LOS ANGELES (AP) _ Hudson Pacific Properties Inc. (HPP) on Wednesday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $66.8 million, or 44 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $8.5 million, or 5 cents per share.
The real estate investment trust posted revenue of $203.8 million in the period.
For the year, the company reported funds from operations of $293.9 million, or $1.91 per share. Revenue was reported as $805 million.
For the current quarter ending in April, Hudson Pacific expects its per-share funds from operations to range from 45 cents to 47 cents.
The company's shares have climbed 0.5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.15, a drop of 38% in the last 12 months.