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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100