Hudson Pacific Properties, Inc.

Listed Company

HPPCIK 0001482512NYSELarge AcceleratedReal EstateMarylandFY ends Dec 31

Period

FY 2025

Revenue

$831.11M

Net Income

$-592.30M

Total Assets

$7.27B

Equity

$2.97B

Shares Out

54.24M

Op. Cash Flow

$120.98M

Business

Hudson Pacific Properties, Inc. is a vertically integrated real estate investment trust that acquires, repositions, develops and operates office and studio properties and related businesses for technology and media tenants. It offers Class-A office space, state-of-the-art sound stages, production-supporting offices, land for future development, and production services assets including equipment and leased stage rights. The company reports two operating segments: office properties and related operations, and studio properties and related operations. Its portfolio is concentrated in Los Angeles, the San Francisco Bay Area, Seattle, New York, Vancouver and select global media markets.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	831	842	952	1,026	897
General and administrative	73	79	75	80	71
Depreciation and amortization	375	354	398	373	344
Total operating expenses	876	888	923	867	751
Loss from unconsolidated real estate entities	−67,000	−7	−4	943,000	2
Fee income	5	5	6	8	3
Interest expense	−172	−177	−214	−150	—
Interest income	6	2	2	2	4
Management services reimbursement incomeunconsolidated real estate entities	4	4	4	4	1
Management services expenseunconsolidated real estate entities	−4	−4	−4	−4	−1
Transaction-related expenses	−590,000	−2	1	−14	−9
Unrealized loss on non-real estate investments	−3	−4	−3	−1	17
Gain (loss) on sale of real estate, net	6	−2	103	−2	0
Impairment loss	−299	−150	−60	−29	—
Loss on deconsolidation of real estate entity	−78	0	0	—	—
(Loss) gain on extinguishment of debt	−10	0	10	0	−6
Other (expense) income	−2	2	−6,000	9	−3
Loss on sale of bonds	0	0	−34	0	0
Total other expenses	−548	−334	−193	−176	−117
Loss before income tax benefit (provision)	−593	−380	−164	−17	29
Income tax benefit (provision)	273,000	−2	−7	0	0
Net loss	−592	−381	−171	−17	29
Net income attributable to participating securities	0	−409,000	−850,000	−1	−1
Net loss attributable to non-controlling interest in consolidated real estate entities	27	25	9	−23	−22
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	3	4	−13	5	3
Net loss attributable to common units in the operating partnership	10	9	3	709,000	−61,000
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	−572	−364	−192	−56	6
Net loss attributable to common stockholdersbasic (in dollars per share)	−12.81	−18.05	−9.54	−0.39	0.04
Net loss attributable to common stockholdersdiluted (in dollars per share)	−12.81	−18.05	−9.54	−0.39	0.04
Weighted average shares of common stock outstandingbasic (in shares)	45	20	20	144	152
Weighted average shares of common stock outstandingdiluted (in shares)	45	20	20	144	152

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment in real estate, at cost	7,793	8,233	8,213	8,717	8,361
Accumulated depreciation and amortization	−1,953	−1,791	−1,728	−1,541	−1,284
Investment in real estate, net	5,840	6,442	6,484	7,175	7,078
Non-real estate property, plant and equipment, net	72	127	119	130	58
Cash and cash equivalents	138	63	100	256	97
Restricted cash	24	36	19	30	100
Accounts receivable, net	15	15	25	17	25
Straight-line rent receivables, net	195	200	221	280	240
Deferred leasing costs and intangible assets, net	307	328	327	394	341
Operating lease right-of-use assets	333	371	376	401	287
Prepaid expenses and other assets, net	87	90	94	99	119
Investment in unconsolidated real estate entities	247	221	253	181	155
Goodwill	9	157	264	264	109
Assets associated with real estate held for sale	0	83	0	—	—
TOTAL ASSETS	7,268	8,132	8,282	9,319	8,990
Accounts payable, accrued liabilities and other	209	194	204	264	301
Operating lease liabilities	344	380	389	400	294
Intangible liabilities, net	18	22	28	34	42
Security deposits, prepaid rent and other	74	85	89	84	—
Liabilities associated with real estate held for sale	0	31	0	—	—
Total liabilities	4,063	4,955	4,721	5,434	4,654
Commitments and contingencies (Note 21)	—	—	—	—	—
Redeemable preferred units of the operating partnership	3	10	10	10	10
Redeemable non-controlling interest in consolidated real estate entities	51	49	57	125	129
Common stock, $0.01 par value, 103,200,000 authorized and 54,227,096 shares outstanding at December 31, 2025; 68,800,000 authorized and 20,182,702 shares outstanding at December 31, 2024	529,000	1	1	1	2
Additional paid-in capital	2,548	2,437	2,652	2,890	3,317
Accumulated other comprehensive loss	−2	−8	−187,000	−11	−2
Total Hudson Pacific Properties, Inc. stockholders equity	2,972	2,855	3,078	3,305	3,742
Total equity	3,152	3,119	3,494	3,750	4,197
TOTAL LIABILITIES AND CAPITAL	7,268	8,132	8,282	9,319	8,990

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	375	354	398	373	344
Non-cash interest expense	14	8	22	5	10
Amortization of share/unit-based compensation	30	26	24	24	21
Straight-line rents	5	15	−701,000	−39	−22
Straight-line rent expense	4	5	5	3	1
Amortization of above- and below-market leases, net	−4	−5	−6	−8	−11
Amortization of above- and below-market ground lease, net	3	3	3	3	2
Amortization of lease incentive costs	7	2	1	2	2
Loss on sale of non-real estate property, plant and equipment	2	0	0	—	—
Gain from insurance proceeds	−609,000	0	0	−1	0
Deferred tax provision	−2	593,000	7	0	0
Earnout liability fair value adjustment	0	0	−4	2	0
Accounts receivable	170,000	10	−6	16	4
Deferred leasing costs and lease intangibles	−64	−31	−16	−34	−20
Prepaid expenses and other assets	−9	−7	−10	−2	−33
Accounts payable, accrued liabilities and other	−21	4	−3	12	−38,000
Security deposits, prepaid rent and other	−12	−2	2	—	−5
Net cash provided by operating activities	121	165	232	370	315
Proceeds from sales of real estate	236	21	843	138	0
Additions to investment property	−144	−199	−299	−277	−339
Insurance proceeds for damaged property, plant and equipment	1	0	0	1	0
Cash disposed on deconsolidation of real estate entity	−12	0	0	—	—
Cash acquired from consolidation of previously unconsolidated real estate entity	0	9	0	0	—
Contributions to unconsolidated real estate entities	−18	−48	−69	−40	−76
Distributions from unconsolidated real estate entities	4	211,000	3	2	2
Additions to non-real estate property, plant and equipment	−22	−23	−6	−20	−6
Cash received for investment tax credits	2	0	0	—	—
Contributions to non-real estate investments	−4	−6	−5	−17	−12
Distributions from non-real estate investments	924,000	189,000	0	1	53,000
Proceeds from sale of non-real estate investment	0	0	503,000	0	0
Settlement of earnout liability	0	−5	0	0	—
Net cash provided by (used in) investing activities	43	−251	468	−378	−754
Proceeds from unsecured and secured debt	1,291	181	382	1,198	1,451
Payments of unsecured and secured debt	−2,010	−38	−1,204	−515	−1,118
Payments of loan costs	−21	0	−839,000	−2	−15
Fees for prepayments of notes payable	−5	0	0	—	—
Proceeds from sale of common stock	523	0	0	0	45
Proceeds from sale of pre-funded warrants	138	0	0	—	—
Repurchases of common stock	0	0	−1	−37	−46
Transaction costs	−6	−79,000	0	−573,000	−397,000
Redemption of series A preferred units	−7	0	0	—	—
Redemption of common units in the operating partnership	−318,000	0	0	—	0
Dividends paid to common stock and unitholders	−351,000	−15	−55	−145	−155
Dividends paid to preferred stock and unitholders	−21	−21	−21	−23	−612,000
Contributions from redeemable non-controlling members in consolidated real estate entities	5	88,000	2	575,000	—
Distributions to redeemable non-controlling members in consolidated real estate entities	−15,000	−4	−82	−16,000	−16,000
Contributions from non-controlling members in consolidated real estate entities	34	34	26	24	25
Distributions to non-controlling members in consolidated real estate entities	−22	−29	−59	−72	−111
Purchase of non-controlling interest	0	−41	0	0	—
Proceeds from sale of bonds	0	0	146	0	0
Payments to satisfy tax withholding obligations	−237,000	−571,000	−88,000	−695,000	−2
Net cash (used in) provided by financing activities	−101	66	−867	97	487
Net increase (decrease) in cash and cash equivalents and restricted cash	63	−20	−167	89	—

Filings

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