Hudson Pacific: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}
LOS ANGELES (AP) _ Hudson Pacific Properties Inc. (HPP) on Wednesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $71.6 million, or 46 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 47 cents per share.
{{#rendered}} {{/rendered}}
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 $16.2 million, or 10 cents per share.
The real estate investment trust posted revenue of $175.2 million in the period.
{{#rendered}} {{/rendered}}
Hudson Pacific expects full-year funds from operations in the range of $1.83 to $1.89 per share.
The company's shares have climbed slightly since the beginning of the year. The stock has climbed roughly 5 percent in the last 12 months.
_____
{{#rendered}} {{/rendered}}
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on HPP at https://www.zacks.com/ap/HPP