Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 17

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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,993)(15.8)593 2.3 (1,400)(3.7)Total operating expenses(2,181)(2.6)(3,022)(10.3)(5,203)(4.6)Office NOI(12,370)(12.8)(4,033)(104.2)(16,403)(16.3)Studio NOI(2,666)(34.6)(3,726)100.8 (6,392)(159.4)NOI$(15,036)(14.4)%$(7,759)(4,459.2)%$(22,795)(21.8)%

NOI decreased $22.8 million, or 21.8%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily resulting from:

•a $15.0 million decrease in same-store NOI driven by:

•a decrease in office NOI of $12.4 million primarily due to:

•a $14.5 million decrease in rental revenues driven by lease terminations at our 1455 Market, Concourse and Met Park North properties; partially offset by

•a $2.0 million increase in service and other revenues due to a lease termination fee received at our 6040 Sunset property.

•a decrease in studio NOI of $2.7 million primarily due to lower production activity at Sunset Gower Studios.

•a $7.8 million decrease in non-same-store NOI driven by:

•a decrease in office NOI of $4.0 million resulting from the sales of our 3176 Porter property in 2024 and our Foothill Research, Maxwell and 625 Second properties in 2025.

•a decrease in studio NOI of $3.7 million primarily due to:

•a $3.1 million decrease in total studio revenues due to lower stage and production activity at Quixote; and

•a $0.6 million increase in studio operating expenses primarily due to operating expenses incurred at Sunset Glenoaks Studios, which was completed and placed in service during the second quarter of 2024, partially offset by lower stage and transportation utilization at Quixote.

51

Other (Expenses) Income 

Loss from unconsolidated real estate entities

We recorded a $0.2 million loss from unconsolidated real estate entities for the three months ended June 30, 2025 compared to a loss