LOS ANGELES – LOS ANGELES (AP) _ Hudson Pacific Properties Inc. (HPP) on Thursday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $70 million, or 45 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 46 cents per share.
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 $48.6 million, or 31 cents per share.
The real estate investment trust posted revenue of $174.1 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $173.9 million.
Hudson Pacific expects full-year funds from operations in the range of $1.87 to $1.95 per share.
The company's shares have dropped 3.5 percent since the beginning of the year. The stock has fallen nearly 5 percent in the last 12 months.
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