Hudson Pacific Properties: Strong Q3 Performance and Leasing Growth Amidst Operational Challenges - Buy Rating MaintainedHPP reported a $0.01 3Q25 core FFOps beat, but its earnings trajectory remains uneven, with 4Q25 guidance initiated $0.01/share below 3Q25. Occupied (leased) rate improved only 30bps q/q to 76.5%, seemingly behind pace of company guidance of high 70s/low 80s by by YE26. Leasing activity was solid at 515ksf, but 5% below its LTM average, and included a 106ksf lease with an AI company in Palo Alto, reportedly with xAI.