Hudson Pacific Properties(US:HPP)2025-11-05 17:00Financial Performance - Total revenue decreased to $186.6 million compared to $200.4 million primarily due to asset sales and lower office occupancy[14] - Net loss attributable to common stockholders was $136.5 million or $0.30 per diluted share compared to a net loss of $97.9 million or $0.69 per diluted share mostly attributable to a loss on the deconsolidation of Sunset Glenoaks[14] - Same-store cash NOI decreased by 10.7% to $89.3 million compared to $100.0 million primarily due to lower office occupancy[7] - FFO excluding specified items was $16.7 million or $0.04 per diluted share compared to $14.3 million or $0.10 per diluted share mostly due to general and administrative and interest expense savings and higher studio NOI[14] - AFFO was $12.3 million or $0.03 per diluted share compared to $15.8 million or $0.11 per diluted share mostly due to lower GAAP non-cash revenue partially offset by the items affecting FFO as well as lower recurring capital expenditures[7] Portfolio & Leasing - In-service office portfolio ended the quarter at 75.9% occupied and 76.5% leased up sequentially from 75.1% occupied and 76.2% leased in the second quarter this year[14] - In-service studio portfolio and stages were 64.6% and 65.8% leased respectively over the trailing 12 months up sequentially from 63.0% and 63.6% for the same metrics in the second quarter this year[14] - Executed 75 new and renewal leases totaling 515450 square feet including a 106000-square-foot new lease with an AI company at Page Mill Center in Palo Alto[14] - GAAP and cash rents on new leases signed were 6.3% and 10.0% lower respectively compared to prior levels primarily attributable to several small leases signed in Palo Alto rolling from peak market rents to still healthy rents of approximately $80 per square foot NNN[14] Balance Sheet & Capital Structure - The company has $1 billion of total liquidity comprised of $190.4 million of unrestricted cash and cash equivalents and $795.3 million of undrawn capacity under the unsecured revolving credit facility[7] - HPP's share of net debt to HPP's share of undepreciated book value was 32.2% with 100.0% of debt fixed or capped with a weighted average interest rate of 5.0% and no debt maturities until third quarter 2026[7]