| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 188.30 | 3.5% | 0.9% |
| Total Income | 188.30 | 3.5% | 0.9% |
| Expenditure | 292.48 | 24.6% | 7.3% |
| PBT | -104.29 | 106.3% | 19.4% |
| Net Profit | -104.57 | 96.8% | 25.8% |
| OPM | — | ||
| NPM | -55.53% | 26.32pp | 11.77pp |
| EPS | -1.62 | 97.6% | 295.1% |
Hudson Pacific Properties Reports Q2 2026 Results, Raises Full-Year Guidance
05 Aug 2026 · 5 Aug, 6:33 pm
Summary
Hudson Pacific Properties announced its second quarter 2026 financial and operating results, reporting total revenue of $188.3 million. The company saw a significant 30% increase in Core FFO per diluted share to $0.35, driven by improved occupancy and a 7.5% growth in same-store cash NOI. Key operational highlights include the execution of 1.3 million square feet of office leases, notably with the City and County of San Francisco, and a continued rise in in-service office occupancy to 82.5%. The company also raised its full-year 2026 Core FFO outlook to $1.12-$1.20 per diluted share, reflecting confidence in its strategy.
Key Highlights
- 1
Hudson Pacific Properties reported total revenue of $188.3 million for the second quarter of 2026, a slight decrease from $190.0 million in the prior year, primarily due to asset dispositions.
- 2
Core FFO per diluted share increased by approximately 30% to $0.35 in Q2 2026, compared to $0.27 in Q2 2025.
- 3
Same-store cash Net Operating Income (NOI) grew by 7.5% to $90.2 million, driven by higher office and studio occupancy.
- 4
The company executed 1.3 million square feet of office leases in Q2 2026, including a significant 891,000 square feet of new and renewal leases with the City and County of San Francisco.
- 5
In-service office portfolio occupancy improved for the fourth consecutive quarter, reaching 82.5%, with the leased rate at 82.8%.
- 6
The studio business showed progress, with Hollywood stages effectively fully leased at 95.5% and Sunset Pier 94 Studios reaching 78.5% leased.
- 7
Hudson Pacific Properties is increasing its full-year 2026 Core FFO outlook to a range of $1.12 to $1.20 per diluted share.
Management Comments
Victor Coleman
Our second quarter results reflect the continued execution of our strategy to drive occupancy and unlock the earnings power of our portfolio. We delivered our fourth consecutive quarter of in-service office occupancy gains, up 470 basis points to 82.5%, and executed 1.3 million square feet of office leases, headlined by 891,000 square feet of new and renewal leases with the City and County of San Francisco. This landmark transaction underscores the enduring appeal of our portfolio and provides nearly a quarter century of cash flow visibility. We increased Core FFO on a per share basis by 30% to $0.35, while growing same-store cash NOI by 7.5%, further evidence that our occupancy gains are translating directly into earnings growth. Our studio business also continued to make progress, highlighted by our Hollywood stages, which remained effectively fully leased at 95.5%. We stayed disciplined on capital allocation, ending the quarter with $876 million of total liquidity while continuing to prune non-core assets. With a reloaded 2.4 million-square-foot leasing pipeline, and broad demand from AI, other technology and professional services tenants alike building across our West Coast markets, we are confident in our path toward sustained FFO per share growth.
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