Washington, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 001-34789 (Hudson Pacific Properties, Inc.) Commis ...

Hudson Pacific Properties (HPP) came out with quarterly funds from operations (FFO) of $0.09 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to FFO of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 12.50%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.10 per share when it actually produced FFO of $0.11, delivering a surprise of 10%.Over the last f ...

Table of Contents | | Page | | --- | --- | | Executive Summary | 3 | | Corporate Information | 6 | | Consolidated Balance Sheets | 8 | | Consolidated Statements of Operations | 9 | | Funds from Operations & Adjusted Funds from Operations | 10 | | Consolidated Same-Store Property Performance | 11 | | NOI Detail | 12 | | Debt Summary & Debt Metrics | 13 | | Debt Maturities, Composition & Hedging Instruments | 14 | | Debt Covenant Compliance | 15 | | Existing Portfolio Summary | 16 | | Office Properties by Loc ...

Hudson Pacific Properties (HPP) Q1 2025 Earnings Call May 07, 2025 05:00 PM ET Speaker0 Good afternoon. My name is Alex, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Hudson Pacific Properties First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. At this time, I'd like to turn the call over to Laura Campbe ...

Hudson Pacific Properties, Inc. Press Release Hudson Pacific Properties Reports First Quarter 2025 Financial Results • Total revenue of $198.5 million compared to $214.0 million, primarily due to asset sales and lower office occupancy • Net loss attributable to common stockholders of $74.7 million, or $0.53 per diluted share, compared to net loss of $52.2 million, or $0.37 per diluted share, largely attributable to items affecting revenue, as well as one-time lease termination fees associated with Quixote c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____to_____ Commission file number 001-34789 (Hudson Pacific Properties, Inc.) Commission file number 333-202799-01 (Hudson Pacific Properties, L.P.) Hudson Pacifi ...

Financial Data and Key Metrics Changes - The fourth quarter 2024 revenue was $209.7 million, down from $223.4 million in the same quarter last year, primarily due to the sale of One Westside and a tenant moving out of Maxwell [36] - Fourth quarter FFO, excluding specified items, was $15.5 million or $0.11 per diluted share, compared to $19.6 million or $0.14 per diluted share a year ago [36][37] - Same-store cash NOI was $94.2 million, down from $106.3 million in the fourth quarter last year, mainly due to lower office occupancy [38] Business Line Data and Key Metrics Changes - Office leasing increased nearly 20% year-over-year, with over 2 million square feet of signed leases, including 1.2 million square feet of new leasing [9][10] - The trailing 12-month net effective rents were 2% lower year-over-year and 8% lower than pre-pandemic levels, while net effective rents on new deals were up 18% year-over-year [24] - Studio revenues increased by $2 million compared to the prior quarter, driven by increased production activity [30] Market Data and Key Metrics Changes - San Francisco and Silicon Valley achieved positive net absorption in the fourth quarter, marking record years for gross leasing post-pandemic [12] - Fourth quarter venture funding reached $75 billion, the highest since Q2 2022, driven by interest in AI [13] - The Bay Area received 53% of global AI venture funding in 2024, indicating strong demand for office space from AI companies [14] Company Strategy and Development Direction - The company aims to reinvigorate earnings growth through strategic priorities such as office and studio leasing, property sales, and cost containment [7][8] - The focus remains on enhancing the balance sheet and pursuing asset sales, with $94 million generated from recent sales [11][22] - The company is optimistic about the film and television industry in Los Angeles, particularly with proposed tax credits to boost local production [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macro uncertainties, businesses are poised to benefit from pro-growth policies, with tech layoffs at their lowest since Q1 2022 [15][16] - The company expects office portfolio occupancy to stabilize in the second half of 2025, driven by new leasing activity [28] - For 2025, the company anticipates same-store property cash NOI growth of negative 12.5% to 13.5%, reflecting lower occupancy in the first half of the year [46] Other Important Information - The company amended its credit facility to improve covenant performance and maintain liquidity, with total liquidity of $518.3 million [40][42] - The Quixote business is undergoing cost-cutting measures, with $7.5 million in annual savings expected [32][68] Q&A Session Summary Question: How are the fundamentals firming up in office leasing? - Management indicated that tours and the leasing pipeline are up, with average deal sizes increasing, suggesting a positive trend [51][52] Question: What is the current status of secured financing? - Management is confident in the ongoing processes for multiple financing events, expecting positive outcomes soon [55] Question: Can you provide insights on the leasing pipeline and tenant types? - Management expressed confidence in closing deals, noting an increase in late-stage LOIs and leases, with urgency from tenants returning to the office [62][63] Question: What are the expectations for occupancy trends this year? - Management expects a dip in occupancy in the first quarter due to expirations but anticipates recovery in the following quarters [106][107] Question: How does the company view the Quixote business after the impairment? - Management clarified that the impairment is a GAAP requirement and does not reflect the actual value of the business, maintaining confidence in its future [97][99]

Hudson Pacific Properties (HPP) reported $209.67 million in revenue for the quarter ended December 2024, representing a year-over-year decline of 6.2%. EPS of $0.11 for the same period compares to -$0.70 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $208.66 million, representing a surprise of +0.48%. The company delivered an EPS surprise of +10.00%, with the consensus EPS estimate being $0.10.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Hudson Pacific Properties (HPP) came out with quarterly funds from operations (FFO) of $0.11 per share, beating the Zacks Consensus Estimate of $0.10 per share. This compares to FFO of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 10%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.11 per share when it actually produced FFO of $0.10, delivering a surprise of -9.09%.Over the last f ...

Financial Performance - Total revenue for Q4 2024 was $209.7 million, down from $223.4 million in Q4 2023, primarily due to the sale of One Westside and a tenant move-out at Maxwell[4] - Net loss attributable to common stockholders was $167.0 million, or $1.18 per diluted share, compared to a net loss of $98.0 million, or $0.70 per diluted share in the prior year[4] - FFO, excluding specified items, was $15.5 million, or $0.11 per diluted share, down from $19.6 million, or $0.14 per diluted share in Q4 2023[4] - Total revenues for the year ended 12/31/24 decreased to $842,082,000, down 11.6% from $952,297,000 for the year ended 12/31/23[24] - Net loss attributable to common stockholders for the year ended 12/31/24 was $364,143,000, compared to a net loss of $192,181,000 for the year ended 12/31/23, representing an increase in loss of 89.5%[24] - For the three months ended December 31, 2024, Hudson Pacific Properties reported a net loss of $173,481,000 compared to a net loss of $88,654,000 for the same period in 2023[25] - Funds from Operations (FFO) attributable to common stock/unit holders was $(93,020,000) for Q4 2024, a decrease from $12,779,000 in Q4 2023[25] - Adjusted Funds from Operations (AFFO) for the year ended December 31, 2024, was $67,104,000, down from $115,669,000 in 2023[30] Operational Metrics - Same-store cash NOI decreased to $94.2 million from $106.3 million, primarily due to lower office portfolio occupancy[5] - The in-service office portfolio ended Q4 2024 at 78.3% occupied and 78.9% leased, compared to 79.1% occupied and 80.0% leased in the prior quarter[10] - Executed 76 new and renewal leases totaling 441,924 square feet, including a new lease with Salesforce for 83,000 square feet[10] - Same-store office cash revenues decreased to $157,370,000 in Q4 2024 from $168,873,000 in Q4 2023, reflecting a decline of approximately 6.5%[31] - Hudson Pacific Properties' same-store revenues for the three months ended December 31, 2024, totaled $172,687,000, down from $175,138,000 in the same period of 2023[31] Liquidity and Assets - The company had $518.3 million of total liquidity as of December 31, 2024, including $63.3 million of unrestricted cash[10] - Cash and cash equivalents decreased to $63,256,000 as of 12/31/24, down 37% from $100,391,000 as of 12/31/23[23] - Total assets decreased to $8,132,239,000 as of 12/31/24, down 1.8% from $8,282,050,000 as of 12/31/23[23] - Total liabilities increased to $4,954,508,000 as of 12/31/24, up 4.9% from $4,720,881,000 as of 12/31/23[23] Impairments and Expenses - The company reported an impairment loss of $149,664,000 for the year ended 12/31/24, compared to $60,158,000 for the year ended 12/31/23[24] - The company reported a goodwill impairment of $107,615,000 for the year ended December 31, 2024[25] - The company incurred transaction-related expenses of $2,306,000 for the year ended December 31, 2024[30] Future Outlook - The company provided an FFO outlook for Q1 2025 of $0.07 to $0.11 per diluted share[10] - The company anticipates a same-store property cash NOI growth decline of between (13.50)% and (12.50)% for the full year 2025[13] - The company plans to continue executing on asset sales and seek additional cost savings to strengthen its balance sheet in 2025[2] Depreciation and Stock Metrics - Total depreciation and amortization for the year ended December 31, 2024, was $354,425,000, down from $397,846,000 in 2023[25] - The weighted average shares of common stock outstanding for the year ended 12/31/24 were 141,193,000, slightly up from 140,953,000 for the year ended 12/31/23[24] - The weighted average common stock/units outstanding—diluted for the year ended December 31, 2024, was 145,603,000, slightly up from 144,552,000 in 2023[25]