Hudson Pacific Properties Raises $72.5M By Divesting Two Office Properties

Real estate solutions provider Hudson Pacific Properties Inc (NYSE:HPP) said it has divested through separate transactions two Los Angeles office properties, for gross proceeds of $72.5 million before prorations and closing costs.

The company expects the two transactions to result in approximately a $22 million gain to be recognized in the third quarter.

The company used net proceeds to repay amounts outstanding on its unsecured revolving credit facility.

Hudson held $127.8 million in cash and equivalents as of June 30, 2023.

Price Action: HPP shares are trading higher by 0.32% at $6.23 on the last check Friday.