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Hudson Pacific Properties (HPP) investor relations material
Hudson Pacific Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Leased 1.7 million sq ft year-to-date, including over 500,000 sq ft in Q3, marking the strongest leasing performance since 2019, with 80% of activity in the Bay Area and positive office absorption driven by AI and tech demand.
Studio segment saw sequential occupancy improvement and cost-savings initiatives, with California's expanded tax credit program supporting a pipeline of new productions, though overall LA shoot days declined 13% year-over-year.
Strengthened balance sheet with $1 billion in liquidity, all debt fixed or capped, and no maturities until the second half of 2026.
Strategic acquisition of remaining 45% interest in Hill 7, Seattle, positions for value creation as the market recovers.
Leasing pipeline stands at 2.2 million sq ft, with the lowest lease expiration profile in four years.
Financial highlights
Q3 total revenues were $186.6 million, down from $200.4 million year-over-year, mainly due to asset sales and lower occupancy.
Net loss attributable to common stockholders was $136.5 million ($0.30/share), compared to $97.9 million ($0.69/share) prior year, mainly due to a loss on deconsolidation of Sunset Glenoaks.
FFO excluding specified items was $16.7 million ($0.04/share), up from $14.3 million ($0.10/share) prior year, driven by lower G&A, improved interest expense, and higher studio NOI, offset by lower office NOI.
AFFO was $12.3 million ($0.03/share), down from $15.8 million ($0.11/share) year-over-year, mainly due to lower GAAP non-cash revenue.
G&A expenses reduced by 30% to $13.7 million, reflecting successful cost-saving initiatives.
Outlook and guidance
Q4 FFO guidance is $0.01–$0.05 per diluted share, with studio seasonality and G&A expenses as key variables.
Full-year same-store cash NOI growth assumption unchanged; outlook excludes potential future transactions.
Studio recovery expected to accelerate in the second quarter of 2026 as tax credit-driven productions ramp up.
General and administrative expenses for the year projected between $57.5 million and $63.5 million; interest expense for the year expected between $166 million and $176 million.
Management remains focused on leasing, cost control, and capital recycling to navigate challenging market conditions.
Impact of lower new lease rents on future NOI growth
Reconcile 3Q absorption with full-year NOI outlook
Future dilution impact from Q2 equity offering
Office occupancy inflection point: What drives sustained growth?
Quixote profitability: What's the path to Q1 '26 breakeven?
Asset recycling strategy: Which assets are targeted for sale?
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Next Hudson Pacific Properties earnings date
Q4 202519 Feb, 2026
Next Hudson Pacific Properties earnings date
Q4 202519 Feb, 2026
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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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