Hudson Pacific Posts $278 Million Q4 Loss as Leasing Rebounds, Quixote Drag Persists

Overview

• Hudson Pacific reported a $277.9 million net loss for Q4 2025, bringing the full‑year loss to about $572.5 million despite year‑over‑year revenue growth.
• Executives said the loss was driven largely by a non‑cash impairment tied to Quixote, where trailing 12‑month stage occupancy was roughly 53.3 percent and the goal is to make the unit flat by year‑end through targeted reductions.
• Office momentum accelerated with 518,000 square feet leased in Q4, portfolio office occupancy at 76.3 percent and the leased rate at 77 percent, plus a 2.3 million‑square‑foot pipeline and tours up 50 percent year over year.
• The company reinstated 2026 guidance with FFO of $0.96 to $1.06 and in‑service office occupancy of 80 to 82 percent, citing roughly $26 million of 2025 G&A and interest savings and about $25 million of annualized savings from Quixote restructuring.
• HPP completed about $330 million of 2025 asset sales including the Element LA deal to Riot Games that yielded $231 million with an $81 million termination fee, targets $200 million to $300 million of sales in 2026, and remains in talks on a roughly $1 billion Hollywood Media Portfolio CMBS loan maturing in August 2026 (HPP share over $500 million).