LOS ANGELES (AP) _ Hudson Pacific Properties Inc. (HPP) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $85.4 million, or 55 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 net income of $13.6 million, or 9 cents per share.
The real estate investment trust posted revenue of $216.9 million in the period.
For the year, the company reported funds from operations of $317.1 million, or $2.03 per share. Revenue was reported as $818.2 million.sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more
Hudson Pacific expects full-year funds from operations in the range of $2.14 to $2.22 per share.
The company's shares have risen 1% since the beginning of the year. The stock has increased 12% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HPP at https://www.zacks.com/ap/HPP
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