Hudson Pacific Properties
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Hudson Pacific Properties (HPP) investor relations material

Hudson Pacific Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved a transformative year in 2025 with $330 million in asset sales, $2 billion in capital transactions, significant G&A and operational cost reductions, and nearly doubled liquidity.

  • Delivered the strongest leasing performance since 2019, signing over 2.2 million sq ft of office leases, with a leasing pipeline of 2.3 million sq ft and tours up 50% year-over-year.

  • Entered 2026 with the lowest office expiration schedule in four years and a robust leasing pipeline.

  • Priorities for 2026 include occupancy growth, eliminating Quixote's earnings drag, and maintaining capital discipline through value-driven asset sales and deleveraging.

  • Completed Sunset Pier 94 Studios in Manhattan, with 90% leased within the first quarter of operations.

Financial highlights

  • Total revenue for Q4 2025 was $256 million, up from $209.7 million year-over-year, driven by a lease termination fee from the Element LA sale.

  • Net loss attributable to common stockholders was $277.9 million ($4.31/share), compared to $167.0 million ($8.28/share) in Q4 2024, mainly due to non-cash impairment and revenue items.

  • FFO, excluding specified items, was $13.6 million ($0.21/share), compared to $15.5 million ($0.74/share) in the prior year.

  • AFFO was $(9.1) million ($(0.14)/share), compared to $3.6 million ($0.17/share) last year, reflecting higher recurring capital expenditures and lower non-cash compensation.

  • Same-store cash NOI was $84.8 million, down from $94.3 million, primarily due to lower average office occupancy.

Outlook and guidance

  • Provided 2026 full-year FFO guidance of $0.96–$1.06 per diluted share, with sequential FFO growth expected after Q1.

  • Projected annual average in-service office occupancy of 80%–82%, with year-end occupancy expected to exceed this range.

  • Anticipates full-year same-store property cash NOI growth of -1.75% to -0.75%, a significant improvement over 2025.

  • Projected interest expense of $151–$161 million and G&A of $49–$55 million, representing substantial savings versus 2025.

  • No specified items included in the 2026 outlook; excludes impacts from future acquisitions, dispositions, or capital markets activity.

Quixote earnings drag elimination plan
Reconcile 2026 occupancy and cash NOI outlook
Future asset sales strategy and targets
Capital allocation priorities for 2026
Tenant demand drivers and expansion trends
Quixote wind-down strategy and value impact
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Frequently asked questions

Hudson Pacific Properties Inc is a real estate investment trust (REIT) focused on the ownership, operation, and development of office and studio properties. Its portfolio is concentrated in tech and media markets along the West Coast of the United States, including Los Angeles, San Francisco, and Seattle. The company leases to a mix of corporate and entertainment industry tenants. It is headquartered in Los Angeles, California, and its shares are listed on the NYSE.

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