Hudson Pacific Properties Halts Common Stock Dividend Amid Challenging Backdrop

Dow Jones09-10

By Michael Susin

Hudson Pacific Properties on Tuesday said it suspended the quarterly dividend on its common stock as it seeks to preserve capital due to the ongoing challenging environment.

The end-to-end real estate solutions for tech and media tenants said the halt on dividend payout will start in the third quarter dividend that would have been paid in September 2024.

The company, however, declared a dividend on its 4.750% series C cumulative preferred stock of $0.296875 a share.

"Studio demand has recovered more slowly than anticipated following the union strikes and negotiations, and we no longer foresee the need for a distribution in relation to taxable income in 2024," Chairman and Chief Executive Officer Victor Coleman said.

"Our board therefore made the decision to suspend our common stock dividend to preserve capital in an ongoing challenging environment."

The decision comes a year after the company suspended dividends, blaming the Hollywood strikes. In March 2024, Hudson Pacific reinstated its quarterly dividend following an improvement on liquidity situation and strengthened balance sheet.

The board said it would continue monitoring the company's financial performance and operating environment so as to determine the appropriate time to reinstate the dividend.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

September 10, 2024 09:21 ET (13:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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