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*Hudson Pacific Properties, Inc. – Q3 2025 Financial Highlights**
- **Leasing Momentum**: 1.7 million sq ft leased year‑to‑date, including 500,000 sq ft in Q3. Positive absorption achieved across the office portfolio, with 100,000 sq ft leased to an AI firm. 80 % of leasing activity occurred in the San Francisco Bay Area, underscoring strong demand from tech and media tenants.
- **Financial Position**: $1 billion of liquidity secured, all debt fixed or capped, and no maturities until the second half of 2026. The company’s balance sheet is robust, positioning it to capitalize on the West Coast recovery.
- **Operating Results**: Total revenue fell to $186.6 million from $200.4 million, largely due to asset sales and lower office occupancy. General & administrative expenses dropped 30% to $13.7 million. Net loss attributable to common stockholders was $136.5 million ($0.30 per diluted share) versus $97.9 million ($0.69 per diluted share) in Q3 2024, driven mainly by a $16.7 million loss on the deconsolidation of Sunset Glenoaks.
- **Cash Flow Metrics**: Funds from operations (FFO) reached $14.6 million ($0.03 per diluted share) compared with $6.8 million ($0.05 per diluted share) in the prior year. Adjusted funds from operations (AFFO) were $12.3 million ($0.03 per diluted share) versus $15.8 million ($0.11 per diluted share). Same‑store cash NOI declined to $89.3 million from $100.0 million, reflecting lower office occupancy.
- **Studio Performance**: Cost‑saving initiatives brought studio NOI near breakeven. California’s expanded tax‑credit program has already allocated credits to 74 new projects since July.
- **Outlook**: Hudson Pacific projects a positive trajectory for Q4, with a strong leasing pipeline of 2.2 million sq ft and a low lease‑expiration profile. The company remains well‑positioned to deliver value as the West Coast office and studio markets rebound.
