Hudson Pacific Properties Suspends Common Stock Dividend and Declares Preferred Stock Dividend
Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company"), a unique provider of end-to-end real estate solutions for tech and media tenants, today announced that its Board of Directors suspended the Company's quarterly dividend on its common stock, commencing with the third quarter dividend that would have been paid in September 2023.
Chairman and Chief Executive Officer Victor Coleman said, "As we manage through current market conditions, including addressing the impact of the ongoing Hollywood strike, the Board believes that suspending our common stock dividend is a prudent decision."
In addition, the Board declared a dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share, equivalent to an annual rate of $1.18750 per share, which will be paid on September 29, 2023 to preferred stockholders of record on September 19, 2023.
The Board will continue to monitor the Company's financial performance and operating environment to determine the appropriate time to reinstate a regular quarterly common stock dividend.
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.