| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 186.62 | 1.8% | 6.9% |
| Total Income | 186.62 | 1.8% | 6.9% |
| Expenditure | 323.06 | 18.5% | 9.1% |
| PBT | -144.06 | 65.0% | 37.4% |
| Net Profit | -136.47 | 64.1% | 39.4% |
| OPM | — | ||
| NPM | -73.13% | 29.36pp | 24.26pp |
| EPS | -0.30 | 26.8% | 56.5% |
Hudson Pacific Reports Q3 2025 Financial Results
04 May 2026 · 4 May, 8:03 am
Summary
Hudson Pacific Properties announced its financial results for the third quarter of 2025, with total revenue reaching $186.6 million. The company experienced a net loss attributable to common stockholders of $136.5 million, or $0.30 per diluted share. Leasing activity included 515,450 square feet of new and renewal leases. The company's liquidity stands at $1.0 billion, and they refinanced the 1918 Eighth office property in Seattle.
Key Highlights
- 1
Hudson Pacific Properties reported total revenue of $186.6 million for the third quarter of 2025, compared to $200.4 million in the same period of 2024.
- 2
The company executed 75 new and renewal leases totaling 515,450 square feet during the quarter.
- 3
General and administrative expenses improved by 30% to $13.7 million compared to $19.5 million.
- 4
The in-service office portfolio ended the quarter at 75.9% occupied and 76.5% leased.
- 5
The company completed a $285 million refinancing of the 1918 Eighth office property in Seattle.
- 6
Hudson Pacific has $1.0 billion of total liquidity, including $190.4 million in cash and cash equivalents.
- 7
Same-store cash NOI was $89.3 million, compared to $100.0 million in the prior year.
Management Comments
Victor Coleman
We delivered another quarter of strong operational execution, highlighted by over 500,000 square feet of office leasing and our best year-to-date leasing performance since 2019. We also achieved positive absorption within our office portfolio during the quarter, marking a clear inflection point. The momentum is building across our West Coast markets, driven by AI and technology companies and 80% of our leasing activity was in the San Francisco Bay Area. Our strategic positioning in the epicenters of innovation is resulting in unprecedented demand from exactly the tenant types our portfolio was designed to attract. Our 2.2 million square foot leasing pipeline, combined with the lowest lease expiration profile we've had in four years, positions us to further capitalize on this recovery with offensive new leasing. On the studio side, our cost-savings initiatives led NOI to approach breakeven while California's expanded tax credit program shows early promise with 74 new projects allocated credits since July. From a capital structure perspective, we've significantly strengthened our balance sheet with $1 billion of liquidity, 100% of our debt fixed or capped, and no maturities until the second half of 2026. This financial flexibility, combined with our operational momentum and favorable market positioning, gives us confidence that Hudson Pacific is uniquely poised to deliver exceptional value as the West Coast office and studio recovery accelerates.
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