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Here are 1-2 brief analogies for Hudson Pacific Properties (HPP):

1. Simon Property Group for West Coast tech offices and Hollywood studios. (This highlights HPP's role as a major landlord and developer, similar to Simon's scale in malls, but focused on premium commercial properties for the technology and entertainment sectors.)

2. The Ritz-Carlton of West Coast commercial real estate for tech and entertainment. (This conveys the high-end, premium quality and desirable locations of HPP's office and studio properties, catering to top-tier clients in high-growth industries.)

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• Office Space Leasing: Provides commercial office properties for lease to a wide range of businesses.
• Studio & Sound Stage Leasing: Offers specialized production facilities, including sound stages, workshops, and support offices, primarily for the entertainment industry.

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Hudson Pacific Properties (HPP) is a real estate investment trust (REIT) that owns, operates, and develops office and studio properties on the West Coast. As such, it primarily sells commercial real estate space through leases to other companies. Its major customers are its tenants.

Major Customers (Tenants)

Based on Hudson Pacific Properties' recent investor materials (e.g., Q1 2024 supplemental information), its top tenants by annualized base rent include:

• Netflix (Symbol: NFLX)
• Google (Alphabet Inc., Symbol: GOOGL)
• Uber (Symbol: UBER)
• Broadcom Inc. (Symbol: AVGO)
• Amazon (Symbol: AMZN)
• Accenture (Symbol: ACN)
• The Walt Disney Co. (Symbol: DIS)
• Lions Gate Entertainment Corp. (Symbol: LGF.A / LGF.B)
• Warner Bros. Entertainment Inc. (a subsidiary of Warner Bros. Discovery, Symbol: WBD)
• Other major companies in the technology, media, entertainment, and professional services sectors.

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Victor J. Coleman, Chief Executive Officer & Chairman

Victor J. Coleman is the Chief Executive Officer and Chairman of Hudson Pacific Properties, Inc., a position he has held since the company's IPO in 2010. He founded and served as Managing Partner of Hudson Capital, the predecessor company to Hudson Pacific Properties. Previously, in 1990, Coleman co-founded and led Arden Realty, Inc. as its President and Chief Operating Officer and a director. Arden Realty went public on the NYSE in 1996 and was later sold to GE Real Estate, a division of General Electric Capital Corporation, in 2006 for $5 billion. He also previously occupied the position of Director-Capital Raising at Beal Private Capital. Coleman serves on the boards of several organizations, including the Ronald Reagan UCLA Medical Center and the Fisher Center for Real Estate & Urban Economics, and is currently on the board of Kite Realty Group Trust.

Mark Lammas, President

Mark Lammas serves as the President of Hudson Pacific Properties. Prior to this role, he held positions as Chief Operating Officer and Chief Financial Officer for the company. Lammas joined Hudson Pacific's predecessor company, Hudson Capital, in 2009. Before his time with Hudson Capital, he was an Executive Vice President at Maguire Properties, where he was responsible for capital market transactions, including investments, secured and unsecured financings, and equity offerings.

Harout Diramerian, Chief Financial Officer

Harout Diramerian joined Hudson Pacific Properties in 2010 and serves as Chief Financial Officer, overseeing the company's finance and accounting functions. He previously held the role of Chief Accounting Officer for Hudson Pacific. Before joining Hudson Pacific, Diramerian was the Vice President of Finance and Analysis at Thomas Properties Group, where his responsibilities included corporate-level earnings and cash flow projections, net asset valuations, and corporate finance forecasting and analysis. He also worked in real estate practice groups at Nanas, Stern, Biers, Neinstein and Co. LLP, Arthur Andersen LLP, and KPMG LLP.

Drew B. Gordon, Chief Investment Officer

Drew Gordon joined Hudson Pacific Properties in 2011 and is the Chief Investment Officer, responsible for acquisitions and dispositions. Prior to this, he served as Hudson Pacific's Executive Vice President for California Office Operations. Before joining Hudson Pacific, he was Executive Vice President and Chief Investment Officer for Venture Corporation, focusing on acquiring distressed commercial loans and properties. He also founded Gordon Realty Investments, a real estate advisory firm based in San Francisco.

Kay L. Tidwell, Executive Vice President, General Counsel & Chief Risk Officer

Kay Tidwell joined Hudson Pacific Properties in 2010 and serves as Executive Vice President, General Counsel, and Chief Risk Officer. In this role, she is responsible for the company's corporate legal function, including corporate governance matters, SEC and NYSE compliance, insurance, and litigation, as well as managing outside counsel. Before her tenure at Hudson Pacific, Tidwell was an attorney at Latham & Watkins LLP, where she advised on various corporate and securities matters, including Hudson Pacific's IPO.

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The key risks to Hudson Pacific Properties (HPP) primarily revolve around challenges in the commercial real estate sector and the performance of its specific business segments.

1. Weak Office Demand and High Vacancy Rates: Hudson Pacific Properties faces significant challenges due to persistent weakness in office demand, particularly in its key West Coast markets. Factors such as the increase in remote work and high interest rates have led to declining occupancy and rental income. For example, the company reported Q3 losses deepened to $136.5 million, partly due to high vacancies, and expects 2024's same-store cash net operating income to drop around 12%. Office occupancy in its in-service portfolio was 75.9% in Q3 2025, which is considered low for a premium portfolio. This trend has resulted in declining revenue and widening losses, with total revenue for Q1 2025 at $198.5 million, down from $214.0 million in the same period last year, primarily due to asset sales and lower office occupancy.
2. Elevated Debt Profile and Refinancing Risk: HPP carries a substantial debt load, reported at approximately $3.97 billion on a trailing twelve-month basis as of late 2025. The company faces significant debt maturities in 2025 and 2026. While Hudson Pacific has been actively working to de-risk its capital structure and has around $1 billion in liquidity with no major debt maturing until 2026, the need to refinance a large portion of its debt in a high-interest rate environment poses an ongoing risk. This elevated leverage and potential refinancing risk could be heightened if market conditions remain challenging.
3. Struggles in the Studio Business: The company's studio arm has experienced significant struggles, contributing to its financial losses. In the third quarter, HPP attributed a $136.5 million loss largely to the deconsolidation of its Sunset Glenoaks property and lower stage occupancy. Studio occupancy was 63.6% in Q3, and only 10.3% for Sunset Glenoaks' stages. A broader downturn in the entertainment industry, including a 13.2% decrease in shoot days in Greater LA from July to September compared to a year ago, has negatively impacted this segment. HPP's Quixote business, which rents equipment and stages, has also struggled since the pandemic.

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The widespread adoption of remote and hybrid work models poses a clear emerging threat to Hudson Pacific Properties. This fundamental shift in work practices is altering the demand for traditional office space, potentially leading to lower occupancy rates, reduced space requirements per tenant, and downward pressure on rents and property values across HPP's significant office portfolio. Major tech and media tenants, a key demographic for HPP, are increasingly implementing flexible work policies, directly impacting their need for physical office footprints.

Additionally, the industry-wide rationalization of content spending by major streaming services and production companies presents a threat to HPP's studio portfolio. After a period of aggressive content creation, streaming platforms are now prioritizing profitability over volume, resulting in budget cuts, fewer new productions, and more selective greenlighting. This trend reduces the demand for sound stages, production offices, and related facilities, directly impacting HPP's studio segment which benefited significantly from the prior content boom.

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Hudson Pacific Properties (HPP) operates in the office and studio property sectors across several key markets. The addressable market sizes for their main products and services in their primary regions are as follows:

Office Properties

• Los Angeles, U.S.: The Los Angeles office market saw over 3.7 million square feet (msf) of leasing activity in Q2 2025, with total leasing activity for the first half of 2025 exceeding 7.0 msf. The overall vacancy rate was 24.5% in Q1 2025.
• San Francisco, U.S.: The total office inventory for San Francisco was 88.0 million square feet (SF) as of Q1 2022. Sales volume in the Bay Area, including San Francisco, reached $2.1 billion year-to-date through October 2024.
• Seattle, U.S.: The Downtown Seattle Office Market has a market size of 66.9 million SF. Leasing volume reached 4.7 million square feet through Q3 2025.
• Vancouver, Canada (Greater Vancouver): The Greater Vancouver office market had a total inventory of 66.08 million SF as of Q2 2024, and 66.84 million SF as of Q3 2024. The Downtown Vancouver office market comprised 29.92 million SF as of Q2 2024.
• London, UK: Null

Studio Properties (Sound Stages)

• Los Angeles County, U.S.: Los Angeles is estimated to have 8.0 million square feet of stage production space in 2025. Other reports indicate 7.3 million square feet of sound stages, making it the largest film and television production space in North America. FilmLA also estimated approximately 6.2 million total square feet of production space across over 140 facilities.
• Vancouver, Canada (Metro Vancouver): The Metro Vancouver area housed approximately 2 million square feet of film-ready soundstage space as of 2019. By summer 2025, Bridge Studios alone will operate 34 sound stages in the Vancouver region.
• London, UK: Null

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Expected Drivers of Future Revenue Growth for Hudson Pacific Properties (HPP)

Over the next 2-3 years, Hudson Pacific Properties (HPP) is expected to experience revenue growth driven by several key factors across its office and studio portfolios:

1. Increased Office Occupancy and Rental Rate Growth Fueled by Technology and AI Demand: Hudson Pacific Properties is poised for revenue growth through improved office occupancy and potential rental rate increases, particularly due to robust demand from technology and AI companies. The company reported a significant leasing pipeline of 2.2 million square feet, with nearly 600,000 square feet in advanced negotiation stages as of Q3 2025. Furthermore, touring demand for its office spaces saw a sequential increase of almost 20% and a year-over-year increase of 60%. A substantial portion of this activity, over 80% of office leasing, is concentrated in its Bay Area assets, including a major deal with an AI tenant in Palo Alto. Management has noted that two-thirds of touring demand is technology-related, with one-third specifically from AI companies, which are increasingly adopting "office-first" strategies. This specialized demand is contributing to the stabilization of rental rates across the Peninsula and Silicon Valley, positioning HPP for future rent growth.
2. Recovery and Expansion of Studio Operations: The company's studio segment is showing signs of recovery and is expected to contribute to future revenue growth. Hudson Pacific reported that its studio net operating income (NOI), adjusted for one-time expenses, turned positive in Q3 2025 for the first time in over a year. Trailing twelve-month leasing for in-service studio stages increased to 65.8%, up 220 basis points sequentially. The media industry is beginning to ramp up production, and the California Film Tax Credit program has seen a significant increase in allocated tax incentives, with 74 new productions receiving incentives compared to 18 in the prior year period.
3. Completion and Lease-up of New Development Projects: The introduction of new leasable space through development projects will be a direct driver of revenue. Specifically, the Sunset Pier 94 Studios in Manhattan is on track for year-end delivery and a grand opening in the first quarter of the coming year. This new facility will expand HPP's studio portfolio and generate additional rental income. Additionally, Hudson Pacific has received entitlements to redevelop an office asset in Washington into a mixed-use project, which includes approximately 500 residential units and ground-floor retail, diversifying future revenue streams.
4. Strategic Leasing of Market-Ready Suites: Hudson Pacific Properties is actively implementing a strategy focused on "market-ready suites," particularly in high-demand areas like Silicon Valley. This initiative aims to accelerate the lease-up of available office space and attract new tenants efficiently. By providing pre-built and readily available suites, HPP can capitalize on strong tenant demand, leading to faster occupancy rates and, consequently, increased revenue generation over the next 2-3 years.

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Share Repurchases

• Hudson Pacific Properties has an authorized $250.0 million share repurchase program.
• In 2022, HPP entered into accelerated share repurchase agreements to buy back $200 million of its common stock.
• Total share repurchases in 2020 amounted to 3.5 million shares at an average price of $23.00 per share.

Share Issuance

• In June 2025, Hudson Pacific Properties announced a $600 million public offering of common stock and pre-funded warrants. This offering was expected to generate net proceeds of approximately $575.6 million, or $662.0 million if underwriters fully exercised their option to purchase additional shares.
• The company expanded its incentive plan to allow for the issuance of an additional 7,259,450 shares of common stock, approved by stockholders in 2025.

Inbound Investments

• In August 2020, funds affiliated with Blackstone Property Partners completed the acquisition of a 49% interest in Hudson Pacific's Hollywood Media Portfolio for a gross portfolio valuation of $1.65 billion. Hudson Pacific retained a 51% ownership stake.

Outbound Investments

• In September 2022, Hudson Pacific Properties acquired Quixote, a Los Angeles-based studio and equipment rental platform, for $360 million.
• In the third quarter of 2025, HPP acquired its partner's 45% interest in the Hill7 office property in Seattle. This involved assuming the partner's $45.5 million share of the joint venture's debt and receiving $1.4 million of cash on hand.
• Hudson Pacific has been actively selling non-core office assets, with sales totaling $94 million since December 2024, and is pursuing an additional approximately $125 million in dispositions in 2025 to reduce leverage.

Capital Expenditures

• Hudson Pacific is engaged in development projects, including the Sunset Pier 94 Studios in Manhattan, a joint venture with Blackstone and Vornado Realty Trust, which is expected to be completed by the end of 2025 with a collective investment of approximately $350 million from the three firms.
• The company focuses on opportunistic acquisitions, award-winning ground-up development, and repositionings to create value.