LOS ANGELES (AP) — LOS ANGELES (AP) — Hudson Pacific Properties Inc. (HPP) on Wednesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $26.1 million, or 18 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 $37.6 million, or 27 cents per share.
The real estate investment trust, based in Los Angeles, posted revenue of $231.4 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $238.4 million.
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