Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 24

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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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 Foothill Research, 625 Second and Maxwell properties in 2025; and

•a decrease in studio NOI of $10.5 million primarily due to:

•a $7.9 million decrease in service and other revenues due to lower stage and production activity at Quixote; and

•a $2.4 million increase in studio operating expenses driven by the substantial completion of our Sunset Glenoaks Studios property in the second quarter of 2024.

57

Other (Expenses) Income

Loss from unconsolidated real estate entities

We recorded a $2.2 million loss from unconsolidated real estate entities for the nine months ended September 30, 2025 compared to a loss of $6.4 million for the nine months ended September 30, 2024. The change was primarily driven by mark-to-market adjustments for an interest rate swap that