Hudson Pacific Properties, Inc. reported a net loss of $80.3 million for the first quarter of 2025, a significant increase of 50.5% compared to a net loss of $53.4 million in the same period of 2024. The company's total revenues decreased to $198.5 million from $214.0 million year-over-year, primarily driven by declines in both office and studio rental revenues. Office rental revenues fell to $158.4 million from $171.4 million, while studio revenues decreased to $33.2 million from $38.9 million. The overall decline in revenues was attributed to lease expirations and reduced production activity in the studio segment.
In terms of operational metrics, Hudson Pacific's office portfolio was 76.5% leased as of March 31, 2025, down from 78.4% a year earlier. The same-store studio properties reported a leasing rate of 73.8%, reflecting a decrease from 76.9% in the prior year. The company’s net operating income (NOI) also declined by 18.0% to $85.2 million, with same-store NOI for office properties decreasing by 7.9% and studio NOI showing a significant drop due to increased operating expenses and lower revenues.
Strategically, Hudson Pacific completed the sale of two properties, the Maxwell and Foothill Research Center, for a total of $69 million, which contributed to a net gain of $10 million. The company also recorded an impairment loss of $18.5 million related to its 625 Second property, which was classified as held for sale. The company did not engage in any acquisitions during the quarter but continues to focus on its development pipeline, which includes several projects in various stages of construction and planning.
Financially, Hudson Pacific's total assets decreased to $8.0 billion from $8.1 billion at the end of 2024, while total liabilities slightly decreased to $4.9 billion. The company maintained a cash position of $86.5 million, up from $63.3 million at the end of the previous year. Looking ahead, Hudson Pacific anticipates continued challenges in the leasing environment but remains focused on optimizing its portfolio and managing its capital structure effectively. The company is also exploring opportunities for refinancing and further strategic dispositions to enhance liquidity and financial flexibility.
About Hudson Pacific Properties, Inc.
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