Stay Informed: Hudson Pacific Properties Suspends Common Stock Dividend Amid Market Challenges
Hudson Pacific Properties, Inc. (NYSE: HPP), a renowned provider of real estate solutions for tech and media tenants, has made a significant announcement. In response to current market conditions and the ongoing Hollywood strike, the company's Board of Directors has decided to suspend its common stock dividend starting with the third quarter of 2023.
Victor Coleman, Chairman, and Chief Executive Officer of Hudson Pacific Properties, Inc., explained the rationale behind this move. He stated, "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." This decision reflects the company's commitment to addressing immediate challenges while safeguarding its financial stability.
While the common stock dividend is temporarily suspended, Hudson Pacific Properties, Inc. continues to prioritize its investors. The Board of Directors has declared a dividend on its 4.750% Series C cumulative preferred stock. Preferred stockholders can expect a dividend of $0.296875 per share, equivalent to an annual rate of $1.18750 per share. This dividend will be paid on September 29, 2023, to preferred stockholders of record on September 19, 2023.
Hudson Pacific Properties, Inc.'s Board of Directors remains vigilant in assessing the company's financial performance and the prevailing operating environment. The suspension of the common stock dividend is not a permanent decision, and the Board will continue to closely monitor circumstances to determine the appropriate time to reinstate a regular quarterly common stock dividend.
Hudson Pacific Properties, Inc. has taken a proactive step to navigate the challenges posed by current market conditions and the Hollywood strike. The suspension of the common stock dividend is a strategic move to ensure the company's resilience in the face of adversity while prioritizing its preferred stockholders. Stay tuned for further updates as the company evaluates the right moment to reinstate the common stock dividend.
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