Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 24

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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.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 revenues due to lease termination fees received at our 6040 Sunset, Shorebreeze and Rincon Center properties.

•a decrease in studio NOI of $4.4 million primarily due to lower production activity at Sunset Gower Studios, partially offset by higher production activity at Sunset Las Palmas Studios.

•a $19.4 million decrease in non-same-store NOI driven by:

•a decrease in studio NOI of $11.6 million primarily due to:

•a $6.8 million decrease in service and other revenues due to lower stage and production activity at Quixote; and

•a $5.1 million increase in studio operating expenses primarily due to one-time lease termination fees of $6.5 million associated with Quixote cost-cutting initiatives and 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.

•a decrease in office NOI of $7.8 million resulting from the sales of our 3176 Porter property in 2024 and our Foothill Research, 625 Second and Maxwell properties in 2025.

56

Other (Expenses) Income

Loss from unconsolidated real estate entities

We recorded a $1.5 million loss from unconsolidated real estate entities for the six months ended June 30, 2025 compared to a loss of $3.2 million for the six months