Hudson Pacific Properties, Inc. HPP
We are a vertically integrated real estate investment trust ("REIT") offering end-to-end real estate solutions for dynamic tenants in the synergistic, converging and secular growth industries of tech and media. We acquire, reposition, develop and operate sustainable high-quality office and state-of-the-art studio properties in high-barrier-to-entry tech and media epicenters. Our primary investment markets include Los Angeles, the San Francisco Bay Area, Seattle, New York and Vancouver, British Columbia. We invest across the risk-return spectrum, favoring opportunities that allow us to leverage leasing, capital investment and operating expertise along with deep strategic relationships to create incremental stakeholder value.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Office
- Studio
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Office | $696.1M | $692.3M | $812.4M |
| Studio | $135.0M | $149.8M | $139.9M |
As the company reported it, from the “Segment Reporting - Reconciliation of Segment Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $831.1M | $842.1M | $952.3M | $1.03B | $896.8M | $805.0M | $818.2M | $728.4M | $728.1M | $639.6M |
| Gross profit | $403.4M | $388.0M | $501.8M | $612.4M | $561.0M | $505.2M | $516.7M | $460.7M | — | — |
| SG&A | $73.0M | $79.5M | $75.0M | $79.5M | $71.3M | $77.9M | $71.9M | $61.0M | $54.5M | $52.4M |
| Total operating expenses | $875.7M | $888.0M | $923.3M | $866.5M | $750.8M | $677.3M | $655.6M | $579.7M | $591.5M | $550.2M |
| Operating income | — | — | — | — | — | — | — | — | $136.6M | $89.4M |
| Interest expense | $172.2M | $177.4M | $214.4M | $149.9M | $121.9M | $113.8M | $105.1M | $83.2M | $90.0M | $76.0M |
| Pre-tax income | -$592.6M | -$379.8M | -$163.9M | -$16.5M | $29.0M | $17.4M | $55.8M | $111.8M | $94.6M | $43.8M |
| Income tax | $273.0K | $1.6M | $6.8M | $0 | $0 | $1.0M | $0 | $0 | $0 | $0 |
| Net income | -$592.3M | -$381.4M | -$170.7M | -$16.5M | $29.0M | $16.4M | $55.8M | $111.8M | $94.6M | $43.8M |
| EPS, basic | -12.81 | -18.05 | -9.54 | -0.39 | 0.04 | 0.00 | 0.28 | 0.63 | 0.44 | 0.26 |
| EPS, diluted | -12.81 | -18.05 | -9.54 | -0.39 | 0.04 | 0.00 | 0.28 | 0.63 | 0.44 | 0.25 |
| Shares, diluted (wtd. avg.) | 44.7M | 20.2M | 20.1M | 143.7M | 151.9M | 153.2M | 156.6M | 155.7M | 153.9M | 110.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $138.4M | $63.3M | $100.4M | $255.8M | $96.6M | $113.7M | $46.2M | $53.7M | $78.9M | $83.0M |
| Inventory | — | — | — | $4.9M | $1.6M | $0 | — | — | — | — |
| Property, plant and equipment | $72.4M | $127.1M | $118.8M | $130.3M | $58.5M | $8.4M | — | — | — | — |
| Goodwill | $8.8M | $156.5M | $264.1M | $263.5M | $109.4M | $8.8M | $8.8M | $8.8M | $8.8M | $8.8M |
| Other intangibles | $307.4M | $327.5M | $326.9M | $393.8M | $341.4M | $285.8M | $285.4M | $279.9M | $239.0M | $288.9M |
| Total assets | $7.27B | $8.13B | $8.28B | $9.32B | $8.99B | $8.35B | $7.47B | $7.07B | $6.62B | $6.68B |
| Long-term debt | — | — | — | — | — | — | — | $2.62B | $2.42B | $2.47B |
| Total liabilities | $4.06B | $4.95B | $4.72B | $5.43B | $4.65B | $4.24B | $3.62B | $3.12B | $2.70B | $2.97B |
| Retained earnings | — | — | — | — | — | — | — | — | $0 | -$17.0M |
| Total equity | $2.97B | $2.86B | $3.49B | $3.75B | $4.20B | $3.97B | $3.71B | $3.83B | $3.91B | $3.70B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $121.0M | $164.7M | $232.3M | $369.5M | $314.9M | $302.0M | $288.0M | $214.6M | $293.0M | $226.8M |
| Depreciation and amortisation | $375.0M | $354.4M | $397.8M | $373.2M | $343.6M | $299.7M | $282.1M | $251.0M | $283.6M | $269.1M |
| Stock-based compensation | $30.4M | $26.0M | $23.9M | $24.3M | $21.2M | $22.7M | $19.5M | $17.0M | $15.1M | $14.1M |
| Capital expenditure | — | — | — | — | — | — | — | $351.3M | $302.4M | $258.7M |
| Investing cash flow | $42.8M | -$250.5M | $467.8M | -$378.1M | -$754.2M | -$1.01B | -$316.4M | -$392.3M | -$333.0M | -$524.9M |
| Financing cash flow | -$100.9M | $65.9M | -$866.7M | $97.4M | $486.7M | $796.1M | $18.5M | $144.6M | $33.2M | $334.8M |
| Dividends paid | $351.0K | $15.4M | $55.0M | $145.4M | $154.6M | $155.0M | $157.8M | $157.0M | $158.5M | $117.8M |
| Buybacks | $0 | $0 | $1.4M | $37.2M | $46.1M | $80.2M | $0 | $50.0M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047885.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $639.6M | $728.1M | $728.4M | $818.2M | $805.0M | $896.8M | $1.03B | $952.3M | $842.1M | $831.1M |
| Gross profit | — | — | $460.7M | $516.7M | $505.2M | $561.0M | $612.4M | $501.8M | $388.0M | $403.4M |
| Net income | $43.8M | $94.6M | $111.8M | $55.8M | $16.4M | $29.0M | -$16.5M | -$170.7M | -$381.4M | -$592.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CBRE | CBRE GROUP, INC. | $35.70B | 32.0x | 13.4% |
| TRNO | Terreno Realty Corp | $7.10B | 16.7x | 24.5% |
| CIGI | Colliers International Group Inc. | $4.72B | 46.0x | 15.3% |
| MRP | Millrose Properties, Inc. | $3.96B | 9.8x | — |
| CURB | Curbline Properties Corp. | $3.05B | 78.0x | 51.3% |
| CWK | Cushman & Wakefield Ltd. | $2.78B | 31.1x | 8.9% |
| UE | Urban Edge Properties | $2.44B | 26.1x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $1.73B | 20.7x | 9.0% |