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HPP-PC

Hudson Pacific Properties, Inc.

HPP-PC

Hudson Pacific Properties, Inc. • NYSE
$15.11 ▲ 1.07% (+0.16)
Market Cap $5.73 B
52w High $16.50
52w Low $11.23
Dividend Yield 1.19%
P/E -121.85
Volume 66.69K
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 Q3-2024Q4-2024Q1-2025Q2-2025
Office Segment
Office Segment
 $170.00M ▲$170.00M ▲$170.00M ▲$160.00M ▼
Studio Segment
Studio Segment
 $30.00M ▲$40.00M ▲$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the longer term but has slipped from its peak, and profit margins have come under clear pressure. The company has moved from modest profitability a few years ago to meaningful accounting losses in the last three years. This suggests that rents and studio income are no longer fully covering operating costs, interest, and non‑cash charges like depreciation. In simple terms, the business is still sizable and active, but profitability has weakened and earnings per share have turned decisively negative.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset‑heavy real estate portfolio funded by substantial debt and a shrinking equity base. Total assets have held fairly steady, which implies the property platform remains intact, but borrowings are high and have crept up again after a brief dip. Cash on hand is quite thin relative to the overall size of the business, so the company appears more dependent on ongoing cash generation and access to financing. Overall, financial leverage is elevated and the cushion for absorbing further write‑downs or prolonged weakness looks more limited than a few years ago.

Cash Flow

Cash Flow Despite weak reported earnings, the business still generates positive cash flow from operations, which is important for a real estate owner. After relatively modest capital spending in recent years, free cash flow has been consistently positive following a heavy investment year in 2020. This pattern is typical for mature real estate portfolios where depreciation and accounting charges exceed actual cash outlays. The key takeaway is that the cash engine remains functional, but there is less room for large new investments or debt paydown without additional capital recycling or financing.

Competitive Edge

Competitive Edge Hudson Pacific is positioned as a specialist rather than a generic office landlord. Its focus on tech and media tenants in supply‑constrained West Coast markets, combined with a leading independent studio platform, gives it a differentiated role compared with traditional office REITs. Long‑term relationships with major names in technology and entertainment support its brand and occupancy. At the same time, the company is exposed to two challenging dynamics: the structural pressure on office demand after hybrid work, and the cyclicality of media and content spending. Concentration in a few high‑cost coastal markets also amplifies both upside and downside in local cycles.

Innovation and R&D

Innovation and R&D The company leans heavily on sustainability and technology to stand out. It has been early in adopting green building standards, smart‑building systems, and wellness‑oriented design, which can make its properties more attractive to large corporate tenants under pressure to meet environmental and workplace goals. Its studio platform is not just real estate; it layers in production services and tech‑enabled operations, which ties clients more closely to its ecosystem. Looking ahead, management appears focused on expanding studios, using data and AI tools to manage space and energy, and selectively recycling capital into higher‑growth projects. Execution and capital discipline will be important, given the company’s current leverage and the uncertain demand outlook for office space.

Summary

Hudson Pacific sits at the intersection of office, tech, and media real estate, with a studio platform that provides a distinctive edge versus many office peers. Financially, it has shifted from modest profitability to sustained accounting losses, even though cash flows remain positive, which is common for leveraged, depreciating real estate portfolios. The balance sheet carries meaningful debt and limited cash, reducing flexibility and increasing sensitivity to interest rates and asset values. Strategically, the firm’s focus on high‑barrier coastal markets, sustainability, and smart, amenitized properties could be a long‑term strength if tech and media demand remains healthy. However, elevated leverage, a soft and evolving office market, and reliance on a relatively narrow set of geographies and industries are key risks that frame the outlook.