HPP · Hudson Pacific Properties, Inc.
Price & Indicators
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;DR. Hudson Pacific executed a record 1.3 million square feet of office leases headlined by a 24-year, 891,000-square-foot deal with the City and County of San Francisco, lifted in-service office occupancy 470 bps to 82.5% for a fourth consecutive quarterly gain, grew same-store cash NOI 7.5%, and raised full-year 2026 Core FFO guidance to $1.12–$1.20 per diluted share from $1.10–$1.18.
- + Executed a record 1.3 million square feet of office leases, including a 24-year, 891,000-square-foot deal with the City and County of San Francisco.
- + In-service office occupancy rose 470 bps sequentially to 82.5%, the fourth consecutive quarter of gains.
- + Same-store cash NOI grew 7.5% to $90.2 million.
- + Core FFO nearly tripled to $23.1 million, or $0.35 per diluted share (up 30% per share).
- + Raised full-year 2026 Core FFO guidance to $1.12–$1.20 per diluted share from $1.10–$1.18.
- + Core Studio NOI rose $7 million year-over-year to $4.6 million, with HPP's share turning positive for the first time in two years.
- − Hollywood Media Portfolio loan was transferred to special servicer ahead of its third-quarter maturity.
- − Total revenue declined to $188.3 million from $190.0 million, primarily due to asset dispositions.
- − Excluding the City and County lease, cash rents on new/renewal leases were down 9.9% due to Palo Alto re-leasing off pre-pandemic peak rents.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Average % leased for the period | 83.5% | the three months ended June 30, 2026 filing | — |
| Average % occupied for the period | 79.8% | the three months ended June 30, 2026 filing | — |
| Average annual rental rate per square foot | $56.78 | the three months ended June 30, 2026 filing | — |
| Ending % leased | 81.3% | the three months ended June 30, 2026 filing | — |
| Ending % occupied | 81% | the three months ended June 30, 2026 filing | — |
| NOI non-GAAP | $84.62M | the three months ended June 30, 2026 filing | — |
| Non-same-store NOI non-GAAP | -$7.18M | the three months ended June 30, 2026 filing | — |
| Office NOI non-GAAP | $83.59M | the three months ended June 30, 2026 filing | — |
| Same-store NOI non-GAAP | $91.8M | the three months ended June 30, 2026 filing | — |
| Same-store office average % occupied for the period | 79.8% | the three months ended June 30, 2026 filing | — |
| Same-store office average annual rental rate per square foot | $56.78 | the three months ended June 30, 2026 filing | — |
| Same-store office ending % leased | 81.3% | the three months ended June 30, 2026 filing | — |
| Same-store office ending % occupied | 81% | the three months ended June 30, 2026 filing | — |
| Same-store office number of properties | 37 | the three months ended June 30, 2026 filing | — |
| Same-store office rentable square feet | 11,262,603 | the three months ended June 30, 2026 filing | — |
| Same-store studio average % leased for the period | 83.5% | the three months ended June 30, 2026 filing | — |
| Same-store studio number of properties | 3 | the three months ended June 30, 2026 filing | — |
| Same-store studio rentable square feet | 1,204,939 | the three months ended June 30, 2026 filing | — |
| Studio NOI non-GAAP | $1.04M | the three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Office — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
HPP
this stock
Hudson Pacific Properties, Inc.
|
$631.92M | +7.7% | -1.3% | — | 12.4% |
|
BXP
BXP, Inc.
|
$9.85B | -8.6% | +2.2% | 33.2 | 7.8% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$8.45B | -1.0% | -2.9% | — | 3.9% |
|
VNO
Vornado Realty Trust
|
$6.48B | +1.8% | +1.3% | 1157.7 | 6.1% |
|
CUZ
Cousins Properties Inc
|
$4.56B | +7.1% | +16.0% | 693.1 | 7.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| HPP | -3.5% | -7.2% | +94.0% | -7.2% | +7.7% |
| SPY | -1.2% | -0.4% | +13.1% | -0.4% | +12.1% |
| vs SPY | -2.3% | -6.9% | +81.0% | -6.9% | -4.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.