Hudson Pacific Properties, Inc. (HPP) Earnings Call Transcripts

Hudson Pacific Properties, Inc.'s Latest Earnings Call - Q1 FY2026

Hudson Pacific Properties, Inc. (HPP) reported strong first quarter results for 2026, with total revenues of $181.9 million, down from $198.5 million year-over-year, primarily due to tenant move-outs. Core FFO increased to $16.5 million or $0.25 per diluted share, reflecting a significant year-over-year improvement. Management raised their full-year core FFO guidance to a range of $1.10 to $1.18 per diluted share, up from $0.96 to $1.06, signaling confidence in continued occupancy growth and leasing momentum across their portfolio.

Reported metrics

Guidance from management

Management raised their full-year core FFO guidance to $1.10 to $1.18 per diluted share, reflecting improved occupancy and leasing activity. This guidance incorporates a $0.09 benefit from the reclassification of Quixote's operations as discontinued.

What management said

Thanks, Harout. Let me bring it together. The first quarter demonstrates that our markets are recovering. But importantly, the deliberate decisions we're making ensure Hudson Pacific can capture this recovery better than most. Our outlook is up, occupancy is growing. Prime studios are performing and Quixote's drag is being addressed. And we're doing all this while keeping our liquidity and balance sheet intact. Each...

Sure, Alex. So all that is in our previous guidance, we had assumed $0.09 related to the items that we're specifying and winding down. So all we're doing is removing that from our continuing operations or core FFO, and that's what we're going to remove effectively. It's really that simple. So on a go-forward basis, that's no longer going to drag earnings.

What analysts pressed on

Analysts expressed concerns regarding the impact of tenant move-outs on revenue and the pace of recovery in the studio segment. There were also questions about the timing and execution of the Quixote wind down and its effect on future earnings.

Main topics on the call

• Occupancy Gains — HPP achieved a sequential increase in office portfolio occupancy to 77.8%, up 150 basis points, driven by the signing of over 554,000 square feet of leases. Management noted, 'We have excellent visibility into continued ...
• Leasing Activity — The company signed over 500,000 square feet of office leases, marking their third consecutive quarter of occupancy gains. The leasing pipeline grew to 2.4 million square feet, up 13% year-over-year, indicating robust dem...
• Quixote Wind Down — Management announced the wind down of Quixote's leased sound stage facilities, which is expected to improve cash NOI by approximately $5.8 million annually. This decision is part of a strategic shift to focus on higher-p...
• G&A Reduction — General and administrative expenses decreased by 32% to $12.6 million, reflecting effective cost management. This reduction supports improved profitability and operational efficiency.

Read the full Hudson Pacific Properties, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 37 Hudson Pacific Properties, Inc. earnings call transcripts on record, spanning February 20, 2020 to August 5, 2026. Based on this history, Hudson Pacific Properties, Inc. reports quarterly. The most recent call on file is dated August 5, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

HPP

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Office REITs

Calls on record

37

First call

February 20, 2020

Most recent

August 5, 2026

Reporting cadence

quarterly