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LOS ANGELES - Hudson Pacific Properties, Inc. (NYSE:HPP), a real estate investment trust with a market capitalization of $1.05 billion and current dividend yield of 7.4%, announced Monday it has reduced its Board of Directors from 10 to 8 members as part of efforts to create a more efficient governance structure.
The company, which specializes in real estate solutions for tech and media tenants, said directors Ebs Burnough and Christy Haubegger voluntarily resigned to facilitate the board restructuring.
Victor Coleman, Hudson Pacific’s CEO and Chairman, described the move as creating "a more efficient board structure" that "maintains the experience needed to guide our management team while contributing to our ongoing focus on corporate costs."
The company indicated it expects its studio business to benefit from recently approved business incentives in California designed to stimulate film and TV production.
Hudson Pacific owns and operates properties in markets that it says are benefiting from AI investment, primarily focusing on office and studio space in tech and media hubs.
The board reduction aligns with the company’s broader strategy of streamlining operations and reducing corporate costs, according to the press release statement.
Hudson Pacific Properties is a real estate investment trust that specializes in properties serving technology and media companies in key markets.
In other recent news, Hudson Pacific Properties has been active in strategic financial maneuvers, including a $475 million CMBS financing and a $690 million equity raise. These efforts have resulted in a lowered price target from BTIG, now set at $4.75, due to the dilutive impact of the equity raise. Despite the reduction, BTIG maintains a Buy rating, citing a positive outlook for office leasing. Fitch Ratings downgraded Hudson Pacific Properties to a B+ rating, reflecting concerns over leverage metrics expected to remain high into 2025. The company’s office portfolio occupancy has seen a decline, but improvements are anticipated by 2026. In another development, three top executives voluntarily forfeited their 2024 performance unit equity awards, leading to $14.3 million in general and administrative savings. The reasons behind this decision were not disclosed. Hudson Pacific’s management continues to focus on financial stability and strategic growth.
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