Hudson Pacific Properties (HPP)
NYSE:HPP
Earnings Data
Report Date
May 07, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.92Last Year’s EPS
-3.71Same Quarter Last Year
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a mix of meaningful financial and operational progress alongside material legacy and near-term challenges. Highlights include a materially strengthened balance sheet (cash up, revolver capacity, total liquidity $934M), successful capital transactions (~$2.0B) and clear leasing momentum (2.3M sq ft pipeline, tours +50% y/y) with reinstated FFO guidance for 2026. Offsetting these positives are a large noncash Quixote impairment and related specified charges ($213.6M), a year-over-year decline in same-store cash NOI (~10%), modest FFO ex-items ($0.21/sh) relative to the prior year, and refinancing/maturity risk on a media loan due in August 2026. Management’s plan (lease-up, cost reductions, targeted asset sales and elimination of Quixote’s drag) outlines a credible path to sequential FFO improvement, but near-term execution and the resolution of studio-related uncertainty remain key risks.Company Guidance
Balance Sheet Strengthening and Liquidity Expansion
Completed ~$2.0 billion of capital transactions and ~$330 million of strategic asset sales in 2025, doubled cash to $138 million, increased undrawn revolver capacity to $795 million, and reported total liquidity of $934 million. Net debt reduced ~22% and debt to undepreciated book value improved ~680 basis points to 31.9%.
Material Cost and Interest Savings
Achieved combined G&A and interest expense savings of ~$26 million in 2025. G&A in Q4 was $13.0 million, down 33% versus $19.5 million in the prior year. Management expects 2026 interest expense of $151–161 million and G&A of $49–55 million, representing further year-over-year savings at the midpoint.
Leasing Momentum and Occupancy Improvement
Signed >2.2 million sq ft of office leases in 2025 and 518,000 sq ft in Q4. Office portfolio occupancy increased to 76.3% (up 40 bps sequential) and lease percentage to 77% (up 50 bps sequential). Leasing pipeline expanded to 2.3 million sq ft (up ~15% year-over-year) and Q4 tour activity rose >50% year-over-year to ~2.1 million sq ft.
Studio Operations Showing Stabilizing Trends
In-service trailing 12-month stage occupancy rose 330 bps quarter-over-quarter to 69.1%; Hollywood in-service stages at 86.2%. Studio revenue increased $3.6 million sequentially and Studio NOI increased $2.1 million. Pier 94 (Sunset) opened on time, under budget and reached ~90% occupancy within first quarter of operations.
Reinstated Full-Year FFO Guidance
Company reinstated full-year 2026 FFO guidance of $0.96 to $1.06 per diluted share, and introduced an annual average in-service office occupancy target of 80%–82% (with year-end expected higher). Management expects sequential FFO growth beginning in Q2 2026.
Capital Recycling and Targeted Dispositions
Announced 2026 target of $200–300 million of additional asset sales focused on FFO-accretive, de-leveraging transactions. Actively marketing entitlements (e.g., 10900/10950 Washington re-entitled for 508 residential units) with strong buyer/JV interest.
Operational Wins in Key Markets
Reported strong market fundamentals: San Francisco net absorption >2.5 million sq ft in 2025, Silicon Valley positive absorption 2.9 million sq ft (5 consecutive quarters of occupancy gains), Puget Sound recorded first positive absorption quarter in 3 years, and LA office portfolio described as essentially fully leased long-term.
HPP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
HPP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $6.36 | $7.69 | +20.91% |
Nov 05, 2025 | $15.75 | $16.87 | +7.11% |
Aug 05, 2025 | $17.64 | $18.83 | +6.75% |
May 07, 2025 | $15.96 | $15.89 | -0.44% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Hudson Pacific Properties (HPP) report earnings?
Hudson Pacific Properties (HPP) is schdueled to report earning on May 07, 2026, Before Open (Confirmed).
What is Hudson Pacific Properties (HPP) earnings time?
Hudson Pacific Properties (HPP) earnings time is at May 07, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HPP EPS forecast?
HPP EPS forecast for the fiscal quarter 2026 (Q1) is -0.92.