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Hudson Pacific Properties (HPP)
NYSE:HPP
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Earnings Data
Report Date
Feb 12, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.42Last Year’s EPS
-$0.7Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 12, 2024
|% Change Since: -27.48%
|Next Earnings Date:Feb 12, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a mixed outlook. The company highlighted strong leasing momentum and positive trends in West Coast office markets. However, financial performance declined year-over-year, and studio utilization remains under pressure. Asset sales and capital strategies are underway to bolster liquidity.Company Guidance
During Hudson Pacific Properties' Q3 2024 earnings call, the executives provided a comprehensive overview of the company's financial performance and outlook. The company reported a quarterly revenue of $200.4 million and an FFO of $14.3 million, or $0.10 per diluted share, excluding specified items. The executives highlighted the positive indicators in the office sector, noting a 17% year-over-year increase in tenant requirements in West Coast tech-centric markets and a 33% rise in Silicon Valley. They also discussed the impact of the ongoing recovery in the studio business, with a notable increase in production activity and the potential boost from proposed tax credits. The company has 79% of its film and TV stage space signed or with client interest. Additionally, Hudson Pacific is actively pursuing asset sales and joint venture opportunities, with three sales under contract expected to generate gross proceeds of $200-$225 million. The company remains focused on stabilizing occupancy and anticipates meaningful growth in 2025, driven by improving office fundamentals and strategic capital recycling.Leasing Momentum
The leasing team signed 539,000 square feet of office leases in Q3 2024, 56% of which were new deals, bringing the year-to-date total to 1.6 million square feet, 25% ahead of the previous year.
Positive Trends in West Coast Office Markets
West Coast tech-centric office markets saw a 17% year-over-year increase in tenant requirements, with downtown San Francisco and the Peninsula experiencing positive net absorption for the first time in years.
Studio Segment Recovery
Following a strike resolution, Q3 studio revenue improved by $5.6 million year-over-year. There is optimism for increased demand in 2025, bolstered by potential new tax credits.
Active Asset Sales and Capital Strategy
HPP is under contract for $23 million for Foothill Research Center and has three more sales in negotiation, potentially generating $200-$225 million. Discussions are ongoing for JV partnerships and secured financings.
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HPP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HPP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 12, 2024 | $4.04 | $4.21 | +4.21% |
| Aug 07, 2024 | $5.37 | $4.71 | -12.29% |
| May 01, 2024 | $5.63 | $5.38 | -4.44% |
| Feb 12, 2024 | $7.90 | $6.59 | -16.58% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Hudson Pacific Properties (HPP) report earnings?
Hudson Pacific Properties (HPP) is schdueled to report earning on Feb 12, 2025, TBA Not Confirmed.
What is Hudson Pacific Properties (HPP) earnings time?
Hudson Pacific Properties (HPP) earnings time is at Feb 12, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HPP EPS forecast?
HPP EPS forecast for the fiscal quarter 2024 (Q4) is -$0.42.
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