Hollywood Landlord Hudson Pacific Slashes Dividend After Writers Strike
- Landlord nixes 2023 forecast as Hollywood strike hits studios
- Office rents fell and vacancies climbed in San Francisco area
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Hudson Pacific Properties Inc., a major landlord in Hollywood, withdrew its 2023 financial guidance and plans to slash its dividend as a result of the writers strike that began last week.
The real estate investment trust, which was already facing trouble leasing its office buildings in the wake of the pandemic, said in a statement Monday it’s cutting its dividend by 40% to 50% after delivering a 25-cent a share payout in the first quarter.