HPP Q3: Occupancy Rises for Fifth Straight Quarter; FY26 Core FFO Guidance Raised to $1.15-$1.21
HPP sits 94% above its 52-week low of $5.26.
Summary
Hudson Pacific grew office occupancy for a fifth straight quarter to 85.6% and raised 2026 Core FFO guidance to $1.15-$1.21, while cutting pro forma debt 14% year-over-year. Driving the $3.38 per-share net loss were non-cash impairments, not operations.
Key Events · Earnings and Guidance · HPP
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Q3 Results and Raised Guidance
Core FFO of $0.28 per diluted share, up roughly 8% year-over-year, and full-year 2026 Core FFO guidance raised and narrowed to $1.15-$1.21 from $1.12-$1.20.
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Occupancy Up Fifth Straight Quarter
In-service office occupancy reached 85.6%, up 310 basis points sequentially, on 533,708 square feet of leases signed in Q3 and 2.4 million square feet year-to-date, up 40% from the first nine months of 2025.
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Net Loss Driven by Non-Cash Charges
Net loss of $218.1 million, or $3.38 per diluted share, included $147.8 million of impairment and a $20.3 million loss on real estate sales; same-store cash NOI still grew 8.3% to $85.2 million.
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Debt Down 14% With $840M Liquidity
Pro forma for asset sales and the $200 million senior note repurchase, HPP's share of debt is $2.7 billion, down $425.0 million or 14% year-over-year, with $840.4 million of pro forma liquidity.
Analysis · HPP · Real Estate & Construction
The office recovery is finally showing up in Hudson Pacific's numbers: in-service office occupancy rose to 85.6% (up 310 basis points sequentially) and same-store cash NOI grew 8.3%, while Core FFO per share rose about 8% to $0.28. Management raised and narrowed full-year Core FFO guidance to $1.15-$1.21 from $1.12-$1.20, even after conservatively excluding rent from the Weil, Gotshal & Manges space that expired after quarter-end. Driving the headline net loss of $218.1 million ($3.38/share) were $147.8 million of non-cash impairments and a $20.3 million loss on property sales, not operations. Balance-sheet progress is real: pro forma debt is down 14% year-over-year to $2.7 billion with $840.4 million of liquidity, helped by $90.5 million of Q3 dispositions, the $75.5 million Skyport Plaza sale and a $200 million senior note repurchase at a discount. The offset: AFFO turned negative at $(5.1) million on heavier leasing capital spending, so cash generation lags the FFO story.
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In the 30 days to Nov 5, 2026, 33.4% of the 2397 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 $10.18 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $585.8M. The 52-week trading range was $5.26 to $17.20. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.