Hudson Pacific Properties, Inc.

Total revenue was $188.3 million versus $190.0 million in the prior year, mainly reflecting dispositions, partially offset by improved office occupancy. G&A improved 11% to $12.0 million from $13.5 million. Core FFO increased to $23.1 million from $8.0 million, and core FFO per diluted share rose 30% to $0.35 from $0.27. Same-store cash NOI increased 7.5% to $90.2 million from $83.9 million. Total liquidity was $876 million, including $81 million of cash and $795 million of available credit. Full-year 2026 core FFO guidance was raised to $1.12 to $1.20 per diluted share from $1.10 to $1.18.

Victor Coleman framed the quarter as “record leasing” and emphasized that the company is seeing broader demand across its office markets, especially where supply is limited. He highlighted the long-term San Francisco lease, improving venture/IPO conditions, and a leasing pipeline reloaded to 2.4 million square feet. On studios, he said the labor risk is now off the table after union agreements were ratified, and reiterated the plan to restructure Quixote while optimizing the best assets.

Harout Diramerian pointed to revenue of $188.3 million, core FFO of $23.1 million, and core FFO per diluted share of $0.35, alongside a 7.5% increase in same-store cash NOI to $90.2 million. He said G&A fell 11% to $12.0 million, interest expense was 20% lower year over year, and all debt is fixed or capped. He also noted that liquidity stood at $876 million and that the full-year core FFO range was raised to $1.12 to $1.20 per diluted share, while third-quarter expirations are expected to pressure occupancy and earnings before a fourth-quarter rebound.

Analysts focused on West L.A. demand, Seattle’s rebound, the transaction market, and the impact of the Hollywood Media loan extension. Management said West L.A. is still bifurcated but benefiting from limited new supply and demand from law firms and entertainment-related tenants, while Seattle is showing green shoots with more deals in negotiation than any other submarket in the portfolio. On dispositions, management said buyer demand for Bay Area office assets has strengthened and pricing has exceeded expectations on most assets. On the Hollywood Media loan, management said terms are still being finalized and declined to discuss paydown or maturity details until announced.