Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. have released their combined annual report on Form 10-K for the fiscal year ended December 31, 2025, revealing a net loss of $592.3 million, a 55.3% increase compared to the $381.4 million loss in 2024. The report consolidates the financial performance of Hudson Pacific Properties, Inc., a REIT, and its operating partnership, Hudson Pacific Properties, L.P., highlighting the interconnected nature of their operations. As of the end of 2025, the company's portfolio included approximately 13.9 million square feet of office properties and 1.7 million square feet of studio properties.
The company's net operating income (NOI) increased by 4.0% to $403.4 million, driven by a significant rise in non-same-store NOI, which surged by 451.9% to $56.2 million. This increase was primarily due to an early lease termination fee received at Element LA, offset by the impact of property sales. However, same-store NOI decreased by 8.1% to $347.2 million, mainly due to lease terminations in the office portfolio. The company also suspended its quarterly common stock dividend during the third quarter of 2024, and has not yet resumed the dividend program.
Strategic developments during the year included property dispositions totaling $247 million, including the sales of Maxwell, Foothill Research Center, 625 Second, and Element LA properties. The company also secured a $475 million Office Portfolio CMBS loan and refinanced its 1918 Eighth loan with a $285 million CMBS loan. Additionally, the company issued 33,936,206 shares of common stock and pre-funded warrants to purchase 10,266,228 shares of common stock in an underwritten public offering, generating gross proceeds of $689.3 million.
Operationally, the company's in-service office portfolio was 77.0% leased as of December 31, 2025, while the average percent leased for in-service studio properties for the twelve months ended December 31, 2025 was 78.8%. The company's largest office tenants include Google, Netflix, and Amazon, accounting for a significant portion of the annualized base rent. The report also details the company's commitment to sustainability through its Better Blueprint program and its efforts to foster an inclusive workplace. As of December 31, 2025, the company had 607 employees, of whom 131 were covered by collective bargaining agreements.
About Hudson Pacific Properties, Inc.
Hudson Pacific Properties is a real estate investment trust specializing in high-quality office and studio properties in major tech and media markets. It owns and operates assets in key locations like Los Angeles, San Francisco, Seattle, New York, and Vancouver, offering leasing, development, and repositioning services. The company leverages sector expertise, strategic relationships, and sustainability initiatives to create value in the competitive commercial real estate industry.
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