AI Earnings Predictions for Hudson Pacific Properties Inc. (HPP)

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Hudson Pacific Properties, Inc.

Press Release

Hudson Pacific Properties Reports

Second Quarter 2026 Financial Results

– Executed 1.3 Million Square Feet of Office Leases –

– In-Service Office Occupancy Up 470 bps –

– $876 Million of Total Liquidity –

– Full-Year Guidance Raised –

LOS ANGELES (August 5, 2026)—Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP") today announced financial and operating results for the second quarter 2026.

Victor Coleman, Hudson Pacific's CEO and Chairman, commented, "Our second quarter results reflect the continued execution of our strategy to drive occupancy and unlock the earnings power of our portfolio. We delivered our fourth consecutive quarter of in-service office occupancy gains, up 470 basis points to 82.5%, and executed 1.3 million square feet of office leases, headlined by 891,000 square feet of new and renewal leases with the City and County of San Francisco. This landmark transaction underscores the enduring appeal of our portfolio and provides nearly a quarter century of cash flow visibility. We increased Core FFO on a per share basis by 30% to $0.35, while growing same-store cash NOI by 7.5%, further evidence that our occupancy gains are translating directly into earnings growth.

"Our studio business also continued to make progress, highlighted by our Hollywood stages, which remained effectively fully leased at 95.5%. We stayed disciplined on capital allocation, ending the quarter with $876 million of total liquidity while continuing to prune non-core assets. With a reloaded 2.4 million-square-foot leasing pipeline, and broad demand from AI, other technology and professional services tenants alike building across our West Coast markets, we are confident in our path toward sustained FFO per share growth."

Financial Results Compared to Second Quarter 2025

•Total revenue of $188.3 million compared to $190.0 million, primarily due to asset dispositions, partially offset by improved office occupancy

•General and administrative expenses of $12.0 million, improved from $13.5 million (excluding $14.3 million of one-time expenses in the prior year associated with cancellation of non-cash compensation agreements), driven by ongoing cost savings initiatives

•Core FFO grew to $23.1 million, or $0.35 per diluted share, compared to $8.0 million, or $0.27 per diluted share, up approximately 30% on a per share basis

◦Adjustments to FFO totaled $7.5 million, or $0.11 per diluted share, compared to $19.2 million, or $0.64 per diluted share

•FFO increased to $15.6 million, or $0.24 per diluted share, up from $(11.2) million, or $(0.38) per diluted share

•AFFO improved to $(3.2) million, or $(0.05) per diluted share, up from $(6.1) million, or $(0.20) per diluted share, driven by stronger Core FFO, partially offset by the timing of capital expenditures associated with lease-up activity

•Same-store cash NOI of $90.2 million grew 7.5% from $83.9 million, driven by higher office and studio occupancy

Hudson Pacific Properties, Inc.

Press Release

Office Leasing

•Executed 56 leases totaling 1.3 million square feet (61% new / 39% renewal), headlined by 891,000 square feet of new and renewal leases signed with the City and County of San Francisco at 1455 Market with a weighted average 24-year term

◦Executed 402,000 square feet (71% new / 29% renewal) across the broader portfolio excluding the City and County leases, including additional notable leases:

▪39,000-square-foot, 9-year new lease at 83 King in Pioneer Square;

▪28,000-square-foot, 5-year new lease at Hill7 in Denny Triangle;

▪26,000-square-foot, 9-year new lease at Page Mill Hill in Palo Alto; and

▪20,000-square-foot, 3-year new lease at Shorebreeze in Redwood Shores

•GAAP rents on new leases signed increased 17.2% compared to prior levels while cash rents were down 11.4%, largely due to the City and County leases at 1455 Market

◦Excluding the City and County leases, GAAP and cash rents were down 3.3% and 9.9%, respectively, due to re-leasing activity on space previously signed at pre-pandemic peak rents in Palo Alto

•In-service office portfolio occupancy improved for the fourth consecutive quarter to 82.5% (up sequentially from 77.8%) and leased rate rose to 82.8% (up sequentially from 78.4%)

Studio Leasing

•In-service studio stages were 74.6% leased on a trailing three-month basis (up sequentially from 72.8%) and 74.6% on a trailing 12-month basis (up sequentially from 72.5%)

◦Reflects Hollywood studios' continued strong performance with stages 95.5% leased; Sunset Pier 94 Studios reached 78.5% leased (up sequentially from 38.8%)

Dispositions

•Subsequent to quarter-end, sold 2001 Gateway, a 161,000-square-foot, 55% leased office building, part of the Gateway office complex in North San Jose, for $25 million with net proceeds used for general corporate purposes

Balance Sheet as of June 30, 2026

•Total

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Hudson Pacific Properties, Inc.

Press Release

Hudson Pacific Properties Reports

First Quarter 2026 Financial Results

– Executed Over 550,000 Square Feet of Office Leases, Third Consecutive Quarter of Occupancy Gains –

– Hollywood Stages 97% Leased, Sunset Pier 94 Stages Reached 100% Leased by Quarter End –

– G&A Improved 32% Year-Over-Year, Reflecting Continued Cost Discipline –

– $933 Million of Total Liquidity –

– Raises Full-Year 2026 FFO Outlook –

LOS ANGELES (May 7, 2026)—Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP") today announced financial and operating results for the first quarter 2026.

Victor Coleman, Hudson Pacific's CEO and Chairman, commented, "Our first quarter results reflect the meaningful progress we're making to position Hudson Pacific for long-term value creation. We delivered our third consecutive quarter of occupancy gains, executing over 550,000 square feet of office leases, while our Hollywood studio stages reached 97% leased and Sunset Pier 94 achieved 100% leased within its first quarter of operations. We also continued to strengthen our financial foundation, improving G&A by 32% year-over-year, maintaining total liquidity in excess of $930 million, and growing Core FFO sequentially on a per share basis.

"West Coast office fundamentals are improving, and we're well positioned to capture that recovery. AI-driven demand is translating into record leasing activity, and we're making the deliberate decisions necessary to sharpen our focus on our highest-performing assets and lines of business. Our strong first quarter, continued leasing momentum, and the further streamlining of Quixote have led us to raise our outlook, reinforcing our path to FFO growth through the balance of the year."

Financial Results Compared to First Quarter 2025

•Total revenue of $181.9 million compared to $198.5 million, primarily due to the Element LA office disposition and office tenant move outs, combined with stable studio production activity

•General and administrative expenses improved to $12.6 million compared to $18.5 million, driven by cost savings initiatives

•Net loss of $53.1 million, or $0.82 per diluted share, compared to $74.7 million, or $3.70 per diluted share, driven by cost reductions, lower non-real estate depreciation, and prior-year impairment charges, partially offset by prior-year gains on asset sales

•Core FFO of $16.5 million, or $0.25 per diluted share, compared to $12.9 million, or $0.61 per diluted share

◦Adjustments to FFO in the first quarter totaled $1.5 million, or $0.02 per diluted share, compared to $9.8 million, or $0.47 per diluted share

•FFO of $18.0 million, or $0.27 per diluted share, up from $3.1 million, or $0.15 per diluted share

•AFFO of $(11.1) million, or $(0.17) per diluted share, compared to $1.7 million, or $0.08 per diluted share, primarily due to lower non-cash adjustments and higher recurring capital expenditures, partially offset by Core FFO improvements

Hudson Pacific Properties, Inc.

Press Release

•Same-store cash NOI of $85.2 million, compared to $92.0 million, driven by lower office revenues from tenant move outs, partially offset by higher studio revenue due to additional production activity

Office Leasing

•Maintained strong leasing momentum, executing 85 leases totaling 554,021 square feet (49% new / 51% renewal), including the following notable leases, each with significant term:

◦59,000-square-foot renewal with Weil, Gotshal & Manges at Towers at Shore Center in Redwood Shores

◦56,000-square-foot renewal and expansion with Mirum Pharmaceuticals at Metro Center in Foster City

◦46,000-square-foot renewal with Dell EMC at 505 First in Seattle's Pioneer Square

◦29,000-square-foot new lease with Axiado Corporation at Concourse in North San Jose

•GAAP rents on new leases signed increased 1.8% compared to prior levels, while cash rents decreased 2.4%

•In-service office portfolio occupancy improved for the third consecutive quarter to 77.8% (up from 76.3% in the prior quarter) and leased rate rose to 78.4% (up from 77.0% in the prior quarter)

Studio Leasing

•In-service studio stages were 72.8% leased on a trailing three-month basis (compared to 74.5% in the prior quarter) and 72.5% on a trailing 12-month basis (up from 69.1% in the prior quarter)

◦Excluding the Sunset Pier 94 development in Manhattan, where stages leased from 0% to 100% during the quarter, in-service studio stages would have been 78.2% leased (up 370 basis points from the prior quarter) on a trailing three-month basis

◦Hollywood in-service studio stages (Sunset Gower, Sunset Bronson and Sunset Las Palmas) were 97.0% leased (up 280 basis points from the prior quarter) on a trailing three-month basis

Balance Sheet as of March 31, 2026

•Total liquidity of $933.3 million consisting of $138.0 million in unrestricted cash and cash equivalents and $795.3 million of

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Hudson Pacific Properties, Inc.

Press Release

Hudson Pacific Properties Reports

Fourth Quarter 2025 Financial Results

– Signed 2.2M Sq Ft of Office Leases in 2025 Including 518,000 Sq Ft in Fourth Quarter –

– Achieved Second Sequential Quarter of Positive Net Absorption –

– Provides 2026 Full-Year FFO Outlook –

LOS ANGELES (February 26, 2026)—Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP") today announced financial results for the fourth quarter 2025.

"2025 was a breakthrough year for Hudson Pacific as we fundamentally transformed our capital structure and significantly enhanced our operating efficiency," said Victor Coleman, Chairman and CEO. "We executed nearly $330 million of strategic asset sales, completed more than $2 billion of proactive capital transactions that extended our maturity runway and nearly doubled our liquidity, and drove meaningful annual cost savings through G&A reduction and operational restructuring. Most importantly, we delivered our strongest leasing performance since 2019, signing more than 2.2 million square feet of office leases as market fundamentals continue to strengthen across our West Coast portfolio.

"Our priorities for 2026 are clear and executable: drive occupancy growth to unlock embedded NOI expansion, eliminate Quixote's earnings drag by year-end, and maintain capital discipline through value-driven asset sales and strategic deleveraging. With our leasing pipeline now at 2.3 million square feet, fourth quarter tours up more than 50% year-over-year, and the lowest office lease expiration schedule we've had in four years, we have clear line of sight to a return to FFO growth and strengthened earnings potential as we move through the year."

Financial Results Compared to Fourth Quarter 2024

•Total revenue of $256.0 million compared to $209.7 million, largely attributable to the lease termination fee associated with the sale of an office campus, Element LA

•General and administrative expenses improved to $13.0 million compared to $19.5 million

•Net loss attributable to common stockholders of $277.9 million, or $4.31 per diluted share, compared to net loss of $167.0 million, or $8.28 per diluted share, primarily due to the items affecting revenue and a non-cash, non-real-estate impairment of Quixote

•FFO, excluding specified items, of $13.6 million, or $0.21 per diluted share, compared to $15.5 million, or $0.74 per diluted share. Specified items in the fourth quarter totaled $213.6 million, or $3.27 per diluted share, primarily consisting of the aforementioned non-cash, non-real estate impairment and one-time lease termination fee, net, compared to specified items totaling $108.5 million, or $5.21 per diluted share

•FFO of $(200.0) million, or $(3.06) per diluted share, compared to $(93.0) million, or $(4.47) per diluted share, largely attributable to the items affecting net loss

•AFFO of $(9.1) million, or $(0.14) per diluted share, compared to $3.6 million, or $0.17 per diluted share, primarily due to the items affecting FFO, lower non-cash compensation expense and higher recurring capital expenditures

•Same-store cash NOI of $84.8 million compared to $94.3 million, primarily due to lower average office occupancy

Leasing

•Executed 79 new and renewal leases totaling 518,196 square feet

Hudson Pacific Properties, Inc.

Press Release

◦Subsequent to the quarter, signed a renewal lease with Weil, Gotshal & Manges for 59,000 square feet through 2038

•GAAP rents increased 0.4% and cash rents decreased 9.0% from prior levels

•In-service office portfolio ended the quarter at 76.3% occupied and 77.0% leased, up sequentially from 75.9% occupied and 76.5% leased in the third quarter this year. Fourth-quarter-end occupied and leased percentages would have been 76.8% and 77.5%, respectively, without the sale of Element LA

•In-service studio portfolio and stages were 67.1% and 69.1% leased, respectively, over the trailing 12 months, up sequentially from 64.6% and 65.8% in the third quarter of this year, driven by improved occupancy at Sunset Las Palmas Studios

Dispositions

•Sold Element LA, a 284,000-square-foot office campus in West Los Angeles, California, for $150 million and received a separate lease termination payment of $81 million, all before prorations and closing costs, with total net proceeds used to repay $206 million of CMBS debt associated with the property and the remainder designated for general corporate purposes

Development

•Completed Sunset Pier 94 Studios in Manhattan on time and under budget, and signed leases with tenants during and subsequent to the quarter such that approximately 90% of the facility, including all six stages, is leased within the first quarter of operations

Balance Sheet as of December 31, 2025

•$933.6 million of total liquidity comprised of $138.4 million of unrestricted cash and cash equivalents and $795.3 million o