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Hudson Pacific Properties (HPP) investor relations material

Hudson Pacific Properties Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Achieved 1.2 million square feet of office leases year to date, with a robust pipeline exceeding 2 million square feet and lower expirations ahead, positioning for the strongest leasing since 2019.

  • Office portfolio stabilization is near, with potential for occupancy growth; studio business shows positive momentum, with in-service studios leased at 74.3% excluding Sunset Glenoaks.

  • AI and media industry growth are key drivers, with West Coast tech and AI sectors leading recovery and $1 billion in liquidity supporting future growth.

  • Major property sales, including 625 Second and others totaling $97 million, with proceeds used to repay debt and optimize the portfolio.

  • Raised $690 million in equity, fully repaying the credit facility and increasing liquidity.

Financial highlights

  • Q2 2025 revenue was $190 million, down from $218 million year-over-year, mainly due to asset sales and lower office occupancy.

  • Net loss attributable to common stockholders was $83.1 million ($0.41/share), compared to $47.0 million ($0.33/share) last year.

  • FFO (excluding specified items) was $8 million ($0.04/share) versus $24.5 million ($0.17/share) last year; FFO including specified items was negative $11.2 million.

  • AFFO was negative $6.1 million ($0.03/share), compared to $24.2 million ($0.17/share) last year.

  • Same-store cash NOI was $87.1 million, down from $104.1 million year-over-year, mainly due to lower office occupancy.

Outlook and guidance

  • Q3 FFO per diluted share expected to range from $0.01 to $0.05; full-year same-store cash NOI guidance adjusted to negative 11.5% to 12.5%.

  • Full-year interest expense expected at $168–178 million and G&A at $57.5–63.5 million, reflecting ongoing cost savings.

  • Leasing pipeline exceeds 2.0 million square feet, with lower expirations and anticipated office occupancy growth as portfolio stabilizes.

  • Guidance excludes impacts from future dispositions, acquisitions, or capital markets activity.

  • Management expects principal sources of liquidity to include cash on hand, property operations, asset sales, equity offerings, and debt financings.

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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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