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
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.
Others in SIC 6500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CBRE | CBRE GROUP, INC. | $42.81B | 38.4x | 13.4% |
| TRNO | Terreno Realty Corp | $7.15B | 16.8x | 24.5% |
| MRP | Millrose Properties, Inc. | $5.32B | 13.1x | — |
| CIGI | Colliers International Group Inc. | $5.03B | 49.0x | 15.3% |
| CWK | Cushman & Wakefield Ltd. | $3.21B | 35.9x | 8.9% |
| CURB | Curbline Properties Corp. | $3.11B | 79.6x | 51.3% |
| UE | Urban Edge Properties | $2.64B | 28.4x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $2.01B | 24.1x | 9.0% |