NYSE : HPP
Hudson Pacific Properties, Inc. — Financial statements
Real Estate · REIT - Office · United States
Last price 11.09 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 614.51M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 722.29M | 736.65M | 731.52M | 856.37M | 894.08M | 832.72M |
| Other Revenue | 90.50M | 94.39M | 103.26M | 92.02M | 133.09M | 65.94M |
| Total Revenue | 812.79M | 831.04M | 834.77M | 948.39M | 1.03B | 898.66M |
| Property Expenses | 412.56M | 428.33M | 456.58M | 449.31M | 428.17M | 344.76M |
| Selling, General & Administrative | 51.27M | 72.95M | 79.45M | 74.96M | 79.50M | 71.35M |
| Depreciation & Amortization | 349.99M | 374.97M | 354.43M | 397.85M | 373.22M | 343.61M |
| Total Operating Expenses | 813.82M | 876.25M | 890.45M | 922.12M | 880.89M | 759.72M |
| Operating Income | -1.02M | -45.21M | -55.68M | 26.28M | 146.27M | 138.94M |
| Interest Expense | -157.05M | -172.22M | -177.39M | -214.41M | -149.90M | -121.94M |
| Interest & Investment Income | 5.89M | 6.24M | 2.47M | 2.18M | 2.34M | 3.79M |
| Other Non-Operating Income | -38.00K | 5.40M | 5.27M | 6.17M | 9.42M | -1.23M |
| EBT Excluding Unusual Items | -152.21M | -205.79M | -225.34M | -179.78M | 8.13M | 19.56M |
| Gain (Loss) on Sale of Investments | -5.56M | -3.00M | -2.31M | -37.17M | -1.44M | 16.57M |
| Gain (Loss) on Sale of Assets | -84.01M | -74.00M | -2.45M | 103.20M | -2.16M | |
| Asset Writedown | -331.28M | -299.32M | -149.66M | -60.16M | -28.55M | -2.76M |
| Other Unusual Items | -6.96M | -10.45M | 10.00M | -6.26M | ||
| Pretax Income | -580.03M | -592.57M | -379.76M | -163.90M | -24.02M | 27.11M |
| Income Tax Expense | -179.00K | -273.00K | 1.64M | 6.80M | -7.50M | -1.90M |
| Earnings From Continuing Operations | -579.85M | -592.30M | -381.41M | -170.70M | -16.52M | 29.01M |
| Minority Interest in Earnings | 28.13M | 40.60M | 38.47M | 169.00K | -17.75M | -18.96M |
| Net Income | -551.72M | -551.69M | -342.93M | -170.53M | -34.26M | 10.05M |
| Preferred Dividends & Other Adjustments | 20.37M | 20.55M | 21.21M | 21.65M | 22.24M | 3.98M |
| Net Income to Common | -572.09M | -572.25M | -364.14M | -192.18M | -56.50M | 6.06M |
| Basic Shares Outstanding | 64.62M | 44.68M | 20.17M | 20.14M | 20.53M | 21.66M |
| Diluted Shares Outstanding | 64.62M | 44.68M | 20.17M | 20.14M | 20.53M | 21.71M |
| EPS (Basic) | -8.85 | -12.81 | -18.05 | -9.54 | -2.75 | 0.28 |
| EPS (Diluted) | -8.86 | -12.81 | -18.05 | -9.54 | -2.75 | 0.28 |
| Dividend Per Share | 0.70 | 2.63 | 7.00 | 7.00 | ||
| Operating Margin | -0.13% | -5.44% | -6.67% | 2.77% | 14.24% | 15.46% |
| Profit Margin | -70.39% | -68.86% | -43.62% | -20.26% | -5.50% | 0.68% |
| EBITDA | 317.06M | 296.19M | 263.34M | 383.85M | 474.02M | 428.38M |
| EBITDA Margin | 39.01% | 35.64% | 31.55% | 40.47% | 46.15% | 47.67% |
| D&A For Ebitda | 318.08M | 341.41M | 319.02M | 357.57M | 327.75M | 289.44M |
| EBIT | -1.02M | -45.21M | -55.68M | 26.28M | 146.27M | 138.94M |
| EBIT Margin | -0.13% | -5.44% | -6.67% | 2.77% | 14.24% | 15.46% |
| Funds From Operations (FFO) | -151.76M | -193.51M | -41.20M | 129.52M | 270.42M | 293.69M |
| FFO Per Share | -2.82 | -4.26 | -1.98 | 6.30 | 13.02 | |
| Adjusted Funds From Operations (AFFO) | -11.03M | -1.09M | 67.10M | 115.67M | 236.99M | 293.69M |
| AFFO Per Share | -0.15 | -0.02 | 3.23 | 5.60 | 11.38 | |
| Revenue as Reported | 812.79M | 831.11M | 842.08M | 952.30M | 1.03B | 896.84M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 6.08B | 6.25B | 6.94B | 6.98B | 7.71B | 7.42B |
| Cash & Equivalents | 80.76M | 138.36M | 63.26M | 100.39M | 255.76M | 96.56M |
| Accounts Receivable | 226.68M | 210.35M | 214.25M | 245.40M | 296.73M | 265.64M |
| Investment In Debt and Equity Securities | 46.90M | 47.69M | 50.37M | 48.58M | 47.42M | 162.43M |
| Goodwill | 8.75M | 8.75M | 156.53M | 264.14M | 263.55M | 109.44M |
| Other Intangible Assets | 260.76M | 185.24M | 199.92M | 186.44M | 206.58M | 136.72M |
| Restricted Cash | 24.66M | 23.77M | 35.92M | 18.77M | 29.97M | 100.32M |
| Other Current Assets | 35.66M | 10.50M | 95.32M | 12.69M | 101.81M | 307.34M |
| Trading Asset Securities | 3.28M | 3.36M | 4.33M | 6.44M | 9.29M | 368.00K |
| Deferred Long-Term Tax Assets | 8.00K | 2.41M | 5.32M | |||
| Deferred Long-Term Charges | 132.58M | 126.82M | 129.76M | 144.83M | 193.09M | 212.48M |
| Other Long-Term Assets | 269.02M | 267.23M | 242.51M | 272.42M | 202.98M | 175.69M |
| Total Assets | 7.17B | 7.27B | 8.13B | 8.28B | 9.32B | 8.99B |
| Current Portion of Long-Term Debt | 1.08B | 1.08B | 34.00K | 320.00M | 130.75M | |
| Current Portion of Leases | 16.12M | 35.61M | ||||
| Long-Term Debt | 2.34B | 2.34B | 4.24B | 4.01B | 4.33B | 3.80B |
| Long-Term Leases | 307.36M | 308.27M | 380.00M | 389.21M | 399.80M | 293.60M |
| Accounts Payable | 297.98M | 207.98M | 193.56M | 203.19M | 264.10M | 298.42M |
| Other Current Liabilities | 1.44M | 31.12M | 665.00K | 3.90M | ||
| Other Long-Term Liabilities | 93.84M | 92.14M | 106.55M | 116.48M | 117.89M | 127.23M |
| Total Liabilities | 4.13B | 4.06B | 4.95B | 4.72B | 5.43B | 4.65B |
| Preferred Stock, Redeemable | 425.00M | 425.00M | 425.00M | 425.00M | 425.00M | 425.00M |
| Common Stock | 529.00K | 529.00K | 1.40M | 1.40M | 1.41M | 1.51M |
| Additional Paid-In Capital | 2.39B | 2.55B | 2.44B | 2.65B | 2.89B | 3.32B |
| Comprehensive Income & Other | -2.13M | -1.86M | -8.42M | -187.00K | -11.27M | -1.76M |
| Total Common Equity | 2.39B | 2.55B | 2.43B | 2.65B | 2.88B | 3.32B |
| Minority Interest | 224.19M | 232.81M | 322.26M | 483.15M | 579.59M | 594.43M |
| Shareholders' Equity | 3.04B | 3.20B | 3.18B | 3.56B | 3.88B | 4.34B |
| Total Liabilities & Equity | 7.17B | 7.27B | 8.13B | 8.28B | 9.32B | 8.99B |
| Total Debt | 3.74B | 3.76B | 4.62B | 4.40B | 5.05B | 4.22B |
| Net Cash (Debt) | -3.65B | -3.62B | -4.56B | -4.29B | -4.79B | -4.13B |
| Net Cash Per Share | -56.56 | -81.04 | -225.86 | -213.27 | -233.12 | -190.15 |
| Filing Date Shares Outstanding | 54.20M | 54.18M | 20.17M | 20.13M | 20.12M | 21.57M |
| Total Common Shares Outstanding | 54.20M | 54.16M | 20.16M | 20.12M | 20.12M | 21.56M |
| Book Value Per Share | 44.08 | 47.03 | 120.58 | 131.85 | 143.12 | 153.83 |
| Tangible Book Value | 2.12B | 2.35B | 2.07B | 2.20B | 2.41B | 3.07B |
| Tangible Book Value Per Share | 39.11 | 43.45 | 102.90 | 109.46 | 119.76 | 142.41 |
| Land | 1.11B | 1.12B | 1.24B | 1.22B | 1.40B | 1.31B |
| Buildings | 5.95B | 5.91B | 6.10B | 5.97B | 6.27B | 6.24B |
| Construction In Progress | 13.06M | 64.50M | 161.44M | 195.93M | 167.37M | 5.83M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -551.72M | -551.69M | -342.93M | -170.53M | -34.26M | 10.05M |
| Depreciation & Amortization | 318.08M | 341.41M | 319.02M | 357.57M | 327.75M | 289.44M |
| Other Amortization | 55.71M | 53.08M | 42.50M | 59.77M | 46.87M | 57.48M |
| Gain (Loss) on Sale of Assets | 84.35M | 73.78M | 2.45M | -103.20M | 2.16M | |
| Gain (Loss) on Sale of Investments | 5.56M | 3.00M | 3.96M | 3.12M | 1.44M | -16.57M |
| Asset Writedown | 331.28M | 299.32M | 149.66M | 60.16M | 28.55M | 2.76M |
| Stock-Based Compensation | 10.66M | 30.40M | 26.01M | 23.86M | 24.30M | 21.16M |
| Income (Loss) on Equity Investments | 4.00K | 67.00K | 7.31M | 3.90M | 300.00K | 94.00K |
| Change in Accounts Receivable | -8.30M | 170.00K | 10.44M | -5.68M | 16.15M | 3.52M |
| Change in Accounts Payable | -12.80M | -20.62M | 4.35M | -3.12M | 11.72M | -38.00K |
| Change in Other Net Operating Assets | -76.58M | -84.22M | -40.46M | -24.21M | -38.49M | -57.78M |
| Other Operating Activities | -27.48M | -23.70M | -17.65M | 30.60M | -16.98M | 4.75M |
| Operating Cash Flow | 128.77M | 120.98M | 164.66M | 232.26M | 369.50M | 314.86M |
| Acquisition of Real Estate Assets | -143.02M | -166.15M | -222.45M | -304.56M | -393.47M | -463.86M |
| Sale of Real Estate Assets | 148.02M | 236.27M | 21.39M | 843.02M | 137.71M | |
| Net Sale / Acq. of Real Estate Assets | 5.00M | 70.13M | -201.06M | 538.46M | -255.76M | -463.86M |
| Cash Acquisition | 8.81M | -199.10M | -209.85M | |||
| Investment in Marketable & Equity Securities | -18.55M | -17.55M | -53.29M | -70.62M | 75.48M | -80.50M |
| Other Investing Activities | 2.70M | 2.70M | -5.00M | 1.28M | ||
| Investing Cash Flow | -23.28M | 42.84M | -250.54M | 467.84M | -378.09M | -754.21M |
| Long-Term Debt Issued | 1.29B | 180.74M | 527.89M | 1.20B | 1.45B | |
| Long-Term Debt Repaid | -2.01B | -38.00M | -1.20B | -643.21M | -1.12B | |
| Net Debt Issued (Repaid) | -245.55M | -719.22M | 142.74M | -675.74M | 554.34M | 329.10M |
| Issuance of Common Stock | 198.00K | 523.39M | 44.97M | |||
| Repurchase of Common Stock | -237.00K | -571.00K | -1.46M | -237.90M | -48.34M | |
| Preferred Stock Issued | 413.01M | |||||
| Preferred Share Repurchases | -3.10M | -7.02M | ||||
| Common Dividends Paid | -572.12M | -572.33M | -378.07M | -244.55M | -145.43M | -154.56M |
| Preferred Dividends Paid | -20.37M | -20.55M | -20.80M | -20.80M | -23.32M | -612.00K |
| Total Dividends Paid | -592.49M | -592.88M | -398.87M | -265.35M | -168.75M | -155.17M |
| Other Financing Activities | 573.74M | 695.09M | 322.61M | 75.88M | -50.24M | -96.89M |
| Net Cash Flow | -161.71M | 62.95M | -19.98M | -166.57M | 88.86M | 47.34M |
| Levered Free Cash Flow | 325.91M | 351.09M | 171.64M | 407.97M | 583.67M | 95.02M |
| Unlevered Free Cash Flow | 409.83M | 444.49M | 274.78M | 520.11M | 672.21M | 160.76M |
| Cash Interest Paid | 152.25M | 164.02M | 170.98M | 197.60M | 133.87M | 112.04M |
| Change in Working Capital | -97.67M | -104.68M | -25.67M | -33.00M | -10.63M | -54.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 584.03M | 586.88M | 427.36M | 1.31B | 1.37B | 3.76B |
| Enterprise Value | 4.24B | 5.03B | 5.65B | 7.07B | 7.12B | 8.65B |
| Last Close Price | 10.54 | 10.83 | 21.21 | 64.00 | 62.83 | 149.16 |
| Price/FFO Ratio | -5.40 | -2.54 | -10.71 | 10.16 | 4.83 | |
| Price/AFFO Ratio | -100.86 | -541.50 | 6.57 | 11.43 | 5.52 | |
| PE Ratio | 620.56 | |||||
| PS Ratio | 0.72 | 0.71 | 0.51 | 1.38 | 1.33 | 4.19 |
| PB Ratio | 0.24 | 0.18 | 0.13 | 0.37 | 0.35 | 0.87 |
| P/OCF Ratio | 4.54 | 4.85 | 2.60 | 5.64 | 3.71 | 11.95 |
| EV/Sales Ratio | 5.21 | 6.05 | 6.77 | 7.45 | 6.93 | 9.62 |
| EV/EBITDA Ratio | 13.37 | 16.98 | 21.47 | 18.41 | 15.02 | 20.19 |
| EV/EBIT Ratio | 268.96 | 48.67 | 62.24 | |||
| Debt / Equity Ratio | 1.23 | 1.17 | 1.46 | 1.24 | 1.30 | 0.97 |
| Debt / EBITDA Ratio | 10.14 | 10.64 | 14.45 | 10.00 | 9.81 | 9.18 |
| Net Debt / Equity Ratio | 1.20 | 1.13 | 1.43 | 1.21 | 1.23 | 0.95 |
| Net Debt / EBITDA Ratio | 11.53 | 12.23 | 17.30 | 11.19 | 10.10 | 9.63 |
| Asset Turnover | 0.11 | 0.11 | 0.10 | 0.11 | 0.11 | 0.10 |
| Quick Ratio | 0.22 | 0.27 | 1.25 | 1.73 | 0.96 | 0.84 |
| Current Ratio | 0.27 | 0.29 | 1.84 | 1.89 | 1.19 | 1.78 |
| Return on Equity (ROE) | -17.25% | -18.56% | -11.32% | -4.58% | -0.40% | 0.69% |
| Return on Assets (ROA) | -0.01% | -0.37% | -0.42% | 0.19% | 1.00% | 1.00% |
| Earnings Yield | -84.05% | -94.00% | -80.25% | -13.01% | -2.50% | 0.27% |
| Dividend Yield | 3.30% | 4.04% | 10.29% | 4.01% | ||
| Payout Ratio | 1,544.46% | |||||
| Buyback Yield / Dilution | -188.63% | -121.53% | -0.17% | 1.93% | 5.40% | 0.80% |
| Total Shareholder Return | -188.63% | -121.53% | 3.13% | 5.97% | 15.69% | 4.81% |