Hudson Pacific Properties (HPP) suspends dividend on commmon stock

Hudson Pacific Properties, Inc. (NYSE: HPP) announced that its Board of Directors suspended the Company’s quarterly dividend on its common stock, commencing with the third quarter dividend that would have been paid in September 2023.

Chairman and Chief Executive Officer Victor Coleman said, “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.”

In addition, the Board declared a dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share, equivalent to an annual rate of $1.18750 per share, which will be paid on September 29, 2023 to preferred stockholders of record on September 19, 2023.

The Board will continue to monitor the Company’s financial performance and operating environment to determine the appropriate time to reinstate a regular quarterly common stock dividend.

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