Hudson Pacific Properties reported its third-quarter 2024 financial results, with revenue dropping 13.4% year-over-year and missing estimates by $12.7 million. Funds from operations (FFO) for the quarter fell to $0.11 per share.
In response to rising vacancy rates and weak demand for studio space following the 2023 Hollywood strikes, the company announced the suspension of its common shareholder dividend. This decision reflects ongoing operational pressures and a focus on preserving capital.
The company faces significant debt maturities, with $600 million due in 2025 and an additional $976 million in 2026. The dividend suspension is a measure to address these financial obligations and navigate a challenging market environment, particularly in the San Francisco office market.
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