Hudson Pacific Properties, Inc. (HPP)

Hudson Pacific Properties reported a net loss of $104.7 million for the three months ended June 30, 2026, up from $87.8 million a year earlier 2.

The loss included an impairment charge of $50.4 million, which is a write-down of what assets are carried at on the books 2. It mostly related to winding down leased sound stages at its Quixote production-services unit and to an office property sold on 1 July 2026 2.

Revenue for the quarter was $188.3 million, a little below the $190.0 million of a year earlier 2.

On 5 October 2026 its operating partnership began an offer to purchase up to $200 million of its 2027 and 2028 senior notes for cash 4.

On 9 September 2026 it also extended the maturity of a $1.1 billion mortgage loan on its Hollywood media properties to 9 November 2027 3.

Hudson Pacific Properties is a real estate investment trust, a company that owns buildings and passes rent through to shareholders 1. Its common stock has traded on the New York Stock Exchange under the symbol HPP since 24 June 2010 1.

Revenue fell from $952.3 million in 2023 to $842.1 million in 2024 and $831.1 million in 2025 1. Net loss grew from $170.7 million to $381.4 million and then $592.3 million over the same three years 1.

Office rent fell in the latest year mainly because tenants ended leases early 1. The annual report cites a $35.5 million drop in same-store rental revenue from terminations at properties such as 1455 Market in San Francisco 1.

Quixote, its production-services business, lost money in 2025 as film and TV production slowed 1. The company says it ended certain leases, closed locations and reduced staff in response 1.

The biggest driver of the larger 2025 loss was impairment charges of $299.3 million 1. They covered Quixote's goodwill and other assets and the 625 Second office property 1.

The company also sold the Maxwell, Foothill Research Center, 625 Second and Element LA properties in 2025 for $46.0 million, $23.0 million, $28.0 million and $150.0 million 1.

In 2025 it raised $689.3 million in a public offering of shares and pre-funded warrants 1. On 1 December 2025 it also combined every seven shares into one in a reverse stock split 1.

It suspended its quarterly common stock dividend in the third quarter of 2024 and had not resumed it by the date of the annual report 1.

Office buildings

Office is the larger business, and it takes in rent from tech and other companies in Los Angeles, the San Francisco Bay Area, Seattle, New York and Vancouver 1. It brought in $696.1 million of the $831.1 million of revenue in 2025, about 84 percent (computed) 1.

At 30 June 2026 the office portfolio was about 14.0 million square feet, and 82.8 percent of the in-service space was leased 2.

At the end of 2025 its three largest office tenants were Google, Netflix and Amazon, together paying 20.6 percent of the yearly base rent the leases call for 1.

Washington 1000, a 546,000 square foot office building in Seattle's Denny Triangle, was finished in the fourth quarter of 2024 and placed in service in 2026 12.

Studios and Quixote

The studio business rents sound stages and offices to film and TV producers, mainly in Hollywood, and brought in $135.0 million of revenue in 2025, down from $149.8 million 1. It holds about 45 sound stages and 1.7 million square feet 2.

Quixote supplies vehicles, lighting and grip equipment and other gear to shoots 1. Its latest quarterly report says it decided to wind down leased stage, pro-supplies and ancillary equipment businesses and to keep mainly its vehicle fleet 2.

People and rivals

Victor Coleman is chief executive officer and chairman of the board, Harout Diramerian is chief financial officer and Mark Lammas is president 14. The company competes with other developers, owners and operators of office and studio real estate in the same markets, some with greater financial resources 1.

Current problems

The company's senior unsecured debt was rated B2 by Moody's, B by S&P and B+ by Fitch at 30 June 2026, which are below investment grade 2.

The umbrella, in words

The company owns its buildings through Hudson Pacific Properties, L.P., its operating partnership, of which it is the majority owner and sole general partner 1. It holds about 3.2 million square feet of undeveloped density rights, which are permissions to build more space on land it owns 1.

It owns 51 percent of the joint venture behind Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios 1. It owns 25.6 percent of the venture behind Sunset Pier 94 Studios in Manhattan 1.

It also owns 20 percent of the venture behind Burrard Exchange in Vancouver and 35 percent of the one behind Sunset Waltham Cross Studios near London 1.

The September 2026 loan extension pushes the stated maturity of the Hollywood media loan to 9 November 2027 and sets up a $20 million reserve for leasing and building improvements 3.

The company's $475.0 million Office Portfolio loan matures on 9 April 2027, with three optional one-year extensions if certain conditions are met 1.

Its own table estimates that Washington 1000 reaches stabilization, meaning a normal share of leased space, in the third quarter of 2027 1.

The development pipeline holds 3,162,212 square feet of future projects, none with a completion date set yet 1.

The annual report says the board plans to reassess resuming the dividend when appropriate 1.

No clue on file points to a new direction yet.