Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 107

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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.4)3,170 86.9 Total office revenues(5,030)(3.2)(4,834)(26.1)(9,864)(5.6)StudioRental(394)(3.7)446 15.8 52 0.4 Service and other revenues(1,933)(22.6)(3,819)(22.7)(5,752)(22.7)Total studio revenues(2,327)(12.0)(3,373)(17.2)(5,700)(14.6)Total revenues(7,357)(4.2)(8,207)(21.5)(15,564)(7.3)Operating expensesOffice operating expenses1,183 1.9 (1,853)(20.3)(670)(0.9)Studio operating expenses(599)(5.2)4,471 17.5 3,872 10.4 Total operating expenses584 0.8 2,618 7.6 3,202 2.9 Office NOI(6,213)(6.7)(2,981)(31.8)(9,194)(9.0)Studio NOI(1,728)(22.3)(7,844)133.1 (9,572)(520.5)NOI$(7,941)(7.9)%$(10,825)(310.8)%$(18,766)(18.0)%

NOI decreased $18.8 million, or 18.0%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily resulting from:

•a $10.8 million decrease in non-same-store NOI driven by:

•a decrease in studio NOI of $7.8 million driven by 

•a $3.4 million decrease in total studio revenues due to lower stage and production activity at Quixote during the three months ended March 31, 2025 as compared to the prior period; and

•a $4.5 million increase in studio operating expenses primarily due to a one-time lease termination fee of $5.9 million associated with Quixote cost-cutting initiatives, which are expected to result in $14.2 million of annualized expense savings. The increase was further driven by operating expenses incurred at Sunset Glenoaks Studios, which was an unconsolidated property during the three