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Guidance raised as Hudson Pacific (NYSE: HPP) posts Q1 2026 results

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Hudson Pacific Properties reported first-quarter 2026 results showing mixed performance but stronger guidance. Revenue was $181.9 million versus $198.5 million a year earlier, and net loss narrowed to $53.1 million, or $0.82 per diluted share, helped by lower G&A and prior-year impairment charges.

Cash and leasing metrics were key bright spots. The company executed 554,021 square feet of office leases, its in-service office occupancy rose to 77.8%, and Hollywood studio stages reached 97% leased, while new Manhattan stages at Sunset Pier 94 were 100% leased by quarter-end.

Non-GAAP performance and balance sheet remained central to the story. Core FFO was $16.5 million, or $0.25 per diluted share, and FFO was $18.0 million, or $0.27 per share, though AFFO declined to negative $11.1 million, or negative $0.17 per share, largely due to higher recurring capital spending. Liquidity totaled $933.3 million, including $138.0 million of cash and $795.3 million of revolver availability, with net debt to undepreciated book value at 31.9% and all debt fixed or capped at a 4.9% weighted average rate.

The company raised its full-year 2026 outlook. Management increased Core FFO guidance to a range of $1.10 to $1.18 per diluted share, up from $0.96 to $1.06, citing first-quarter outperformance and the reclassification of certain Quixote operations as discontinued beginning in the second quarter.

Positive

  • Raised 2026 Core FFO outlook to $1.10–$1.18 per diluted share from $0.96–$1.06, reflecting first-quarter outperformance and a $0.09 benefit from reclassifying certain Quixote operations as discontinued beginning in second quarter 2026.
  • Strong liquidity and fixed-rate balance sheet with $933.3 million of total liquidity, net debt to undepreciated book value at 31.9% (HPP's share), and 100% of debt fixed or capped at a 4.9% weighted average interest rate.

Negative

  • AFFO turned negative, falling to $(11.1) million, or $(0.17) per diluted share, from $1.7 million, or $0.08 per share, primarily due to higher recurring capital expenditures and lower non-cash adjustments despite improvements in Core FFO.
  • Same-store cash NOI declined to $85.2 million from $92.0 million, a 7.4% decrease driven mainly by lower office revenues from tenant move-outs, only partially offset by higher studio revenue from increased production activity.

Insights

Guidance raised and leasing momentum offset weaker cash metrics.

Hudson Pacific delivered softer top-line results but improving profitability measures. Revenue was $181.9 million versus $198.5 million a year ago, yet net loss narrowed to $53.1 million as G&A fell to $12.6 million, down 32% year over year.

Non-GAAP metrics improved at the earnings level: FFO rose to $18.0 million or $0.27 per diluted share and Core FFO reached $16.5 million or $0.25. However, AFFO turned negative at $(11.1) million, reflecting higher recurring capital expenditures despite better Core FFO.

Operationally, office and studio demand showed resilience. The company leased 554,021 square feet of office space, lifting in-service office occupancy to 77.8%, while Hollywood stages were 97.0% leased and new Sunset Pier 94 stages fully leased by quarter-end. Liquidity stood at $933.3 million with net debt to undepreciated book value of 31.9% and all debt fixed or capped at a 4.9% weighted-average rate.

The notable development is the higher 2026 Core FFO outlook of $1.10–$1.18 per diluted share, up from $0.96–$1.06. Management attributes the change to first-quarter outperformance and a $0.09 benefit from classifying certain Quixote operations as discontinued from Q2 2026. Future filings will clarify how leasing trends, same-store NOI declines and negative AFFO evolve against this raised guidance.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $181.9M Total revenues for the three months ended March 31, 2026
Net loss $53.1M Net loss attributable to common stockholders, Q1 2026; $0.82 per diluted share
Core FFO per share $0.25 Core FFO of $16.5M, or $0.25 per diluted share, Q1 2026
AFFO per share -$0.17 AFFO of $(11.1)M, or $(0.17) per diluted share, Q1 2026
Total liquidity $933.3M Cash plus undrawn revolver as of March 31, 2026
Net debt to undepreciated book 31.9% Net debt to undepreciated book value, HPP’s share, at March 31, 2026
Office leasing volume 554,021 sq ft Total office square footage leased in Q1 2026
2026 Core FFO guidance $1.10–$1.18 Raised full-year 2026 Core FFO per diluted share outlook
Funds from Operations financial
"RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS ( “ FFO ” )"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Adjusted Funds from Operations financial
"Adjusted Funds from Operations("AFFO") is a non-GAAP financial measure"
Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.
Net Operating Income financial
"RECONCILIATION OF NET LOSS TO NET OPERATING INCOME ( “ NOI ” )"
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
same-store cash NOI financial
"Same-store cash NOI of $85.2 million, compared to $92.0 million"
Same-store cash NOI measures the actual cash profit a real estate asset or group of properties produced from operations during a period, limited to properties owned and operating in both the current and prior periods and excluding non-cash accounting items like straight‑line rent or depreciation. It matters to investors because it shows the underlying, cash-based performance and trend of a stable property portfolio — like checking the fuel gauge rather than the odometer to know how much usable fuel the car really has.
Core FFO financial
"Core FFO of $16.5 million, or $0.25 per diluted share"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
non-GAAP financial measure financial
"FFO is a non-GAAP financial measure we believe is a useful supplemental measure"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
Revenue $181.9M vs $198.5M in Q1 2025
Net loss $53.1M vs $74.7M in Q1 2025
FFO per diluted share $0.27 vs $0.15 in Q1 2025
Core FFO per diluted share $0.25 vs $0.61 in Q1 2025
AFFO per diluted share -$0.17 vs $0.08 in Q1 2025
Guidance

Full-year 2026 Core FFO outlook raised to $1.10–$1.18 per diluted share from $0.96–$1.06, reflecting first-quarter outperformance and a $0.09 benefit from reclassifying certain Quixote operations as discontinued beginning in Q2 2026.

Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 8-K
 _________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15 (d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
 _________________________________
Hudson Pacific Properties, Inc.
(Exact name of registrant as specified in its charter) 
Maryland 001-34789 27-1430478
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number)  Identification No.)
 
11601 Wilshire Blvd., Ninth Floor
Los Angeles,California90025
(Address of principal executive offices)(Zip Code)

 
Registrant’s telephone number, including area code: (310) 445-5700

 
Not Applicable
(Former name or former address, if changed since last report)
_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueHPPNew York Stock Exchange
4.750% Series C Cumulative Redeemable Preferred StockHPP Pr CNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On May 7, 2026, Hudson Pacific Properties, Inc. (also referred to herein as the “Company,” “we,” “us,” or “our”) issued a press release regarding our financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1, which is incorporated herein by reference.

Also on May 7, 2026, we made available on our website (www.hudsonpacificproperties.com) certain supplemental information concerning our financial results and operations for the first quarter. A copy of the supplemental information is furnished herewith as Exhibit 99.2, which is incorporated herein by reference.

Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01    Regulation FD Disclosure.

As discussed in Item 2.02 above, we issued a press release regarding our financial results for the quarter ended March 31, 2026 and made available on our website certain supplemental information relating to our financial results for the quarter ended March 31, 2026.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.
(d)Exhibits.
 
Exhibit No.
Description
99.1**
Press release dated May 7, 2026 regarding the Company’s financial results for the quarter ended March 31, 2026.
99.2**
Supplemental Operating and Financial Data for the quarter ended March 31, 2026.
104**
Cover Page Interactive Data File (embedded within the Inline XBRL document)
_____________
**     Furnished herewith.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

HUDSON PACIFIC PROPERTIES, INC.
Date:May 7, 2026By:/s/ Mark Lammas
Mark Lammas
President


Hudson Pacific Properties, Inc.
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Press Release

Hudson Pacific Properties Reports
First Quarter 2026 Financial Results
– Executed Over 550,000 Square Feet of Office Leases, Third Consecutive Quarter of Occupancy Gains –
– Hollywood Stages 97% Leased, Sunset Pier 94 Stages Reached 100% Leased by Quarter End –
– G&A Improved 32% Year-Over-Year, Reflecting Continued Cost Discipline –
– $933 Million of Total Liquidity –
– Raises Full-Year 2026 FFO Outlook –
____________
LOS ANGELES (May 7, 2026)—Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP") today announced financial and operating results for the first quarter 2026.

Victor Coleman, Hudson Pacific's CEO and Chairman, commented, "Our first quarter results reflect the meaningful progress we're making to position Hudson Pacific for long-term value creation. We delivered our third consecutive quarter of occupancy gains, executing over 550,000 square feet of office leases, while our Hollywood studio stages reached 97% leased and Sunset Pier 94 achieved 100% leased within its first quarter of operations. We also continued to strengthen our financial foundation, improving G&A by 32% year-over-year, maintaining total liquidity in excess of $930 million, and growing Core FFO sequentially on a per share basis.

"West Coast office fundamentals are improving, and we're well positioned to capture that recovery. AI-driven demand is translating into record leasing activity, and we're making the deliberate decisions necessary to sharpen our focus on our highest-performing assets and lines of business. Our strong first quarter, continued leasing momentum, and the further streamlining of Quixote have led us to raise our outlook, reinforcing our path to FFO growth through the balance of the year."

Financial Results Compared to First Quarter 2025
•Total revenue of $181.9 million compared to $198.5 million, primarily due to the Element LA office disposition and office tenant move outs, combined with stable studio production activity
•General and administrative expenses improved to $12.6 million compared to $18.5 million, driven by cost savings initiatives
•Net loss of $53.1 million, or $0.82 per diluted share, compared to $74.7 million, or $3.70 per diluted share, driven by cost reductions, lower non-real estate depreciation, and prior-year impairment charges, partially offset by prior-year gains on asset sales
•Core FFO of $16.5 million, or $0.25 per diluted share, compared to $12.9 million, or $0.61 per diluted share
◦Adjustments to FFO in the first quarter totaled $1.5 million, or $0.02 per diluted share, compared to $9.8 million, or $0.47 per diluted share
•FFO of $18.0 million, or $0.27 per diluted share, up from $3.1 million, or $0.15 per diluted share
•AFFO of $(11.1) million, or $(0.17) per diluted share, compared to $1.7 million, or $0.08 per diluted share, primarily due to lower non-cash adjustments and higher recurring capital expenditures, partially offset by Core FFO improvements

Hudson Pacific Properties, Inc.
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•Same-store cash NOI of $85.2 million, compared to $92.0 million, driven by lower office revenues from tenant move outs, partially offset by higher studio revenue due to additional production activity
Office Leasing
•Maintained strong leasing momentum, executing 85 leases totaling 554,021 square feet (49% new / 51% renewal), including the following notable leases, each with significant term:
◦59,000-square-foot renewal with Weil, Gotshal & Manges at Towers at Shore Center in Redwood Shores
◦56,000-square-foot renewal and expansion with Mirum Pharmaceuticals at Metro Center in Foster City
◦46,000-square-foot renewal with Dell EMC at 505 First in Seattle's Pioneer Square
◦29,000-square-foot new lease with Axiado Corporation at Concourse in North San Jose
•GAAP rents on new leases signed increased 1.8% compared to prior levels, while cash rents decreased 2.4%
•In-service office portfolio occupancy improved for the third consecutive quarter to 77.8% (up from 76.3% in the prior quarter) and leased rate rose to 78.4% (up from 77.0% in the prior quarter)
Studio Leasing
•In-service studio stages were 72.8% leased on a trailing three-month basis (compared to 74.5% in the prior quarter) and 72.5% on a trailing 12-month basis (up from 69.1% in the prior quarter)
◦Excluding the Sunset Pier 94 development in Manhattan, where stages leased from 0% to 100% during the quarter, in-service studio stages would have been 78.2% leased (up 370 basis points from the prior quarter) on a trailing three-month basis
◦Hollywood in-service studio stages (Sunset Gower, Sunset Bronson and Sunset Las Palmas) were 97.0% leased (up 280 basis points from the prior quarter) on a trailing three-month basis
Balance Sheet as of March 31, 2026
•Total liquidity of $933.3 million consisting of $138.0 million in unrestricted cash and cash equivalents and $795.3 million of availability under the unsecured revolving credit facility
•Net debt to undepreciated book value of 31.9% (HPP's share), with 100.0% of debt fixed or capped at a weighted average interest rate of 4.9% and no debt maturities until third quarter 2026
Dividend
•The Board of Directors declared and paid a dividend of $0.296875 per share on the 4.750% Series C cumulative preferred stock
2026 Outlook
Hudson Pacific is increasing its full-year 2026 Core FFO outlook to $1.10 to $1.18 per diluted share, from the prior range of $0.96 to $1.06. This revised range reflects two key drivers. First, approximately $0.04 of outperformance in first quarter compared to initial expectations. Second, a $0.09 benefit from reclassification of Quixote's leased sound stages and Atlanta-area operations as discontinued operations beginning in second quarter 2026. Note this benefit is based upon expectations for the discontinued operations included in the Company’s previous full-year outlook.

This outlook reflects management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of events referenced in this press release and in earlier announcements. It otherwise excludes any impact from new acquisitions, dispositions, debt financings, amendments or repayments, recapitalizations, capital markets activity or similar matters. There can be no assurance that actual results will not differ materially from these estimates.

Hudson Pacific Properties, Inc.
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Press Release


The table below reflects key assumptions for this outlook:

Unaudited, in thousands
Full-Year 2026
 Assumptions
MetricLowHigh
Average in-service office occupancy80.0%82.0%
Growth in same-store property cash NOI(1)(2)
(1.75)%(0.75)%
GAAP non-cash revenue(3)
$11,500$16,500
GAAP non-cash expense(4)
$(6,000)$(8,000)
General and administrative expenses(5)
$(49,500)$(55,500)
Interest expense(6)
$(150,000)$(160,000)
Non-real estate depreciation and amortization$(12,000)$(14,000)
FFO from unconsolidated joint ventures$500$2,500
FFO attributable to non-controlling interests$(22,000)$(26,000)
FFO attributable to preferred units/shares$(20,000)$(20,000)
Weighted average common stock/units outstanding—diluted(7)
65,00066,000
(1)Same-store defined as consolidated 37 office properties and three studio properties owned and stabilized as of January 1, 2025, and anticipated to be owned and stabilized through December 31, 2026.
(2)See non-GAAP information below for cash NOI definition.
(3)Includes non-cash straight-line rent, above/below-market rents and lease incentives associated with studio and office properties.
(4)Includes non-cash straight-line rent expense and above/below-market ground rent associated with studio and office properties.
(5)Includes estimated $8.0 million of non-cash compensation expense.
(6)Includes estimated $6.5 million of non-cash interest expense.
(7)Diluted shares represent Company ownership through shares of common stock, OP Units and other convertible or exchangeable instruments. Weighted average fully diluted common stock/units outstanding for 2026 includes estimated dilution of stock grants to executives under long-term incentive programs. This estimate is based on award potential as of the end of the most recently completed quarter, calculated in accordance with ASC 260, Earnings Per Share.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition costs and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Supplemental Information
Supplemental financial information regarding Hudson Pacific's first quarter 2026 results may be found on the Investors section of the Company's website at HudsonPacificProperties.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.
Conference Call
The Company will hold a conference call to discuss first quarter 2026 financial results at 9:00 a.m. PT / 12:00 p.m. ET on May 7, 2026. The conference call will be available via live audio webcast on the Investors section of the Company's website at HudsonPacificProperties.com. A replay of the audio webcast will also be available following the call.

Hudson Pacific Properties, Inc.
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Press Release

About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.
Investor Contact
Laura Campbell
Executive Vice President, Investor Relations & Marketing
(310) 622-1702
lcampbell@hudsonppi.com
Media Contact
Laura Murray
Vice President, Communications
(310) 622-1781
lmurray@hudsonppi.com

(FINANCIAL TABLES FOLLOW)

Hudson Pacific Properties, Inc.
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Press Release

Consolidated Balance Sheets
In thousands, except share data
3/31/2612/31/25
(Unaudited)
ASSETS
Investment in real estate, at cost$7,831,517 $7,793,299 
Accumulated depreciation and amortization(2,021,078)(1,953,048)
Investment in real estate, net5,810,439 5,840,251 
Non-real estate property, plant and equipment, net73,026 72,397 
Cash and cash equivalents138,008 138,358 
Restricted cash24,432 23,770 
Accounts receivable, net 14,121 14,923 
Straight-line rent receivables, net200,387 195,425 
Deferred leasing costs and intangible assets, net307,900 307,390 
Operating lease right-of-use assets327,921 333,258 
Prepaid expenses and other assets, net77,135 86,607 
Investment in unconsolidated real estate entities248,178 246,835 
Goodwill8,754 8,754 
TOTAL ASSETS$7,230,301 $7,267,968 
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net$3,350,125 $3,351,458 
Joint venture partner debt66,136 66,136 
Accounts payable, accrued liabilities and other229,078 209,382 
Operating lease liabilities339,815 343,886 
Intangible liabilities, net16,768 17,772 
Security deposits, prepaid rent and other81,078 74,369 
Total liabilities4,083,000 4,063,003 
Redeemable preferred units of the operating partnership2,795 2,795 
Redeemable non-controlling interest in consolidated real estate entities49,880 50,581 
Equity
HPP stockholders' equity:
4.750% Series C cumulative redeemable preferred stock, $0.01 par value, $25.00 per share liquidation preference, 18,400,000 authorized; 17,000,000 shares outstanding at 3/31/26 and 12/31/25
425,000 425,000 
Common stock, $0.01 par value, 103,200,000 authorized, 54,242,024 and 54,227,096 shares outstanding at 3/31/26 and 12/31/25, respectively.
529 529 
Additional paid-in capital2,495,302 2,548,488 
Accumulated other comprehensive loss(3,619)(1,860)
Total HPP stockholders' equity2,917,212 2,972,157 
Non-controlling interest—members in consolidated real estate entities64,903 67,869 
Non-controlling interest—units in the operating partnership112,511 111,563 
Total equity3,094,626 3,151,589 
TOTAL LIABILITIES AND EQUITY$7,230,301 $7,267,968 


Hudson Pacific Properties, Inc.
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Press Release

Consolidated Statements of Operations
Unaudited, in thousands, except per share data
Three Months Ended
3/31/263/31/25
REVENUES
Office
Rental revenues$145,228 $158,393 
Service and other revenues3,446 6,818 
Total office revenues148,674 165,211 
Studio
Rental revenues13,797 13,652 
Service and other revenues19,381 19,596 
Total studio revenues33,178 33,248 
Total revenues181,852 198,459 
OPERATING EXPENSES
Office operating expenses69,822 72,277 
Studio operating expenses31,709 40,981 
General and administrative12,575 18,483 
Depreciation and amortization80,722 93,085 
Total operating expenses194,828 224,826 
OTHER (EXPENSES) INCOME
Loss from unconsolidated real estate entities(437)(1,254)
Fee income1,107 1,359 
Interest expense(37,994)(43,505)
Interest income1,649 435 
Management services reimbursement income—unconsolidated real estate entities1,124 975 
Management services expense—unconsolidated real estate entities(1,124)(975)
Transaction-related expenses(101)— 
Unrealized loss on non-real estate investments(1,962)(449)
Gain on sale of real estate, net— 10,023 
Impairment loss— (18,476)
Loss on extinguishment of debt— (1,858)
Other income158 8 
Total other expenses(37,580)(53,717)
Loss before income tax provision(50,556)(80,084)
Income tax provision(348)(194)
Net loss(50,904)(80,278)
Net income attributable to Series A preferred units(44)(146)
Net income attributable to Series C preferred shares(5,047)(5,047)
Net loss attributable to non-controlling interest in consolidated real estate entities1,610 7,467 
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities701 902 
Net loss attributable to common units in the operating partnership553 2,394 
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(53,131)$(74,708)
BASIC AND DILUTED PER SHARE AMOUNTS
Net loss attributable to common stockholders—basic$(0.82)$(3.70)
Net loss attributable to common stockholders—diluted$(0.82)$(3.70)
Weighted average shares of common stock outstanding—basic64,462 20,198 
Weighted average shares of common stock outstanding—diluted64,462 20,198 


Hudson Pacific Properties, Inc.
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Funds from Operations(1)
Unaudited, in thousands, except per share data
Three Months Ended
3/31/263/31/25
RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS (“FFO”)(1):
Net loss$(50,904)$(80,278)
Adjustments:
Depreciation and amortization—consolidated80,722 93,085 
Depreciation and amortization—non-real estate assets(3,441)(9,649)
Depreciation and amortization—HPP's share from unconsolidated real estate entities(2)
1,476 1,045 
Gain on sale of real estate, net— (10,023)
Impairment loss—real estate assets
— 18,476 
Unrealized loss on non-real estate investments1,962 449 
FFO attributable to non-controlling interests(6,714)(4,854)
FFO attributable to preferred shares and units(5,091)(5,193)
FFO to common stock/unit holders18,010 3,058 
Adjustments:
Transaction-related expenses101 — 
Refundable payroll tax credit interest income(543)— 
Prior year property tax refund(538)— 
Loan swap non-cash reevaluation(488)682 
Quixote non-compete termination— 1,402 
Quixote lease termination— 5,865 
Element LA debt early extinguishment loss— 1,858 
Core FFO to common stock/unit holders$16,542 $12,865 
Weighted average common stock/units outstanding—diluted65,564 21,013 
FFO per common stock/unit—diluted$0.27 $0.15 
Core FFO per common stock/unit—diluted$0.25 $0.61 
(1)    We calculate Funds from Operations ("FFO") in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. The White Paper defines FFO as net income or loss calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus the HPP’s share of real estate-related depreciation and amortization, excluding amortization of deferred financing costs and depreciation of non-real estate assets. The calculation of FFO includes the HPP’s share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets.

FFO is a non-GAAP financial measure we believe is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees.

However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations.

(2)    HPP's share is a Non-GAAP financial measure calculated as the measure on a consolidated basis, in accordance with GAAP, plus our Operating Partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the Operating Partnership’s percentage ownership interest), minus our partners’ share of the measure from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). We believe that presenting HPP’s share of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because we have several significant joint ventures, and in some cases, we exercise significant influence over, but do not control, the joint venture. In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest.

Hudson Pacific Properties, Inc.
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Adjusted Funds from Operations(1)
Unaudited, in thousands, except per share data
Three Months Ended
3/31/263/31/25
Core FFO$16,542 $12,865 
Adjustments:
GAAP non-cash revenue(2)
(3,178)(671)
GAAP non-cash expense(3)
1,885 1,704 
Non-real estate depreciation and amortization3,441 8,247 
Non-cash interest expense
1,911 4,109 
Share/unit-based compensation expense
1,912 5,115 
Recurring capital expenditures, tenant improvements and lease commissions
(33,582)(29,658)
AFFO
$(11,069)$1,711 
Weighted average common stock/units outstanding—diluted65,564 21,013 
AFFO per common stock/unit—diluted$(0.17)$0.08 
 
 
 
 
(1)    Adjusted Funds from Operations ("AFFO") is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to Core FFO HPP's share of non-cash compensation expense and amortization of deferred financing costs, and subtracting recurring capital expenditures related to HPP's share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of HPP’s share of straight-line rents, amortization of lease buy-out costs, amortization of above- and below-market lease intangible assets and liabilities, amortization of above- and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs.
(2)    Includes non-cash straight-line rent, above/below-market rents and lease incentives associated with studio and office properties.
(3)    Includes non-cash straight-line rent expense and above/below-market ground rent associated with studio and office properties.


Hudson Pacific Properties, Inc.
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Net Operating Income(1)
Unaudited, in thousands
Three Months Ended
3/31/263/31/25
RECONCILIATION OF NET LOSS TO NET OPERATING INCOME (“NOI”) AND SAME-STORE CASH NET OPERATING INCOME ("NOI")
Net loss$(50,904)$(80,278)
Adjustments:
Loss from unconsolidated real estate entities437 1,254 
Fee income(1,107)(1,359)
Interest expense37,994 43,505 
Interest income(1,649)(435)
Management services reimbursement income—unconsolidated real estate entities(1,124)(975)
Management services expense—unconsolidated real estate entities1,124 975 
Transaction-related expenses101 — 
Unrealized loss on non-real estate investments1,962 449 
Gain on sale of real estate, net— (10,023)
Impairment loss— 18,476 
Loss on extinguishment of debt— 1,858 
Other income(158)(8)
Income tax provision348 194 
General and administrative12,575 18,483 
Depreciation and amortization80,722 93,085 
NOI$80,321 $85,201 
NOI BREAKDOWN
Same-store office cash revenues145,017 152,522 
Straight-line rent5,400 892 
Amortization of above/below-market leases, net1,004 865 
Amortization of lease incentive costs(2,803)(657)
Same-store office revenues148,618 153,622 
Same-store studios cash revenues20,045 17,204 
Straight-line rent(427)(196)
Amortization of above-market and below-market leases, net— — 
Amortization of lease incentive costs(9)(9)
Same-store studio revenues19,609 16,999 
Same-store revenues168,227 170,621 
Same-store office cash expenses67,698 66,763 
Straight-line rent367 372 
Share/unit-based compensation expense— 11 
Amortization of above/below-market ground leases, net641 641 
Same-store office expenses68,706 67,787 
Same-store studio cash expenses12,129 10,963 
Share/unit-based compensation expense47 31 
Same-store studio expenses12,176 10,994 
Same-store expenses80,882 78,781 
Same-store NOI87,345 91,840 
Non-same-store NOI(7,024)(6,639)
NOI$80,321 $85,201 
(1)    We evaluate performance based upon property Net Operating Income ("NOI") from continuing operations. NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to income from continuing operations, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. We calculate NOI as net income (loss) excluding corporate general and

Hudson Pacific Properties, Inc.
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administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as operating revenues (rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses.





















 

Page 2 of 32 Table of Contents Page Executive Summary 3 Corporate Information 6 Consolidated Balance Sheets 8 Consolidated Statements of Operations 9 Funds from Operations & Adjusted Funds from Operations 10 Consolidated Same-Store Property Performance 11 NOI Detail 12 Debt Summary & Debt Metrics 13 Debt Maturities, Composition & Hedging Instruments 14 Debt Covenant Compliance 15 Existing Portfolio Summary 16 Office Properties by Location 17 Office Properties Occupancy Detail 18 15 Largest Office Tenants 19 Studio Properties & Services 20 Office Leasing Activity 21 Expiring Office Leases Summary 22 Uncommenced, Backfilled & Expiring Office Leases—Next 8 Quarters 23 Development Pipeline 25 Consolidated & Unconsolidated Ventures 26 Definitions 27 Non-GAAP Reconciliations 30 Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “HPP,” “we,” “us,” or “our.” This Supplemental Information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: 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. These factors are not exhaustive. For a discussion of important risks related to Hudson Pacific’s business and an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K as well as other risks described in documents we file with the Securities and Exchange Commission, or SEC. You are cautioned that the information contained herein speaks only as of the date hereof and Hudson Pacific assumes no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise. This Supplemental Information also includes non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. In addition, quantitative reconciliations of the differences between the most directly comparable GAAP and non-GAAP financial measures presented are also provided within this Supplemental Information. Definitions of these non-GAAP financial measures, along with that of HPP’s Share of certain of these measures, can be found in the Definitions section of this Supplemental information.

 

Page 3 of 32 Executive Summary Three Months Ended March 31, 2026 Victor Coleman, Hudson Pacific's CEO and Chairman, commented, "Our first quarter results reflect the meaningful progress we're making to position Hudson Pacific for long-term value creation. We delivered our third consecutive quarter of occupancy gains, executing over 550,000 square feet of office leases, while our Hollywood studio stages reached 97% leased and Sunset Pier 94 achieved 100% leased within its first quarter of operations. We also continued to strengthen our financial foundation, improving G&A by 32% year-over-year, maintaining total liquidity in excess of $930 million, and growing Core FFO sequentially on a per share basis. "West Coast office fundamentals are improving, and we're well positioned to capture that recovery. AI-driven demand is translating into record leasing activity, and we're making the deliberate decisions necessary to sharpen our focus on our highest-performing assets and lines of business. Our strong first quarter, continued leasing momentum, and the further streamlining of Quixote have led us to raise our outlook, reinforcing our path to FFO growth through the balance of the year." Unaudited, in thousands, except share data Three Months Ended 3/31/26 3/31/25 OPERATIONAL HIGHLIGHTS Office In-service % occupied 77.8 % 75.1 % In-service % leased 78.4 % 76.5 % Leases executed (square feet) 554,021 630,295 % change in GAAP rent 1.8 % 4.8 % % change in cash rent (2.4) % (13.6) % Weighted average lease term (in months) 58.2 128.1 Net effective rent per square foot $ 43.14 $ 44.12 Studio In-service trailing 3-month stage % leased 72.8 % (1) 80.9 % In-service trailing 12-month stage % leased 72.5 % (2) 78.7 % FINANCIAL HIGHLIGHTS Total revenues $ 181,852 $ 198,459 Net loss attributable to common stockholders $ (53,131) $ (74,708) Net loss per diluted share $ (0.82) $ (3.70) Core FFO per common stock/unit—diluted(3) $ 0.25 $ 0.61 FFO per common stock/unit—diluted(3) $ 0.27 $ 0.15 AFFO per common stock/unit—diluted(3) $ (0.17) $ 0.08 GAAP same-store NOI growth(4) (4.9) % (7.9) % Cash same-store NOI growth(4) (7.4) % (9.9) % Weighted average common stock/units outstanding—diluted 65,564 21,013 BALANCE SHEET HIGHLIGHTS HPP's share of debt, net/HPP's share of undepreciated book value(5) 31.9 % 39.0 % HPP's share of debt, net/cash adjusted EBITDAre for selected ratios(5) 11.9x 12.6x Weighted average years to maturity—HPP’s share of secured and unsecured debt 2.4 2.9 Unsecured revolving credit facility undrawn capacity $ 795,250 $ 752,000 Unrestricted cash and cash equivalents $ 138,008 $ 86,474 Note: Definitions for commonly used terms on pages 27-29. (1) 78.2% excluding Sunset Pier 94 Studios (added to in-service population in first quarter 2026). (2) 90.2% excluding Sunset Glenoaks Studios (added to in-service population in second quarter 2025). (3) See page 10 for a reconciliation of net loss to FFO and AFFO. (4) See page 12 for cash NOI reconciliation. (5) See pages 30-32 for non-GAAP reconciliations.

 

Page 4 of 32 Financial Results Compared to First Quarter 2025 • Total revenue of $181.9 million compared to $198.5 million, primarily due to the Element LA office disposition and office tenant move outs, combined with stable studio production activity • General and administrative expenses improved to $12.6 million compared to $18.5 million, driven by cost savings initiatives • Net loss of $53.1 million, or $0.82 per diluted share, compared to $74.7 million, or $3.70 per diluted share, driven by cost reductions, lower non-real estate depreciation, and prior-year impairment charges, partially offset by prior-year gains on asset sales • Core FFO of $16.5 million, or $0.25 per diluted share, compared to $12.9 million, or $0.61 per diluted share ◦ Adjustments to FFO in the first quarter totaled $1.5 million, or $0.02 per diluted share, compared to $9.8 million, or $0.47 per diluted share • FFO of $18.0 million, or $0.27 per diluted share, up from $3.1 million, or $0.15 per diluted share • AFFO of $(11.1) million, or $(0.17) per diluted share, compared to $1.7 million, or $0.08 per diluted share, primarily due to lower non-cash adjustments and higher recurring capital expenditures, partially offset by Core FFO improvements • Same-store cash NOI of $85.2 million, compared to $92.0 million, driven by lower office revenues from tenant move outs, partially offset by higher studio revenue due to additional production activity Office Leasing • Maintained strong leasing momentum, executing 85 leases totaling 554,021 square feet (49% new / 51% renewal), including the following notable leases, each with significant term: ◦ 59,000-square-foot renewal with Weil, Gotshal & Manges at Towers at Shore Center in Redwood Shores ◦ 56,000-square-foot renewal and expansion with Mirum Pharmaceuticals at Metro Center in Foster City ◦ 46,000-square-foot renewal with Dell EMC at 505 First in Seattle's Pioneer Square ◦ 29,000-square-foot new lease with Axiado Corporation at Concourse in North San Jose • GAAP rents on new leases signed increased 1.8% compared to prior levels, while cash rents decreased 2.4% • In-service office portfolio occupancy improved for the third consecutive quarter to 77.8% (up from 76.3% in the prior quarter) and leased rate rose to 78.4% (up from 77.0% in the prior quarter) Studio Leasing • In-service studio stages were 72.8% leased on a trailing three-month basis (compared to 74.5% in the prior quarter) and 72.5% on a trailing 12-month basis (up from 69.1% in the prior quarter) ◦ Excluding the Sunset Pier 94 development in Manhattan, where stages leased from 0% to 100% during the quarter, in-service studio stages would have been 78.2% leased (up 370 basis points from the prior quarter) on a trailing three-month basis ◦ Hollywood in-service studio stages (Sunset Gower, Sunset Bronson and Sunset Las Palmas) were 97.0% leased (up 280 basis points from the prior quarter) on a trailing three-month basis Balance Sheet as of March 31, 2026 • Total liquidity of $933.3 million consisting of $138.0 million in unrestricted cash and cash equivalents and $795.3 million of availability under the unsecured revolving credit facility • Net debt to undepreciated book value of 31.9% (HPP's share), with 100.0% of debt fixed or capped at a weighted average interest rate of 4.9% and no debt maturities until third quarter 2026 Dividend • The Board of Directors declared and paid a dividend of $0.296875 per share on the 4.750% Series C cumulative preferred stock Executive Summary (continued) Three Months Ended March 31, 2026 Note: Definitions for commonly used terms on pages 27-29.

 

Page 5 of 32 Executive Summary (continued) Three Months Ended March 31, 2026 Note: Definitions for commonly used terms on pages 27-29. 2026 Outlook Hudson Pacific is increasing its full-year 2026 Core FFO outlook to $1.10 to $1.18 per diluted share, from the prior range of $0.96 to $1.06. This revised range reflects two key drivers. First, approximately $0.04 of outperformance in first quarter compared to initial expectations. Second, a $0.09 benefit from reclassification of Quixote's leased sound stages and Atlanta-area operations as discontinued operations beginning in second quarter 2026. Note this benefit is based upon expectations for the discontinued operations included in the Company’s previous full-year outlook. This outlook reflects management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of events referenced in this press release and in earlier announcements. It otherwise excludes any impact from new acquisitions, dispositions, debt financings, amendments or repayments, recapitalizations, capital markets activity or similar matters. There can be no assurance that actual results will not differ materially from these estimates. The table below reflects key assumptions for this outlook: (1) Same-store defined as the consolidated 37 office properties and three studio properties owned and stabilized as of January 1, 2025, and anticipated to be owned and stabilized through December 31, 2026. (2) See non-GAAP information below for cash NOI definition. (3) Includes non-cash straight-line rent, above/below-market rents and lease incentives associated with studio and office properties. (4) Includes non-cash straight-line rent expense and above/below-market ground rent associated with studio and office properties. (5) Includes estimated $8.0 million of non-cash compensation expense. (6) Includes estimated $6.5 million of non-cash interest expense. (7) Diluted shares represent Company ownership through shares of common stock, OP Units and other convertible or exchangeable instruments. Weighted average fully diluted common stock/units outstanding for 2026 includes estimated dilution of stock grants to executives under long-term incentive programs. This estimate is based on award potential as of the end of the most recently completed quarter, calculated in accordance with ASC 260, Earnings Per Share. Unaudited, in thousands FULL-YEAR 2026 ASSUMPTIONS Metric May 2026 February 2026 Average in-service office occupancy 80.0% to 82.0% Unchanged Growth in same-store property cash NOI(1)(2) (1.75%) to (0.75%) Unchanged GAAP non-cash revenue(3) $11,500 to $16,500 Unchanged GAAP non-cash expense(4) ($6,000) to ($8,000) Unchanged General and administrative expenses(5) ($49,500) to ($55,500) Unchanged Interest expense(6) ($150,000) to ($160,000) ($151,000) to ($161,000) Non-real estate depreciation and amortization ($12,000) to ($14,000) Unchanged FFO from unconsolidated joint ventures $500 to $2,500 Unchanged FFO attributable to non-controlling interests ($22,000) to ($26,000) Unchanged FFO attributable to preferred units/shares ($20,000) to ($20,000) Unchanged Weighted average common stock/units outstanding—diluted(7) 65,000 to 66,000 Unchanged

 

Page 6 of 32 Corporate Information Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. Robert L. Harris II Executive Chairman (retired), Acacia Research Corporation Michael Nash Co-Founder and Chairman (retired), Blackstone Real Estate Debt Strategies Barry Sholem Founder and Partner, MSD Partners, L.P. and Chairman and Senior Advisor, BDT & MSD Partners Andrea Wong President (retired), International Production, Sony Pictures Television Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Executive Officer, Catellus Development Corporation Jon Bortz Chairman and Chief Executive Officer, Pebblebrook Hotel Trust T. Ritson Ferguson Chief Executive Officer and Chief Investment Officer (retired), CBRE Global Investors Board of Directors: Drew B. Gordon Chief Investment Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Andy L. Wattula Chief Operating Officer Victor J. Coleman Chief Executive Officer and Chairman Mark T. Lammas President Lisa K. Burelli Chief People Officer Harout K. Diramerian Chief Financial Officer Executive Management:

 

Page 7 of 32 Corporate Information (continued) BofA Securities Jana Galan (646) 855-5042 BMO Capital Markets John Kim (212) 885-4115 BTIG Tom Catherwood (212) 738-6140 Cantor Fitzgerald Richard Anderson (929) 441-6927 Citigroup Global Markets Seth Bergey (212) 816-2066 Morgan Stanley Ronald Kamdem (212) 296-8319 Piper Sandler & Company Alexander Goldfarb (212) 466-7937 Wells Fargo Securities Blaine Heck (443) 263-6529 Wolfe Research Ally Yaseen (646) 582-9253 Fitch Ratings Peter Siciliano (646) 582-4760 Moody’s Investor Service Ranjini Venkatesan (212) 553-3828 Standard & Poor’s Hannah Gray (646) 784-0134 Equity Research Coverage: Goldman Sachs Caitlin Burrows (212) 902-4736 Green Street Advisors Dylan Burzinski (949) 640-8780 Jefferies LLC Joe Dickstein (212) 778-8771 Mizuho Securities Vikram Malhotra (212) 282-3827 Rating Agencies: Corporate Contact: Corporate Headquarters 11601 Wilshire Boulevard Ninth Floor Los Angeles, CA 90025 (310) 445-5700 Website www.hudsonpacificproperties.com Investor Relations Laura Campbell Executive Vice President, Investor Relations and Marketing (310) 622-1702

 

Page 8 of 32 Consolidated Balance Sheets In thousands, except share data 3/31/26 12/31/25 (Unaudited) ASSETS Investment in real estate, net $ 5,810,439 $ 5,840,251 Non-real estate property, plant and equipment, net 73,026 72,397 Cash and cash equivalents 138,008 138,358 Restricted cash 24,432 23,770 Accounts receivable, net 14,121 14,923 Straight-line rent receivables, net 200,387 195,425 Deferred leasing costs and intangible assets, net 307,900 307,390 Operating lease right-of-use assets 327,921 333,258 Prepaid expenses and other assets, net 77,135 86,607 Investment in unconsolidated real estate entities 248,178 246,835 Goodwill 8,754 8,754 TOTAL ASSETS $ 7,230,301 $ 7,267,968 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,350,125 $ 3,351,458 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 229,078 209,382 Operating lease liabilities 339,815 343,886 Intangible liabilities, net 16,768 17,772 Security deposits, prepaid rent and other 81,078 74,369 Total liabilities 4,083,000 4,063,003 Redeemable preferred units of the operating partnership 2,795 2,795 Redeemable non-controlling interest in consolidated real estate entities 49,880 50,581 Equity HPP stockholders' equity: 4.750% Series C cumulative redeemable preferred stock, $0.01 par value, $25.00 per share liquidation preference,18,400,000 authorized, 17,000,000 shares outstanding at 3/31/26 and 12/31/25 425,000 425,000 Common stock, $0.01 par value, 103,200,000 authorized, 54,242,024 and 54,227,096 shares outstanding at 3/31/26 and 12/31/25, respectively 529 529 Additional paid-in capital 2,495,302 2,548,488 Accumulated other comprehensive loss (3,619) (1,860) Total HPP stockholders’ equity 2,917,212 2,972,157 Non-controlling interest—members in consolidated real estate entities 64,903 67,869 Non-controlling interest—units in the operating partnership 112,511 111,563 Total equity 3,094,626 3,151,589 TOTAL LIABILITIES AND EQUITY $ 7,230,301 $ 7,267,968

 

Page 9 of 32 Consolidated Statements of Operations Unaudited, in thousands, except per share data Three Months Ended 3/31/26 3/31/25 REVENUES Office Rental revenues $ 145,228 $ 158,393 Service and other revenues 3,446 6,818 Total office revenues 148,674 165,211 Studio Rental revenues 13,797 13,652 Service and other revenues 19,381 19,596 Total studio revenues 33,178 33,248 Total revenues 181,852 198,459 OPERATING EXPENSES Office operating expenses 69,822 72,277 Studio operating expenses 31,709 40,981 General and administrative 12,575 18,483 Depreciation and amortization 80,722 93,085 Total operating expenses 194,828 224,826 OTHER (EXPENSES) INCOME Loss from unconsolidated real estate entities (437) (1,254) Fee income 1,107 1,359 Interest expense (37,994) (43,505) Interest income 1,649 435 Management services reimbursement income—unconsolidated real estate entities 1,124 975 Management services expense—unconsolidated real estate entities (1,124) (975) Transaction-related expenses (101) — Unrealized loss on non-real estate investments (1,962) (449) Gain on sale of real estate, net — 10,023 Impairment loss — (18,476) Loss on extinguishment of debt — (1,858) Other income 158 8 Total other expenses (37,580) (53,717) Loss before income tax provision (50,556) (80,084) Income tax provision (348) (194) Net loss (50,904) (80,278) Net income attributable to Series A preferred units (44) (146) Net income attributable to Series C preferred shares (5,047) (5,047) Net loss attributable to non-controlling interest in consolidated real estate entities 1,610 7,467 Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 701 902 Net loss attributable to common units in the operating partnership 553 2,394 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (53,131) $ (74,708) BASIC AND DILUTED PER SHARE AMOUNTS Net loss attributable to common stockholders—basic $ (0.82) $ (3.70) Net loss attributable to common stockholders—diluted $ (0.82) $ (3.70) Weighted average shares of common stock outstanding—basic 64,462 20,198 Weighted average shares of common stock outstanding—diluted 64,462 20,198

 

Page 10 of 32 Funds from Operations & Adjusted Funds from Operations Unaudited, in thousands, except per share data ADJUSTED FUNDS FROM OPERATIONS Three Months Ended 3/31/26 3/31/25 Core FFO $ 16,542 $ 12,865 Adjustments: GAAP non-cash revenue(1) (3,178) (671) GAAP non-cash expense(2) 1,885 1,704 Non-real estate depreciation and amortization 3,441 8,247 Non-cash interest expense 1,911 4,109 Share/unit-based compensation expense 1,912 5,115 Recurring capital expenditures, tenant improvements and lease commissions (33,582) (29,658) AFFO $ (11,069) $ 1,711 Weighted average common stock/units outstanding—diluted 65,564 21,013 AFFO per common stock/unit—diluted $ (0.17) $ 0.08 Dividends paid to common stock/unit holders $ — $ — AFFO payout ratio — % — % FUNDS FROM OPERATIONS Three Months Ended 3/31/26 3/31/25 Net loss $ (50,904) $ (80,278) Adjustments: Depreciation and amortization—consolidated 80,722 93,085 Depreciation and amortization—non-real estate assets (3,441) (9,649) Depreciation and amortization—HPP’s share from unconsolidated real estate entities 1,476 1,045 Gain on sale of real estate, net — (10,023) Impairment loss—real estate assets — 18,476 Unrealized loss on non-real estate investments 1,962 449 FFO attributable to non-controlling interests (6,714) (4,854) FFO attributable to preferred shares and units (5,091) (5,193) FFO to common stock/unit holders 18,010 3,058 Adjustments: Transaction-related expenses 101 — Refundable payroll tax credit interest income (543) — Prior year property tax refund (538) — Loan swap non-cash reevaluation (488) 682 Quixote non-compete termination — 1,402 Quixote lease termination — 5,865 Element LA debt early extinguishment loss — 1,858 Core FFO to common stock/unit holders $ 16,542 $ 12,865 Weighted average common stock/units outstanding—diluted 65,564 21,013 FFO per common stock/unit—diluted $ 0.27 $ 0.15 Core FFO per common stock/unit—diluted $ 0.25 $ 0.61 Note: Definitions for commonly used terms on pages 27-29. (1) Includes non-cash straight-line rent, above/below-market rents and lease incentives associated with studio and office properties. (2) Includes non-cash straight-line rent expense and above/below-market ground rent associated with studio and office properties.

 

Page 11 of 32 Consolidated Same-Store Property Performance Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS Three Months Ended 3/31/26 3/31/25 % Change Same-store office statistics Number of properties 37 37 Square feet 11,372,298 11,470,493 Average % occupied 75.1 % 72.8 % Same-store studio statistics Number of properties 3 3 Square feet 1,204,666 1,204,666 Average stage % leased 97.0 % 80.9 % Average total % leased 84.5 % 73.9 % Same-store NOI(1) Office revenues $ 148,618 $ 153,622 (3.3) % Office expenses 68,706 67,787 1.4 Same-store office NOI 79,912 85,835 (6.9) Studio revenues 19,609 16,999 15.4 Studio expenses 12,176 10,994 10.8 Same-store studio NOI 7,433 6,005 23.8 Total same-store NOI $ 87,345 $ 91,840 (4.9) % SAME-STORE ANALYSIS (CASH BASIS) Three Months Ended 3/31/26 3/31/25 % Change Same-store NOI (cash basis) Office cash revenues $ 145,017 $ 152,522 (4.9) % Office cash expenses 67,698 66,763 1.4 Same-store office NOI (cash basis) 77,319 85,759 (9.8) Studio cash revenues 20,045 17,204 16.5 Studio cash expenses 12,129 10,963 10.6 Same-store studio NOI (cash basis) 7,916 6,241 26.8 Total same-store NOI (cash basis) $ 85,235 $ 92,000 (7.4) % Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations.

 

Page 12 of 32 NOI Detail Three Months Ended March 31, 2026 | Unaudited, in thousands Same-Store Office Same-Store Studio Non-Same- Store Office Non-Same- Store Studio Total REVENUE Cash rent $ 117,745 $ 11,368 $ 37 $ 2,712 $ 131,862 Cash tenant recoveries 23,821 163 24 — 24,008 Straight-line rent 5,400 (427) — (10) 4,963 Amortization of above/below-market leases, net 1,004 — — — 1,004 Amortization of lease incentive costs (2,803) (9) — — (2,812) Total rental revenue 145,167 11,095 61 2,702 159,025 Service and other revenues 3,451 8,514 (5) 10,867 22,827 Total revenue 148,618 19,609 56 13,569 181,852 OPERATING EXPENSES Property operating expenses 67,698 12,129 1,116 18,569 99,512 Straight-line rent 367 — — 904 1,271 Share/unit-based compensation expense — 47 — 60 107 Amortization of above/below-market ground leases, net 641 — — — 641 Total operating expenses 68,706 12,176 1,116 19,533 101,531 CONSOLIDATED NOI(1) $ 79,912 $ 7,433 $ (1,060) $ (5,964) $ 80,321 Add: HPP’s share of NOI from unconsolidated real estate entity(2) — — 2,278 367 2,645 Less: NOI attributable to non-controlling interests(2) 11,539 3,453 — — 14,992 HPP’s share of NOI $ 68,373 $ 3,980 $ 1,218 $ (5,597) $ 67,974 Reconciliation to cash NOI Consolidated NOI $ 79,912 $ 7,433 $ (1,060) $ (5,964) $ 80,321 Straight-line rent, net (5,033) 427 — 914 (3,692) Share/unit-based compensation expense — 47 — 60 107 Amortization of above/below-market leases, net (1,004) — — — (1,004) Amortization of lease incentive costs 2,803 9 — — 2,812 Amortization of above/below-market ground leases, net 641 — — — 641 CONSOLIDATED CASH NOI $ 77,319 $ 7,916 $ (1,060) $ (4,990) $ 79,185 Add: HPP’s share of cash NOI from unconsolidated real estate entity(2) — — 2,120 452 2,572 Less: Cash NOI attributable to non-controlling interests(2) 11,302 3,664 — — 14,966 HPP’s share of cash NOI $ 66,017 $ 4,252 $ 1,060 $ (4,538) $ 66,791 Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations. (2) See page 26 for consolidated and unconsolidated joint venture properties.

 

Page 13 of 32 Debt Summary & Debt Metrics As of March 31, 2026 | Unaudited, in thousands DEBT SUMMARY Outstanding Balance HPP’s Share Stated Interest Rate Maturity Date(1) UNSECURED DEBT Unsecured revolving credit facility(2)(3) $ — $ — SOFR + 1.15% to 1.60% 12/31/29 3.95% Registered senior notes 400,000 400,000 3.95% 11/1/27 5.95% Registered senior notes 350,000 350,000 5.95% 2/15/28 4.65% Registered senior notes 500,000 500,000 4.65% 4/1/29 3.25% Registered senior notes 400,000 400,000 3.25% 1/15/30 Total unsecured debt 1,650,000 1,650,000 SECURED DEBT Hollywood Media Portfolio CMBS(4) 1,100,000 561,000 SOFR + 1.10% 8/9/26 Acquired Hollywood Media Portfolio CMBS debt (30,233) (30,233) SOFR + 2.11% 8/9/26 Hollywood Media Portfolio CMBS, net 1,069,767 530,767 Hill7 CMBS 101,000 101,000 3.38% 11/6/28 Office Portfolio CMBS(5) 259,583 259,583 SOFR + 4.15% 4/9/30 1918 Eighth CMBS 285,000 156,750 6.16% 9/11/30 Total secured debt 1,715,350 1,048,100 Total unsecured and secured debt $ 3,365,350 $ 2,698,100 Consolidated joint venture partner debt $ 66,136 $ — 4.50% 10/9/32 UNCONSOLIDATED DEBT Sunset Glenoaks Studios(6) $ — $ — SOFR + 3.10% 1/9/27 Bentall Centre 474,067 94,813 CORRA + 2.30% 7/1/27 Sunset Pier 94 Studios(2) 155,841 39,819 SOFR + 4.75% 9/9/28 Total unconsolidated debt $ 629,908 $ 134,632 Note: Definitions for commonly used terms on pages 27-29. (1) Maturity dates include extension options. (2) Availability of $795.3 million on unsecured revolving credit facility and $7.0 million on Sunset Pier 94 Studios loan (at HPP’s share). (3) $333.3 million of commitments maturing December 21, 2026 and $462.0 million of commitments maturing December 31, 2029. (4) Secured by Sunset Gower Studios, Sunset Las Palmas Studios, Sunset Bronson Studios, 6040 Sunset, Harlow, ICON, CUE and EPIC. (5) Secured by 11601 Wilshire, 5th & Bell, 450 Alaskan, 1740 Technology and 275 Brannan. (6) Joint venture owning Sunset Glenoaks Studios ceased debt service payments on this non-recourse loan due to insufficient property cash flow in fourth quarter 2025. (7) See pages 30-32 for non-GAAP reconciliations. DEBT METRICS(7) Total unsecured and secured debt $ 3,365,350 Less: Consolidated cash and cash equivalents and restricted cash (162,440) Consolidated debt, net $ 3,202,910 Less: Partners' share of consolidated unsecured and secured debt (667,250) Add: HPP's share of unconsolidated real estate entities' debt 134,632 Add: Partners' share of consolidated cash and cash equivalents and restricted cash 32,293 Less: HPP's share of unconsolidated real estate entities' cash and cash equivalents and restricted cash (3,962) HPP's share of debt, net $ 2,698,623 HPP's share of debt, net/HPP's share of undepreciated book value(6) 31.9 % Consolidated debt, net/cash adjusted EBITDAre for selected ratios(6) 11.2x HPP's share of debt, net/HPP's share of cash adjusted EBITDAre for selected ratios(6) 11.9x

 

Page 14 of 32 Debt Maturities, Composition & Hedging Instruments(1) Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Effective Interest Rate Years to Maturity HPP’s share of secured and unsecured debt Unsecured $1,650,000 58.2 % 4.4% 2.6 Secured 1,182,732 41.8 5.5 2.0 Total $2,832,732 100.0 % 4.9% 2.4 HPP’s share of fixed, capped, and floating rate debt Fixed(2) $2,783,330 98.2 % 4.8% 2.3 Capped 49,402 1.8 8.3 2.7 Floating — — — — Total $2,832,732 100.0 % 4.9% 2.4 GAAP effective rate 5.0% Debt Maturity Schedule $400,000 $350,000 $500,000 $400,000 $538,267 $104,813 $150,819 $378,833 Secured Unsecured 2026 2027 2028 2029 2030 2031+ 0 200,000 400,000 600,000 800,000 1,000,000 Note: Definitions for commonly used terms on pages 27-29. (1) Reflects HPP’s share of principal amortization and maturities including extension options, and excluding unamortized deferred financing costs, loan discounts/premiums, and consolidated joint venture debt. (2) Includes debt subject to interest rate swaps. (3) Notional amount decreases monthly in line with amortization of underlying debt instrument. HEDGING INSTRUMENTS Underlying Debt Instrument HPP Notional Amount Effective Date Maturity Date Strike/Swap Rate Underlying Index Interest rate swaps Hollywood Media Portfolio CMBS, net $351,186 8/15/23 6/15/26 3.31% SOFR Bentall Centre $94,813 11/1/23 7/1/27 4.36% CORRA Hollywood Media Portfolio CMBS, net $180,000 2/9/24 8/9/26 4.13% SOFR Office Portfolio CMBS $250,000 12/15/25 4/15/29 3.41% SOFR Interest rate caps Office Portfolio CMBS(3) $8,750 12/15/25 2/15/27 3.35% SOFR Sunset Pier 94 Studios $39,819 9/15/25 9/15/26 4.00% SOFR $10,000

 

Page 15 of 32 Debt Covenant Compliance(1) Covenant Actual Performance Unsecured revolving credit facility and term loans Total liabilities to total asset value ≤ 60% 43.2% Unsecured indebtedness to unencumbered asset value ≤ 60% 37.3% Adjusted EBITDA to fixed charges ≥ 1.5x 1.6x Secured indebtedness to total asset value ≤ 45% 23.1% Unencumbered NOI to unsecured interest expense ≥ 1.75x 2.2x Minimum liquidity coverage > $125MM Yes Unsecured registered senior notes Debt to total assets ≤ 60% 39.5% Total unencumbered assets to unsecured debt ≥ 150% 311.6% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 2.0x Secured debt to total assets ≤ 40% 20.9% (1) Covenants and actual performance reflect most restrictive terms and definitions of latest amended and restated credit agreement or indentures governing unsecured registered senior notes as of March 31, 2026, at which time the operating partnership was in compliance.

 

Page 16 of 32 Existing Portfolio Summary Unaudited, in thousands, except per share data Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Number of office properties owned 41 41 42 42 43 In-service office square feet 12,904,790 13,178,041 13,454,547 13,420,243 13,420,836 In-service office % leased 78.4 % 77.0 % 76.5 % 76.2 % 76.5 % In-service office % occupied 77.8 % 76.3 % 75.9 % 75.1 % 75.1 % Number of studio properties owned 5 5 5 5 5 In-service studio square feet 1,679,750 1,447,966 1,447,966 1,448,324 1,446,024 In-service studio trailing 3-month stage % leased 72.8 % (1) 74.5 % 71.7 % 65.4 % 80.9 % In-service studio trailing 12-month stage % leased 72.5 % (2) 69.1 % 65.8 % 63.6 % 78.7 % HPP's Share ABR % by Industry 34.6% 14.6%8.4% 8.0% 7.2% 6.1% 21.1% Technology Media & Entertainment Legal Retail Business Services Financial Services Other YTD HPP's Share NOI % by Region 44.1% 20.4% 16.9% 15.2% 3.4% Silicon Valley San Francisco Los Angeles Seattle Vancouver HPP's Share Tech ABR % by Public/ Private Tenants & Age 66.5% 18.4% 15.1% Public Private > 10 Yrs. Private < 10 Yrs. YTD HPP's Share NOI % Office vs. Studio 100.0% Office Studio Note: Definitions for commonly used terms on pages 27-29. (1) 78.2% excluding Sunset Pier 94 Studios (added to in-service population in first quarter 2026). (2) 90.2% excluding Sunset Glenoaks Studios (added to in-service population in second quarter 2025). (3) See page 30 for non-GAAP reconciliations. (4) Includes the in-service population of office and studio properties. (5) Reflects status of tenant or tenant's parent entity. There can be no assurance that tenant's parent entity will satisfy lease and other obligations upon default. (3) (5)(4)

 

Page 17 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Excludes 494,106 square feet taken off-line for change of use and/or significant capital repositioning. Office Properties by Location Properties Square Feet % Occupied % Leased Annualized Base Rent HPP’s Share Annualized Base Rent Annualized Base Rent Per Square Foot Los Angeles, California Hollywood 4 852,236 100.0 % 100.0 % $ 62,083,254 $ 31,662,459 $ 72.85 West Los Angeles 1 501,229 95.6 96.2 22,839,636 22,839,636 47.67 Downtown Los Angeles 1 131,701 100.0 100.0 6,549,823 6,549,823 49.73 Subtotal 6 1,485,166 98.5 98.7 91,472,713 61,051,918 62.52 San Francisco Bay Area, California North San Jose 5 2,667,823 59.3 59.8 72,521,785 72,521,785 45.81 San Francisco 6 2,090,139 72.2 72.4 96,965,841 85,516,084 64.22 Palo Alto 5 982,105 94.8 94.8 75,711,648 75,711,648 81.34 Redwood Shores 4 949,755 69.8 71.5 43,668,492 43,668,492 65.87 Foster City 1 724,748 90.8 91.8 39,281,653 39,281,653 59.70 Santa Clara 1 285,764 88.2 88.2 11,147,583 11,147,583 44.23 Subtotal 22 7,700,334 72.7 73.2 339,297,002 327,847,245 60.62 Seattle, Washington Denny Triangle 4 1,341,620 80.2 80.2 45,415,877 31,928,699 42.20 Pioneer Square 5 845,178 58.1 58.1 17,441,011 17,441,011 35.54 Subtotal 9 2,186,798 71.7 71.7 62,856,888 49,369,710 40.12 Vancouver, British Columbia Downtown Vancouver 1 1,532,492 92.3 94.3 42,775,519 8,555,104 30.24 Subtotal 1 1,532,492 92.3 94.3 42,775,519 8,555,104 30.24 TOTAL IN-SERVICE OFFICE(1) 38 12,904,790 77.8 % 78.4 % $ 536,402,122 $ 446,823,977 $ 53.42

 

Page 18 of 32 Office Properties Occupancy Detail Submarket Square Feet % Occupied % Leased Los Angeles, California ICON Hollywood 326,792 100.0 100.0 EPIC Hollywood 301,127 100.0 100.0 Harlow Hollywood 129,931 100.0 100.0 CUE Hollywood 94,386 100.0 100.0 11601 Wilshire West Los Angeles 501,229 95.6 96.2 Fourth & Traction Downtown Los Angeles 131,701 100.0 100.0 San Francisco Bay Area, California Concourse North San Jose 943,063 62.3 62.9 Gateway North San Jose 609,321 73.2 74.0 Metro Plaza North San Jose 480,440 59.5 59.9 Skyport Plaza North San Jose 419,142 11.5 11.5 1740 Technology North San Jose 215,857 100.0 100.0 1455 Market San Francisco 1,007,646 47.2 47.2 Rincon Center San Francisco 530,161 98.5 98.5 Ferry Building San Francisco 266,402 98.4 99.9 875 Howard San Francisco 188,252 80.7 80.7 275 Brannan San Francisco 57,120 100.0 100.0 901 Market San Francisco 40,558 100.0 100.0 Palo Alto Square Palo Alto 318,365 97.9 97.9 3400 Hillview Palo Alto 207,857 100.0 100.0 Page Mill Hill Palo Alto 182,562 75.5 75.5 Page Mill Center Palo Alto 172,666 100.0 100.0 Clocktower Square Palo Alto 100,655 100.0 100.0 Towers at Shore Center Redwood Shores 334,570 76.4 77.2 Shorebreeze Redwood Shores 230,931 72.3 76.2 555 Twin Dolphin Redwood Shores 201,219 68.2 70.5 333 Twin Dolphin Redwood Shores 183,035 56.3 56.3 Metro Center Foster City 724,748 90.8 91.8 Techmart Santa Clara 285,764 88.2 88.2 Seattle, Washington 1918 Eighth Denny Triangle 667,724 99.4 99.4 Hill7 Denny Triangle 285,310 48.3 48.3 5th & Bell Denny Triangle 197,136 100.0 100.0 Met Park North Denny Triangle 191,450 40.5 40.5 505 First Pioneer Square 291,290 25.5 25.5 83 King Pioneer Square 185,790 39.2 39.2 450 Alaskan Pioneer Square 171,594 95.9 95.9 411 First Pioneer Square 164,426 94.1 94.1 95 Jackson Pioneer Square 32,078 76.4 76.4 Vancouver, British Columbia Bentall Centre Downtown Vancouver 1,532,492 92.3 94.3 TOTAL IN-SERVICE OFFICE 12,904,790 77.8 % 78.4 % Note: Definitions for commonly used terms on pages 27-29.

 

Page 19 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Google, Inc. expirations: (i) 208,843 square feet at Rincon Center on February 29, 2028, (ii) 207,857 square feet at 3400 Hillview on November 30, 2028 and (iii) 41,354 square feet at Ferry Building on October 31, 2029. (2) Netflix, Inc. expirations: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC and (iii) 94,386 square feet at CUE. (3) Amazon expirations: (i) 659,150 square feet at 1918 Eighth on September 30, 2030 and (ii) 191,814 square feet at 5th & Bell on May 31, 2031. (4) City and County of San Francisco expirations: (i) 39,573 square feet at 1455 Market on September 19, 2033, (ii) 389,316 square feet at 1455 Market on April 30, 2045 and (iii) 706 square feet at Ferry Building on April 30, 2067. (5) Nutanix expirations: (i) 215,857 square feet at 1740 Technology on May 31, 2030 and (ii) 13,898 square feet at Metro Plaza on July 31, 2030. (6) Salesforce.com expirations at Rincon Center: (i) 83,372 square feet on April 30, 2027 and (ii) 93,028 square feet on October 31, 2028. Salesforce.com subleases to Twilio Inc. and pays base rent plus 50% of sublease rent (currently an additional $290,000 per month). (7) Dell EMC Corporation expirations: (i) 83,549 square feet at 875 Howard on June 30, 2026 and (ii) 46,472 square feet at 505 First on April 30, 2032. (8) Weil, Gotshal & Manges expirations at Towers at Shore Center: (i) 29,846 square feet on August 31, 2026 and (ii) 59,403 square feet on February 28, 2038. (9) PayPal, Inc. exercised early termination right at Fourth & Traction for July 2026. (10) Redfin Corporation expirations: (i) 2,978 square feet at Gateway on September 30, 2026 and (ii) 112,990 square feet at Hill7 on July 31, 2027. HPP’s Share # of Properties Lease Expiration Occupied Square Feet Annualized Base Rent % of Annualized Base Rent 1 Google, Inc. 3 2028-2029 458,054 (1) $ 40,204,174 9.0% 2 Netflix, Inc. 3 9/30/31 722,305 (2) 27,353,579 6.1 3 Amazon 2 2030-2031 850,964 (3) 24,733,556 5.5 4 City and County of San Francisco 2 2033-2067 429,595 (4) 17,769,342 4.0 5 Nutanix, Inc. 2 2030 229,755 (5) 12,653,291 2.8 6 Salesforce.com 1 2027-2028 176,400 (6) 10,746,119 2.4 7 Dell EMC Corporation 2 2026-2032 130,021 (7) 9,354,339 2.1 8 Coupa Software Incorporated 1 11/30/33 100,654 8,077,212 1.8 9 Weil, Gotshal & Manges LLP 1 2026-2038 89,249 (8) 6,924,439 1.5 10 X.AI Corp. 1 10/31/31 105,536 6,838,733 1.5 11 PayPal, Inc. 1 7/17/26 131,701 (9) 6,549,823 1.5 12 Glu Mobile, Inc. 1 11/30/27 61,381 5,637,567 1.3 13 Redfin Corporation 2 2026-2027 115,968 (10) 5,135,569 1.1 14 Rivian Automotive, Inc. 1 4/30/28 55,805 4,980,956 1.1 15 Covington & Burling LLP 1 8/31/28 40,779 4,483,680 1.0 TOTAL 3,698,167 $ 191,442,379 42.7% 15 Largest Office Tenants

 

Page 20 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Trailing 12-month annualized base rent and occupancy available one year following construction completion in first quarter 2027. (2) Reflects lease up period for Sunset Pier 94 Studios stages, which reached 100% leased as of March 31, 2026. (3) Excludes 25,244 square feet taken off-line for change of use and/or significant capital repositioning. Studio Properties & Services STUDIO NOI DETAIL ($ in thousands) Revenue Categories Quarter to Date Rental Studio Ancillary Pro Supplies Fleet Total Revenues Total Expenses Total NOI In-Service Studio $11,095 $8,514 N/A N/A $19,609 $12,184 $7,425 Quixote Studios & Services 2,702 3,599 1,389 5,879 13,569 19,525 (5,956) TOTAL $13,797 $12,113 $1,389 $5,879 $33,178 $31,709 $1,469 STUDIO PROPERTIES Stage Leased % Owned/ Leased Submarket Total Square Feet # of Stages Trailing 3-Months Trailing 12-Months Annualized Base Rent HPP’s Share Annualized Base Rent Annualized Base Rent Per Square Foot Los Angeles, California Sunset Gower Studios Owned Hollywood 559,149 12 100.0 % 100.0 % $ 24,466,949 $ 12,478,144 $ 53.62 Sunset Bronson Studios Owned Hollywood 310,563 9 92.3 91.2 12,706,010 6,480,065 45.20 Sunset Las Palmas Studios Owned Hollywood 334,954 11 97.0 77.3 8,093,422 4,127,645 32.74 Sunset Glenoaks Studios Owned Sun Valley 243,300 7 15.9 13.3 1,199,556 599,778 44.71 New York, New York Sunset Pier 94 Studios(1) Owned Manhattan 231,784 6 38.8 (2) N/A N/A N/A N/A TOTAL IN-SERVICE STUDIO 1,679,750 (3) 45 72.8 % 72.5 % $ 46,465,937 $ 23,685,632 $ 46.25 Quixote Studios Various Various 468,087 20 46.6% 53.6% $11,160,073 $11,160,073 $ 55.18

 

Page 21 of 32 Office Leasing Activity Dollars reflected are per square foot Three Months Ended 3/31/26 Gross leasing activity New cash rate $47.40 Renewal cash rate $56.19 New square feet leased 271,367 Renewal square feet leased 282,654 Total square feet leased 554,021 Leases expired and terminated Contractual expiration square feet 201,178 Early termination square feet 155,455 Total square feet expired/terminated 356,633 GAAP rent expiring rate $50.54 GAAP rent new/renewal rate $51.43 % change in GAAP rent 1.8 % Cash rent expiring rate $55.97 Cash rent new/renewal rate $54.62 % change in cash rent (2.4) % Tenant improvements & leasing commissions (total / annual) New leases $79.95 / $14.95 Renewal leases $63.24 / $14.27 Blended $70.93 / $14.62 Net effective rent New leases $35.63 Renewal leases $49.55 Blended $43.14 Weighted average lease term (in months) New leases 64.2 Renewal leases 53.2 Blended 58.2 Note: Definitions for commonly used terms on pages 27-29.

 

Page 22 of 32 Expiring Office Leases Summary HPP’s Share # of Leases Expiring Square Feet Expiring (1) Annualized Base Rent % of Office Annualized Base Rent Annualized Base Rent Per Square Foot Annualized Base Rent at Expiration Annualized Base Rent Per Square Foot at Expiration Vacant 3,826,898 Q2 2026 25 135,275 5,699,522 1.3 55.16 5,737,638 55.52 Q3 2026 45 396,577 20,330,401 4.5 58.29 20,409,073 58.51 Q4 2026 22 74,443 3,394,354 0.8 51.86 3,419,836 52.25 Total 2026 92 606,295 29,424,277 6.6 56.85 29,566,547 57.13 2027 171 1,287,844 71,223,438 15.9 59.03 73,110,492 60.59 2028 146 1,459,502 91,771,847 20.4 72.06 95,799,643 75.22 2029 110 785,086 38,223,229 8.5 64.38 41,896,521 70.57 2030 79 1,558,174 60,745,910 13.5 52.45 68,088,335 58.79 2031 74 1,581,847 68,569,677 15.3 60.43 80,117,205 70.61 2032 20 255,578 11,030,420 2.5 52.37 12,194,543 57.90 2033 31 685,312 29,336,422 6.5 52.55 36,083,404 64.64 2034 16 186,707 6,903,795 1.5 37.62 11,536,149 62.86 2035 20 400,273 8,950,429 2.0 45.68 11,184,307 57.08 Thereafter 25 796,466 30,354,178 6.8 45.42 46,382,876 69.40 Building management use 67 420,644 — — — — — Signed leases not commenced 19 72,859 2,355,262 0.5 49.79 2,772,189 58.60 TOTAL/WEIGHTED AVERAGE 870 13,923,485 $ 448,888,884 100.0 % $ 55.31 $ 508,732,211 $ 62.68 Note: Definitions for commonly used terms on pages 27-29. (1) Expiring square footage excludes month-to-month leases.

 

Page 23 of 32 Uncommenced, Backfilled & Expiring Office Leases—Next 8 Quarters Q2 2026 Q3 2026 Q4 2026 Q1 2027 Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Uncommenced Office Leases Los Angeles, California 3,069 $ 66.84 — $ — — $ — — $ — San Francisco Bay Area, California 26,433 42.66 8,995 63.38 4,631 63.00 — — Seattle, Washington — — — — — — — — Vancouver, British Columbia 17,531 26.20 12,200 28.20 — — — — TOTAL 47,033 $ 38.10 21,195 $ 43.13 4,631 $ 63.00 — $ — Backfilled Office Leases Los Angeles, California 9,432 $ 66.64 — $ — — $ — — $ — San Francisco Bay Area, California 3,407 — 6,763 46.67 8,574 70.20 — — Seattle, Washington 2,566 20.00 — — — — — — Vancouver, British Columbia 26,138 31.41 — — 3,084 26.51 — — TOTAL 41,543 $ 36.12 6,763 $ 46.67 11,658 $ 58.64 — $ — Expiring Office Leases(1) Los Angeles, California 25,565 $ 59.92 149,753 $ 48.54 (2) 1,242 $ 57.29 9,184 $ 74.71 San Francisco Bay Area, California 68,664 57.37 180,500 70.15 (3) 59,799 54.89 313,031 57.33 (4) Seattle, Washington 2,566 — 8,623 24.47 2,208 29.33 3,320 — Vancouver, British Columbia 38,480 34.60 57,701 23.18 11,194 15.30 7,227 28.93 TOTAL 135,275 $ 50.29 396,577 $ 54.16 74,443 $ 48.22 332,762 $ 56.62 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Uncommenced Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California — — — — — — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia — — — — — — — — TOTAL — $ — — $ — — $ — — $ — Backfilled Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California — — — — — — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia — — — — — — — — TOTAL — $ — — $ — — $ — — $ — Expiring Office Leases(1) Los Angeles, California 2,783 $ 73.98 7,940 $ 58.82 15,287 $ 70.38 49,095 $ 71.78 San Francisco Bay Area, California 233,898 65.83 (5) 161,479 64.36 287,419 68.61 (6) 406,450 87.64 (7) Seattle, Washington 27,580 37.08 124,602 44.16 (8) 924 31.83 3,088 33.09 Vancouver, British Columbia 22,725 34.87 42,335 31.61 28,110 36.35 65,654 27.24 TOTAL 286,986 $ 60.70 336,356 $ 52.62 331,740 $ 65.85 524,287 $ 78.27

 

Page 24 of 32 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters (continued) Note: Definitions for commonly used terms on pages 27-29. (1) Excludes building management offices with various expiration dates. (2) Includes PayPal, Inc. at Fourth & Traction for 131,701 square feet on July 17, 2026. (3) Includes Dell EMC Corporation at 875 Howard for 83,549 square feet on June 30, 2026. (4) Includes Twilio, Inc. at Rincon Center for 83,016 square feet on December 31, 2026. (5) Includes Salesforce.com at Rincon Center for 83,372 square feet on April 30, 2027. (6) Includes Glu Mobile, Inc. at 875 Howard for 61,381 square feet on November 30, 2027. (7) Includes Google, Inc. at Rincon Center for 208,843 square feet on February 29, 2028. (8) Includes Redfin Corporation at Hill7 for 112,990 square feet on July 31, 2027.

 

Page 25 of 32 Development Pipeline(1) Unaudited, in thousands, except square feet Note: Definitions for commonly used terms on pages 27-29. (1) Represents 100% share of consolidated and unconsolidated joint ventures. (2) Based on receipt of temporary certificate of occupancy or equivalent. (3) Includes land and acquisition costs for Sunset Las Palmas Studios—Development for $20.8 million and Sunset Waltham Cross Studios for $171.4 million. RECENTLY COMPLETED DEVELOPMENT Submarket Completion Date(2) Estimated Stabilization Date Estimated Square Feet % Occupied % Leased Seattle, Washington Washington 1000 Denny Triangle Q4 2024 Q3 2027 546,000 0.5% 0.5% TOTAL 546,000 FUTURE DEVELOPMENT PIPELINE Type Submarket Estimated Square Feet (Units) Project Costs as of 3/31/26(3) Los Angeles, California Sunset Las Palmas Studios—Development Office/Studio Hollywood 617,581 $ 29,889 Sunset Gower Studios—Development Office/Studio Hollywood 478,845 $ 7,963 Sunset Bronson Studios Lot D—Development Residential Hollywood 19,816 (33 units) $ — 10900-10950 Washington Residential West Los Angeles 428,623 (508 units) $ 4,270 Vancouver, British Columbia Burrard Exchange Office Downtown Vancouver 450,000 $ 8,270 Greater London, United Kingdom Sunset Waltham Cross Studios Studio Broxbourne 1,167,347 $ 299,687 TOTAL 3,162,212 $ 350,079

 

Page 26 of 32 Consolidated & Unconsolidated Ventures Venture Partner Submarket Square Feet(1) HPP Ownership % CONSOLIDATED VENTURES Los Angeles, California(2) Sunset Gower Studios Blackstone Hollywood 1,044,644 51.0 % Sunset Las Palmas Studios Blackstone Hollywood 971,129 51.0 % Sunset Bronson Studios Blackstone Hollywood 330,379 51.0 % ICON Blackstone Hollywood 326,792 51.0 % EPIC Blackstone Hollywood 301,127 51.0 % Harlow Blackstone Hollywood 129,931 51.0 % 6040 Sunset Blackstone Hollywood 114,958 51.0 % CUE Blackstone Hollywood 94,386 51.0 % San Francisco, California Ferry Building PIMCO San Francisco 266,402 55.0 % Seattle, Washington 1918 Eighth CPPIB Denny Triangle 667,724 55.0 % UNCONSOLIDATED VENTURES Los Angeles, California(2) Sunset Glenoaks Studios Blackstone Sun Valley 243,300 50.0 % New York, New York Sunset Pier 94 Studios Blackstone/Vornado Manhattan 231,784 25.6 % Vancouver, British Columbia Bentall Centre Blackstone Downtown Vancouver 2,001,051 20.0 % Greater London, United Kingdom Sunset Waltham Cross Studios Blackstone Broxbourne 1,167,347 35.0 % (1) Inclusive of estimated developable square feet. (2) Excluding Sunset Glenoaks Studios, Los Angeles properties owned jointly with Blackstone collectively referred to as the Hollywood Media Portfolio.

 

Page 27 of 32 Definitions Adjusted EBITDAre: Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share of interest and depreciation from unconsolidated real estate entities and further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that Adjusted EBITDAre is useful because it allows investors and management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. Adjusted EBITDAre is not a measurement of financial performance under GAAP and should not be considered as an alternative to income attributable to common shareholders, as an indicator of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited. Adjusted Funds from Operations (“AFFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to Core FFO HPP’s share of share/unit-based compensation expense and amortization of deferred financing costs, and subtracting recurring capital expenditures related to HPP’s share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of HPP’s share of straight-line rents, amortization of lease buy-out costs, amortization of above- and below-market lease intangible assets and liabilities, amortization of above- and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Annualized Base Rent (“ABR”): For office properties, calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of March 31, 2026 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of March 31, 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 March 31, 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 March 31, 2026. For studio properties, ABR reflects actual base rent for the 12 months ended March 31, 2026, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of March 31, 2026. Average Percent Occupied: For same-store office properties, represents the average percent occupied during the three months ended March 31, 2026. For same-store studio properties, represents the average percent leased for the three months ended March 31, 2026. Backfilled Office Leases: Defined as new leases with respect to occupied space executed on or prior to March 31, 2026, but with commencement dates after March 31, 2026, and within the next eight quarters. Cash Rent Growth: Initial stabilized cash rents on new and renewal leases compared to expiring cash rents in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. Consolidated Debt: Consolidated unsecured and secured debt. Consolidated Debt, Net: Similar to consolidated debt, less consolidated cash and cash equivalents and restricted cash. Consolidated Unsecured and Secured Debt: Excludes joint venture partner debt, unamortized deferred financing costs and unamortized loan discounts/premiums related to our registered senior debt. Includes the full amount of debt related to the Hollywood Media Portfolio and 1918 Eighth joint ventures. Diluted Shares: Includes an estimate of the total shares and units issuable under our 2026 Performance Stock Unit (“PSU”) Plan as of quarter end, based on the projected award potential of the program as of the end of the period, calculated in accordance with Accounting Standards Codification (“ASC”) 260, Earnings Per Share. Effective Interest Rate: Interest rate with respect to indebtedness calculated based on a 360-day year for actual days elapsed. Debt with a variable interest rate component reflects SOFR or CORRA as of March 31, 2026, except to the extent that such debt is subject to a rate which has been fixed pursuant to a swap is above the capped rate, in which case the rate is calculated based on the swapped or capped rate, as applicable. Page 14 details our interest rate hedging instruments. We have an option to make an irrevocable election to change the interest rate depending on our credit rating or a specified base rate plus an applicable margin. As of March 31, 2026, no such election had been made.

 

Page 28 of 32 Definitions (continued) Estimated Stabilized Yield: Calculated as the quotient of estimated NOI and our investment in a property once project stabilizes and initial rental concessions, if any, have elapsed, excluding the impact of leverage. Cash rents related to development and redevelopment projects are expected to increase over time and average cash yields are expected to be greater than estimated initial stabilized yields. Our estimates for cash yields and total costs at completion represent our current estimates, which may be updated upon project completion or sooner, if there are significant changes to expected yields or costs. We caution against placing undue reliance on the estimated stabilized yields which are based solely on our estimates, using data available to us during the development process. The amount of total investment required to reach stabilized occupancy may differ substantially from our estimates due to various factors. We can provide no assurance that the actual stabilized yields will be consistent with the estimated stabilized yields set forth herein. Estimated Project Costs: Estimated project costs exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. Estimated Square Feet: 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. Estimated Stabilization Date: Based on management’s estimate of stabilized occupancy (92.0%). Occupancy for stabilization purposes defined as the commencement of cash rental payments. Funds from Operations (“FFO”): We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. The White Paper defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus HPP’s share of real estate-related depreciation and amortization, excluding amortization of deferred financing costs and depreciation of non-real estate assets. The calculation of FFO includes HPP’s share of amortization of deferred revenue related to tenant- funded tenant improvements and excludes the depreciation of the related tenant improvement assets. FFO is a non-GAAP financial measure we believe is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs. Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees. However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations. GAAP Effective Rate: Similar to effective interest rate except it includes the amortization of deferred financing costs and loan discounts/ premiums. HPP’s Share: Non-GAAP financial measures calculated as the measure on a consolidated basis, in accordance with GAAP, plus our Operating Partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the Operating Partnership’s percentage ownership interest), minus our partners’ share of the measure from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). We believe that presenting HPP’s share of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because we have several significant joint ventures, and in some cases, we exercise significant influence over, but do not control, the joint venture. In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest. HPP’s Share of Debt: Similar to consolidated debt except it includes HPP’s share of unconsolidated joint venture debt and excludes partners’ share of consolidated joint venture partner debt.

 

Page 29 of 32 In-Service Properties: Owned properties, excluding repositioning, redevelopment, development and held for sale properties. Studio development properties are incorporated into the in-service portfolio the earlier of one year following completion or the project’s estimated stabilization date. Office development properties are incorporated into the in-service portfolio the earlier of 92% occupancy or the project’s estimated stabilization date. Net Effective Rent: Weighted average straight-line annual cash rent, net of annualized tenant improvements and lease commissions. Triple net (NNN) and modified gross base rents are adjusted to include estimated annual expenses consistent with those included in comparable full service gross base rents. Net Operating Income (“NOI”): We evaluate performance based upon property NOI from continuing operations. NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to income from continuing operations, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as operating revenues (rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight- line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses. Office Percent Occupied/Leased: For office properties, calculated as (i) square footage under commenced leases as of March 31, 2026, divided by (ii) total square feet, expressed as a percentage, whereas percent leased includes uncommenced leases. Operating Partnership: The Company conducts all of its operations through the Operating Partnership, Hudson Pacific Properties, L.P., and serves as its sole general partner. As of March 31, 2026, the Company owned 96.6% of the ownership interest in the Operating Partnership, including unvested restricted units. Outstanding Balance: Outstanding debt balances including partners’ share of consolidated entities and excludes unamortized deferred financing costs and loan discounts/premiums. Project Costs: Exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. Same-Store Office: Same-store office for the three months ended March 31, 2026 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2025 and still owned and included in the stabilized office portfolio as of March 31, 2026. Same-Store Studio: Same-store studio for the three months ended March 31, 2026 defined as all properties owned and included in our stabilized studio portfolio as of January 1, 2025 and still owned and included in the stabilized studio portfolio as of March 31, 2026. Straight-Line Rent Growth: Represents a comparison between initial straight-line rents on new and renewal leases as compared to the straight-line rents on expiring leases in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. Uncommenced Office Leases: Defined as new leases with respect to vacant space executed on or prior to March 31, 2026, but with commencement dates after March 31, 2026 and within the next eight quarters. Definitions (continued)

 

Page 30 of 32 Non-GAAP Reconciliations Unaudited, in thousands RECONCILIATION OF NET LOSS TO NOI Three Months Ended 3/31/26 3/31/25 Net loss $ (50,904) $ (80,278) Adjustments: Loss from unconsolidated real estate entities 437 1,254 Fee income (1,107) (1,359) Interest expense 37,994 43,505 Interest income (1,649) (435) Management services reimbursement income—unconsolidated real estate entities (1,124) (975) Management services expense—unconsolidated real estate entities 1,124 975 Transaction-related expenses 101 — Unrealized loss on non-real estate investments 1,962 449 Gain on sale of real estate, net — (10,023) Impairment loss — 18,476 Loss on extinguishment of debt — 1,858 Other income (158) (8) Income tax provision 348 194 General and administrative 12,575 18,483 Depreciation and amortization 80,722 93,085 NOI $ 80,321 $ 85,201 Add: HPP’s share of NOI from unconsolidated real estate entities 2,645 1,867 Less: NOI attributable to non-controlling interests 14,992 15,422 HPP’s share of NOI $ 67,974 $ 71,646 NOI Detail Same-store office cash revenues $ 145,017 $ 152,522 Straight-line rent 5,400 892 Amortization of above/below-market leases, net 1,004 865 Amortization of lease incentive costs (2,803) (657) Same-store office revenues 148,618 153,622 Same-store studios cash revenues 20,045 17,204 Straight-line rent (427) (196) Amortization of lease incentive costs (9) (9) Same-store studio revenues 19,609 16,999 Same-store revenues 168,227 170,621 Same-store office cash expenses 67,698 66,763 Straight-line rent 367 372 Share/unit-based compensation expense — 11 Amortization of above/below-market ground leases, net 641 641 Same-store office expenses 68,706 67,787 Same-store studio cash expenses 12,129 10,963 Share/unit-based compensation expense 47 31 Same-store studio expenses 12,176 10,994 Same-store expenses 80,882 78,781 Same-store NOI 87,345 91,840 Non-same-store NOI (7,024) (6,639) NOI $ 80,321 $ 85,201

 

Page 31 of 32 Non-GAAP Reconciliations (continued) Unaudited, in thousands RECONCILIATIONS OF NET LOSS TO ADJUSTED EBITDARE (ANNUALIZED) AND TOTAL UNSECURED AND SECURED DEBT TO CONSOLIDATED DEBT, NET AND HPP’S SHARE OF DEBT, NET Three Months Ended 3/31/26 3/31/2025 Net loss $ (50,904) $ (80,278) Interest income—consolidated (1,649) (435) Interest expense—consolidated 37,994 43,505 Depreciation and amortization—consolidated 80,722 93,085 EBITDA 66,163 55,877 Unconsolidated real estate entities depreciation and amortization 1,476 1,045 Unconsolidated real estate entities interest expense 1,455 1,916 EBITDAre 69,094 58,838 Share/unit-based compensation expense 1,909 5,139 Straight-line rent receivables, net (3,697) 639 Non-cash amortization of above/below-market leases, net (1,004) (865) Non-cash amortization of above/below-market ground leases, net 641 651 Amortization of lease incentive costs 2,813 667 Transaction-related expenses 101 — Unrealized loss on non-real estate investments 1,962 449 Loss on debt extinguishment — 1,858 Gain on sale of real estate, net — (10,023) Impairment loss — 18,476 Other income (158) (8) Income tax provision 348 194 Other adjustments related to unconsolidated real estate entities (10) (177) Adjusted EBITDAre 71,999 75,838 Termination of Quixote leases — 6,250 Adjusted EBITDAre (excluding termination of Quixote leases) 71,999 82,088 Studio cash NOI (3,379) 1,146 Office adjusted EBITDAre 68,620 83,234 x Annualization factor 4 4 Annualized office adjusted EBITDAre 274,480 332,936 Trailing 12-month studio cash NOI 10,272 2,108 Cash adjusted EBTIDAre for selected ratios 284,752 335,044 Less: Partners’ share of cash adjusted EBITDAre (57,439) (62,415) HPP’s share of cash adjusted EBITDAre $ 227,313 $ 272,629 Total consolidated unsecured and secured debt 3,365,350 4,198,667 Less: Consolidated cash and cash equivalents and restricted cash (162,440) (133,926) Consolidated debt, net $ 3,202,910 $ 4,064,741 Less: Partners’ share of debt, net (504,287) (632,060) HPP’s share of debt, net $ 2,698,623 $ 3,432,681 Consolidated debt, net/cash adjusted EBITDAre for selected ratios 11.2x 12.1x HPP’s share of debt, net/HPP’s share of cash adjusted EBITDAre for selected ratios 11.9x 12.6x

 

Page 32 of 32 Non-GAAP Reconciliations (continued) Unaudited, in thousands RECONCILIATIONS OF TOTAL ASSETS TO HPP’S SHARE OF UNDEPRECIATED BOOK VALUE AND TOTAL UNSECURED AND SECURED DEBT TO HPP’S SHARE OF DEBT, NET 3/31/26 3/31/25 Total assets $ 7,230,301 $ 7,998,391 Add: Accumulated depreciation 2,092,963 1,909,788 Add: Accumulated amortization 210,025 191,852 Less: Partners’ share of consolidated undepreciated book value (1,200,447) (1,403,575) Less: Investment in unconsolidated real estate entities (248,178) (227,856) Add: HPP’s share of unconsolidated undepreciated book value 382,959 343,207 HPP’s share of undepreciated book value $ 8,467,623 $ 8,811,807 Total consolidated unsecured and secured debt $ 3,365,350 $ 4,198,667 Less: Consolidated cash and cash equivalents and restricted cash (162,440) (133,926) Consolidated debt, net $ 3,202,910 $ 4,064,741 Less: Partners’ share of debt, net (504,287) (632,060) HPP’s share of debt, net $ 2,698,623 $ 3,432,681 HPP’s share of debt, net/HPP’s share of undepreciated book value 31.9 % 39.0 %

 

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Hudson Pacific Properties (HPP) perform financially in Q1 2026?

Hudson Pacific reported revenue of $181.9 million in Q1 2026, down from $198.5 million a year earlier. Net loss narrowed to $53.1 million, or $0.82 per diluted share, as lower general and administrative expenses and prior-year impairment charges improved bottom-line results.

What were Hudson Pacific Properties’ (HPP) FFO and Core FFO for Q1 2026?

In Q1 2026, Hudson Pacific generated FFO of $18.0 million, or $0.27 per diluted share, up from $3.1 million. Core FFO was $16.5 million, or $0.25 per diluted share, compared with $12.9 million, highlighting improved operating earnings despite lower revenue year over year.

Why did Hudson Pacific Properties’ (HPP) AFFO turn negative in Q1 2026?

Adjusted FFO declined to $(11.1) million, or $(0.17) per diluted share, from $1.7 million. Management attributes this mainly to higher recurring capital expenditures and reduced non-cash adjustments, which more than offset the improvement in Core FFO and constrained cash-based profitability.

What is Hudson Pacific Properties’ (HPP) 2026 Core FFO outlook after this quarter?

Hudson Pacific raised its full-year 2026 Core FFO guidance to $1.10–$1.18 per diluted share, up from $0.96–$1.06. The increase reflects about $0.04 of first-quarter outperformance versus initial expectations and a $0.09 benefit from classifying certain Quixote operations as discontinued.

How strong is Hudson Pacific Properties’ (HPP) liquidity and leverage position?

At March 31, 2026, Hudson Pacific reported total liquidity of $933.3 million, including $138.0 million of cash and $795.3 million of revolver capacity. Net debt to undepreciated book value was 31.9% (HPP’s share), with 100% of debt fixed or capped at a 4.9% rate.

What leasing progress did Hudson Pacific Properties (HPP) achieve in Q1 2026?

Hudson Pacific executed 85 office leases totaling 554,021 square feet, roughly half new and half renewals. In-service office occupancy improved to 77.8%, while Hollywood studio stages reached 97% leased and new Sunset Pier 94 stages were 100% leased by quarter-end.

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