Hudson Pacific Properties(HPP) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $209.7 million, down from $223.4 million in Q4 2023, primarily due to the sale of One Westside and a tenant move-out at Maxwell[4] - Net loss attributable to common stockholders was $167.0 million, or $1.18 per diluted share, compared to a net loss of $98.0 million, or $0.70 per diluted share in the prior year[4] - FFO, excluding specified items, was $15.5 million, or $0.11 per diluted share, down from $19.6 million, or $0.14 per diluted share in Q4 2023[4] - Total revenues for the year ended 12/31/24 decreased to $842,082,000, down 11.6% from $952,297,000 for the year ended 12/31/23[24] - Net loss attributable to common stockholders for the year ended 12/31/24 was $364,143,000, compared to a net loss of $192,181,000 for the year ended 12/31/23, representing an increase in loss of 89.5%[24] - For the three months ended December 31, 2024, Hudson Pacific Properties reported a net loss of $173,481,000 compared to a net loss of $88,654,000 for the same period in 2023[25] - Funds from Operations (FFO) attributable to common stock/unit holders was $(93,020,000) for Q4 2024, a decrease from $12,779,000 in Q4 2023[25] - Adjusted Funds from Operations (AFFO) for the year ended December 31, 2024, was $67,104,000, down from $115,669,000 in 2023[30] Operational Metrics - Same-store cash NOI decreased to $94.2 million from $106.3 million, primarily due to lower office portfolio occupancy[5] - The in-service office portfolio ended Q4 2024 at 78.3% occupied and 78.9% leased, compared to 79.1% occupied and 80.0% leased in the prior quarter[10] - Executed 76 new and renewal leases totaling 441,924 square feet, including a new lease with Salesforce for 83,000 square feet[10] - Same-store office cash revenues decreased to $157,370,000 in Q4 2024 from $168,873,000 in Q4 2023, reflecting a decline of approximately 6.5%[31] - Hudson Pacific Properties' same-store revenues for the three months ended December 31, 2024, totaled $172,687,000, down from $175,138,000 in the same period of 2023[31] Liquidity and Assets - The company had $518.3 million of total liquidity as of December 31, 2024, including $63.3 million of unrestricted cash[10] - Cash and cash equivalents decreased to $63,256,000 as of 12/31/24, down 37% from $100,391,000 as of 12/31/23[23] - Total assets decreased to $8,132,239,000 as of 12/31/24, down 1.8% from $8,282,050,000 as of 12/31/23[23] - Total liabilities increased to $4,954,508,000 as of 12/31/24, up 4.9% from $4,720,881,000 as of 12/31/23[23] Impairments and Expenses - The company reported an impairment loss of $149,664,000 for the year ended 12/31/24, compared to $60,158,000 for the year ended 12/31/23[24] - The company reported a goodwill impairment of $107,615,000 for the year ended December 31, 2024[25] - The company incurred transaction-related expenses of $2,306,000 for the year ended December 31, 2024[30] Future Outlook - The company provided an FFO outlook for Q1 2025 of $0.07 to $0.11 per diluted share[10] - The company anticipates a same-store property cash NOI growth decline of between (13.50)% and (12.50)% for the full year 2025[13] - The company plans to continue executing on asset sales and seek additional cost savings to strengthen its balance sheet in 2025[2] Depreciation and Stock Metrics - Total depreciation and amortization for the year ended December 31, 2024, was $354,425,000, down from $397,846,000 in 2023[25] - The weighted average shares of common stock outstanding for the year ended 12/31/24 were 141,193,000, slightly up from 140,953,000 for the year ended 12/31/23[24] - The weighted average common stock/units outstanding—diluted for the year ended December 31, 2024, was 145,603,000, slightly up from 144,552,000 in 2023[25]