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Mar 31
Hudson Pacific Q1 2025 Earnings Report
Reported First Quarter 2025 Financial Results
Key Takeaways
Hudson Pacific Properties reported a decrease in total revenue and a wider net loss in the first quarter of 2025 compared to the previous year, primarily due to asset sales and lower office occupancy. Despite this, the company saw its best office leasing quarter in nearly three years and increased its leasing pipeline.
Total revenue decreased to $198.5 million from $214.0 million in Q1 2024.
Net loss attributable to common stockholders widened to $74.7 million ($0.53 per diluted share) from $52.2 million ($0.37 per diluted share) in Q1 2024.
Signed 630,000 square feet of leases, including a significant 232,000 square foot lease with the City and County of San Francisco.
Ended the quarter with $838.5 million of total liquidity.
Hudson Pacific
Hudson Pacific
Hudson Pacific Revenue by Segment
Revenue by Segment
Office Revenue
CapyFin.comStudio Revenue
CapyFin.com Forward Guidance
Hudson Pacific is providing an FFO outlook for the second quarter of 2025 and updated full-year assumptions.
Positive Outlook
- Expects GAAP non-cash revenue (straight-line rent and above/below-market rents) between $8.5 million and $13.5 million for the full year 2025.
- Expects FFO from unconsolidated joint ventures between $1.0 million and $3.0 million for the full year 2025.
- Weighted average common stock/units outstanding—diluted expected between 146.5 million and 147.5 million for the full year 2025.
Challenges Ahead
- Expects growth in same-store property cash NOI between -13.50% and -12.50% for the full year 2025.
- Expects GAAP non-cash expense (straight-line rent expense and above/below-market ground rent) between -$6.0 million and -$8.0 million for the full year 2025.
- Expects general and administrative expenses between -$67.0 million and -$73.0 million for the full year 2025.
- Expects interest expense between -$185.0 million and -$195.0 million for the full year 2025.
- Expects non-real estate depreciation and amortization between -$32.0 million and -$34.0 million for the full year 2025.
- Expects FFO attributable to non-controlling interests between -$13.0 million and -$17.0 million for the full year 2025.
- Expects FFO attributable to preferred units/shares at -$21.0 million for the full year 2025.