Hudson Pacific reports Q4 AFFO 15c, consensus 15c

Reports Q4 revenue $223.4M, consensus $269.9M. Same-store cash NOI of $116.1M compared to $127.4M, mostly attributable to a large vacate at 1455 Market and mid-size tenant move-outs in the San Francisco Peninsula and Silicon Valley, as well as a single tenant vacating six stages at Sunset Las Palmas due to the strike. “We are proud of our team’s efforts and our positive results that overcame a multitude of industry challenges in 2023 including ongoing economic uncertainty. Among our accomplishments for the year, we leased 1.7M square feet and completed over $1B of asset dispositions,” stated Victor Coleman, Chairman and CEO. “As we look ahead, we have strengthened our balance sheet by extending maturities to late 2025, and our core focus remains ‘leasing, leasing and more leasing’ within our high-quality portfolio to capture the benefits of both evolving return-to-office mandates and the studio production ramp up post-strike. We are also focused on continuing to control costs, executing on opportunistic dispositions, progressing our New York studio development, and further fortifying our balance sheet. We are well-positioned to leverage our portfolio, expertise and relationships to the benefit of our shareholders as we seek to drive improved financial performance in the coming year.”