This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hudson Pacific Properties, Inc. Announces Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: HPP

Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced fourth quarter and year-end financial results for the period ended December 31, 2011.

Financial Results

Funds From Operations (FFO) (excluding specified items) for the three months ended December 31, 2011 totaled $9.1 million, or $0.25 per diluted share, compared to FFO (excluding specified items) of $5.1 million, or $0.21 per share, a year ago. The expenses associated with the acquisition of operating properties during the fourth quarter of 2011 were $0.9 million, or $0.03 per diluted share, compared to $1.6 million, or $0.06 per share, a year ago. FFO including the specified items totaled $8.2 million, or $0.23 per diluted share, for the three months ended December 31, 2011, compared to $4.6 million or $0.19 per share, a year ago.

The Company reported a net loss attributable to common shareholders of $3.2 million, or $(0.10) per diluted share, for the three months ended December 31, 2011, compared to net loss attributable to common shareholders of $1.2 million, or $(0.05) per diluted share, for the three months ended December 31, 2010.

“We made solid progress in all areas of our strategy during the fourth quarter,” said Mr. Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “We completed the acquisition of the 205,000 square-foot 6922 Hollywood Boulevard property, increasing our already sizable presence in the highly competitive Hollywood submarket, which is benefiting from strong media, entertainment and technology tenancy. We also completed new and renewal leases totaling 104,849 square feet to improve the leased rate of our office portfolio to 91.0%.”

Fourth Quarter Highlights

  • FFO (excluding specified items) of $9.1 million, or $0.25 per diluted share, up from $5.1 million, or $0.21 per share (excluding specified items), a year ago;
  • Completed new and renewal leases totaling 104,849 square feet, including 64,047 square feet of new leases at 1455 Market Street in San Francisco;
  • Completed acquisition of 6922 Hollywood Boulevard in Hollywood;
  • Declared and paid quarterly dividend of $0.125 per common share; and
  • Declared and paid dividend of $0.52344 per share on 8.375% Series B Cumulative Preferred Stock.

Combined Operating Results For The Three Months Ended December 31, 2011

Total revenue during the quarter increased 75.7% to $37.1 million from $21.1 million for the same quarter a year ago. The increase in total revenue was primarily attributable to an $11.5 million increase in rental revenue to $26.4 million, a $4.3 million increase in tenant recoveries to $6.3 million, which was partially offset by a decrease of $0.9 million in other property-related revenue to $2.5 million. The increase in rental revenue and tenant recoveries from a year ago was largely the result of rental revenue from office properties acquired during the fourth quarter of 2010 and third and fourth quarters of 2011. The decrease in other property-related revenue was the result of slower production activity at the Company’s Sunset Gower property associated with lower occupancy at that property compared to the same quarter a year ago.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs