Hudson Pacific Properties Raises $72.5M By Divesting Two Office Properties
Portfolio Pulse from Shivani Kumaresan
Hudson Pacific Properties Inc (HPP) has sold two Los Angeles office properties for a total of $72.5 million. The company expects to recognize a $22 million gain from these transactions in Q3. The proceeds were used to repay outstanding amounts on its unsecured revolving credit facility. HPP's shares are trading higher by 0.32% at $6.23.
August 25, 2023 | 2:47 pm
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Hudson Pacific Properties has sold two properties, resulting in a $22 million gain and repayment of credit facility debt. Shares are up 0.32%.
The sale of the properties has allowed HPP to repay some of its debt, which is a positive move for the company. This, along with the expected gain from the transactions, is likely contributing to the slight increase in the company's stock price.
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IMPORTANCE 80
RELEVANCE 100