Hudson Pacific: 1Q Earnings Snapshot
{{#rendered}} {{/rendered}}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.
{{#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 $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.
{{#rendered}} {{/rendered}}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.
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{{#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