HPP 10-Q: $222M Q3 Loss on $147.8M Impairment; Same-Store NOI Up 8.5%
HPP sits 60% above its 52-week low of $5.26.
Summary
Hudson Pacific's Q3 10-Q shows a $222.2 million net loss driven by $147.8 million of impairment and a $20.3 million disposal loss, while same-store NOI grew 8.5%. Post-quarter it repurchased $200 million of senior notes and sold two properties for $84.9 million combined.
Key Events · Earnings and Guidance · HPP
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Q3 Loss Driven by Impairment
Net loss widened to $222.2 million from $144.1 million a year earlier, including $147.8 million of impairment on Hill7 ($98.2 million) and Skyport Plaza ($48.8 million) and a $20.3 million loss on the 875/899 Howard sale.
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Same-Store NOI Up 8.5%
Same-store NOI rose to $86.4 million from $79.7 million, but total NOI was flat at $82.4 million as non-same-store NOI fell $7.0 million on dispositions and the PayPal lease expiration at Fourth & Traction.
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Liquidity and Debt Paydown
Cash and restricted cash totaled $204.6 million at September 30; after quarter-end HPP repurchased $200 million of 3.95% 2027 and 5.95% 2028 notes, leaving $30 million drawn on the revolver as of November 6.
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2027 Maturity Wall Looms
The debt schedule shows $1.48 billion of unsecured and secured debt maturing in 2027, including the $1.1 billion Hollywood Media Portfolio CMBS extended to November 9, 2027.
Analysis · HPP · Real Estate & Construction
The headline loss is mostly paper: $147.8 million of Q3 impairment on Hill7 and Skyport Plaza plus a $20.3 million loss on the 875/899 Howard sale drove the $222.2 million net loss, while the operating business actually improved — same-store NOI rose 8.5% to $86.4 million on the San Francisco lease commencement and stronger studio production. What matters for the balance sheet is liquidity and the debt wall: $204.6 million of cash and restricted cash at quarter-end, and after the quarter HPP used proceeds plus revolver draws to retire $200 million of 2027/2028 notes, leaving $30 million drawn. The 2027 maturities remain the pressure point, with $1.48 billion due that year per the debt schedule.
How filings like this one have moved
In the 30 days to Nov 6, 2026, 35.1% of the 2636 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, HPP was trading at $8.39 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $465.5M. The 52-week trading range was $5.26 to $17.20. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.