10 Worst Performing REITs in 2024

3. Hudson Pacific Properties, Inc. (NYSE:HPP)

Year-to-Date Decline: 50.84%

Number of Hedge Fund Holders: 29

Hudson Pacific Properties, Inc. (NYSE:HPP) is a tech and media-focused REIT. The firm focuses on building, owning, and operating premier real estate and related services that are demanded by the dynamic and synergistic tech, media, and other creative industries.

Hudson Pacific Properties, Inc. (NYSE:HPP) serves as the only public owner/operator of premier office and studio properties, with synergistic growth potential. Its portfolio spans global tech and media epicenters with favorable long-term supply-demand fundamentals. HPP’s premier office portfolio and emphasis on tech and media epicenters is an attraction for leading public and established private companies with growth potential in their markets. Simultaneously, the firm’s studio portfolio is first-of-its-kind and caters to content creators’ facilities and services needs.

The firm delivered total revenue of $218.0 million in Q2 2024 compared to $245.2 million in Q2 2023. This was a result of the asset sales and two tenant move-outs at 1455 Market and Sunset Las Palmas Studios which was partially offset by improved studio ancillary revenue. Same-store cash NOI also declined mostly due to the aforementioned moveouts. The firm recorded a net loss attributable to common stockholders of $47.0 million. On the bright side, the REIT signed over 500,000 square feet of office leases in the second quarter.

Hudson Pacific Properties, Inc. (NYSE:HPP) is a differentiated real estate investment trust that operates as a unique provider of end-to-end real estate solutions for dynamic tech and media tenants. The firm currently remains challenged by a slower-than-anticipated studio demand recovery due to which it has suspended the quarterly dividend on its common stock to preserve capital. As of Q2, the stock is held by 29 hedge funds.