Hudson Pacific Raises Outlook, Signs 534,000 Square Feet

Hudson Pacific Properties reported stronger third-quarter operating results, signing about 534,000 square feet of new and renewed office leases as in-service occupancy rose to 85.6%, its fifth consecutive quarterly increase. Same-store cash net operating income increased about 8%, and core funds from operations rose year over year; the company raised its full-year core FFO outlook, citing quarterly outperformance and improved expectations. Revenue declined, mainly because of asset sales, while the net loss widened due largely to impairment charges and a loss on property sales. The company also reported a 2.1-million-square-foot leasing pipeline, $840 million in liquidity and lower debt year over year. Separately, analysts’ average rating was reported as Hold, with an average one-year price target of $15.27.