Here are a couple of analogies for Hudson Pacific Properties (HPP):

• HPP is like American Tower for West Coast tech and media companies, owning and leasing their prime office and studio spaces instead of cell towers.
• Think of HPP as the Equinix for leading tech and entertainment firms, providing the essential office and studio infrastructure instead of data centers.

• Office Property Leasing: Providing and leasing prime office spaces to corporate tenants, particularly in technology and innovation sectors on the West Coast.
• Studio Property Leasing: Supplying and leasing specialized studio facilities for media and entertainment production companies.
• Real Estate Development: Engaging in the development of new office and studio properties, including the management of land for future projects.

Victor Coleman, Chief Executive Officer & Chairman

Victor Coleman is the founder, Chief Executive Officer, and Chairman of the Board of Directors of Hudson Pacific Properties. He founded Hudson Pacific's predecessor company, Hudson Capital, and served as its Managing Partner before the firm's initial public offering (IPO) in 2010. Prior to Hudson Pacific, Coleman co-founded and led Arden Realty, Inc. as its President and Chief Operating Officer, taking the company public in 1996 and selling it to GE Real Estate in 2006 for $5 billion.

Harout Diramerian, Chief Financial Officer

Harout Diramerian joined Hudson Pacific in 2010 and is responsible for the company's finance and accounting functions. He previously served as Chief Accounting Officer for Hudson Pacific. Before joining Hudson Pacific, Diramerian was Vice President of Finance and Analysis at Thomas Properties Group, where he was responsible for corporate-level earnings and cash flow projections, net asset valuations, and corporate finance forecasting and analysis. He was instrumentally involved in all equity offerings at Thomas Properties Group, including its initial public offering, secondary offering, and private placements. Diramerian also worked in real estate practice groups at Nanas, Stern, Biers, Neinstein and Co. LLP, Arthur Andersen LLP, and KPMG LLP.

Mark Lammas, President

Mark Lammas serves as President of Hudson Pacific. He joined Hudson Pacific's predecessor company, Hudson Capital, in 2009, and previously served as Chief Operating Officer and Chief Financial Officer for Hudson Pacific. Before that, Lammas was an Executive Vice President of Maguire Properties, where he oversaw capital market transactions, including investments, secured and unsecured financings, and equity offerings. He also acted as the principal liaison with institutional partners after Maguire Properties went public in 2003. Prior to joining Maguire Properties, Lammas was an attorney specializing in representing developers and institutional investors.

Drew Gordon, Chief Investment Officer

Drew Gordon joined Hudson Pacific in 2011 and is responsible for acquisitions and dispositions. He previously served as Hudson Pacific's Executive Vice President for California Office Operations. Prior to Hudson Pacific, Gordon was Executive Vice President and Chief Investment Officer for Venture Corporation, where he focused on acquiring distressed commercial loans and properties. He also formed Gordon Realty Investments, a San Francisco-based real estate advisory firm. His career includes executive positions at real estate firms such as ATC Partners and SKS Investments, and a role as Project Manager and Construction Manager at Hines.

Arthur Suazo, Executive Vice President, Leasing

Arthur Suazo joined Hudson Pacific in 2010 and serves as Executive Vice President, Leasing, overseeing leasing activities and personnel. Prior to his current role, Suazo served as Director, Brokerage Services for Cushman & Wakefield from 2008 and as Senior Portfolio Leasing Manager for Arden Realty from 1997 to 2006. He formerly served on the board of directors for CareAmerica Federal Credit Union and the Collegiate Search Youth Foundation.

1. Weakness in West Coast Office and Studio Real Estate Markets: Hudson Pacific Properties faces significant pressure from ongoing headwinds in the office and studio sectors, particularly in its West Coast markets. This is evidenced by declining occupancy rates for both office and studio properties, low tenant retention rates, and a challenging leasing environment. For instance, as of March 31, 2025, the company's same-property office portfolio was only 75.1% occupied and its studio portfolio was 73.8% leased, reflecting notable declines from the prior year. This persistent weakness directly impacts the company's revenue and rental income, contributing to negative operating and net margins.
2. Elevated Debt Levels and Financial Health Concerns: The company's financial health is rated as poor, largely due to its substantial debt burden. Hudson Pacific Properties has reported sustained net losses, with a net loss of US$572.2 million on US$831.1 million of revenue on a trailing twelve-month basis as of February 2026. The balance sheet reflects a high debt-to-equity ratio, and there are concerns about liquidity, potential refinancing challenges, and overall credit metrics, which have deteriorated. An Altman Z-Score of 0.1, for example, places the company in the distress zone, indicating a potential risk of bankruptcy within the next two years.
3. High Stock Volatility: HPP's stock exhibits high volatility, with a beta of 2.09. This indicates that the stock may experience significantly larger price swings compared to the broader market, which could translate to increased risk for investors.

• Widespread adoption and solidification of remote and hybrid work models, particularly among tech and innovation companies, potentially reducing demand for traditional office space or altering space requirements.
• Advancements in virtual production technologies (e.g., LED volumes, real-time game engine rendering) impacting the traditional demand for physical soundstages and conventional studio infrastructure in media production.

Hudson Pacific Properties (HPP) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Strong Office Leasing Momentum and Increased Occupancy: Hudson Pacific is demonstrating robust leasing activity, with a significant pipeline of potential deals and increased tour activity. The company reported its strongest leasing performance since 2019 in Q4 2025, signing over 2.2 million square feet of office leases across its West Coast portfolio. Management has set average in-service office occupancy guidance of 80%–82% for FY 2026. This continued leasing success and the conversion of its robust pipeline into executed leases are expected to directly increase rental income.
2. Growing Demand from AI and Technology Tenants: A significant portion of the leasing momentum is attributed to AI and technology companies. Hudson Pacific's strategic focus on innovation hubs positions it well to capitalize on this demand. Over 80% of office leasing in Q3 2025 was concentrated in Bay Area assets, including a substantial deal with an AI tenant, validating the company's market thesis. This influx of high-growth tenants, particularly those requiring "office-first" solutions, is a crucial driver for future revenue.
3. Expansion and Increased Utilization of Studio Properties: The company's studio segment is poised for growth due to improving occupancy and new developments. The pipeline of productions seeking to film at Hudson Pacific's studios, including those in Manhattan, underscores strong demand for high-quality, purpose-built studio space. Furthermore, California's newly expanded film and TV tax credits are expected to substantially increase the pipeline of future productions. The ongoing construction of projects like Sunset Pier 94, anticipated to be completed by the end of 2025, will add to the revenue-generating capacity of this segment.

Share Repurchases

• Hudson Pacific Properties has not reported significant share repurchases in the last year, with "LTM Buyback per Share" at $0.0 as of March 15, 2026.
• The company has a program in place that allows for repurchases at its discretion, subject to market conditions and legal requirements, but no specific dollar amount for future authorized repurchases was identified.

Share Issuance

• In June 2025, Hudson Pacific Properties commenced and priced an underwritten public offering of 197,194,698 shares of its common stock at $2.23 per share and 71,863,597 pre-funded warrants at $2.22 per warrant.
• This offering was estimated to generate net proceeds of approximately $575.6 million, or $662.0 million if the underwriters fully exercised their option to purchase an additional 40,358,744 shares. The proceeds were intended to repay borrowings under the revolving credit facility, other indebtedness, and/or for general corporate purposes.
• A one-for-seven reverse stock split became effective on December 1, 2025, which reduced the number of outstanding shares from approximately 379 million to about 54 million.

Inbound Investments

• Cohen & Steers Capital Management, Inc. expressed interest in purchasing $300 million in aggregate of common stock and pre-funded warrants in the June 2025 public offering.
• During the first six months of 2025, Hudson Pacific secured an Office Portfolio CMBS loan with an aggregate principal amount of $475.0 million. This loan was secured by six office properties, and its proceeds were used to repay $259.0 million on its unsecured revolving credit facility and $168.0 million of other debt.

Outbound Investments

• In 2025, Hudson Pacific executed nearly $330 million of strategic asset sales, with all net proceeds directed towards reducing leverage.
• The company is pursuing an additional approximately $125 million of dispositions in 2025 and has set a target of $200 million to $300 million in asset sales for 2026. These sales are aimed at de-risking the balance sheet and supporting FFO-accretive outcomes.

Capital Expenditures

• Recurring capital expenditures, tenant improvements, and lease commissions were approximately $114.8 million for 2025 and $87.8 million for 2024.
• The company utilized proceeds from a $475.0 million CMBS loan in 2025 for general corporate purposes, including capital expenditures.