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LOS ANGELES (AP) — LOS ANGELES (AP) — Hudson Pacific Properties Inc. (HPP) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $12.9 million, or 9 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 8 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 a loss of $74.7 million, or 53 cents per share.
The real estate investment trust, based in Los Angeles, posted revenue of $198.5 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $203.2 million.
For the current quarter ending in June, Hudson Pacific expects its per-share funds from operations to range from 3 cents to 7 cents.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HPP at https://www.zacks.com/ap/HPP