Hudson Pacific Properties Reports First Quarter 2025 Financial Results

About this update from Hudson Pacific Properties, Inc.

– Signed 630,000 Square Feet of Leases – – $839 Million of Liquidity at Quarter End – – Provides 2Q FFO Outlook and Updates Full-Year Assumptions – LOS ANGELES, May 07, 2025 --( BUSINESS WIRE )-- Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP"), a unique provider of end-to-end real estate solutions for dynamic tech and media tenants, today announced financial results for the first quarter 2025. "Our team continues to execute across the business, working to maximize flexibility, lease space and grow occupancy. To date, we have not experienced any tariff-related impacts to tenant demand, but rather we continue to see signs of improving or stabilizing fundamentals," commented Victor Coleman, Hudson Pacific's Chairman and CEO. "Following our best office leasing quarter in nearly three years, our pipeline further increased to 2.1 million square feet, including over 700,000 square feet of later-stage deals, a significant portion of which have subsequently been signed. Starting in the second half of this year, our office lease expirations will be among the lowest in the sector. We are also energized by record flows of venture capital with the largest investments focused on west coast companies in the hyper-growth, office-first AI industry. On the studio side, we are poised to benefit from potential financial support coming from federal, state and local sources, all of which could propel demand later this year. To that point, our team is already having success in capturing an outsized portion of high-caliber production leads to improve occupancy. "We are also delivering on asset sales, cost savings and debt reduction to enhance our balance sheet and liquidity. Our ongoing efforts are focused on strengthening our company’s position as one the preeminent owners of west coast properties that generates strong sustained cashflow and value for our shareholders." Financial Results Compared to First Quarter 2024 Leasing Transactions Balance Sheet as of March 31, 2025 Dividend 2025 Outlook Hudson Pacific is providing an FFO outlook for the second quarter of $0.03 to $0.07 per diluted share along with updated full-year assumptions (see table below). There are no specified items in connection with this outlook. This outlook reflects management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of events referenced in this press release and in earlier announcements. Apart from the disposition of 625 Second, which was held-for-sale in the first quarter, and the early repayment of the private placement notes, this outlook otherwise excludes any impact from new acquisitions, dispositions, debt financings, amendments or repayments, recapitalizations, capital markets activity or similar matters. There can be no assurance that actual results will not differ materially from these estimates. Below are some of the assumptions the Company used in providing this outlook: The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition costs and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Supplemental Information Supplemental financial information regarding Hudson Pacific's first quarter 2025 results may be found on the Investors section of the Company's website at HudsonPacificProperties.com . This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules. Conference Call The Company will hold a conference call to discuss first quarter 2025 financial results at 2:00 p.m. PT / 5:00 p.m. ET on May 7, 2025. The conference call will be available via live audio webcast on the Investors section of the Company's website at HudsonPacificProperties.com . A replay of the audio webcast will also be available following the call. About Hudson Pacific Properties Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com . Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.   View source version on businesswire.com: https://www.businesswire.com/news/home/20250507715497/en/ Contacts Investor Contact Laura Campbell Executive Vice President, Investor Relations & Marketing (310) 622-1702 [email protected] Media Contact Laura Murray Vice President, Communications (310) 622-1781 [email protected]

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