HPP-PC Hudson Pacific Properties, Inc.

MIXED Impact: 6/10 8-K
Horizon weeks Filed May 7, 2026 Processed 1mo ago SEC 0001482512-26-000047
8-K Item 2.02: Earnings release
Latest settled — T+20d
HPP-PC ▼ -2.07% at T+20d
NEUTRAL call ✗ call lost -2.07% · α vs SPY -5.21% · entry $14.95 → $14.64
Next anchor: T+60d in 8w
Currently $14.93 · -0.13% from $14.95 entry
Entry anchored
May 7, 2026
via day open
T+1d
+4.95%
call +4.95% · α +4.12%
$15.69
settled 5w ago
T+5d
+4.01%
call +4.01% · α +2.51%
$15.55
settled 27d ago
T+20d
-2.07%
call -2.07% · α -5.21%
$14.64
settled 5d ago
T+60d
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call — · α —
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in 8w

Price Chart

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Executive Summary

Hudson Pacific Properties reported Q1 2026 total revenue of $181.9M (vs $172.7M consensus, +5.3% beat) and Core FFO of $0.25/diluted share. The company raised its full-year 2026 Core FFO outlook to $1.10-$1.18 from $0.96-$1.06, driven by Q1 outperformance and a $0.09 benefit from reclassifying Quixote as discontinued operations. While revenue declined 8.4% YoY due to the Element LA disposition and tenant move-outs, the raised guidance and third consecutive quarter of office occupancy gains (77.8%) signal improving fundamentals.

Actionable Insight

The raised Core FFO guidance and improving occupancy trend are positive signals, but the YoY revenue decline, negative AFFO, and heavy share dilution (shares outstanding tripled YoY) cap upside. Monitor Q2 2026 for continued occupancy gains and Quixote discontinued ops impact — if office occupancy reaches 80%+ as guided, the stock could re-rate. The $1.1B Hollywood Media Portfolio CMBS maturing August 2026 is the key refinancing risk to watch.

Key Facts

  • Q1 2026 total revenue $181.9M vs $198.5M YoY (-8.4%), but beat consensus of $172.7M
  • Core FFO $16.5M ($0.25/diluted share) vs $12.9M ($0.61) YoY — per-share decline due to 3x share count increase
  • Full-year 2026 Core FFO outlook raised to $1.10-$1.18 from $0.96-$1.06, including $0.09 from Quixote reclassification
  • Office occupancy improved for third consecutive quarter to 77.8% (up from 76.3% Q4 2025)
  • Executed 554,021 sq ft of office leases in Q1; Hollywood stages 97% leased
  • Same-store cash NOI declined 7.4% YoY to $85.2M, driven by office tenant move-outs
  • Total liquidity $933.3M; net debt/undepreciated book value 31.9%; no debt maturities until Q3 2026
  • AFFO negative at -$11.1M (-$0.17/share) vs +$1.7M (+$0.08) YoY due to higher recurring capex

Financial Impact

Revenue beat consensus by ~$9.2M (+5.3%); Core FFO outlook raised by ~$0.13 at midpoint; AFFO remains negative at -$11.1M

revenueffooccupancycash_noiliquidity

Risk Factors

  • $1.1B Hollywood Media Portfolio CMBS matures August 2026 — refinancing risk in elevated rate environment
  • Same-store cash NOI declining 7.4% YoY — core operating performance still deteriorating
  • AFFO negative at -$11.1M — not covering preferred dividends from operations
  • Heavy share dilution: weighted average shares tripled YoY to 64.5M, depressing per-share metrics
  • Quixote reclassification adds $0.09 to guidance but represents a business contraction

Market Snapshot

Exchange
NYSE
Sector
Real Estate

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001482512-26-000047
Document: q12026ex992.htm0001482512-26-000047
Document: hpp-20260507.htm0001482512-26-000047
Document: 0001482512-26-000047-index-headers.html0001482512-26-000047
Document: 0001482512-26-000047-index.html0001482512-26-000047
Document: 0001482512-26-000047.txt0001482512-26-000047
8-K Data (Synthetic)0001482512-26-000047

US Market Status

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