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Shares of Hudson Pacific Properties (NYSE:HPP) tumbled nearly 19% in extended trading on Thursday after the company said it had suspended its quarterly dividend on common stock, due to the impact of the ongoing Hollywood strike.
The company said that its common stock dividend suspension would start with its third quarter dividend, that would have been paid in September.
“As we manage through current market conditions, including addressing the impact of the ongoing Hollywood strike, the Board believes that suspending our common stock dividend is a prudent decision,” said chief executive Victor Coleman in a statement.
The real estate investment firm owns over 90 sound stages and more than 1,600 production vehicles, making it one of the largest owners of Hollywood studio space.
Hollywood has been facing its first double strike of writers and actors since 1960, as workers demand guardrails for AI use, higher pay, and better working conditions, among others.
