# Hudson Pacific Properties, Inc. (HPP)

Informational only - not investment advice.

CIK: 0001482512
SIC: 6500 Real Estate
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1482512
Filing source: https://www.sec.gov/Archives/edgar/data/1482512/000148251226000038/hpp-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001482512-26-000038 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001482512.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 831,105,000 USD | 2025 | verified |
| Net income | -592,298,000 USD | 2025 | verified |
| Assets | 7,267,968,000 USD | 2025 | verified |
| Net margin | -71.27% | 2025 | computed |
| Revenue YoY | -1.30% | 2025 | computed |
| ROE | -19.93% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | HPP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -71.3% | 8.9% | 5 | 20 |
| Revenue growth | -1.3% | 8.9% | 22 | 19 |
| ROE | -19.9% | 5.5% | 11 | 20 |
| ROA | -8.1% | 1.4% | 11 | 20 |
| Liabilities / equity | 1.37 | 1.39 | 47 | 20 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 831105000 | USD | 2025 | 2026-02-27 |
| Net income | -592298000 | USD | 2025 | 2026-02-27 |
| Assets | 7267968000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001482512.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 639,639,000 | 728,139,000 | 728,418,000 | 818,182,000 | 804,965,000 | 896,835,000 | 1,026,224,000 | 952,297,000 | 842,082,000 | 831,105,000 |
| Net income |  |  | 43,758,000 | 94,561,000 | 111,781,000 | 55,846,000 | 16,430,000 | 29,012,000 | -16,517,000 | -170,700,000 | -381,406,000 | -592,298,000 |
| Gross profit | 117,975,000 | 149,146,000 |  |  | 460,708,000 | 516,660,000 | 505,186,000 | 560,988,000 | 612,406,000 | 501,832,000 | 388,003,000 | 403,363,000 |
| Diluted EPS |  |  | 0.25 | 0.44 | 0.63 | 0.28 | 0.00 | 0.04 | -0.39 | -9.54 | -18.05 | -12.81 |
| Operating cash flow |  |  | 226,774,000 | 292,959,000 | 214,626,000 | 288,011,000 | 302,032,000 | 314,863,000 | 369,501,000 | 232,256,000 | 164,657,000 | 120,977,000 |
| Dividends paid |  |  | 117,819,000 | 158,544,000 | 157,003,000 | 157,825,000 | 154,996,000 | 154,560,000 | 145,427,000 | 54,960,000 | 15,377,000 | 351,000 |
| Share buybacks |  |  | 0.00 | 0.00 | 50,000,000 | 0.00 | 80,213,000 | 46,137,000 | 37,206,000 | 1,369,000 | 0.00 | 0.00 |
| Assets |  |  | 6,678,998,000 | 6,622,070,000 | 7,070,879,000 | 7,466,568,000 | 8,350,202,000 | 8,990,189,000 | 9,319,140,000 | 8,282,050,000 | 8,132,239,000 | 7,267,968,000 |
| Liabilities |  |  | 2,966,071,000 | 2,700,929,000 | 3,117,793,000 | 3,622,131,000 | 4,244,533,000 | 4,653,933,000 | 5,434,450,000 | 4,720,881,000 | 4,954,508,000 | 4,063,003,000 |
| Stockholders' equity |  |  | 3,103,283,000 | 3,637,771,000 | 3,543,546,000 | 3,416,793,000 | 3,463,139,000 | 3,741,822,000 | 3,305,104,000 | 3,078,014,000 | 2,855,470,000 | 2,972,157,000 |
| Cash and cash equivalents |  |  | 83,015,000 | 78,922,000 | 53,740,000 | 46,224,000 | 113,686,000 | 96,555,000 | 255,761,000 | 100,391,000 | 63,256,000 | 138,358,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 6.84% | 12.99% | 15.35% | 6.83% | 2.04% | 3.23% | -1.61% | -17.93% | -45.29% | -71.27% |
| Return on equity |  |  | 1.41% | 2.60% | 3.15% | 1.63% | 0.47% | 0.78% | -0.50% | -5.55% | -13.36% | -19.93% |
| Return on assets |  |  | 0.66% | 1.43% | 1.58% | 0.75% | 0.20% | 0.32% | -0.18% | -2.06% | -4.69% | -8.15% |
| Liabilities / equity |  |  | 0.96 | 0.74 | 0.88 | 1.06 | 1.23 | 1.24 | 1.64 | 1.53 | 1.74 | 1.37 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/HPP/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001482512.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | -0.05 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.12 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.14 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 245,168,000 | -31,474,000 | -0.26 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 231,443,000 | -35,752,000 | -0.27 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 223,423,000 | -88,654,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 214,023,000 | -53,355,000 | -0.37 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 218,000,000 | -47,557,000 | -0.33 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 200,393,000 | -107,013,000 | -0.69 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 209,666,000 | -173,481,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 198,459,000 | -80,278,000 | -0.53 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 190,002,000 | -87,760,000 | -0.41 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 186,617,000 | -144,086,000 | -0.30 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 256,027,000 | -280,174,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 181,852,000 | -50,904,000 | -0.82 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from HPP's latest 10-K: [/company/HPP/business/](/company/HPP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from HPP's latest 10-K: [/company/HPP/risk-factors/](/company/HPP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1482512/000148251226000069/hpp-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-06-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part I, Item 1 “Financial Statements of Hudson Pacific Properties, Inc.,” “Financial Statements of Hudson Pacific Properties, L.P.” and “Notes to Unaudited Consolidated Financial Statements.” Statements in this Item 2 contain forward-looking statements. For a discussion of important risks related to our business and related to investing in our securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking statements, refer to Part II, Item 1A “Risk Factors.” In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

Forward-looking Statements

Certain written and oral statements made or incorporated by reference from time to time by us or our representatives in this Quarterly Report on Form 10-Q, other filings or reports filed with the SEC, press releases, conferences, or otherwise, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, as amended, and Section 21E of the Exchange Act). In particular, statements relating to our liquidity and capital resources, portfolio performance and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations, or “FFO”, market conditions and demographics) are forward-looking statements. We are including this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any such forward-looking statements. We caution investors that any forward-looking statements presented in this Quarterly Report on Form 10-Q, or that management may make orally or in writing from time to time, are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•adverse economic or real estate developments in our target markets;

•general economic conditions;

•defaults on, early terminations of or non-renewal of leases by tenants;

•fluctuations in interest rates and increased operating costs;

•our failure to obtain necessary outside financing, maintain an investment grade rating or maintain compliance with covenants under our financing arrangements;

•our failure to generate sufficient cash flows to service our outstanding indebtedness and maintain dividend payments;

•lack or insufficient amounts of insurance;

•decreased rental rates or increased vacancy rates;

•difficulties in identifying properties to acquire or dispose and completing acquisitions or dispositions;

•our failure to successfully operate acquired properties and operations;

•our failure to maintain our status as a REIT;

•the loss of key personnel;

•environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•financial market and foreign currency fluctuations;

•risks related to acquisitions generally, including the diversion of management’s attention from ongoing business operations and the impact on customers, tenants, lenders, operating results and business;

•the inability to successfully integrate acquired properties, realize the anticipated benefits of acquisitions or capitalize on value creation opportunities;

•changes in the tax laws and uncertainty as to how those changes may be applied;

•changes in real estate and zoning laws and increases in real property tax rates; and

•other factors affecting the real estate industry generally.

The risks set forth above are not exhaustive. Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a highly competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor

41

Table of Contents

can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.

Executive Summary

Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at June 30, 2026, our portfolio of owned real estate included office properties comprising approximately 14.0 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet, and land properties comprising approximately 3.2 million square feet of undeveloped density rights. Our production services assets primarily consist of our vehicle fleet, following our decision to wind down leased stage, pro-supplies, and ancillary equipment businesses as part of Quixote’s restructuring.

The following table summarizes our consolidated and unconsolidated portfolio as of June 30, 2026:

[[GREPCENT_TABLE]]
[["","","Number of Properties","","Rentable Square Feet(1)","","Percent Occupied(2)","","Percent Leased(2)","","Annualized Base Rent per Square Foot(3)"],["OFFICE"],["Same-store(4)","","37","","11,262,603","","81.0","%","","81.3","%","","$","56.78"],["Non-same store","","1","","1,532,829","","93.1","","","93.9","","","29.76"],["Total in-service office","","38","","12,795,432","","82.5","%","","82.8","%","","$","53.13"],["STUDIO"],["Same-store(5)","","3","","1,204,939","","83.1","%","","83.1","%","","$","45.63"],["Non-same store(6)","","2","","475,084","","36.2","","","36.2","","","40.83"],["Total in-service studio","","5","","1,680,023","","69.8","%","","69.8","%","","$","45.68"],["Total","","43","","14,475,455"],["Repositioning(7)","","2","","519,350","","0.2","%","","0.2","%","","$","18.00"],["Development(8)","","1","","546,000","","0.5","","","0.5","","","\u2014"],["Held-for-sale(9)","","0","","161,414","","54.9","","","54.9","","","45.39"],["Total repositioning, development and held-for-sale","","3","","1,226,764","","7.5","%","","7.5","%","","$","43.81"],["Total office and studio properties","","46","","15,702,219"],["Future development(10)","","6","","3,162,212"],["TOTAL","","52","","18,864,431"]]
[[/GREPCENT_TABLE]]

__________________ 

1.Determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association (“BOMA”) rentable area. Square footage may change over time due to re-measurement or re-leasing.

2.Percent occupied for office properties is calculated as (i) square footage under commenced leases as of June 30, 2026, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. Percent leased for studio properties is calculated as (i) average square footage under commenced leases for the 12 months ended June 30, 2026, divided by (ii) total square feet, expressed as a percentage. Percent occupied/leased for studio properties is calculated based on the average percent occupied during the three months ended June 30, 2026.

3.Annualized base rent (“ABR”) per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of June 30, 2026 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of June 30, 2026. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of June 30, 2026. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of June 30, 2026. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended June 30, 2026, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of June 30, 2026.

4.Same-store office for the three months ended June 30, 2026 defined as all properties owned and included in our stabilized office portfolio as of April 1, 2025 and still owned and included in the stabilized office portfolio as of June 30, 2026.

5.Includes studio properties owned and included in our portfolio as of April 1, 2025 and still owned and included in our portfolio as of June 30, 2026.

6.Includes 231,784 square feet related to recently completed development Sunset Pier 94 studios and 243,300 square feet related to Sunset Glenoaks Studios.

42

Table of Contents

7.Refer to Repositioning table in this document for the office and studio projects under repositioning as of June 30, 2026.

8.Includes 546,000 square feet related to the office development Washington 1000.

9.As of June 30, 2026, the Company classified its 2001 Gateway Place office property (part of the Gateway office complex) as held-for-sale.

10.Includes entitlement to develop up to 428,623 square feet (508 residential units) at 10900-10950 Washington.

The following table provides information regarding the 15 largest tenants in our office portfolio based on HPP’s share annualized base rent as of June 30, 2026:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1482512/000148251226000038/hpp-20251231.htm
Complete FY 2025 MD&A: /company/HPP/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules.” Statements in this Item 7 contain forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. In particular, information concerning projected future occupancy rates, rental rate increases, property development timing and investment amounts contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations (“FFO”) market conditions and demographics) are forward-looking statements. Numerous factors will affect our actual results, some of which are beyond our control. These include the strength of commercial and industrial real estate markets, market conditions affecting tenants, competitive market conditions, interest rate levels, volatility in our stock price and capital market conditions. Accordingly, investors should use caution and not place undue reliance on this information, which speaks only as of the date of this report. We expressly disclaim any responsibility to update any forward-looking information, whether as a result of new information, future events, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws to disclose material information.

For a discussion of important risks related to our business, and related to investing in our securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking statements refer to Part I, Item 1A “Risk Factors.” In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

Executive Summary

Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at December 31, 2025, our portfolio of owned real estate included office properties comprising approximately 13.9 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet and land properties comprising approximately 3.2 million square feet of undeveloped density rights. Our production services assets include vehicles, lighting and grip, production supplies and other equipment and the lease rights to 20 sound stages.

As of December 31, 2025, our in-service office portfolio was 77.0% leased (including leases not yet commenced). Our in-service studio properties average percent leased for the twelve months ended December 31, 2025 was 78.8%.

Current Year Highlights

Property Dispositions

During the year ended December 31, 2025 the Company sold its Maxwell, Foothill Research Center, 625 Second and Element LA properties for $46.0 million, $23.0 million, $28.0 million and $150.0 million, respectively. Please refer to Part IV, Item 15 (a) “Exhibits, Financial Statement Schedules—Note 4 to the Consolidated Financial Statements—Investment in Real Estate” for details.

40

Under Construction and Future Development Projects

The following table summarizes the properties currently under construction and future development pipelines as of December 31, 2025:

[[GREPCENT_TABLE]]
[["","","Type","","Submarket","","Estimated Square Feet(1)","","Estimated Completion Date","","Estimated Stabilization Date"],["Recently Completed:"],["Seattle, Washington"],["Washington 1000","","Office","","Denny Triangle","","546,000","","","Q4-2024","","Q3-2027"],["New York, New York"],["Sunset Pier 94 Studios(2)","","Studio","","Manhattan","","232,000","","","Q4-2025","","Q3-2026"],["TOTAL","","","","","","778,000"],["Future Development Pipeline:"],["Los Angeles, California"],["Sunset Las Palmas Studios\u2014Development(3)","","Office/Studio","","Hollywood","","617,581","","TBD","","TBD"],["Sunset Gower Studios\u2014Development(3)","","Office/Studio","","Hollywood","","478,845","","TBD","","TBD"],["Sunset Bronson Studios Lot D\u2014Development(4)","","Residential","","Hollywood","","19,816 (33 units)","","TBD","","TBD"],["10900/10950 Washington","","Residential","","West Los Angeles","","428,623 (508 units)","","TBD","","TBD"],["Vancouver, British Columbia"],["Burrard Exchange(4)","","Office","","Downtown Vancouver","","450,000","","TBD","","TBD"],["Greater London, United Kingdom"],["Sunset Waltham Cross Studios(5)","","Studio","","Broxbourne","","1,167,347","","TBD","","TBD"],["TOTAL","","","","","","3,162,212"],["TOTAL UNDER CONSTRUCTION AND FUTURE DEVELOPMENT","","","","","","3,940,212"]]
[[/GREPCENT_TABLE]]

_____________

1.Estimated square footage represents management’s estimate of leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. For land properties, square footage represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained.

2.We own 25.6% of the ownership interest in the unconsolidated joint venture that owns Sunset Pier 94 Studios.

3.We own 51% of the ownership interests in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios.

4.We own 20% of the ownership interests in the unconsolidated joint venture that owns Burrard Exchange.

5.We own 35% of the ownership interests in the unconsolidated joint venture that owns Sunset Waltham Cross Studios.

Properties are selected for repositioning when an asset or portions of an asset are taken offline for a change of use or if the asset requires significant base building improvements resulting in substantial downtime in occupancy. Subsequently, when the square footage offline for a full building reaches 92.0% occupancy, it would be included in our in-service population.

41

The following table summarizes the portions of office and studio projects currently under repositioning as of December 31, 2025:

[[GREPCENT_TABLE]]
[["Location","","Submarket","","Square Feet"],["Repositioning:"],["899 Howard","","San Francisco","","96,240"],["1455 Market","","San Francisco","","49,272"],["Rincon Center","","San Francisco","","38,514"],["Sunset Las Palmas Studios","","Hollywood","","18,594"],["Bentall Centre","","Downtown Vancouver","","18,559"],["Palo Alto Square","","Palo Alto","","12,740"],["Sunset Gower Studios","","Hollywood","","6,650"],["TOTAL REPOSITIONING","","","","240,569"]]
[[/GREPCENT_TABLE]]

Financings

During the year ended December 31, 2025, there were $320.0 million of repayments on the unsecured revolving credit facility, net of borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes.

During the twelve months ended December 31, 2025, the Company secured the Office Portfolio CMBS loan (a commercial mortgage-backed securities loan) with an initial aggregate principal amount of $475.0 million. The loan bears interest at SOFR + 4.15% and matures on April 9, 2027, with three optional one-year extensions permitting certain financial and other covenants are met. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property. The loan was originally secured by six office properties, including the Element LA property. Upon the sale of the Element LA property in the fourth quarter of 2025, the Company made an early partial repayment of the Office Portfolio CMBS loan in the amount of $206.3 million. The loan is now secured by the remaining five office properties.

During the twelve months ended December 31, 2025, the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million. The Company then amended the agreement a second time, which resulted in an increase in the total capacity to $795.3 million and extended the maturity date for $462.0 million of the total commitments to December 31, 2029, which includes the effect of two optional six-month extensions at the sole discretion of the Company.

During the twelve months ended December 31, 2025, the Company fully repaid its Series B, Series C and Series D notes.

During the twelve months ended December 31, 2025, the Company refinanced its 1918 Eighth loan with a CMBS loan secured by the 1918 Eighth property with an aggregate principal balance of $285.0 million. The refinanced loan bears interest at a weighted average rate of 6.16% and matures on September 11, 2030.

During the twelve months ended December 31, 2025, the Company issued in an underwritten public offering 33,936,206 shares of common stock and pre-funded warrants to purchase 10,266,228 shares of common stock, adjusted for the effect of the Reverse Stock Split. The gross proceeds from the offering amounted to $689.3 million.

Factors That May Influence Our Operating Results

Business and Strategy

We invest in Class-A office properties in West Coast technology hubs and world-class studio properties and studio-related operating businesses in global media markets. This allows us to attract and retain quality companies as office tenants and/or studio and production services clients, many in the increasingly synergistic technology and media and entertainment sectors. Our focus on value-add opportunities, as well as selective ground-up development further facilitates our growth. We also look to opportunistically recycle capital to enhance our portfolio or to otherwise further our capital allocation goals. Changes in demand for office and/or studio space, capital markets, and other macro-economic factors may impact our business and overall performance.

42

Rental Revenue

The amount of net rental revenue generated by the properties in our portfolio depends principally on our ability to maintain the occupancy rates of leased space and to lease available space. As of December 31, 2025, the percent leased for our in-service office properties was approximately 77.0% (or 76.3%, excluding leases signed but not commenced as of that date). As of December 31, 2025, the percent leased, based on a 12-month trailing average, was approximately 78.8% for in-service studio properties. The amount of rental revenue generated by us also depends on our ability to maintain or increase rental rates at our properties. We believe that the average rental rates for our office properties are generally below the current average quoted market rate. We believe the average rental rates for our studio properties are generally equal to current average quoted market rates. Negative trends in one or more of these factors could adversely affect our rental revenue in future periods. Future economic downturns or regional downturns affecting our submarkets or downturns in our tenants’ industries that impair our ability to renew or re-let space and the ability of our tenants to fulfill their lease commitments, as in the case of tenant bankruptcies, could adversely affect our ability to maintain or

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/HPP/mda/fy2025/
All MD&A years: /company/HPP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/HPP/mda/fy2024/): filed 2025-02-25; accession 0001482512-25-000029 (https://www.sec.gov/Archives/edgar/data/1482512/000148251225000029/hpp-20241231.htm)
- [FY 2023 MD&A](/company/HPP/mda/fy2023/): filed 2024-02-16; accession 0001482512-24-000029 (https://www.sec.gov/Archives/edgar/data/1482512/000148251224000029/hpp-20231231.htm)
- [FY 2022 MD&A](/company/HPP/mda/fy2022/): filed 2023-02-10; accession 0001482512-23-000048 (https://www.sec.gov/Archives/edgar/data/1482512/000148251223000048/hpp-20221231.htm)
- [FY 2021 MD&A](/company/HPP/mda/fy2021/): filed 2022-02-18; accession 0001482512-22-000052 (https://www.sec.gov/Archives/edgar/data/1482512/000148251222000052/hpp-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/HPP.md · JSON record: /company/HPP.json · verified financials: /company/HPP/financials.json / /company/HPP/financials.csv · machine TOC for the whole site: /llms.txt