Hudson Pacific Properties suspends dividend on Hollywood strike, stock tumbles

Hudson Pacific Properties

08/09/2023 12:44

** Shares of Hudson Pacific Properties  HPP.N  drop 11.4% to
$6.56 premarket after the REIT suspends qtrly dividend on its
common stock, pointing to impact of ongoing Hollywood strike
    ** Hudson, which has three studio properties in Hollywood,
late Thurs said suspension commences with third qtr dividend
that would have been paid in Sept
    ** In addition, Hudson said its board declared dividend on
its preferred stock payable in Sept
    ** In Jun, the REIT paid cash dividend of $0.125 on its
common stock
    ** Through Thurs close, HPP shares had rallied 75% since
end-Jun, but are still off 24% YTD
    ** Writers in Hollywood went on strike in May over an
impasse on compensation, minimum staffing in writers' rooms,
residual payments among other issues. They were joined by actors
in Jul, effectively halting much of film and TV production

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))