# Hudson Pacific Properties, Inc. (HPP)

> Source: Nexqual · https://nexqual.com/HPP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hudson Pacific Properties, Inc. (HPP), nexqual.com/HPP" · informational, not investment advice.

**Price:** USD 10.58 (+11.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.46 · day 9.35–10.64 · 52w 5.26–18.41 · market cap $574M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $813M, net income -$580M (-71.3% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold HPP (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $335K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.92 on a 1–5 scale) (12 analysts), mean target USD 16.27 (range 9–26).
- Total return with dividends: 1Y -41.2% vs S&P 500 +14.9%; 5Y -93.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.73, revenue estimate $185M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $897M | $1.03B | $952M | $842M | $831M | $813M |
| Gross profit | $561M | $612M | $502M | $388M | $403M | — |
| Net income | $29.0M | -$16.5M | -$171M | -$381M | -$592M | -$580M |
| EPS (diluted) | $0.28 | -$2.73 | -$9.54 | -$18.05 | -$12.81 | — |
| Gross margin | 62.6% | 59.7% | 52.7% | 46.1% | 48.5% | — |
| Net margin | 3.2% | -1.6% | -17.9% | -45.3% | -71.3% | -71.3% |
| Revenue growth | +11.4% | +14.4% | -7.2% | -11.6% | -1.3% | — |
| Cash + short-term investments | $96.6M | $256M | $100M | $63.3M | $138M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.7x · P/B 0.2x · Earnings yield -100.99% · Dividend yield (paid, TTM) 0.10%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HPP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.02% | $4.8M | Reduced -2.1% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $335K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-11 | Bortz Jon E | Director | 25,000 | $335K | 13.4 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.92 on a 1–5 scale), 12 analysts; mean target USD 16.27 (low 9, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Downgrade | Overweight → Neutral | $15 → $13 |
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $18 → $15 |
| 2026-09-01 | Wells Fargo | Target raised | Overweight | $14 → $17 |
| 2026-08-13 | Citigroup | Target raised | Neutral | $13 → $15 |
| 2026-08-07 | Cantor Fitzgerald | Target raised | Overweight | $14 → $17 |
| 2026-08-06 | Piper Sandler | Upgrade | Neutral → Overweight | $16 → $18 |
| 2026-07-22 | Morgan Stanley | Target raised | Underweight | $5 → $9 |
| 2026-07-21 | Piper Sandler | Target raised | Neutral | $12 → $16 |
| 2026-07-21 | Mizuho | Target raised | Neutral | $15 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -41.2% | -93.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -41.3% | -42.0% |
| Volatility (annualized) | 71.5% | 58.3% |
| Max drawdown | -69.4% (Oct 2025→Apr 2026) | -96.7% (Mar 2022→Mar 2026) |

## Peers (REIT - Office)
BDN (Brandywine Realty Trust) USD 2.95 +9.26% · PSTL (Postal Realty Trust, Inc.) USD 21.87 +2.39% · DEA (Easterly Government Properties,) USD 22.57 +2.13% · PDM (Piedmont Realty Trust, Inc.) USD 9.63 +4.11% · ESBA (Empire State Realty OP, L.P. Se) USD 4.99 +4.51% · DEI (Douglas Emmett, Inc.) USD 10.09 +5.88%

## More
Full page: https://nexqual.com/HPP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HPP's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1482512/000148251226000038/hpp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | K of Hudson Pacific Properties | "We believe combining the annual reports on Form 10-K of Hudson Pacific Properties, Inc. and the operating partnership into this single report results in the following benefits:" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Studio | $21.7M | 11.5% | +6.9% |
| Office | $3.5M | 1.9% | -33.5% |
| Total revenue | $188.3M | 100% | — |
The lines above cover 13.4% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Core office revenues | $149.9M | 79.6% | -1.8% |
| Ancillary revenues | $20.5M | 10.9% | +7.7% |
| Other revenues | $4.2M | 2.2% | -29.2% |
| Chargebacks | $3.2M | 1.7% | +3.1% |
| Studio-related tenant recoveries | $528,000 | 0.3% | -17.0% |
| Total revenue | $188.3M | 100% | — |
The lines above cover 94.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.72 | $-0.70 | +4.1% | $184.9M | 2 |
| Next quarter (ends 2026-12-31) | $-0.69 | $-0.71 | -3.3% | $186.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $-3.82 | $-2.95 | +29.5% | $731.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $-2.62 | $-3.01 | -13.2% | $775.4M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±22.2%; last 8 reports averaged ±5.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 99.6% | ±22.2% |
| 2026-12-18 | 56 | 75.6% | ±23.4% |
| 2027-01-15 | 84 | 72.0% | ±26.7% |
| 2027-03-19 | 147 | 80.0% | ±38.3% |
| 2027-06-17 | 237 | 84.7% | ±50.3% |