Hudson Pacific Properties, Inc. reported a $78.1 million, or 54.2%, increase in net loss to $222.2 million for the three months ended September 30, 2026; same-store NOI increased $6.7 million.
HPP · Hudson Pacific Properties, Inc.
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Hudson Pacific raised 2026 core FFO guidance to $1.15 to $1.21 per diluted share as office occupancy reached 85.6% and same-store cash NOI grew 8%. Proforma liquidity was $840 million, while debt fell 14% year over year.
Hudson Pacific Properties reported fifth-quarter office occupancy growth to 85.6%, executed 533,708 square feet of leases, and raised full-year 2026 Core FFO guidance to $1.15 to $1.21 per diluted share from $1.12 to $1.20.
Hudson Pacific Properties commenced a cash tender offer for up to $200,000,000 of its 3.950% Senior Notes due 2027 and 5.950% Senior Notes due 2028, targeting $100,000,000 of each series. The offer expires October 9, 2026, with settlement anticipated October 14, 2026.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 5, 2026TL;DR. Hudson Pacific raised 2026 Core FFO guidance, delivered growth in Core FFO per share, same-store cash NOI, office leasing and occupancy, improved studio performance, maintained a large leasing pipeline, reduced debt, preserved liquidity, extended a major loan maturity, and secured residential conversion entitlements. The quarter nevertheless included a wider net loss, lower revenue, negative AFFO, depressed Los Angeles production, higher leverage, and ongoing financing and disposition-timing needs.
- + Full-year 2026 Core FFO guidance was raised and narrowed to $1.15-$1.21 per diluted share from $1.12-$1.20.
- + The leasing pipeline remained above 2 million square feet, with more than 1 million square feet in advanced stages, nearly twice the prior-year level. new
- + Studio performance improved, with HPP’s share of core studio NOI rising to $4.3 million from $2.2 million in the prior quarter and negative $2.5 million a year earlier. new
- − Net loss attributable to common stockholders widened to $218.1 million, or $3.38 per diluted share, from $136.5 million, or $2.12 per diluted share. new
- − Total revenue declined to $180.9 million from $186.6 million, primarily because of asset dispositions.
- − AFFO fell to negative $5.1 million, or negative $0.08 per diluted share, from positive $12.3 million, or $0.19 per diluted share, reflecting higher lease-up capital expenditures. new
- − Los Angeles on-location shoot days remained depressed, down 5% year over year and 29% below the five-year average. new
- − HPP’s share of debt to cash-adjusted EBITDAre increased to 11.8x from 11.5x a year earlier. new
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
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative 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 | — |
| Office NOI non-GAAP | $83.59M | 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 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 | — |
| Studio NOI non-GAAP | $1.04M | the three months ended June 30, 2026 filing | — |
| % change in cash rent | -11.4% | Three Months Ended 6/30/26 | — |
| % change in GAAP rent | 17.2% | Three Months Ended 6/30/26 | — |
| AFFO non-GAAP | -14.29M | Six Months Ended 6/30/26 | — |
| AFFO per diluted share non-GAAP | -$0.05 | Q2 2026 | — |
| Core FFO non-GAAP | 39.68M | Six Months Ended 6/30/26 | — |
| Core FFO per diluted share non-GAAP | $0.35 | Q2 2026 | — |
| FFO per diluted share non-GAAP | $0.24 | Q2 2026 | — |
| FFO to common stock/unit holders non-GAAP | 33.61M | Six Months Ended 6/30/26 | — |
| Hollywood studios stages leased | 95.5% | Q2 2026 | — |
| HPP's share debt, net/HPP's share undepreciated book value non-GAAP | 32.4% | As of June 30, 2026 | — |
| In-service office leased rate | 82.8% | Q2 2026 | — |
| In-service office portfolio occupancy | 82.5% | Q2 2026 | — |
| In-service office square feet | 12,795,432 | Three Months Ended 6/30/26 | — |
| In-service studio square feet | 1,680,023 | Three Months Ended 6/30/26 | — |
| In-service studio stages leased (trailing 12-month) | 74.6% | Q2 2026 | — |
| In-service studio stages leased (trailing three-month) | 74.6% | Q2 2026 | — |
| Leases executed (square feet) | 1,293,894 | Three Months Ended 6/30/26 | — |
| Leasing pipeline | 2.4M | Q2 2026 | — |
| Net effective rent per square foot | $52.8 | Three Months Ended 6/30/26 | — |
| NOI non-GAAP | 84.62M | Three Months Ended 6/30/26 | — |
GAAP → non-GAAP reconciliationGAAP Net loss -104.69M
+959K Loss from unconsolidated real estate entities
-964K Fee income
+38.48M Interest expense
-566K Interest income
-1.1M Management services reimbursement income—unconsolidated real estate entities
+1.1M Management services expense—unconsolidated real estate entities
+682K Transaction-related expenses
+840K Unrealized loss (gain) on non-real estate investments
+0K Loss (gain) on sale of real estate, net
+50.44M Impairment loss
+0K Loss on extinguishment of debt
+4.92M Loss on lease terminations and other
+394K Income tax provision
+12M General and administrative
+82.13M Depreciation and amortization
= NOI 84.62M
|
|||
| Non-same-store NOI non-GAAP | -7.18M | Three Months Ended 6/30/26 | — |
| Number of office properties owned | 41 | Three Months Ended 6/30/26 | — |
| Office leases executed | 1.3M | Q2 2026 | — |
| Same-store cash NOI non-GAAP | $90.2M | Q2 2026 | — |
| Same-store cash NOI growth non-GAAP | 7.5% | Q2 2026 | — |
| Same-store expenses non-GAAP | 79.74M | Three Months Ended 6/30/26 | — |
| Same-store office average % occupied | 79.8% | Three Months Ended 6/30/26 | — |
| Same-store office cash expenses non-GAAP | 66.61M | Three Months Ended 6/30/26 | — |
| Same-store office cash revenues non-GAAP | 149.23M | Three Months Ended 6/30/26 | — |
| Same-store office expenses non-GAAP | 67.57M | Three Months Ended 6/30/26 | — |
| Same-store office number of properties | 37 | Three Months Ended 6/30/26 | — |
| Same-store office revenues non-GAAP | 152.02M | Three Months Ended 6/30/26 | — |
| Same-store office square feet | 11,262,603 | Three Months Ended 6/30/26 | — |
| Same-store revenues non-GAAP | 171.54M | Three Months Ended 6/30/26 | — |
| Same-store studio average stage % leased | 95.5% | Three Months Ended 6/30/26 | — |
| Same-store studio average total % leased | 83.1% | Three Months Ended 6/30/26 | — |
| Same-store studio cash expenses non-GAAP | 12.2M | Three Months Ended 6/30/26 | — |
| Same-store studio expenses non-GAAP | 12.16M | Three Months Ended 6/30/26 | — |
| Same-store studio revenues non-GAAP | 19.52M | Three Months Ended 6/30/26 | — |
| Same-store studio square feet | 1,204,939 | Three Months Ended 6/30/26 | — |
| Same-store studios cash revenues non-GAAP | 19.73M | Three Months Ended 6/30/26 | — |
| Sunset Pier 94 Studios leased | 78.5% | Q2 2026 | — |
| Total in-service office properties | 38 | Three Months Ended 6/30/26 | — |
| Total in-service studio stages | 45 | Three Months Ended 6/30/26 | — |
| Total liquidity | $876.1M | Q2 2026 | — |
| Total same-store cash NOI non-GAAP | 175.4M | Six Months Ended 6/30/26 | — |
| Total same-store NOI non-GAAP | 178.94M | Six Months Ended 6/30/26 | — |
| Unsecured revolving credit facility undrawn capacity | 795.25M | Three Months Ended 6/30/26 | — |
| Weighted average lease term (in months) | 143.1 | Three Months Ended 6/30/26 | — |
| Weighted average years to maturity—HPP's share secured and unsecured debt | 2.1 | Three Months Ended 6/30/26 | — |
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
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|---|---|---|---|---|---|
|
HPP
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Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 6, 2026
- This year
- 16
Hudson Pacific Properties, Inc. reported a $78.1 million, or 54.2%, increase in net loss to $222.2 million for the three months ended September 30, 2026; same-store NOI increased $6.7 million.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| HPP | +4.4% | -14.0% | -24.0% | -15.9% | -18.2% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +1.8% | -12.8% | -24.5% | -15.8% | -28.8% |
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.