to reinstate a regular quarterly common stock dividend.”
Analysts remain sidelined about HPP stock with a Hold consensus rating based on one Buy, three Holds, and two Sells.
