Hudson Pacific: 2Q Earnings Snapshot
LOS ANGELES (AP) _ Hudson Pacific Properties Inc. (HPP) on Wednesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $75.5 million, or 48 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 48 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $9.8 million, or 6 cents per share.
The real estate investment trust posted revenue of $196.7 million in the period.
Hudson Pacific expects full-year funds from operations in the range of $1.98 to $2.04 per share.
The company’s shares have climbed 22% since the beginning of the year. The stock has climbed almost 7% in the last 12 months.