Hudson Pacific posts lower-than-expected Q1 revenue drop, raises Core FFO outlook

Hudson Pacific Properties

07/05/2026 14:15

Overview

US office and studio REIT's Q1 revenue fell to $181.9 mln, but was ahead of analyst expectations

Company posted Q1 net loss, narrowed from prior year on cost reductions

Hudson Pacific raised full-year 2026 Core FFO outlook on leasing momentum, operational streamlining

Outlook

Hudson Pacific raises full-year 2026 Core FFO outlook to $1.10-$1.18 per diluted share

Company expects average in-service office occupancy of 80%-82% for full-year 2026

Company forecasts 2026 same-store property cash NOI growth between (1.75)% and (0.75)%

Result Drivers

OFFICE TENANT MOVE OUTS & ASSET SALE - Co said lower revenue was mainly due to the Element LA office disposition and office tenant move outs, partially offset by stable studio production activity

COST DISCIPLINE - General and administrative expenses fell 32% yr/yr, driven by cost savings initiatives

LEASING MOMENTUM - Co executed over 550,000 sq ft of office leases and reported improved occupancy for the third straight quarter

Company press release: ID:nBw2kyZ5xa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$181.90 mln
$179.53 mln (3 Analysts)
Q1 EPS
-$0.82
Q1 Net Income
-$53.10 mln
Q1 Adjusted FFO
$16.50 mln
Q1 FFO
$18 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy."

Wall Street's median 12-month price target for Hudson Pacific Properties Inc is $10.50, about 1.2% below its May 6 closing price of $10.63

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)