LOS ANGELES (AP) — LOS ANGELES (AP) — Hudson Pacific Properties Inc. (HPP) on Tuesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $14.3 million, or 10 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 11 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 $97.9 million, or 69 cents per share.
The real estate investment trust, based in Los Angeles, posted revenue of $200.4 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $208.9 million.
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