Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 21

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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 same period.

Net Operating Income

Management further analyzes NOI by evaluating the performance from the following groups:

•Same-store, which includes all of the properties owned and included in our stabilized portfolio as of January 1, 2024 and still owned and included in the stabilized portfolio as of June 30, 2025; and

•Non-same-store, which includes:

•Stabilized non-same-store properties

•Lease-up properties

•Repositioning properties

53

•Development properties

•Redevelopment properties

•Held for sale properties

•Operating results from studio service-related businesses

The following table reconciles net loss to NOI:    Six Months Ended June 30,Dollar ChangePercent Change20252024Net loss$(168,038)$(100,912)$(67,126)66.5 %Adjustments:Loss from unconsolidated real estate entities1,459 3,224 (1,765)(54.7)Fee income(2,835)(2,496)(339)13.6 Interest expense91,642 88,248 3,394 3.8 Interest income(2,558)(1,433)(1,125)78.5 Management services reimbursement income—unconsolidated real estate entities(2,098)(2,198)100 (4.5)Management services expense—unconsolidated real estate entities2,098 2,198 (100)(4.5)Transaction-related expenses451 2,037 (1,586)(77.9)Unrealized loss on non-real estate investments237 1,943 (1,706)(87.8)Gain on sale of real estate, net(10,007)— (10,007)— Impairment loss18,476 — 18,476 — Loss on extinguishment of debt3,495 — 3,495 — Other expense (income)85 (1,477)1,562 (105.8)Income tax provision648 510 138 27.1 General and administrative46,259 40,415 5,844 14.5 Depreciation and amortization187,836 178,652 9,184 5.1 NOI$167,150 $208,711 $(41,561)(19.9)%Same-store NOI186,955 209,120