Hudson Pacific Properties, Inc. · NYSE:HPP
Hudson Pacific Properties — Nareit REITWeek 2026
24 slides from Hudson Pacific Properties's conference presentation, Jun 1, 2026
Slide 1: Investor Update | June 2026 Nareit REITWeek
Investor Update | June 2026 Nareit REITWeek
Slide 2: Disclaimer
Disclaimer Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “HPP,” “we,” “us,” or “our.” This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Excha
Slide 3: Recovery underway—not yet priced in
Hudson Pacific Recovery underway—not yet priced in Properties (NYSE: HPP) 1Q26 marks 3rd consecutive qtr. of occupancy gains; guidance raised; pipeline at all-time high West Coast Class A Office Fundamental Recovery Accelerating $0.25 $1.14 1Q26 Core FFO/share FY26 Guidance Midpoint1 Expanding Deman
Slide 4: Market Recovery
Market Recovery Bay Area and West Coast Fundamentals Accelerating Gateway Place North San Jose – Silicon Valley 4
Slide 5: Bay Area Leads the West Coast Recovery
Bay Area Leads the West Coast Recovery San Francisco leasing at 12-year high; sublease down 59% across all three submarkets which comprise ~75% of HPP unleased sq ft1 Sq Ft Bay Area Sublease Inventory Sq Ft Bay Area Leasing Reaches New High, in Millions Down 59% From Peak in Millions Absorption Firm
Slide 6: Puget Sound Turns—Downtown Benefiting
Puget Sound Turns—Downtown Benefiting 2 consecutive qtrs. positive absorption, sublease down 41%; downtown submarkets represent 20% of HPP’s unleased sq ft1 Puget Sound Sublease Inventory Downtown Gross Leasing Increasing Down 41% From Peak as Absorption Trends To Positive Sq Ft Sq Ft Peak in Millio
Slide 7: AI & Tech Demand—Capital to Fuel Future Leasing
AI & Tech Demand—Capital to Fuel Future Leasing Record US VC investment of $267B in 1Q26 concentrated in Bay Area companies—HPP’s portfolio and markets directly benefiting HPP PORTOLIO – DEMAND TRENDS US VC Investment—Record $267B Tech Signings Re-Accelerated Tours at Record High—Demand $ in in 1Q26
Slide 8: Leasing & Demand
Leasing & Demand Occupancy and NOI Growth Opportunities 1918 Eighth Denny Triangle – Seattle 8
Slide 9: Leasing Momentum—Demand and Pipeline Accelerating
Leasing Momentum—Demand and Pipeline Accelerating Tours well above historical average driven by growth in number and size—ultimately leading to pipeline expansion Quarterly Tour Sq Ft vs. Historical Avg. Avg. Tour Size vs. Historical Avg. Active Pipeline – New vs. Renewal (1Q21-1Q26) (1Q23-1Q26) (1Q
Slide 10: Occupancy Recovery Trajectory 2026-2029
Occupancy Recovery Trajectory 2026-2029 Upcoming expirations well below cycle average; go forward 1.6M sq ft annual new occupancy supported by strong multi-quarter lease activity 2026-2029 Annual Expirations: Below Current Cycle Avg. Potential for Sustained Positive Absorption 2026+ Year Annual Expi
Slide 11: Rent Spreads Improving, Near-Term Concessions/TIs Elevated
Rent Spreads Improving, Near-Term Concessions/TIs Elevated In-place rents essentially at market with spreads trending upward; NER recovery to follow as occupancy builds 1Q26 Rent Spreads Reflect Continued Improvement Spread Recovery 1Q26 GAAP +1.8% trended further positive, while cash 25.0% 22% spre
Slide 12: Unlocking Potential Office NOI Growth
Unlocking Potential Office NOI Growth Active leasing catalysts across San Francisco, North San Jose, and Seattle 1455 Market Airport Place Portfolio Washington 1000 Mid-Market – San Francisco North San Jose – Silicon Valley Denny Triangle – Seattle 1M Sq Ft Class A 47% Occupied 2.7M Sq Ft Class A 59
Slide 13: Studio Portfolio
Studio Portfolio Core Assets as Profitable Differentiator Sunset Bronson Studios Hollywood – Los Angeles 13
Slide 14: Studio Business—Restructuring for Profitability
Studio Business—Restructuring for Profitability Owned studios performing with stages 90%+ leased1; eliminating leased stage/Atlanta drag; equipment and fleet businesses under review Owned Studios2 Under Strategic Review Exiting Included in Core FFO Included in Core FFO Excluded from Core FFO Sunset
Slide 15: Maximizing Core Studio Value: Micro-Drama Opportunity
Maximizing Core Studio Value: Micro-Drama Opportunity Piloting scalable standing set model at Sunset Las Palmas to generate incremental NOI from underutilized stage capacity What Are Micro-Dramas? HPP’s Platform Advantage Mobile-first scripted series—1-2 min. episodes, released in arcs of 40-60+ epi
Slide 16: Capital Strategy
Capital Strategy Deleveraging Through NOI Growth and Dispositions 11601 Wilshire Brentwood – Los Angeles 16
Slide 17: Strong Liquidity—Deleveraging Through NOI Growth & Dispositions
Strong Liquidity—Deleveraging Through NOI Growth & Dispositions Net Debt/EBITDAre on downward trajectory with meaningful improvement driven by leasing recovery, studio restructuring, and dispositions ~$200M FY26 Disposition Target—On Track5 HPP’s Share of Share Net Debt / HPP’s Share Cash Adj. EBITD
Slide 18: Why HPP Wins—and How the Thesis Plays Out
Why HPP Wins—and How the Thesis Plays Out Differentiated platform difficult to replicate; markets already recovering; concrete milestones with management accountability The HPP Edge Thesis Catalysts & Potential Timeline1 Largest Bay Area REIT City & County Lease – 1455 Market Imminent The only pure-
Slide 19: Appendix: Definitions and Reconciliations
Appendix Definitions and Reconciliations Metro Center Foster City – San Francisco Peninsula 19
Slide 20: Definitions
Definitions Adjusted EBITDAre: Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share of interest and depreciation from unconsolidated real estate entities and further adjusted to eliminate the impact of certain non-cash item
Slide 21: Definitions (Cont.)
Definitions (Cont.) HPP’s Share: Non-GAAP financial measures calculated as the measure on a consolidated basis, in accordance with GAAP, plus our Operating Partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the Operating Partnership’s percentage ownershi
Slide 22: Reconciliations
Reconciliations Reconciliation of Net Loss to Funds From Operations (FFO) Three Months Ended 3/31/26 Net loss $ (50,904) Adjustments: Depreciation and amortization—consolidated 80,722 Depreciation and amortization—non-real estate assets (3,441) Depreciation and amortization—HPP's share from unconsol
Slide 23: Reconciliations (Cont.)
Reconciliations (Cont.) Reconciliations of net loss to adjusted EBITDAre, total debt to consolidated debt, net and HPP’s share of debt, net Three Months Ended in thousands 3/31/26 Net loss $ (50,904) Interest income—consolidated (1,649) Interest expense—consolidated 37,994 Depreciation and amortizat
Slide 24: HudsonPacificProperties.com
HudsonPacificProperties.com