Hudson Pacific Properties(HPP) - 2019 Q1 - Quarterly Report

Financial Performance - Total revenues for Q1 2019 were $197,389,000, an increase of 13.3% compared to $174,118,000 in Q1 2018[25] - Net loss attributable to common stockholders for Q1 2019 was $(39,392,000), compared to net income of $48,577,000 in Q1 2018[25] - Basic and diluted net loss per share for Q1 2019 was $(0.26), down from earnings of $0.31 per share in Q1 2018[25] - Comprehensive loss attributable to common stockholders for Q1 2019 was $(47,219,000), compared to comprehensive income of $57,992,000 in Q1 2018[27] - For the three months ended March 31, 2019, Hudson Pacific Properties reported a net loss of $36,895,000 compared to a net income of $52,563,000 for the same period in 2018, representing a significant decline[40] - The company reported an impairment loss of $52,201,000 in Q1 2019[25] - Cash flows from operating activities increased to $89,446,000 in Q1 2019, up from $64,447,000 in Q1 2018, indicating improved operational cash generation[34] - The company reported depreciation and amortization expenses of $68.5 million for Q1 2019, up from $60.6 million in Q1 2018, indicating a 13.5% increase[50] - The company recognized an unrealized loss of $5,926,000 in other comprehensive income due to changes in the fair value of derivatives for the three months ended March 31, 2019[178] Assets and Liabilities - Total assets increased to $7,373,628,000 as of March 31, 2019, compared to $7,070,879,000 at December 31, 2018[22] - Total liabilities rose to $3,508,953,000 as of March 31, 2019, up from $3,117,793,000 at December 31, 2018[22] - The company's investment in real estate decreased to $6,990,420,000 as of March 31, 2019, down from $7,059,537,000 at the end of 2018[37] - The total unsecured and secured debt as of March 31, 2019, was $2.735 billion, compared to $2.640 billion as of December 31, 2018[110] - The Company has a total debt of $2,735.2 million, with $424.0 million due in the remaining part of 2019 and $365.1 million due in 2020[122] Cash and Cash Equivalents - Cash and cash equivalents were $52,445,000 as of March 31, 2019, slightly down from $53,740,000 at December 31, 2018[22] - Cash and cash equivalents decreased from $78.9 million at the beginning of Q1 2018 to $52.4 million at the end of Q1 2019[195] - The company had cash and cash equivalents of $66.1 million at the end of Q1 2019, down from $74.98 million at the end of Q1 2018, representing a decrease of about 11.5%[50] Revenue Streams - Office segment revenues increased to $175.9 million in Q1 2019 from $156.5 million in Q1 2018, while studio segment revenues rose to $21.5 million from $17.6 million[190] - Ancillary revenues for the Company were $8,086 thousand for the three months ended March 31, 2019, compared to $5,320 thousand for the same period in 2018[81] - Guest parking revenues increased to $6,447 thousand for the three months ended March 31, 2019, from $5,413 thousand in the prior year[81] Shareholder Information - The company paid dividends totaling $40,427,000 to common stock and unit-holders in Q1 2019, compared to $39,351,000 in Q1 2018[34] - The weighted average shares of common units outstanding were 155,120,144 for Q1 2019, slightly down from 156,195,100 in Q1 2018[40] - The basic weighted average common shares outstanding decreased to 154,396,159 in Q1 2019 from 155,626,055 in Q1 2018[170] - The company’s diluted weighted average common shares outstanding for Q1 2019 were 154,396,159, compared to 156,714,822 in Q1 2018[170] Debt and Financing - Proceeds from unsecured and secured debt in Q1 2019 amounted to $430.0 million, significantly higher than $130.0 million in Q1 2018[50] - The Company completed a public offering of $350 million of senior notes on February 27, 2019[113] - The operating partnership completed a public offering of $350.0 million in senior notes due April 1, 2029, with net proceeds of approximately $343.0 million used to repay outstanding borrowings[118] - The Company decreased outstanding borrowings on the unsecured revolving credit facility by $180.0 million during the three months ended March 31, 2019[117] Property and Development - Total properties in the company's portfolio as of March 31, 2019, included 52 office properties totaling 13,866,793 square feet and 3 studio properties totaling 1,224,403 square feet, amounting to a total of 15,091,196 square feet[53] - The Company has 683,090 square feet under redevelopment as of March 31, 2019[214] - Future development projects total 1,693,212 square feet, with several projects in Hollywood and West Los Angeles[214] - The company entered into an agreement to purchase the 1.45 million-square-foot Bentall Centre property in Vancouver, Canada, expected to close in Q2 2019[211] - The company anticipates the sale of the Campus Center property to close during Q2 2019, which includes both office property and developable land[215] Compliance and Governance - The Company was in compliance with its financial covenants as of March 31, 2019, maintaining required ratios across various metrics[132] - The Company has not established a liability for uncertain tax positions as of March 31, 2019[149] - The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized[150]