Hudson Pacific Properties recently released its 10-Q report. The company is a real estate investment trust focused on office and studio properties serving technology and media tenants in major U.S. and international markets. It was incorporated in 1997 and is based in Los Angeles.
In Item 2, management said the discussion should be read alongside the unaudited consolidated financial statements and notes for Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. The filing also emphasizes that statements about liquidity, capital resources, portfolio performance, results of operations, and future financial performance, including funds from operations, are forward-looking and subject to risks such as tenant defaults, lease nonrenewals, interest-rate changes, financing constraints, vacancy, and real estate market weakness.
At June 30, 2026, Hudson Pacific’s owned portfolio included about 14.0 million square feet of office space, 45 sound stages and 1.7 million square feet of studio space, plus 3.2 million square feet of undeveloped density rights tied to land properties. Its production services assets were described as primarily vehicle fleet, after the company decided to wind down leased stage, pro-supplies, and ancillary equipment businesses as part of Quixote’s restructuring.
The office portfolio totaled 38 in-service properties and 12.8 million rentable square feet, with 82.5% occupied and 82.8% leased. Same-store office properties were 81.0% occupied and 81.3% leased, with annualized base rent of $56.78 per square foot; non-same-store office properties were 93.1% occupied and 93.9% leased, with annualized base rent of $29.76 per square foot. The studio portfolio totaled 51 in-service properties and 1.68 million rentable square feet, with 69.8% occupied and 69.8% leased, while same-store studios were 83.1% occupied and leased and non-same-store studios were 36.2% occupied and leased.
The 15 largest office tenants accounted for $212.2 million of annualized base rent, or 44.7% of total office annualized base rent. Google was the largest tenant at $40.3 million, or 8.5%, followed by the City and County of San Francisco at $37.2 million, Netflix at $27.8 million, Amazon at $24.9 million, and Nutanix at $13.0 million.
Hudson Pacific said it had no property acquisitions or dispositions during the three and six months ended June 30, 2026. It classified 2001 Gateway Place in North San Jose as held for sale at quarter-end, and the property was sold on July 1, 2026.
The development pipeline and recently completed projects totaled 3.16 million square feet. That included Washington 1000 in Seattle, a 546,000-square-foot office project completed in Q4 2024 and expected to stabilize in Q4 2027. Future development projects included Sunset Las Palmas Studios at 617,581 square feet, Sunset Gower Studios at 478,845 square feet, 10900/10950 Washington residential development at 428,623 square feet, Burrard Exchange in Vancouver at 450,000 square feet, and Sunset Waltham Cross Studios in Greater London at 1.17 million square feet. The market has reacted to these announcements by moving the company's shares -3.9% to a price of $13.80. For the full picture, make sure to review Hudson Pacific Properties's 10-Q report.
