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HPP

Hudson Pacific Properties, Inc.

HPP

Hudson Pacific Properties, Inc. • NYSE
$1.99 ▲ 1.53% (+0.03)
Market Cap $754.17 M
52w High $3.96
52w Low $1.67
Dividend Yield 0.05%
P/E -0.87
Volume 3.29M
Outstanding Shares 378.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $186.617M ▼ $107.794M ▼ $-133.146M ▼ -71.347% ▼ $-0.3 ▲ $-8.251M ▼
Q2-2025 $190.002M ▼ $122.527M ▲ $-80.19M ▼ -42.205% ▼ $-0.41 ▲ $55.582M ▲
Q1-2025 $198.459M ▼ $111.568M ▲ $-71.909M ▲ -36.234% ▲ $-0.53 ▲ $52.048M ▲
Q4-2024 $209.666M ▲ $108.593M ▲ $-166.149M ▼ -79.245% ▼ $-1.18 ▼ $-41.292M ▼
Q3-2024 $200.393M $106.216M $-95.268M -47.541% $-0.69 $26.847M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $190.436M ▼ $7.796B ▼ $4.313B ▼ $3.248B ▼
Q2-2025 $236.025M ▲ $8.126B ▲ $4.447B ▼ $3.366B ▲
Q1-2025 $86.474M ▲ $7.998B ▼ $4.912B ▼ $2.782B ▼
Q4-2024 $63.256M ▼ $8.132B ▼ $4.964B ▼ $2.855B ▼
Q3-2024 $90.692M $8.317B $4.981B $3.027B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-144.086M ▼ $33.177M ▲ $-56.018M ▼ $-29.839M ▼ $-52.68M ▼ $27.855M ▲
Q2-2025 $-87.76M ▼ $-2.04M ▼ $-24.023M ▼ $159.264M ▲ $133.201M ▲ $-7.858M ▼
Q1-2025 $-80.278M ▲ $30.536M ▲ $15.945M ▲ $-11.732M ▼ $34.749M ▲ $25.8M ▲
Q4-2024 $-161.796M ▼ $162K ▼ $-54.783M ▲ $39.863M ▲ $-14.758M ▼ $-4.586M ▼
Q3-2024 $-92.718M $63.745M $-74.726M $24.976M $13.995M $55.794M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Office Segment
Office Segment
 $170.00M ▲$170.00M ▲$160.00M ▼$150.00M ▼
Studio Segment
Studio Segment
 $40.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Hudson Pacific’s revenue has been fairly stable over the past few years, but profitability has weakened. Operating results have moved from comfortably positive to slightly negative, and net income has been in the red for several years, with losses widening most recently. This suggests pressure from softer office fundamentals, higher costs, or both. Cash-based profitability (as seen in EBITDA) remains positive, but the margin cushion is thinner than it used to be, leaving less room for unexpected shocks or further rent or occupancy softness.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable real estate asset base financed with a meaningful amount of debt and a shrinking equity cushion. Total assets have edged down from prior peaks, while debt remains high relative to equity. Cash on hand is modest, so the company likely relies on ongoing cash flow, credit lines, and asset transactions to manage obligations. Overall, leverage is elevated for a business facing earnings pressure, which heightens sensitivity to interest rates, refinancing conditions, and property value movements.

Cash Flow

Cash Flow Despite accounting losses, Hudson Pacific continues to generate positive operating cash flow, which is typical for real estate owners given non-cash charges like depreciation. Free cash flow has been positive for several years, helped by relatively modest capital spending recently compared with a prior investment-heavy period. This means the portfolio is currently more in a harvesting than building phase. However, the cushion is not large, so maintaining healthy occupancy and rent levels remains important to comfortably cover interest, dividends, and any reinvestment needs.

Competitive Edge

Competitive Edge Hudson Pacific is positioned as a specialist in West Coast “innovation corridor” markets, with a focus on tech and media tenants. Its portfolio of creative office and studio assets in places like Silicon Valley, Seattle, and Hollywood benefits from high barriers to new supply and strong brand-name tenants. The integrated office-and-studio platform, plus deep relationships with major content and technology companies, provides a differentiated offering that many generic office landlords cannot match. The flip side is concentration risk: reliance on a few sectors, a few markets, and large tenants in an office category facing structural pressures from remote and hybrid work.

Innovation and R&D

Innovation and R&D For a real estate owner, Hudson Pacific is relatively forward-leaning on technology and sustainability. Flagship projects like the EPIC building showcase advanced energy features and future-oriented design, while the Better Blueprint program underpins its carbon-neutral operations and ambitious emissions goals. Tenant-facing tools such as the My HPP Office app, along with broad use of building technology, aim to deepen tenant engagement and reduce operating costs. The company is also testing AI tools and tapping into a venture network for new proptech ideas. Upcoming developments and strategic decisions around the studio business are key innovation levers, but they carry execution and leasing risk in a still-evolving demand environment.

Summary

Hudson Pacific is a niche, innovation-focused office and studio landlord with strong sustainability credentials and deep ties to tech and media tenants, particularly on the West Coast. Strategically, its positioning, brand, and specialized capabilities are clear strengths. Financially, the story is more mixed: cash flow remains positive, but earnings have turned increasingly negative, leverage is substantial, and the company is operating in one of the more challenged corners of commercial real estate. Future performance will hinge on stabilizing office demand, successfully monetizing its studio and development pipeline, managing debt in a higher-rate world, and continuing to use technology and sustainability to keep its properties competitive and well-leased.

NEWS

November 17, 2025 · 4:25 PM UTC

Hudson Pacific Properties Announces Reverse Stock Split

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November 5, 2025 · 9:00 AM UTC

Hudson Pacific Properties Reports Third Quarter 2025 Financial Results

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September 29, 2025 · 9:00 AM UTC

Hudson Pacific Properties Announces Date for Third Quarter Earnings Release and Conference Call

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September 16, 2025 · 5:00 PM UTC

Hudson Pacific Completes Credit Facility Amendment and Extension

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September 15, 2025 · 9:00 AM UTC

Hudson Pacific Appoints T. Ritson Ferguson to Board of Directors

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