Hudson Pacific Properties reported a net loss of $173.5 million for the fourth quarter of 2024, an increase from a $88.7 million loss in Q4 2023. For the full year 2024, the net loss attributable to common stockholders was $364.1 million, compared to $192.2 million in 2023.
Funds from operations (FFO) to common stock/unit holders for Q4 2024 was $0.11 per diluted share, while the full year 2024 FFO to common stock/unit holders was a negative $41.2 million, a substantial decline from $129.5 million in 2023.
The company signed 2.0 million square feet of office leases in 2024, including 442,000 square feet in Q4, marking a nearly 20% increase over the prior year. The leasing pipeline stands at over 2.0 million square feet, with 800,000 square feet in later-stage deals.
For the first quarter of 2025, HPP provided an FFO outlook of $0.07 to $0.11 per diluted share. Full-year 2025 guidance anticipates same-store property cash NOI growth in the range of negative 13.50% to negative 12.50%, reflecting ongoing market challenges.
Management outlined strategic priorities for 2025, including continued asset sales, cost savings initiatives, and further balance sheet strengthening. The studio business is expected to see high-caliber shows returning later in the year, with potential demand stimulation from California's film and television tax credit program.
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