Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 126

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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Total studio revenues(6,821)(12.5)(8,084)(13.5)(14,905)(13.0)Total revenues(28,098)(5.1)(29,240)(34.5)(57,338)(9.1)Operating expensesOffice operating expenses(2,269)(1.1)(10,129)(82.6)(12,398)(5.4)Studio operating expenses(2,856)(8.4)2,371 3.1 (485)(0.4)Total operating expenses(5,125)(2.1)(7,758)(8.7)(12,883)(3.8)Office NOI(19,008)(6.8)(11,027)(87.7)(30,035)(10.3)Studio NOI(3,965)(19.4)(10,455)63.6 (14,420)(364.1)NOI$(22,973)(7.7)%$(21,482)555.8 %$(44,455)(15.1)%

NOI decreased $44.5 million, or 15.1%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily resulting from:

•a $23.0 million decrease in same-store NOI driven by:

•a decrease in office NOI of $19.0 million primarily due to:

•a $29.0 million decrease in rental revenues driven by lease terminations at our Met Park North, Concourse, 1455 Market, 83 King, 901 Market, Towers at Shore Center and 857 Howard properties; partially offset by

•a $7.7 million increase in service and other revenues due to lease termination fees received at our 6040 Sunset, Fourth & Traction, Shorebreeze and Rincon Center properties; and

•a $2.3 million decrease in operating expenses due to an employee retention credit tax refund received in 2025.

•a decrease in studio NOI of $4.0 million primarily due to lower production activity at our Sunset Gower Studios property, partially offset by higher production activity at our Sunset Las Palmas Studios property.

•a $21.5 million decrease in non-same-store NOI driven by:

•a decrease in office NOI of $11.0 million resulting from the sales of our 3176 Porter property in late 2024 and our Footh