Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 126

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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)(10.2)%Service and other revenues5,247 77.9 (220)(61.6)5,027 70.9 Total office revenues(16,795)(5.0)(13,275)(78.7)(30,070)(8.6)StudioRental revenues(802)(3.7)302 4.6 (500)(1.8)Service and other revenues(6,185)(34.0)(6,807)(19.6)(12,992)(24.6)Total studio revenues(6,987)(17.6)(6,505)(15.8)(13,492)(16.7)Total revenues(23,782)(6.4)(19,780)(34.0)(43,562)(10.1)Operating expensesOffice operating expenses973 0.7 (5,446)(70.8)(4,473)(3.0)Studio operating expenses(2,590)(10.7)5,062 9.9 2,472 3.3 Total operating expenses(1,617)(1.0)(384)(0.7)(2,001)(0.9)Office NOI(17,768)(9.2)(7,829)(85.3)(25,597)(12.6)Studio NOI(4,397)(28.5)(11,567)120.6 (15,964)(273.0)NOI$(22,165)(10.6)%$(19,396)4,742.3 %$(41,561)(19.9)%

NOI decreased $41.6 million, or 19.9%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily resulting from:

•a $22.2 million decrease in same-store NOI driven by:

•a decrease in office NOI of $17.8 million primarily due to:

•a $22.0 million decrease in rental revenues driven by lease terminations at our 1455 Market, Concourse and 901 Market properties; and

•a $1.0 million increase in operating expenses due to higher utility, cleaning, security and repair and maintenance expenses at several properties, partially offset by a reduction in property taxes at our Seattle properties and lower insurance premiums across the portfolio; partially offset by

•a $5.2 million increase in service and other