Hudson Pacific Properties Q3 FFO Rises, Lifts 2014 Outlook

(RTTNews) - Hudson Pacific Properties Inc (HPP) reported third-quarter funds from operations to common stockholders and unit holders of $18.63 million or $0.27 per share, up from $13.53 million or $0.23 per share in the same period last year.

Excluding items, adjusted FFO for the quarter was $0.30 per share, compared to $0.24 per share in the year-ago period. On average, six analysts polled by Thomson Reuters projected FFO of $0.29 per share. Analysts' estimates typically exclude special items.

Net earnings for the third quarter were $7.6 million or $0.11 per share, compared to net loss of $5.7 million or $0.10 per share last year.

Revenue for the quarter grew 28 percent to $68.2 million from $53.3 million in the prior year. Analysts projected revenue of $49.62 million for the quarter.

"Our third quarter highlights include continued leasing momentum, disposition of a non-strategic asset, participation in a bridge loan, and completion of important financing transactions," said Victor Coleman, Chairman and CEO of Hudson Pacific Properties.

For fiscal year 2014, the company raised its adjusted FFO guidance to a range of $1.14 to $1.18 per share from the prior range of $1.12 to $1.16 per share. Analysts expect FFO of $1.13 per share for the year.