Hudson Pacific Q2 FFO Tops Estimate; Lifts FY Guidance

(RTTNews) - Hudson Pacific Properties Inc (HPP) Tuesday reported second-quarter funds from operations to common stockholders of $20 million or $0.29 per share, compared with $13.4 million or $0.23 per share last year.

Excluding items, adjusted FFO for the quarter was $0.28 per share. Analysts polled by Thomson Reuters projected FFO of $0.26 per share. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $3.4 million or $0.05 per share, compared with a loss of $6.2 million or $0.11 per share last year. Real estate investment trusts usually include amortization and other costs that reduce net earnings.

Revenue for the quarter was up 31% at $62 million, compared with $47.4 million in the prior year. Analysts projected revenue of $57.3 million for the quarter.

"Our second quarter was quite productive with the signing of several important long-term leases and the announcement of the disposition of a non-strategic asset that was completed subsequent to the end of the quarter," said CEO Victor Coleman.

For fiscal year 2014, the company raised its guidance, now expecting adjusted FFO of $1.12 to $1.16 per share, from prior guidance of $1.08 to $1.12 per share.

Analysts expect FFO of $1.10 per share for the year.