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Hudson Pacific Properties, Inc. (NYSE:HPP) announced that three top executives have voluntarily forfeited their 2024 performance unit equity awards, according to an SEC filing released Wednesday. The company’s stock, currently trading at $2.82, has shown recent momentum with a 13.7% gain over the past week, according to InvestingPro data.
The company’s Chief Executive Officer Victor Coleman, President Mark Lammas, and Chief Financial Officer Harout Diramerian relinquished the awards on June 17, 2025.
This decision will result in $14.3 million in total general and administrative savings for the real estate investment trust. Approximately $4.9 million of these savings will be realized during the current fiscal year, with the remaining amount to be distributed over the next three years.
The filing did not provide specific reasons for the executives’ decision to forfeit their performance awards.
Hudson Pacific Properties is a real estate investment trust that owns, operates, develops, and acquires office and studio properties primarily in Los Angeles, San Francisco, Seattle, and Vancouver.
The company trades on the New York Stock Exchange under the ticker symbol HPP, with its 4.750% Series C Cumulative Redeemable Preferred Stock trading under HPP Pr C.
In other recent news, Hudson Pacific Properties announced its Q1 2025 earnings, revealing an EPS of -0.53 USD, which missed analysts’ expectations of -0.45 USD. The company’s revenue also fell short, coming in at 198.5 million USD compared to the forecasted 202.31 million USD. Additionally, Hudson (NYSE:HUD) Pacific has launched a significant $600 million public offering of common stock and pre-funded warrants, with Cohen & Steers Capital Management expressing interest in purchasing $300 million of the offering. This move aims to repay borrowings and address financial concerns, though it remains subject to market conditions. Meanwhile, S&P Global Ratings downgraded Hudson Pacific’s issuer credit rating to ’B’ from ’BB-’, citing high leverage and challenging market conditions. The rating agency also adjusted the company’s debt to EBITDA ratio, expecting it to remain high in the near term. In another development, Hudson Pacific’s stockholders approved an amended incentive plan, allowing for additional shares to be issued and extending the grant award period. Lastly, BMO Capital lowered its price target for Hudson Pacific to $3.50 from $4.00, following the company’s equity offering, while maintaining an Outperform rating.
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