Hudson Pacific Properties Inc
HPP.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q1
Hudson Pacific raised its FY 2026 Core FFO guidance to $1.10‑$1.18 per share, up from $0.96‑$1.06. The increase follows Q1 Core FFO of $0.25 per share, reflecting a $0.04 outperformance and a $0.09 benefit from reclassifying Coyote assets as discontinued operations. Occupancy climbed to 77.8% (up 150 bps QoQ) on 554,000 sq ft of leasing activity, while the Hollywood Media Portfolio loan maturing in August 2026 remains the primary near‑term risk.
FY 2026 Core FFO Guidance
$1.10 - $1.18
+$0.13 at midpoint
In-Service Office Occupancy
77.8%
+150 bps
Office Cash Rent Change
-2.4%
+660 bps
General & Administrative Expenses
$12.6M
-32% YoY
Hollywood Stages Leased % (T3M)
97.0%
+280 bps
What We're Watching
Risk
Hollywood Media Portfolio Loan Resolution
📅
By August 2026
What to Monitor
An announcement of a successful refinancing or extension of the loan. Monitor for any required equity paydown or changes to the joint venture structure.
Why It Matters
This is the company's most significant near-term debt maturity. A successful resolution would remove a major financial overhang, while any delay or unfavorable terms could create balance sheet pressure and investor uncertainty.
Opportunity
Washington 1000 Lease-Up Pace
📅
Next 1-2 Quarters
What to Monitor
The conversion of the seven ongoing negotiations into signed leases, particularly for the move-in-ready spec suites delivering in Q2 and any of the larger 100k+ sq. ft. requirements.
Why It Matters
This project is the primary vehicle to capitalize on the Seattle market recovery. Successful leasing would validate management's "flight to quality" thesis and provide a significant boost to future NOI.
Strategic
Execution of Adaptive Reuse Initiatives
📅
By Year-End 2026
What to Monitor
The successful submission for re-entitlement of 901 Market for residential use in Q2 and any updates on securing those entitlements by year-end. Monitor for more concrete plans for the redevelopment of excess surface parking.
Why It Matters
This strategy represents a key avenue for unlocking embedded value from underutilized office assets and demonstrates an ability to pivot portfolio composition to meet current market demand for residential and mixed-use properties.
Operational
Cash Impact of Coyote Restructuring
📅
Throughout 2026
What to Monitor
Management's disclosure of any one-time cash costs, such as lease termination fees or other wind-down expenses, associated with exiting the Coyote leased soundstages and Atlanta operations.
Why It Matters
While the restructuring provides an FFO benefit by removing projected losses, the actual cash impact could be negative in the short term. Quantifying these costs is critical to assessing the true economic benefit of the strategy.
Operational
Coverage on Remaining 2026 Lease Expirations
📅
Next Quarter
What to Monitor
An increase in the coverage level (currently ~60%) on the remaining ~600,000 square feet of 2026 expirations, particularly the full coverage on PayPal and 80% on Dell expirations.
Why It Matters
Maintaining and increasing this coverage is crucial for mitigating downside risk to occupancy and demonstrating continued leasing momentum in a recovering but still competitive market.
