Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 119

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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.3)(4,683)(102.6)(7,925)(10.0)Studio operating expenses(265)(2.7)(2,692)(10.5)(2,957)(8.4)Total operating expenses(3,507)(4.1)(7,375)(24.5)(10,882)(9.5)Office NOI(1,241)(1.5)(3,197)(94.3)(4,438)(5.1)Studio NOI433 8.7 1,111 (16.2)1,544 (81.8)NOI$(808)(0.9)%$(2,086)60.4 %$(2,894)(3.4)%

NOI decreased $2.9 million, or 3.4%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily resulting from:

•a $2.1 million decrease in non-same-store NOI driven by:

•a decrease in office NOI of $3.2 million resulting from the sales of our 3176 Porter property in 2024 and our Foothill Research Center and Maxwell properties in 2025, partially offset by an increase due to the sale of 625 Second in 2025; further offset by

•an increase in studio NOI of $1.1 million due to cost savings initiatives at Quixote.

•a $0.8 million decrease in same-store NOI driven by:

•a decrease in office NOI of $1.2 million primarily due to:

•a $7.0 million decrease in rental revenues driven by lease terminations at our 1455 Market, Met Park North, Hill7, Concourse and 83 King properties, partially offset by a prior year non-recurring straight-line rent reserve related to transitioning a tenant to cash basis reporting; partially offset by

•a $3.2 million decrease in office operating expenses primarily due to employee retention credit tax refunds received in 2025; and

•a $2.5 million increase in service and other revenues due to a lease termination fee received at our Fourth & Traction property.

•partially offset by an increase in studio NOI of $0.4 million driven by higher production activity at our Sunset Las Palmas Studios property.

Other (Expenses) Income 

Loss from unconsolidated real estate entities

We recorded a $0.7 million loss