Latest news with #HudsonPacificProperties
Yahoo
10-06-2025
- Business
- Yahoo
Hudson Pacific Properties Declares Second Quarter 2025 Preferred Stock Dividend
LOS ANGELES, June 10, 2025--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company"), a unique provider of end-to-end real estate solutions for tech and media tenants, today announced that its Board of Directors has declared a dividend for the second quarter of 2025 on its 4.750% Series C cumulative preferred stock of $0.296875 per share, equivalent to an annual rate of $1.18750 per share, which will be paid on June 30, 2025 to preferred stockholders of record on June 20, 2025. About Hudson Pacific Properties Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC. View source version on Contacts Investor Contact Laura CampbellExecutive Vice President, Investor Relations & Marketing(310) 622-1702lcampbell@ Media Contact Laura MurrayVice President, Communications(310) 622-1781lmurray@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
San Francisco Chronicle
04-06-2025
- Business
- San Francisco Chronicle
S.F. Ferry Building cafe will close in ‘sudden and unexpected' move
A popular French cafe is closing at San Francisco's Ferry Building, the latest tenant to say they were suddenly forced to close by management of the famed landmark. Grand Crêperie, from San Francisco's popular Le Marais Bakery, will close June 30, owners Patrick and Joanna Ascaso announced Tuesday. The closure was 'sudden and unexpected,' they said, and came after attempts to keep the business open. They said Hudson Pacific Properties, which leases the Ferry Building from the Port of San Francisco, discussed a lease extension for Grand Crêperie in a January phone call, but did not provide a written agreement. Then, in March, Ferry Building management informed them that their three-year lease would not be renewed. In a March 10 email shared with the Chronicle, Joanna Ascaso wrote to Hudson Pacific Properties that a leasing agent on the January call said she would be sending them a lease and a 'clear commitment was made to renew us.' The Ferry Building declined to answer specific questions about what happened but wrote in an emailed statement that Grand Crêperie's lease was 'always presented' as short term and 'we are simply letting it expire rather than renewing it.' 'One of the Ferry Building management's ongoing priorities to enhance the building is to make it more accessible in the evenings, and we are looking forward to announcing a new tenant for the space shortly which will have longer hours and support those efforts,' Ferry Building general manager Jane Connors said in the statement. The situation echoes the recent departure of popular Arab bakery Reem's, whose owner also claimed its closure was 'sudden.'The Ferry Building similarly attributed that decision to a push for more nighttime, full-service dining options. The nearby Red Bay Coffee also closed (though it later returned as a popup coffee van parked outside). The two vacant spaces will be combined and renovated to make way for a new tenant that has yet to be announced. Grand Crêperie opened at the Ferry Building in 2022, when the landmark was still struggling to recover from the pandemic. The crêperie is a primarily daytime business, focused on sourdough crepes, French pastries (including a viral, giant croissant) and coffee, but recently expanded its hours until 5 p.m. three days a week in response to management's desire for more evening options, Patrick Ascaso said. In January, the Ferry Building had agreed at the Ascasos' request to help the business secure a beer and wine license, they said. The owners also later offered to add cocktails, expand the food menu and redesign the space. The 500-square-feet crêperie is busy, often with a line out the door, Patrick Ascaso said. It brought in $1.3 million in revenue last year. Patrick Ascaso alleged that management said on a phone call that Grand Crêperie doesn't fit the 'cultural mix' of the Ferry Building. A Ferry Building spokesperson declined to respond to Ascaso's comment on the record. 'We built a beautiful space, and we entered the building at a period of significant vacancy and were told repeatedly that we were part of bringing it back to life, a flagpole local business,' Joanna Ascaso wrote in the March 10 email to Hudson Pacific Properties. 'We cannot understand why then you would call us out of the blue, three weeks before the end of our current term, when we had upheld everything that was ever asked of us, and the only reason you seem to offer is that we are no longer part of your mix?' They hope to find a new home for Grand Crêperie. Le Marais has five locations in San Francisco, Mill Valley and Marin. The Ferry Building has seen major turnover since the pandemic, with new arrivals including Cambodian star Lunette and knife shop Bernal Cutlery. On Wednesday, burger chain Gott's Roadside opened a new cookie counter, an idea which 'came to life from a conversation with the Ferry Building management team,' who wanted to 'activate' the north side of the building, Gott's president Clay Walker said in a press release. More openings are coming soon: Michelin-star restaurant Sorrel is opening a full-service restaurant and bakery in the former Slanted Door space this year, while San Francisco's famed Nopa and premier fishmonger Water2Table are gearing up to debut a seafood restaurant and market.
Yahoo
08-05-2025
- Business
- Yahoo
Hudson Pacific Properties Inc (HPP) Q1 2025 Earnings Call Highlights: Navigating Challenges ...
Revenue: $198.5 million for Q1 2025, down from $214 million in Q1 2024. FFO (Funds From Operations): $12.9 million or $0.09 per diluted share, compared to $24.2 million or $0.17 per diluted share a year ago. Same-Store Cash NOI: $93.2 million, down from $103.4 million in Q1 2024. Leasing Activity: 630,000 square feet of new and renewal leases signed in Q1 2025. Office Portfolio Occupancy: 76.5% leased as of the end of Q1 2025. Studio Revenue: $33.2 million, $2.2 million lower due to production pauses. Liquidity: $838.5 million, including $86.5 million in cash and $702 million in undrawn credit facility capacity. CMBS Financing: $475 million for six office properties, with an all-in rate of 7.14%. Second Quarter FFO Guidance: Expected to range from $0.03 to $0.07 per diluted share. Warning! GuruFocus has detected 7 Warning Signs with HPP. Release Date: May 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Hudson Pacific Properties Inc (NYSE:HPP) achieved its highest quarterly leasing activity since Q2 2022, signing 630,000 square feet of new and renewal leases. The company successfully closed on asset sales generating $97 million in liquidity, with plans for additional sales of $125 million to $150 million. AI office leasing in San Francisco showed significant growth, with over 0.5 million square feet leased in the first quarter. The company reported a strong leasing pipeline, with 2.1 million square feet in late-stage deals, indicating potential future growth. Hudson Pacific Properties Inc (NYSE:HPP) has made significant cost reductions at Quixote, achieving $14.2 million in annualized savings. First quarter 2025 revenue decreased to $198.5 million from $214 million in the same quarter last year, primarily due to asset sales and lower office occupancy. The company's first quarter FFO, excluding specified items, dropped to $12.9 million or $0.09 per diluted share, compared to $24.2 million or $0.17 per diluted share a year ago. Same-store cash NOI decreased to $93.2 million from $103.4 million in the first quarter last year, mainly due to lower office occupancy. Hudson Pacific Properties Inc (NYSE:HPP) faces challenges in Los Angeles due to devastating fires and budget woes, impacting the studio business. The company anticipates lower office NOI and higher interest expenses in the second quarter, which could negatively impact financial performance. Q: Can you comment on the cash rent spreads achieved in the quarter and any trends in concessions? A: Mark Lammas, President, stated that the cash rent spreads were in line with expectations. Adjusted for a significant lease with the City and County of San Francisco, cash rents would have decreased by 8.8%. Net effective rents are holding up well, being 4% higher year-over-year and only 7% lower than pre-pandemic levels. Q: Are tariffs impacting the studio business or tenant behaviors? A: Victor Coleman, CEO, mentioned that it's too early to see the impact of tariffs. However, the federal government's awareness and potential support for the studio industry, alongside state tax credits, could positively impact production in the U.S. Q: How are you managing the paydown of private placement notes, and what are your plans for the revolver? A: Harout Diramerian, CFO, explained that they are using the revolver to prepay the notes, clearing the path for unsecured debt through 2027. They maintain a strong relationship with lead bankers and view the revolver as an evergreen instrument. Q: Can you provide more details on asset sales guidance and potential sales? A: Victor Coleman, CEO, stated that they are focusing on non-core assets for sales, with a conservative estimate of $125 million to $150 million in asset sales. They are evaluating other potential sales but will only disclose details once assets are under contract. Q: How is the team approaching large block leasing, and what is the status of major vacancies? A: Arthur Suazo, EVP of Leasing, reported active negotiations for significant spaces, including Hill7 and 1160 Wilshire. They are close to securing leases that would significantly increase occupancy in these properties. Q: What are the risks and plans for refinancing the Hollywood media portfolio debt? A: Victor Coleman, CEO, expressed confidence in refinancing without requiring a paydown, given the strong leasing status. They are actively engaging with lenders and have fallback options in place if needed. Q: Can you elaborate on the cost-cutting initiatives at Quixote and their impact? A: Mark Lammas, President, detailed that cost-cutting involved early lease terminations and fleet reductions, resulting in $14 million in savings. This should improve NOI and lower the breakeven show count for Quixote. Q: What drove the reduction in G&A guidance? A: Harout Diramerian, CFO, noted that ongoing cost-cutting initiatives, particularly in payroll-related expenses, contributed to the reduced G&A guidance. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-04-2025
- Business
- Yahoo
Dimmed real estate stocks seize on tariff pause
President Donald Trump's tariffs sent real estate stock prices on a rollercoaster. They tumbled last week amid concerns from all corners of the industry over sky-high pricing and added costs. Days later, a fake headline posted to social media platform X claiming a pause on tariffs sent stocks briefly soaring, only to tumble back down after the news was debunked. But Trump officially reversed course on Wednesday afternoon, announcing he would drop tariffs to 10 percent on most countries in a 90-day pause on the planned tax hikes on imported goods to allow for trade negotiations. While granting a reprieve to many of the U.S.'s trading partners, Trump ratcheted up the intensity on China, raising tariffs to 125 percent in response to the retaliatory 84 percent rate imposed by the country on U.S. imported goods. The S&P 500 rose almost 8 percent following the announcement, marking its largest single-day gain in five years and wiping out a large chunk of the losses incurred in recent days. The index has fallen over 8 percent since the start of the year. Real estate stocks, which experienced even sharper decreases in the past four days, have followed the overall rally. Compass, which despite the recent losses is up for the year, gained 4.5 percent as of publication. Douglas Elliman rose 7.8 percent and Anywhere Real Estate 8.2 percent from their open prices, while Re/Max was up 6.5 percent. Zillow is also up 4.5 percent. This embedded content is not available in your region. Real estate investment trusts swelled even more. Vornado is up over 10 percent, SL Green is up for 7 percent and Hudson Pacific Properties is up nearly 13 percent. Commercial brokerages Jones Lang LaSalle is up over 6 percent and Newmark is up over 8 percent. Despite the positive swings on Wednesday, the market — and real estate stocks — are still down over the past five days. Despite a double-digit rebound, Hudson Pacific Properties is still down over 15 percent since Wednesday. The one clear loser today is Rocket Companies, which continued its downward slide in response to the 10-year treasury yield soaring. If that metric remains elevated, the conglomerate's mortgage origination business could be threatened. This embedded content is not available in your region. The immediate gains are a small upside to the latest unexpected move by the administration. Uncertainty has weighed on consumers and is likely to continue, according to chief economist Danielle Hale. 'Because tariffs will undermine economic growth, a pause on the worst of the announcement is certainly a welcome update,' Hale told the site. 'That said, given how many changes we've seen in the last week, uncertainty remains high.' REITs crushed as market plummets, stoking fears of recession How Trump's tariffs are reshaping real estate's future Trump's steel, aluminum tariffs to hammer homebuilders This article originally appeared on The Real Deal. Click here to read the full story. Sign in to access your portfolio
Yahoo
26-03-2025
- Business
- Yahoo
Hudson Pacific Properties Announces Date for First Quarter Earnings Release and Conference Call
LOS ANGELES, March 26, 2025--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for tech and media tenants, today announced it will release first quarter financial results after market close on Wednesday, May 7, 2025. The company will hold a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET the same day. The conference call will be available via live audio webcast on the Investors section of the company's website at A replay of the audio webcast will also be available following the call. About Hudson Pacific Properties Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the company from time to time with the SEC. View source version on Contacts Investor Contact: Laura CampbellExecutive Vice President, Investor Relations & Marketing(310) 622-1702lcampbell@ Media Contact: Laura MurrayVice President, Communications(310) 622-1781lmurray@ Sign in to access your portfolio
