Hudson Pacific Properties (HPP) Financials

$2.41 -0.04 (-1.63%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$2.40 -0.01 (-0.21%)

As of 08/1/2025 04:10 PM Eastern

Annual Income Statements for Hudson Pacific Properties

This table shows Hudson Pacific Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	565	-16	27	68	98	43	0.38	8.96	-56	-192	-364
Consolidated Net Income / (Loss)	24	-16	44	95	112	56	16	29	-17	-171	-381
Net Income / (Loss) Continuing Operations	24	762	704	95	112	56	16	29	-17	-171	-381
Total Pre-Tax Income	603	805	674	95	112	56	16	29	-17	-164	-380
Total Operating Income	49	47	750	137	149	163	128	146	160	29	-46
Total Gross Profit	760	1,563	1,071	728	461	818	805	561	1,026	952	842
Total Revenue	760	1,563	1,071	728	728	818	805	897	1,026	952	842
Operating Revenue	714	1,520	1,071	728	728	818	805	897	1,026	952	842
Total Cost of Revenue	0.00	0.00	0.00	0.00	268	0.00	0.00	336	0.00	0.00	0.00
Operating Cost of Revenue	0.00	-	0.00	-	268	-	0.00	336	0.00	0.00	0.00
Total Operating Expenses	131	707	321	592	312	656	677	415	867	923	888
Selling, General & Admin Expense	28	418	52	308	61	373	378	71	493	525	534
Depreciation Expense	72	245	269	284	251	282	300	344	373	398	354
Total Other Income / (Expense), net	-26	-51	-76	-42	-37	-107	-111	-117	-176	-193	-334
Interest Expense	26	51	76	90	83	106	116	128	150	204	177
Interest & Investment Income	0.03	0.12	0.26	0.10	1.72	3.30	4.83	5.62	3.28	-1.72	-4.84
Other Income / (Expense), net	0.01	-0.06	-0.25	48	45	-4.23	0.46	5.57	-30	13	-152
Income Tax Expense	-	-	-	-	-	-	-	0.00	0.00	6.80	1.64
Preferred Stock Dividends Declared	26	5.97	-	0.64	0.62	0.61	0.61	0.00	21	21	21
Net Income / (Loss) Attributable to Noncontrolling Interest	13	-5.66	17	26	13	13	15	20	19	0.68	-38
Weighted Average Basic Shares Outstanding	65.79M	343.82M	106.19M	307.77M	155.45M	154.40M	153.13M	151.62M	143.73M	140.95M	141.19M
Weighted Average Diluted Shares Outstanding	66.51M	343.82M	110.37M	308.55M	155.70M	156.60M	153.17M	151.94M	143.73M	140.95M	141.19M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	151.20M	141.06M	141.11M	141.35M
Cash Dividends to Common per Share	$0.50	$0.58	$0.80	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$0.38	$0.10

This table shows Hudson Pacific Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-17	-12	-20	-36	-38	-98	-52	-47	-98	-167	-75
Consolidated Net Income / (Loss)	-6.79	-5.66	-15	-31	-36	-89	-53	-48	-107	-173	-80
Net Income / (Loss) Continuing Operations	-6.79	-5.66	-15	-31	-36	-89	-53	-48	-107	-173	-80
Total Pre-Tax Income	-8.10	-3.59	-15	-25	-36	-88	-53	-47	-105	-175	-80
Total Operating Income	42	39	25	16	3.18	-15	-7.60	-2.76	-21	-15	-26
Total Gross Profit	260	270	252	245	231	223	214	218	200	210	198
Total Revenue	260	270	252	245	231	223	214	218	200	210	198
Operating Revenue	260	270	252	245	231	223	214	218	200	210	198
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	218	231	227	229	228	239	222	221	221	225	225
Selling, General & Admin Expense	125	134	130	130	130	135	130	134	134	135	132
Depreciation Expense	93	97	97	99	99	103	92	87	87	89	93
Total Other Income / (Expense), net	-51	-43	-40	-41	-39	-73	-46	-44	-84	-160	-54
Interest Expense	37	48	54	45	54	52	44	44	45	44	45
Interest & Investment Income	-0.16	-0.47	-0.37	-0.48	0.04	-0.91	0.11	-1.90	-2.68	-0.37	-0.82
Other Income / (Expense), net	-13	5.82	14	4.11	14	-19	-1.78	1.77	-36	-115	-7.54
Income Tax Expense	-1.31	-	0.00	6.30	-0.43	0.92	0.00	0.51	2.18	-1.05	0.19
Preferred Stock Dividends Declared	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.20	5.19
Net Income / (Loss) Attributable to Noncontrolling Interest	5.29	1.13	0.41	-0.51	-3.36	4.14	-6.35	-5.73	-14	-12	-11
Weighted Average Basic Shares Outstanding	141.12M	143.73M	141.03M	140.91M	140.94M	140.95M	141.12M	141.18M	141.23M	141.19M	141.39M
Weighted Average Diluted Shares Outstanding	141.12M	143.73M	141.03M	140.91M	140.94M	140.95M	141.12M	141.18M	141.23M	141.19M	141.39M
Weighted Average Basic & Diluted Shares Outstanding	140.92M	141.06M	140.90M	140.94M	140.94M	141.11M	141.14M	141.23M	141.23M	141.35M	141.39M
Cash Dividends to Common per Share	$0.25	-	$0.25	$0.13	$0.00	-	$0.05	$0.05	$0.00	-	$0.00

This table details how cash moves in and out of Hudson Pacific Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-13	37	37	-6.91	-33	-9.93	91	47	89	-167	-20
Net Cash From Operating Activities	63	176	227	293	215	288	302	315	370	232	165
Net Cash From Continuing Operating Activities	63	176	227	293	215	288	302	315	370	232	165
Net Income / (Loss) Continuing Operations	24	-16	44	95	112	56	16	29	-17	-171	-381
Consolidated Net Income / (Loss)	24	-16	44	95	112	56	16	29	-17	-171	-381
Depreciation Expense	72	245	269	284	251	282	300	344	373	398	354
Amortization Expense	-4.01	-15	-16	-7.98	-14	-8.61	-5.37	-7.16	-3.76	-2.37	-0.64
Non-Cash Adjustments To Reconcile Net Income	-11	-4.70	-30	-99	-52	-49	-2.19	-1.59	25	20	215
Changes in Operating Assets and Liabilities, net	-17	-33	-40	22	-82	7.74	-6.52	-49	-8.31	-13	-23
Net Cash From Investing Activities	-246	-1,798	-525	-333	-392	-316	-1,007	-754	-378	468	-251
Net Cash From Continuing Investing Activities	-246	-1,798	-525	-333	-392	-316	-1,007	-754	-378	468	-251
Purchase of Property, Plant & Equipment	-237	-1,975	-889	-258	-	0.00	-594	-6.32	-20	-5.74	-23
Acquisitions	0.00	0.00	-37	-1.07	0.00	-85	-17	-285	-239	-69	-48
Purchase of Investments	-	-	0.00	0.00	-149	0.00	-3.40	-12	-17	-4.92	-5.94
Sale of Property, Plant & Equipment	19	177	372	212	455	148	0.00	0.00	138	843	21
Sale and/or Maturity of Investments	0.00	0.00	29	16	16	6.52	9.54	7.49	133	3.03	0.40
Other Investing Activities, net	-28	-	-	-302	-714	-386	-402	-458	-372	-299	-196
Net Cash From Financing Activities	171	1,659	335	33	145	18	796	487	97	-867	66
Net Cash From Continuing Financing Activities	171	1,659	335	33	145	18	796	487	97	-867	66
Repayment of Debt	-420	-934	-893	-824	-457	-1,033	-1,168	-1,133	-517	-1,204	-38
Repurchase of Preferred Equity	-0.30	-145	0.00	0.00	-0.36	-	0.00	0.00	-200	0.00	0.00
Repurchase of Common Equity	0.00	0.00	-1,446	-311	-50	-0.53	-96	-47	-38	-1.37	-0.08
Payment of Dividends	-51	-90	-120	-234	-162	-171	-182	-266	-241	-217	-69
Issuance of Debt	449	2,235	1,318	767	650	1,216	1,737	1,451	1,198	382	181
Issuance of Common Equity	196	598	1,484	651	0.00	0.00	506	70	24	26	34
Other Financing Activities, net	-3.13	-5.13	-8.43	-16	164	6.44	-0.38	-1.21	-128	147	-42

This table details how cash moves in and out of Hudson Pacific Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-111	82	-103	-55	-34	25	14	-34	14	-15	35
Net Cash From Operating Activities	138	41	93	59	71	9.22	65	36	64	0.16	31
Net Cash From Continuing Operating Activities	138	41	93	59	71	9.22	65	36	64	0.16	31
Net Income / (Loss) Continuing Operations	-6.79	-5.66	-15	-31	-36	-89	-53	-48	-107	-173	-80
Consolidated Net Income / (Loss)	-6.79	-5.66	-15	-31	-36	-89	-53	-48	-107	-173	-80
Depreciation Expense	93	97	97	99	99	103	92	87	87	89	93
Amortization Expense	-0.66	-0.63	-0.62	-0.64	-0.55	-0.56	-0.62	-0.26	-0.02	0.26	0.45
Non-Cash Adjustments To Reconcile Net Income	12	4.89	3.44	11	-6.44	12	13	10	58	134	11
Changes in Operating Assets and Liabilities, net	41	-54	7.37	-19	16	-17	15	-14	26	-50	6.27
Net Cash From Investing Activities	-231	-43	10	-104	-31	592	-71	-50	-75	-55	16
Net Cash From Continuing Investing Activities	-231	-43	10	-104	-31	592	-71	-50	-75	-55	16
Purchase of Property, Plant & Equipment	-15	89	-0.77	-0.88	-2.80	-1.29	-5.08	-5.29	-7.95	-4.75	-4.74
Acquisitions	-202	-23	-13	-22	-21	-13	-21	-9.56	-11	-6.09	-4.49
Purchase of Investments	-2.82	-2.32	-0.90	-2.44	-0.85	-0.73	-0.55	-0.37	-2.02	-3.00	-1.30
Sale of Property, Plant & Equipment	45	93	100	-	67	676	0.00	-	-	21	63
Sale and/or Maturity of Investments	0.18	1.97	1.17	1.23	-	0.63	0.00	-	0.06	0.35	0.38
Other Investing Activities, net	-56	-202	-76	-79	-73	-70	-45	-34	-54	-63	-37
Net Cash From Financing Activities	-19	83	-206	-10	-74	-577	21	-20	25	40	-12
Net Cash From Continuing Financing Activities	-19	83	-206	-10	-75	-575	21	-20	25	40	-12
Repayment of Debt	-557	43	-212	-172	-133	-687	-10	-20	-	-8.00	-497
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	-	-	-	-1.42
Payment of Dividends	-48	-57	-55	-54	-24	-84	-31	-17	-10	-11	-10
Issuance of Debt	589	219	56	208	75	44	98	14	24	44	494
Issuance of Common Equity	0.78	7.45	6.50	7.71	7.33	4.95	4.70	8.48	6.40	14	2.99
Other Financing Activities, net	0.20	-129	-0.09	-	-	148	-41	-5.00	4.55	-0.07	-0.20

This table presents Hudson Pacific Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,335	6,254	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282	8,132
Total Current Assets	44	465	808	579	138	140	227	341	401	238	287
Cash & Equivalents	18	54	83	79	54	46	114	97	256	100	63
Restricted Cash	-	-	25	22	14	12	36	100	30	19	36
Accounts Receivable	16	21	7.01	4.23	14	13	22	25	17	25	15
Prepaid Expenses	10	27	77	61	56	69	55	119	99	94	90
Other Current Nonoperating Assets	-	364	615	412	-	-	-	-	-	0.00	83
Plant, Property, & Equipment, net	1,901	5,187	-375	-521	-696	-898	8.44	58	130	119	127
Accumulated Depreciation	135	264	375	521	696	898	1,103	1,284	1,541	1,728	1,791
Total Noncurrent Assets	390	602	6,247	6,565	7,629	8,225	9,217	9,874	10,329	9,654	9,509
Long-Term Investments	-	0.00	-	-	0.00	65	82	155	181	253	221
Noncurrent Note & Lease Receivables	28	29	79	106	-	195	226	240	280	221	200
Goodwill	8.75	8.75	-	-	-	-	8.75	109	264	264	157
Intangible Assets	102	-	289	239	280	285	286	341	394	327	328
Other Noncurrent Operating Assets	251	565	5,878	6,219	7,349	7,679	8,615	9,028	9,211	8,589	8,604
Total Liabilities & Shareholders' Equity	2,335	6,254	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282	8,132
Total Liabilities	1,050	2,515	2,966	2,701	3,118	3,622	4,245	4,654	5,434	4,721	4,955
Total Current Liabilities	37	82	351	167	175	213	236	301	264	204	225
Accounts Payable	37	82	115	162	175	213	236	301	264	204	194
Other Current Nonoperating Liabilities	-	-	237	4.90	-	-	-	-	-	0.00	31
Total Noncurrent Liabilities	1,013	2,433	2,615	2,534	2,942	3,409	4,009	4,353	5,170	4,517	4,730
Long-Term Debt	913	2,261	2,473	2,421	2,828	3,019	3,597	3,928	4,652	4,011	4,243
Other Noncurrent Operating Liabilities	8.01	22	68	63	-	359	411	421	518	506	487
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	20	20	10	10	123	135	138	139	135	67	59
Total Equity & Noncontrolling Interests	2,550	7,458	3,703	3,911	3,830	3,709	3,968	4,197	3,750	3,494	3,119
Total Preferred & Common Equity	1,179	1,666	3,103	3,638	3,544	3,417	3,463	3,742	3,305	3,078	2,855
Preferred Stock	290	-	-	-	-	-	0.00	425	425	425	425
Total Common Equity	2,121	5,132	3,103	3,638	3,544	3,417	3,463	3,317	2,880	2,653	2,430
Common Stock	2,159	-1,755	3,111	3,625	3,526	3,417	3,471	3,319	2,891	2,653	2,439
Accumulated Other Comprehensive Income / (Loss)	-2.44	-1.08	9.50	13	18	-0.56	-8.13	-1.76	-11	-0.19	-8.42
Noncontrolling Interest	139	2,326	599	273	287	293	505	455	445	416	263

This table presents Hudson Pacific Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	9,320	9,124	9,106	8,987	8,251	8,353	8,317	7,998
Total Current Assets	330	299	276	233	248	227	264	257
Cash & Equivalents	162	163	109	75	114	78	91	86
Restricted Cash	42	20	19	19	19	21	23	47
Accounts Receivable	20	15	19	19	24	18	15	11
Prepaid Expenses	107	101	129	119	91	109	96	86
Other Current Nonoperating Assets	-	-	-	-	-	-	40	26
Plant, Property, & Equipment, net	129	124	120	116	120	121	123	128
Accumulated Depreciation	1,478	1,619	1,687	1,736	1,737	1,777	1,769	1,833
Total Noncurrent Assets	10,340	10,320	10,398	10,374	9,620	9,781	9,699	9,446
Long-Term Investments	154	194	218	236	270	212	227	228
Noncurrent Note & Lease Receivables	276	291	294	291	218	218	206	200
Goodwill	261	264	264	264	264	264	264	157
Intangible Assets	405	382	372	360	319	329	324	318
Other Noncurrent Operating Assets	9,244	9,189	9,250	9,223	8,549	8,758	8,677	8,543
Total Liabilities & Shareholders' Equity	9,320	9,124	9,106	8,987	8,251	8,353	8,317	7,998
Total Liabilities	5,393	5,294	5,332	5,261	4,801	4,896	4,971	4,903
Total Current Liabilities	356	272	274	267	203	228	296	193
Accounts Payable	356	272	274	267	203	228	265	193
Other Current Nonoperating Liabilities	-	-	-	-	-	-	31	0.51
Total Noncurrent Liabilities	5,037	5,023	5,057	4,993	4,598	4,668	4,675	4,710
Long-Term Debt	4,515	4,500	4,539	4,483	4,100	4,180	4,206	4,244
Other Noncurrent Operating Liabilities	519	523	518	510	497	488	470	465
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	135	131	129	125	62	61	60	57
Total Equity & Noncontrolling Interests	3,792	3,699	3,645	3,601	3,389	3,396	3,286	3,038
Total Preferred & Common Equity	3,345	3,253	3,217	3,179	3,183	3,130	3,027	2,782
Preferred Stock	425	425	425	425	425	425	425	425
Total Common Equity	2,920	2,828	2,792	2,754	2,758	2,705	2,602	2,357
Common Stock	2,937	2,836	2,785	2,750	2,755	2,702	2,605	2,364
Accumulated Other Comprehensive Income / (Loss)	-17	-8.15	6.41	4.18	3.03	2.82	-2.34	-7.07
Noncontrolling Interest	448	446	429	422	205	266	259	256

This table displays calculated financial ratios and metrics derived from Hudson Pacific Properties' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.28%	105.53%	-31.43%	-32.04%	0.08%	12.32%	-1.62%	11.41%	14.43%	-7.20%	-11.57%
EBITDA Growth	24.82%	137.22%	261.54%	-54.11%	807.58%	-125.47%	-51.10%	15.54%	2.36%	-12.38%	-64.30%
EBIT Growth	73.53%	-2.80%	1,483.98%	-75.39%	1,798.14%	-82.81%	-59.57%	18.36%	-14.18%	-67.54%	-567.74%
NOPAT Growth	74.10%	-2.65%	1,482.44%	-81.78%	0.00%	0.00%	-60.76%	14.42%	-23.45%	-81.82%	-258.03%
Net Income Growth	1,006.78%	-168.37%	372.09%	116.10%	18.21%	-50.04%	-70.58%	76.58%	-156.93%	-933.48%	-123.44%
EPS Growth	127.78%	-300.00%	183.33%	252.00%	-28.41%	-111.11%	-100.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	52.04%	178.28%	29.01%	29.19%	-53.48%	34.19%	4.87%	4.25%	17.35%	-37.14%	-29.11%
Free Cash Flow Firm Growth	58.94%	-1,602.12%	119.86%	-96.19%	0.00%	0.00%	0.00%	-108.01%	37.56%	334.51%	-91.77%
Invested Capital Growth	12.27%	151.55%	1.37%	1.92%	31.25%	-130.63%	-40.63%	7.31%	4.48%	-7.11%	-1.01%
Revenue Q/Q Growth	-27.62%	132.00%	-54.15%	114.53%	54.35%	4.54%	-1.56%	4.26%	2.95%	-4.66%	-1.61%
EBITDA Q/Q Growth	-15.97%	371.72%	67.02%	-51.39%	213.66%	-46.51%	-2.67%	6.73%	1.84%	-14.24%	-41.06%
EBIT Q/Q Growth	-35.00%	139.34%	123.15%	-72.78%	3,169.16%	-94.58%	-13.43%	16.06%	-0.65%	-65.29%	-93.73%
NOPAT Q/Q Growth	-19.64%	169.66%	152.50%	-70.41%	0.00%	0.00%	-12.85%	13.68%	-31.45%	-65.14%	0.52%
Net Income Q/Q Growth	-27.84%	15.98%	250.54%	27.53%	-20.99%	-3.95%	-55.06%	219.13%	-380.33%	-94.64%	-28.60%
EPS Q/Q Growth	650.00%	-42.86%	247.06%	109.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	12.88%	39.55%	-11.24%	10.33%	-29.14%	15.05%	-0.09%	-7.30%	3.24%	-12.02%	-5.21%
Free Cash Flow Firm Q/Q Growth	-76.24%	14.17%	72.79%	-84.90%	0.00%	0.00%	-20.56%	-106.34%	97.01%	7,514.84%	-90.53%
Invested Capital Q/Q Growth	3.22%	-6.14%	-3.40%	-6.13%	152.67%	19.53%	25.71%	1,554.91%	0.49%	-7.13%	-1.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	126.50%	200.00%	100.00%	62.55%	100.00%	100.00%	100.00%
EBITDA Margin	15.38%	17.75%	93.57%	63.19%	59.10%	105.57%	52.47%	54.42%	48.68%	45.96%	18.56%
Operating Margin	6.40%	3.03%	69.99%	18.76%	20.41%	39.75%	15.85%	16.28%	15.56%	3.05%	-5.45%
EBIT Margin	6.40%	3.03%	69.97%	25.34%	26.53%	38.72%	15.91%	16.90%	12.68%	4.43%	-23.46%
Profit (Net Income) Margin	3.09%	-1.03%	4.08%	12.99%	15.35%	13.65%	2.04%	3.23%	-1.61%	-17.93%	-45.29%
Tax Burden Percent	3.90%	-2.00%	6.49%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	104.15%	100.43%
Interest Burden Percent	1,239.16%	1,701.58%	89.89%	51.25%	57.85%	70.52%	12.83%	19.14%	-12.70%	-388.11%	192.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.27%	1.19%	13.08%	2.34%	2.35%	0.80%	1.11%	1.64%	1.19%	0.22%	-0.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.31%	7.26%	-498.13%	0.25%	1.72%	-1.52%	-0.56%	-0.86%	-1.23%	-3.22%	-6.70%
Return on Net Nonoperating Assets (RNNOA)	-1.00%	-1.51%	-12.30%	0.13%	0.49%	-1.53%	-0.94%	-0.96%	-1.59%	-4.80%	-10.96%
Return on Equity (ROE)	1.27%	-0.32%	0.78%	2.48%	8.37%	0.43%	0.17%	0.69%	-0.40%	-4.59%	-11.32%
Cash Return on Invested Capital (CROIC)	-9.29%	-85.03%	11.72%	0.44%	0.00%	97.79%	52.10%	-5.41%	-3.19%	7.59%	0.65%
Operating Return on Assets (OROA)	2.18%	1.10%	11.59%	2.77%	5.64%	2.18%	1.62%	1.75%	1.42%	0.48%	-2.41%
Return on Assets (ROA)	1.05%	-0.37%	0.68%	1.42%	1.63%	1.54%	0.21%	0.33%	-0.18%	-1.94%	-4.65%
Return on Common Equity (ROCE)	1.08%	-0.23%	0.58%	2.19%	7.56%	-0.89%	0.15%	0.55%	-0.30%	-3.41%	-8.54%
Return on Equity Simple (ROE_SIMPLE)	1.99%	-0.97%	1.41%	2.60%	6.31%	3.27%	0.47%	0.78%	-0.50%	-5.55%	-13.36%
Net Operating Profit after Tax (NOPAT)	49	47	750	137	0.00	325	128	146	112	20	-32
NOPAT Margin	6.40%	3.03%	69.99%	18.76%	20.41%	19.88%	15.85%	16.28%	10.89%	2.13%	-3.81%
Net Nonoperating Expense Percent (NNEP)	8.58%	-6.07%	511.20%	2.09%	3.10%	0.00%	1.67%	2.51%	2.42%	3.44%	6.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	1.33%	0.27%	-0.44%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	36.75%	0.00%	0.00%	37.45%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	3.72%	26.77%	4.89%	42.29%	8.38%	45.65%	46.92%	7.96%	48.07%	55.17%	63.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.23%	45.22%	30.01%	81.24%	42.84%	80.12%	84.15%	46.27%	84.44%	96.95%	105.45%
Earnings before Interest and Taxes (EBIT)	49	47	750	185	1,843	317	128	152	130	42	-198
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	117	277	1,003	460	2,318	864	422	488	500	438	156
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.35	0.73	1.10	2.14	1.36	0.88	0.98	0.44	0.49	0.18
Price to Tangible Book Value (P/TBV)	0.70	0.35	0.81	1.18	2.32	1.48	0.96	1.13	0.57	0.63	0.22
Price to Revenue (P/Rev)	1.84	1.14	2.12	5.50	10.40	5.67	3.77	3.62	1.23	1.35	0.51
Price to Earnings (P/E)	2.48	0.00	83.64	59.28	77.25	108.66	7,926.57	362.74	0.00	0.00	0.00
Dividend Yield	2.39%	2.88%	3.16%	3.90%	8.82%	6.62%	5.01%	4.69%	11.14%	9.57%	3.30%
Earnings Yield	40.37%	0.00%	1.20%	1.69%	5.54%	1.81%	0.01%	0.28%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.13	0.92	1.13	2.07	2.49	0.82	0.85	0.67	0.65	0.58
Enterprise Value to Revenue (EV/Rev)	3.66	4.12	4.97	9.15	19.29	9.78	8.75	8.75	6.29	6.13	6.05
Enterprise Value to EBITDA (EV/EBITDA)	23.83	23.20	5.31	14.47	32.54	51.59	16.68	16.07	12.92	13.33	32.62
Enterprise Value to EBIT (EV/EBIT)	57.22	135.93	7.10	36.10	72.49	106.38	55.00	51.75	49.62	138.20	0.00
Enterprise Value to NOPAT (EV/NOPAT)	57.23	135.75	7.10	48.75	94.21	49.18	55.20	53.72	57.75	287.23	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	44.10	36.60	23.48	22.73	65.27	58.50	23.32	24.92	17.47	25.13	30.96
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	7.92	259.87	0.00	0.40	1.17	0.00	0.00	8.30	88.04
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.31	0.69	0.63	24.10	1.60	0.88	0.91	1.20	1.13	1.34
Long-Term Debt to Equity	0.37	0.31	0.69	0.63	24.10	0.79	0.88	0.91	1.20	1.13	1.34
Financial Leverage	0.16	-0.21	0.02	0.53	1.37	5.11	1.68	1.11	1.29	1.49	1.64
Leverage Ratio	1.21	0.85	1.16	1.74	5.12	5.53	1.99	2.05	2.23	2.36	2.44
Compound Leverage Factor	14.98	14.54	1.04	0.89	2.01	1.31	0.26	0.39	-0.28	-9.17	4.68
Debt to Total Capital	27.06%	23.95%	40.68%	38.66%	137.99%	88.80%	46.70%	47.53%	54.49%	52.97%	57.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.06%	23.95%	40.68%	38.66%	137.99%	88.80%	46.70%	47.53%	54.49%	52.97%	57.18%
Preferred Equity to Total Capital	8.23%	0.00%	0.00%	0.00%	0.09%	0.09%	0.00%	5.14%	4.98%	5.61%	5.73%
Noncontrolling Interests to Total Capital	4.52%	23.86%	9.74%	4.43%	12.00%	45.16%	8.34%	7.19%	6.79%	6.38%	4.34%
Common Equity to Total Capital	60.19%	52.19%	49.58%	56.91%	103.81%	99.11%	44.96%	40.13%	33.74%	35.03%	32.75%
Debt to EBITDA	8.16	8.49	2.54	5.37	20.03	7.06	8.52	8.05	9.31	9.16	27.15
Net Debt to EBITDA	8.01	8.30	2.43	5.15	19.21	6.78	7.97	7.33	8.38	8.32	25.10
Long-Term Debt to EBITDA	8.16	8.49	2.54	5.37	20.03	7.06	8.52	8.05	9.31	9.16	27.15
Debt to NOPAT	19.59	49.70	3.40	18.09	19.33	18.76	28.19	26.90	41.62	197.42	-132.13
Net Debt to NOPAT	19.23	48.57	3.25	17.35	37.74	18.00	26.37	24.49	37.45	179.12	-122.15
Long-Term Debt to NOPAT	19.59	49.70	3.40	18.09	38.66	18.76	28.19	26.90	41.62	197.42	-132.13
Altman Z-Score	1.18	0.76	1.07	1.17	2.21	2.01	0.57	0.58	0.31	0.30	0.08
Noncontrolling Interest Sharing Ratio	15.42%	27.82%	26.41%	11.70%	108.80%	110.74%	13.46%	19.69%	24.62%	25.69%	24.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	5.70	2.30	3.46	0.00	0.00	0.96	1.13	1.52	1.17	1.28
Quick Ratio	0.92	0.91	0.26	0.50	2.42	2.14	0.58	0.41	1.03	0.61	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-199	-3,384	672	26	0.00	0.00	5,995	-480	-300	703	58
Operating Cash Flow to CapEx	28.94%	9.78%	43.90%	644.09%	0.00%	0.00%	50.85%	4,981.22%	0.00%	0.00%	9,842.02%
Free Cash Flow to Firm to Interest Expense	-7.67	-66.78	8.84	0.28	0.00	188.81	51.47	-3.75	-2.00	3.44	0.33
Operating Cash Flow to Interest Expense	2.44	3.47	2.98	3.25	2.58	2.72	2.59	2.46	2.47	1.14	0.93
Operating Cash Flow Less CapEx to Interest Expense	-5.98	-32.01	-3.81	2.75	8.05	4.12	-2.51	2.41	3.25	5.23	0.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.36	0.17	0.11	0.11	0.11	0.10	0.10	0.11	0.11	0.10
Accounts Receivable Turnover	60.56	83.91	76.52	129.55	79.88	60.58	45.85	37.81	48.68	45.97	43.06
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.41	0.44	0.00	0.00	0.00	0.00	0.00	26.81	10.87	7.65	6.85
Accounts Payable Turnover	0.00	0.00	0.00	0.00	1.59	0.00	0.00	1.25	0.00	0.00	0.00
Days Sales Outstanding (DSO)	6.03	4.35	4.77	2.82	4.57	6.03	7.96	9.65	7.50	7.94	8.48
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	460.35	0.00	0.00	291.71	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	6.03	4.35	4.77	2.82	-451.21	12.05	7.96	-282.05	7.50	7.94	8.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,264	5,695	5,773	5,884	34,101	14,442	8,574	9,201	9,612	8,929	8,839
Invested Capital Turnover	0.36	0.39	0.19	0.12	0.12	0.08	0.07	0.10	0.11	0.10	0.09
Increase / (Decrease) in Invested Capital	247	3,431	78	111	56,610	-33,286	-5,868	626	412	-683	-90
Enterprise Value (EV)	2,786	6,433	5,325	6,660	14,008	29,259	7,044	7,845	6,455	5,836	5,098
Market Capitalization	1,401	1,785	2,276	4,007	3,521	4,643	3,036	3,249	1,265	1,289	428
Book Value per Share	$31.64	$57.35	$34.51	$23.31	$22.61	$22.05	$22.76	$21.75	$20.44	$18.82	$17.21
Tangible Book Value per Share	$29.98	$57.25	$31.30	$21.78	$41.65	$40.42	$20.83	$18.80	$15.77	$14.63	$13.78
Total Capital	3,524	9,834	6,260	6,392	6,827	20,518	7,703	8,265	8,537	7,573	7,421
Total Debt	954	2,355	2,547	2,471	8,621	9,120	3,597	3,928	4,652	4,011	4,243
Total Long-Term Debt	954	2,355	2,547	2,471	8,621	9,120	3,597	3,928	4,652	4,011	4,243
Net Debt	936	2,302	2,438	2,370	8,270	8,874	3,366	3,577	4,186	3,640	3,922
Capital Expenditures (CapEx)	218	1,798	517	45	-909	-296	594	6.32	-118	-837	1.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	330	348	310	-69	-189	-158	-157	-148	-85	-37
Debt-free Net Working Capital (DFNWC)	7.20	384	456	411	-75	-72	-8.75	40	137	34	62
Net Working Capital (NWC)	7.20	384	456	411	-75	-72	-8.75	40	137	34	62
Net Nonoperating Expense (NNE)	25	63	706	42	74	0.00	111	117	128	191	349
Net Nonoperating Obligations (NNO)	-306	-1,784	2,060	1,963	6,307	8,874	4,468	4,864	5,728	5,368	5,661
Total Depreciation and Amortization (D&A)	68	230	253	276	475	547	294	336	369	395	354
Debt-free, Cash-free Net Working Capital to Revenue	-1.39%	21.12%	32.49%	42.58%	-14.51%	-15.97%	-19.66%	-17.46%	-14.46%	-8.92%	-4.42%
Debt-free Net Working Capital to Revenue	0.95%	24.55%	42.59%	56.49%	-5.14%	-8.85%	-1.09%	4.49%	13.38%	3.59%	7.35%
Net Working Capital to Revenue	0.95%	24.55%	42.59%	56.49%	-5.14%	-8.85%	-1.09%	4.49%	13.38%	3.59%	7.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	($0.19)	$0.49	$0.44	$0.63	$0.56	$0.00	$0.04	($0.39)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	133.97M	85.93M	251.78M	307.77M	311.46M	619.00M	153.13M	151.62M	143.73M	140.95M	141.19M
Adjusted Diluted Earnings per Share	$0.30	($0.49)	$0.48	$0.44	$0.63	$0.56	$0.00	$0.04	($0.39)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	66.51M	85.93M	257.11M	308.55M	623.92M	625.43M	153.17M	151.94M	143.73M	140.95M	141.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	79.85M	257.90M	0.00	0.00	0.00	0.00	0.00	151.20M	141.06M	141.11M	141.35M
Normalized Net Operating Profit after Tax (NOPAT)	34	64	525	96	208	228	89	102	112	20	-32
Normalized NOPAT Margin	4.48%	4.06%	49.00%	13.13%	14.29%	27.83%	11.10%	11.40%	10.89%	2.13%	-3.81%
Pre Tax Income Margin	79.36%	51.54%	62.90%	12.99%	15.35%	6.83%	2.04%	3.23%	-1.61%	-17.21%	-45.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.88	0.93	9.86	2.05	2.32	2.99	1.10	1.18	0.87	0.21	-1.11
NOPAT to Interest Expense	1.88	0.94	9.86	1.52	3.58	1.54	1.10	1.14	0.75	0.10	-0.18
EBIT Less CapEx to Interest Expense	-6.54	-34.55	3.07	1.54	7.79	5.79	-4.00	1.13	1.65	4.30	-1.12
NOPAT Less CapEx to Interest Expense	-6.54	-34.55	3.07	1.01	7.25	2.93	-4.00	1.09	1.53	4.20	-0.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	215.09%	-559.38%	273.68%	247.48%	145.24%	305.42%	1,109.06%	916.00%	-1,459.79%	-127.21%	-18.17%
Augmented Payout Ratio	215.09%	-559.38%	3,578.31%	576.21%	189.97%	306.36%	1,694.94%	1,076.40%	-1,688.51%	-128.01%	-18.19%

This table displays calculated financial ratios and metrics derived from Hudson Pacific Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.38%	12.24%	3.17%	-2.49%	-11.10%	-17.23%	-15.16%	-11.08%	-13.42%	-6.16%	-7.27%
EBITDA Growth	4.94%	6.83%	20.72%	-4.95%	-5.21%	-51.60%	-39.76%	-27.65%	-74.43%	-159.64%	-27.15%
EBIT Growth	-0.25%	-1.86%	78.86%	-40.97%	-40.78%	-176.61%	-123.82%	-104.94%	-429.14%	-277.41%	-261.54%
NOPAT Growth	15.17%	-35.56%	-35.95%	-77.61%	-92.52%	-138.55%	-130.26%	-117.41%	-750.83%	1.60%	-247.07%
Net Income Growth	-9.87%	-133.76%	-94.58%	-987.59%	-426.38%	-1,467.49%	-260.09%	-51.10%	-199.32%	-95.68%	-50.46%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	22.94%	39.53%	-3.08%	-37.51%	-48.45%	-77.49%	-29.60%	-39.79%	-10.67%	-98.24%	-53.11%
Free Cash Flow Firm Growth	-235.96%	34.18%	84.69%	75.36%	99.54%	274.99%	356.04%	238.55%	1,443.58%	-88.16%	-88.30%
Invested Capital Growth	1,612.65%	4.48%	3.06%	4.42%	0.51%	-7.11%	-7.19%	-5.72%	-6.70%	-1.01%	-1.11%
Revenue Q/Q Growth	3.55%	3.68%	-6.54%	-2.81%	-5.60%	-3.47%	-4.21%	1.86%	-8.08%	4.63%	-5.35%
EBITDA Q/Q Growth	-2.15%	15.71%	-3.54%	-12.97%	-2.42%	-40.91%	20.06%	4.52%	-65.51%	-237.81%	246.65%
EBIT Q/Q Growth	-13.26%	53.39%	-12.47%	-49.31%	-12.99%	-298.42%	72.78%	89.48%	-5,695.94%	-127.51%	73.93%
NOPAT Q/Q Growth	-40.00%	-7.79%	-35.89%	-36.87%	-79.96%	-575.43%	49.67%	63.68%	-648.97%	28.12%	-77.52%
Net Income Q/Q Growth	-291.54%	16.73%	-161.97%	-112.42%	-13.59%	-147.98%	39.82%	10.87%	-125.02%	-62.11%	53.73%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	46.17%	-70.41%	125.91%	-36.05%	20.60%	-87.08%	606.53%	-45.30%	78.95%	-99.75%	18,749.38%
Free Cash Flow Firm Q/Q Growth	-530.29%	96.22%	30.65%	-49.12%	88.22%	1,536.08%	1.47%	-19.31%	14.27%	-87.35%	0.33%
Invested Capital Q/Q Growth	3.46%	0.49%	-0.43%	0.87%	-0.41%	-7.13%	-0.51%	2.45%	-1.44%	-1.47%	-0.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	46.76%	52.19%	53.87%	48.23%	49.86%	30.52%	38.25%	39.24%	14.73%	-19.39%	30.05%
Operating Margin	16.31%	14.51%	9.95%	6.46%	1.37%	-6.76%	-3.55%	-1.27%	-10.31%	-7.08%	-13.29%
EBIT Margin	11.26%	16.66%	15.60%	8.14%	7.50%	-15.42%	-4.38%	-0.45%	-28.52%	-62.01%	-17.08%
Profit (Net Income) Margin	-2.61%	-2.10%	-5.87%	-12.84%	-15.45%	-39.68%	-24.93%	-21.82%	-53.40%	-82.74%	-40.45%
Tax Burden Percent	83.87%	157.68%	100.00%	125.04%	98.83%	101.05%	100.00%	101.08%	102.08%	99.40%	100.24%
Interest Burden Percent	-27.62%	-7.98%	-37.64%	-126.14%	-208.36%	254.67%	569.00%	4,771.50%	183.44%	134.24%	236.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.55%	1.11%	0.76%	0.49%	0.10%	-0.49%	-0.25%	-0.08%	-0.66%	-0.47%	-0.87%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.65%	0.48%	0.17%	-0.27%	-0.56%	-1.89%	-1.11%	-0.88%	-2.27%	-3.43%	-1.98%
Return on Net Nonoperating Assets (RNNOA)	-0.60%	0.62%	0.24%	-0.39%	-0.84%	-2.82%	-1.70%	-1.40%	-3.70%	-5.61%	-3.37%
Return on Equity (ROE)	1.95%	1.73%	1.00%	0.10%	-0.74%	-3.31%	-1.94%	-1.48%	-4.36%	-6.08%	-4.24%
Cash Return on Invested Capital (CROIC)	-104.91%	-3.19%	-1.93%	-3.42%	0.10%	7.59%	7.43%	5.73%	6.58%	0.65%	0.60%
Operating Return on Assets (OROA)	1.24%	1.87%	1.78%	0.92%	0.82%	-1.67%	-0.46%	-0.05%	-2.82%	-6.36%	-1.74%
Return on Assets (ROA)	-0.29%	-0.23%	-0.67%	-1.45%	-1.69%	-4.29%	-2.62%	-2.22%	-5.28%	-8.49%	-4.11%
Return on Common Equity (ROCE)	1.55%	1.30%	0.75%	0.08%	-0.55%	-2.46%	-1.49%	-1.12%	-3.31%	-4.59%	-3.31%
Return on Equity Simple (ROE_SIMPLE)	0.18%	0.00%	-0.73%	-1.83%	-2.76%	0.00%	-6.57%	-7.20%	-9.80%	0.00%	-14.68%
Net Operating Profit after Tax (NOPAT)	30	27	18	11	2.22	-11	-5.32	-1.93	-14	-10	-18
NOPAT Margin	11.42%	10.15%	6.97%	4.52%	0.96%	-4.73%	-2.48%	-0.89%	-7.22%	-4.96%	-9.30%
Net Nonoperating Expense Percent (NNEP)	7.20%	0.62%	0.59%	0.76%	0.66%	1.41%	0.86%	0.79%	1.61%	2.96%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	-	0.33%	-	-	-	-0.14%	-	-	-	-0.14%	-0.25%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	47.94%	49.74%	51.54%	53.18%	56.03%	60.57%	60.63%	61.45%	67.06%	64.59%	66.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	83.69%	85.49%	90.05%	93.54%	98.63%	106.76%	103.55%	101.27%	110.31%	107.08%	113.29%
Earnings before Interest and Taxes (EBIT)	29	45	39	20	17	-34	-9.38	-0.99	-57	-130	-34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	122	141	136	118	115	68	82	86	30	-41	60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.48	0.44	0.32	0.21	0.33	0.49	0.33	0.25	0.26	0.18	0.18
Price to Tangible Book Value (P/TBV)	0.62	0.57	0.41	0.27	0.43	0.63	0.41	0.32	0.34	0.22	0.22
Price to Revenue (P/Rev)	1.40	1.23	0.87	0.57	0.92	1.35	0.98	0.77	0.79	0.51	0.50
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	10.14%	11.14%	15.71%	21.11%	13.40%	9.57%	2.74%	2.08%	2.09%	3.30%	3.39%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.69	0.67	0.63	0.60	0.63	0.65	0.60	0.58	0.59	0.58	0.57
Enterprise Value to Revenue (EV/Rev)	6.58	6.29	5.82	5.60	6.05	6.13	5.79	5.97	6.17	6.05	6.10
Enterprise Value to EBITDA (EV/EBITDA)	13.38	12.92	11.52	11.15	11.85	13.33	13.78	15.10	19.93	32.62	37.59
Enterprise Value to EBIT (EV/EBIT)	50.11	49.62	40.84	43.11	49.69	138.20	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	40.24	57.75	59.08	67.13	103.71	287.23	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.34	17.47	16.43	17.40	22.90	25.13	25.82	29.22	30.41	30.96	38.73
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	654.43	8.30	7.72	9.87	8.64	88.04	94.90
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.15	1.20	1.18	1.20	1.20	1.13	1.19	1.21	1.26	1.34	1.37
Long-Term Debt to Equity	1.15	1.20	1.18	1.20	1.20	1.13	1.19	1.21	1.26	1.34	1.37
Financial Leverage	0.13	1.29	1.39	1.44	1.51	1.49	1.54	1.59	1.63	1.64	1.70
Leverage Ratio	2.29	2.23	2.29	2.34	2.39	2.36	2.39	2.41	2.45	2.44	2.48
Compound Leverage Factor	-0.63	-0.18	-0.86	-2.95	-4.98	6.02	13.58	115.20	4.49	3.27	5.86
Debt to Total Capital	53.48%	54.49%	54.02%	54.60%	54.61%	52.97%	54.30%	54.74%	55.69%	57.18%	57.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.48%	54.49%	54.02%	54.60%	54.61%	52.97%	54.30%	54.74%	55.69%	57.18%	57.83%
Preferred Equity to Total Capital	5.03%	4.98%	5.10%	5.11%	5.18%	5.61%	5.63%	5.57%	5.63%	5.73%	5.79%
Noncontrolling Interests to Total Capital	6.90%	6.79%	6.92%	6.71%	6.67%	6.38%	3.54%	4.28%	4.22%	4.34%	4.26%
Common Equity to Total Capital	34.58%	33.74%	33.96%	33.58%	33.55%	35.03%	36.53%	35.42%	34.46%	32.75%	32.12%
Debt to EBITDA	9.20	9.31	8.61	8.78	8.78	9.16	10.69	11.91	15.87	27.15	31.67
Net Debt to EBITDA	8.47	8.38	7.88	8.11	8.14	8.32	9.63	11.02	14.58	25.10	28.97
Long-Term Debt to EBITDA	9.20	9.31	8.61	8.78	8.78	9.16	10.69	11.91	15.87	27.15	31.67
Debt to NOPAT	27.69	41.62	44.15	52.91	76.91	197.42	-1,595.69	-268.08	-130.29	-132.13	-93.80
Net Debt to NOPAT	25.50	37.45	40.45	48.87	71.24	179.12	-1,438.47	-248.07	-119.72	-122.15	-85.81
Long-Term Debt to NOPAT	27.69	41.62	44.15	52.91	76.91	197.42	-1,595.69	-268.08	-130.29	-132.13	-93.80
Altman Z-Score	0.27	0.28	0.23	0.19	0.22	0.27	0.23	0.19	0.16	0.11	0.15
Noncontrolling Interest Sharing Ratio	20.36%	24.62%	25.42%	25.62%	25.87%	25.69%	23.26%	23.98%	24.27%	24.57%	21.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.93	1.52	1.10	1.00	0.87	1.17	1.22	1.00	0.89	1.28	1.33
Quick Ratio	0.51	1.03	0.66	0.47	0.35	0.61	0.68	0.42	0.36	0.35	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10,168	-384	-267	-397	-47	673	682	551	629	80	80
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	6,754.22%	0.00%	0.00%	1,283.31%	673.51%	801.72%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-272.90	-7.99	-4.95	-8.90	-0.87	12.84	15.48	12.47	13.98	1.80	1.76
Operating Cash Flow to Interest Expense	3.71	0.85	1.72	1.33	1.33	0.18	1.48	0.81	1.42	0.00	0.67
Operating Cash Flow Less CapEx to Interest Expense	4.50	4.65	3.57	1.31	2.52	13.06	1.36	0.69	1.24	0.38	1.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.10	0.10	0.10	0.10
Accounts Receivable Turnover	44.88	48.68	47.16	59.54	51.19	45.97	46.69	47.72	49.88	43.06	46.66
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	10.87	11.22	11.44	8.17	7.65	7.49	7.38	7.17	6.85	6.66
Accounts Payable Turnover	0.78	0.00	1.40	1.41	1.33	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	8.13	7.50	7.74	6.13	7.13	7.94	7.82	7.65	7.32	8.48	7.82
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	469.03	0.00	260.46	259.26	274.74	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-460.90	7.50	-252.72	-253.13	-267.61	7.94	7.82	7.65	7.32	8.48	7.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,566	9,612	9,571	9,654	9,615	8,929	8,884	9,102	8,971	8,839	8,785
Invested Capital Turnover	0.22	0.11	0.11	0.11	0.10	0.10	0.10	0.09	0.09	0.09	0.09
Increase / (Decrease) in Invested Capital	10,198	412	284	409	49	-683	-688	-553	-644	-90	-98
Enterprise Value (EV)	6,562	6,455	6,022	5,760	6,046	5,836	5,289	5,299	5,283	5,098	5,038
Market Capitalization	1,397	1,265	898	584	920	1,289	900	679	675	428	417
Book Value per Share	$20.61	$20.44	$20.05	$19.81	$19.54	$18.82	$19.54	$19.17	$18.43	$17.21	$16.68
Tangible Book Value per Share	$15.91	$15.77	$15.47	$15.31	$15.12	$14.63	$15.41	$14.96	$14.26	$13.78	$13.32
Total Capital	8,443	8,537	8,329	8,314	8,209	7,573	7,551	7,637	7,552	7,421	7,340
Total Debt	4,515	4,652	4,500	4,539	4,483	4,011	4,100	4,180	4,206	4,243	4,244
Total Long-Term Debt	4,515	4,652	4,500	4,539	4,483	4,011	4,100	4,180	4,206	4,243	4,244
Net Debt	4,157	4,186	4,123	4,193	4,153	3,640	3,696	3,868	3,864	3,922	3,883
Capital Expenditures (CapEx)	-29	-182	-100	0.88	-64	-675	5.08	5.29	7.95	-17	-58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-229	-148	-156	-127	-129	-85	-88	-101	-145	-37	-70
Debt-free Net Working Capital (DFNWC)	-25	137	27	1.27	-35	34	45	-0.80	-31	62	64
Net Working Capital (NWC)	-25	137	27	1.27	-35	34	45	-0.80	-31	62	64
Net Nonoperating Expense (NNE)	37	33	32	43	38	78	48	46	93	163	62
Net Nonoperating Obligations (NNO)	5,638	5,728	5,742	5,880	5,889	5,368	5,433	5,645	5,625	5,661	5,690
Total Depreciation and Amortization (D&A)	92	96	97	98	98	103	91	87	87	89	94
Debt-free, Cash-free Net Working Capital to Revenue	-23.00%	-14.46%	-15.08%	-12.31%	-12.88%	-8.92%	-9.67%	-11.36%	-16.97%	-4.42%	-8.50%
Debt-free Net Working Capital to Revenue	-2.52%	13.38%	2.60%	0.12%	-3.45%	3.59%	4.94%	-0.09%	-3.66%	7.35%	7.70%
Net Working Capital to Revenue	-2.52%	13.38%	2.60%	0.12%	-3.45%	3.59%	4.94%	-0.09%	-3.66%	7.35%	7.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	141.12M	143.73M	141.03M	140.91M	140.94M	140.95M	141.12M	141.18M	141.23M	141.19M	141.39M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	141.12M	143.73M	141.03M	140.91M	140.94M	140.95M	141.12M	141.18M	141.23M	141.19M	141.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	140.92M	141.06M	140.90M	140.94M	140.94M	141.11M	141.14M	141.23M	141.23M	141.35M	141.39M
Normalized Net Operating Profit after Tax (NOPAT)	30	27	18	11	2.22	-11	-5.32	-1.93	-14	-10	-18
Normalized NOPAT Margin	11.42%	10.15%	6.97%	4.52%	0.96%	-4.73%	-2.48%	-0.89%	-7.22%	-4.96%	-9.30%
Pre Tax Income Margin	-3.11%	-1.33%	-5.87%	-10.27%	-15.63%	-39.27%	-24.93%	-21.58%	-52.31%	-83.24%	-40.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.79	0.94	0.73	0.45	0.32	-0.66	-0.21	-0.02	-1.27	-2.95	-0.75
NOPAT to Interest Expense	0.80	0.57	0.33	0.25	0.04	-0.20	-0.12	-0.04	-0.32	-0.24	-0.41
EBIT Less CapEx to Interest Expense	1.57	4.73	2.58	0.43	1.51	12.22	-0.33	-0.14	-1.45	-2.57	0.54
NOPAT Less CapEx to Interest Expense	1.58	4.36	2.18	0.23	1.23	12.68	-0.24	-0.16	-0.50	0.14	0.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4,124.92%	-1,459.79%	-994.58%	-363.94%	-216.57%	-127.21%	-92.50%	-69.78%	-48.28%	-18.17%	-11.90%
Augmented Payout Ratio	5,298.90%	-1,688.51%	-1,159.31%	-371.17%	-218.13%	-128.01%	-92.50%	-69.82%	-48.30%	-18.19%	-11.90%

Key Financial Trends

Hudson Pacific Properties (HPP) Financial Analysis Overview:

Over the last four years through Q1 2025, Hudson Pacific Properties has experienced fluctuations in profitability and cash flows, with sustained pressures on net income but consistent operational cash flow generation. Below are key trends and financial highlights:

Despite recurring net losses, the company consistently generates positive net cash from operating activities, with $30.5 million in Q1 2025, showing operational cash generation strength against reported accounting losses.
Strong depreciation expenses ($93.1 million in Q1 2025) provide a significant non-cash add-back that supports operating cash flows and may offer tax benefits.
Hudson Pacific Properties maintains a sizeable asset base, with total assets of approximately $7.998 billion as of Q1 2025, supporting its property-oriented business model.
The company's equity base remains robust at $2.782 billion (including preferred equity) as of Q1 2025, supporting financial stability.
Significant property sales in Q1 2025 (around $63.2 million) helped improve investing cash flows, indicating active asset portfolio management.
Although the company reported net losses each quarter (e.g., Q1 2025 loss of $80.3 million), changes in non-cash adjustments and operating capital timing affect profitability representations.
Dividends have been consistently paid, with $10.3 million paid in Q1 2025, reflecting a commitment to shareholder returns despite losses, though the cash dividend per common share was zero in Q1 2025.
Debt levels remain elevated, with long-term debt around $4.24 billion as of Q1 2025, signaling ongoing leverage typical of REITs but requiring monitoring for interest expense and refinancing risks.
The company has incurred continued net losses for several quarters, including large negative pre-tax income and other expenses impacting overall profitability and shareholder equity growth.
Net cash from financing activities was negative $11.7 million in Q1 2025, driven by large debt repayments ($496.8 million) slightly offset by new debt issuance ($494 million), indicating cash outflows and refinancing activity that may pressure liquidity.

Trend Highlights:

Operating revenue remains relatively stable, around $198-$252 million quarterly from 2023 to 2025, supporting the core business stability.
Gross profits match operating revenues due to zero cost of revenue, but operating expenses exceed revenues resulting in consistent operating losses.
Interest expense remains high, approximately $44-$54 million quarterly, weighing on net income due to leverage.
Other income/(expense) volatile and consistently negative, reflecting non-operating losses or one-time charges impacting earnings.
Cash and cash equivalents fluctuated but remained strong, approximately $75-$114 million in recent quarters, indicating healthy liquidity management.
Total liabilities remain substantial and have increased over time, reflecting increased debt and current liabilities.

Overall, Hudson Pacific Properties shows strong operational cash flow despite ongoing accounting losses primarily driven by high depreciation/amortization and interest expenses. The company actively manages its property portfolio with asset sales and acquisitions, balanced by considerable debt levels and financing activities. Retail investors should weigh the durability of cash flows and asset values against the challenges of profitability and leverage risks when considering HPP.

08/03/25 09:56 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Hudson Pacific Properties' Financials

When does Hudson Pacific Properties' fiscal year end?

According to the most recent income statement we have on file, Hudson Pacific Properties' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Hudson Pacific Properties' net income changed over the last 10 years?

Hudson Pacific Properties' net income appears to be on an upward trend, with a most recent value of -$381.41 million in 2024, falling from $23.52 million in 2014. The previous period was -$170.70 million in 2023. Find out what analysts predict for Hudson Pacific Properties in the coming months.

What is Hudson Pacific Properties' operating income?

Hudson Pacific Properties' total operating income in 2024 was -$45.87 million, based on the following breakdown:

Total Gross Profit: $842.08 million
Total Operating Expenses: $887.96 million

How has Hudson Pacific Properties' revenue changed over the last 10 years?

Over the last 10 years, Hudson Pacific Properties' total revenue changed from $760.25 million in 2014 to $842.08 million in 2024, a change of 10.8%.

How much debt does Hudson Pacific Properties have?

Hudson Pacific Properties' total liabilities were at $4.95 billion at the end of 2024, a 4.9% increase from 2023, and a 371.9% increase since 2014.

How much cash does Hudson Pacific Properties have?

In the past 10 years, Hudson Pacific Properties' cash and equivalents has ranged from $17.75 million in 2014 to $255.76 million in 2022, and is currently $63.26 million as of their latest financial filing in 2024.

How has Hudson Pacific Properties' book value per share changed over the last 10 years?

Over the last 10 years, Hudson Pacific Properties' book value per share changed from 31.64 in 2014 to 17.21 in 2024, a change of -45.6%.

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This page (NYSE:HPP) was last updated on 8/3/2025 by MarketBeat.com Staff

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Hudson Pacific Properties (HPP) Financials

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Hudson Pacific Properties (HPP) Financials

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