Hudson Pacific Properties Q2 FFO Tops Estimates; Boosts FY13 Outlook

(RTTNews) - Hudson Pacific Properties, Inc. (HPP) reported a net loss for the second quarter of $6.2 million or $0.11 per share, compared to net loss of $5.2 million or $0.13 per share for the year-ago quarter.

Funds From Operations for the second quarter was $13.4 million or $0.23 per share, compared to $8.2 million or $0.19 per share a year ago.

Funds From Operations, excluding specified items, for the second quarter $13.9 million or $0.24 per share, compared to $9.5 million or $0.22 per share in the prior year quarter,

Total revenue for the second quarter rose to $47.39 million from $39.09 million a year earlier.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.22 per share on revenue of $48.04 million for the second quarter. In light of the significant transaction activity in the second quarter, the company raised its full-year 2013 FFO guidance from its previously announced range of $0.90 to $0.94 per share, excluding specified items, to a new range of $0.91 to $0.95 per share, excluding specified items. Analysts currently expect the company to report FFO of $0.96 per share for the full year 2013.