Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 123

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 to a parking lot and the accelerated depreciation of tenant improvements related to an early lease termination at our Fourth & Traction property. The increase was partially offset by the effect of the sales of our 3176 Porter property in 2024 and our Foothill Research, Maxwell and 625 Second properties in 2025.

Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024

Net Loss

Net loss increased $104.2 million, or 50.1%, to $312.1 million for the nine months ended September 30, 2025 compared to $207.9 million for the nine months ended September 30, 2024. The reasons for the change are discussed below with respect to the decrease in net operating income for the 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 September 30, 2025; and

•Non-same-store, which includes:

•Stabilized non-same-store properties

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•Lease-up properties

•Repositioning properties

•Development properties

•Redevelopment properties

•Held for sale properties

•Operating results from studio service-related businesses

The following table reconciles net loss to NOI:    Nine Months Ended September 30,Dollar ChangePercent Change20252024Net loss$(312,124)$(207,925)$(104,199)50.1 %Adjustments:Loss from unconsolidated real estate entities2,203 6,443 (4,240)(65.8)Fee income(3,917)(3,933)16 (0.4)Interest expense133,368 133,253 115 0.1 Interest income(4,770)(1,975)(2,795)141.5 Management services reimbursement income—unconsolidated real estate entities(3,182)(3,187)5 (0.2)Management services expense—unconsolidated real estate entities3,182 3,187 (5)(0.2)Transaction-related expenses590 2,306 (1,716)(74.4)Unrealized loss on non-real estate investments2,335 3,024 (689