NYSE$HPP
Hudson Pacific Properties Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Hudson Pacific reported financial results with office leasing momentum accelerating and over 500,000 square feet of leases signed.
Hudson Pacific Properties reported a challenging first quarter in 2024, marked by a decrease in total revenue to $214.0 million compared to $252.3 million in the same period last year. The company experienced a net loss attributable to common stockholders of $52.2 million, or $0.37 per diluted share, which is a significant increase from the net loss of $20.4 million, or $0.14 per diluted share, in the first quarter of 2023. Despite these financial headwinds, the company saw strong office leasing activity, signing over 500,000 square feet of leases.
- Total revenue decreased to $214.0 million from $252.3 million year-over-year, impacted by asset sales and lower occupancy.
- Net loss attributable to common stockholders was $52.2 million, or $0.37 per diluted share, compared to a net loss of $20.4 million, or $0.14 per diluted share, in the prior year.
- FFO, excluding specified items, was $24.2 million, or $0.17 per diluted share, down from $49.7 million, or $0.35 per diluted share, in the first quarter of 2023.
- Executed 73 new and renewal leases totaling 508,615 square feet.
Headline financials
Revenue & EPS history
Hudson Pacific · Revenue · Quarterly
$214M
Revenue by segment
Hudson Pacific · $231M total across 2 segments · Q3 2023
- Office revenues$204M-4.6%88.0%
- Studio revenues$27.9M-40.6%12.0%
Forward guidance
Hudson Pacific is providing an FFO outlook of $0.15 to $0.19 per diluted share for the second quarter and updating key assumptions for its full-year 2024 FFO outlook, including same-store property cash NOI growth.
Tailwinds
- Office leasing momentum
- Gradual improvements within the office operating environment
- Long-term leases
- Swift return of productions filming prior to the WGA and SAG-AFTRA strikes at in-service studio assets
- Assumes IATSE and Teamsters do not strike, and production begins to pick up in early June following successful resolution of IATSE contract negotiations.
Headwinds
- Film and television industry has recovered far more slowly than anticipated post-strikes.
- Pending expiration of the IATSE and Teamsters Local 399 union contracts in May and July, respectively
- Logistical and resource constraints as multiple productions attempt to re-start simultaneously
- Industry consolidation and shifting business models as networks pursue profitability.
- Limited visibility as to the precise impact of each of these factors presents challenges to estimating how and when production counts will normalize, and, by extension, cash flow related to the Quixote business
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.3%
Avg return
Earnings day
-0.8%
Avg return
5 days after
+0.0%
Avg return
30 days after
47%
26 / 55 earnings
Positive
+20.9%
Q4 2025
Best reaction
-13.9%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -6.3% | -0.8% | +16.9% | |
| Q4 2025 | +20.9% | +17.5% | -11.9% | |
| Q3 2025 | +8.2% | -2.2% | -14.4% | |
| Q1 2025 | -0.4% | -2.2% | +3.1% | |
| Q4 2024 | -3.5% | -1.0% | -6.1% | |
| Q3 2024 | -5.2% | -17.1% | -25.7% | |
| Q2 2024 | -13.9% | -19.6% | -11.2% | |
| Q1 2024 | -6.2% | -6.4% | -15.3% | |
| Q4 2023 | -12.7% | -5.7% | -13.1% | |
| Q3 2023 | +8.5% | +19.1% | +50.4% | |
| Q2 2023 | -2.9% | +2.7% | +16.0% | |
| Q1 2023 | -8.4% | -16.1% | +4.4% | |
| Q4 2022 | -3.3% | -2.2% | -26.6% | |
| Q3 2022 | -3.0% | -1.6% | +2.0% | |
| Q2 2022 | +0.7% | +3.2% | -4.3% | |
| Q1 2022 | -3.6% | -10.4% | -20.2% | |
| Q4 2021 | +3.9% | +2.1% | +7.7% | |
| Q3 2021 | -4.1% | -5.4% | -1.3% | |
| Q2 2021 | -2.8% | +0.0% | +1.0% | |
| Q1 2021 | -2.8% | -2.0% | +4.6% | |
| Q4 2020 | +0.1% | +5.3% | +14.9% | |
| Q3 2020 | -1.1% | +7.3% | +38.0% | |
| Q2 2020 | -3.1% | -5.2% | -3.0% | |
| Q1 2020 | -1.0% | +1.3% | +21.3% | |
| Q4 2019 | -1.4% | -6.7% | -52.8% | |
| Q3 2019 | +2.8% | +3.1% | +2.4% | |
| Q2 2019 | -2.9% | -5.3% | -4.0% | |
| Q1 2019 | +0.6% | -0.3% | -4.8% | |
| Q4 2018 | +1.4% | +2.4% | +2.5% | |
| Q3 2018 | -1.6% | -0.4% | +1.8% | |
| Q2 2018 | -2.2% | +0.5% | -1.2% | |
| Q1 2018 | +2.7% | +4.5% | +7.7% | |
| Q4 2017 | +4.2% | +4.1% | +10.8% | |
| Q3 2017 | +1.7% | +3.3% | +5.5% | |
| Q2 2017 | +0.9% | -0.7% | +0.5% | |
| Q1 2017 | -0.2% | -2.2% | -1.6% | |
| Q4 2016 | +1.2% | +2.6% | -0.4% | |
| Q3 2016 | +0.5% | +2.2% | +7.3% | |
| Q2 2016 | +1.0% | +0.5% | +0.6% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +4.7% | — | — | |
| Q3 2015 | -1.1% | — | — | |
| Q2 2015 | +0.9% | — | — | |
| Q1 2015 | +2.9% | — | — | |
| Q4 2014 | +2.7% | — | — | |
| Q3 2014 | +0.7% | — | — | |
| Q2 2014 | +1.3% | — | — | |
| Q1 2014 | -0.6% | — | — | |
| Q4 2013 | +1.5% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | -1.6% | — | — | |
| Q1 2013 | +3.9% | — | — | |
| Q4 2012 | -0.9% | — | — | |
| Q3 2010 | -1.9% | — | — | |
| Q2 2010 | +2.0% | — | — | |
| Q1 2010 | — | — | — |
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