Hudson Pacific Properties (HPP)
Market Price (6/15/2026): $15.28 | Market Cap: $985.0 MilSector: Real Estate | Industry: Office REITs
Hudson Pacific Properties (HPP)
Market Price (6/15/2026): $15.28Market Cap: $985.0 MilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Attractive yieldFCF Yield is 12% Megatrend and thematic driversMegatrends include Digital Content & Streaming, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Digital Content & Streaming, Show more. | Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -132% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 367% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.5%, Rev Chg QQuarterly Revenue Change % is -8.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -59% High stock price volatilityVol 12M is 627% Key risksHPP key risks include [1] high vacancy rates in its core West Coast office portfolio, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Attractive yieldFCF Yield is 12% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Digital Content & Streaming, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -132% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 367% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.5%, Rev Chg QQuarterly Revenue Change % is -8.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -59% |
| High stock price volatilityVol 12M is 627% |
| Key risksHPP key risks include [1] high vacancy rates in its core West Coast office portfolio, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Hudson Pacific Properties (HPP) stock has gained about 110% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Raised Full-Year Outlook. Hudson Pacific Properties reported Q1 2026 earnings on May 7, 2026, exceeding analyst expectations with an EPS of -$0.82 against a consensus of -$0.92, and revenue of $181.85 million, surpassing the $175.12 million consensus. Furthermore, the company increased its full-year 2026 Core FFO outlook to a range of $1.10 to $1.18 per diluted share, up from its prior forecast of $0.96 to $1.06.
2. Significant Improvement in Occupancy and Leasing Activity. In Q1 2026, Hudson Pacific demonstrated consistent operational improvement by achieving its third consecutive quarter of occupancy gains, executing 85 office leases totaling over 550,000 square feet. The in-service office portfolio occupancy rose to 77.8% from 76.3% in the prior quarter, and the leased rate improved to 78.4% from 77.0%. The company's Sunset Studios also reached 97% leased, with Sunset Pier 94 achieving 100% occupancy.
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Stock Movement Drivers
Fundamental Drivers
The 111.2% change in HPP stock from 2/28/2026 to 6/14/2026 was primarily driven by a 114.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.24 | 15.29 | 111.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 831 | 814 | -2.0% |
| P/S Multiple | 0.6 | 1.2 | 114.8% |
| Shares Outstanding (Mil) | 65 | 64 | 0.3% |
| Cumulative Contribution | 111.2% |
Market Drivers
2/28/2026 to 6/14/2026| Return | Correlation | |
|---|---|---|
| HPP | 111.2% | |
| Market (SPY) | 8.4% | 13.2% |
| Sector (XLRE) | 4.2% | 32.4% |
Fundamental Drivers
The 672.2% change in HPP stock from 11/30/2025 to 6/14/2026 was primarily driven by a 644.3% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.98 | 15.29 | 672.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 785 | 814 | 3.8% |
| P/S Multiple | 0.2 | 1.2 | 644.3% |
| Shares Outstanding (Mil) | 64 | 64 | 0.0% |
| Cumulative Contribution | 672.2% |
Market Drivers
11/30/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| HPP | 672.2% | |
| Market (SPY) | 9.2% | 2.8% |
| Sector (XLRE) | 10.8% | -0.8% |
Fundamental Drivers
The 17.4% change in HPP stock from 5/31/2025 to 6/14/2026 was primarily driven by a 280.3% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.02 | 15.29 | 17.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 827 | 814 | -1.5% |
| P/S Multiple | 0.3 | 1.2 | 280.3% |
| Shares Outstanding (Mil) | 20 | 64 | -68.7% |
| Cumulative Contribution | 17.4% |
Market Drivers
5/31/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| HPP | 17.4% | |
| Market (SPY) | 27.3% | 2.2% |
| Sector (XLRE) | 12.5% | 0.4% |
Fundamental Drivers
The -51.1% change in HPP stock from 5/31/2023 to 6/14/2026 was primarily driven by a -68.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.28 | 15.29 | -51.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,034 | 814 | -21.2% |
| P/S Multiple | 0.6 | 1.2 | 98.5% |
| Shares Outstanding (Mil) | 20 | 64 | -68.7% |
| Cumulative Contribution | -51.1% |
Market Drivers
5/31/2023 to 6/14/2026| Return | Correlation | |
|---|---|---|
| HPP | -51.1% | |
| Market (SPY) | 84.5% | 6.0% |
| Sector (XLRE) | 39.5% | 7.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HPP Return | 7% | -58% | 2% | -67% | -49% | 41% | -89% |
| Peers Return | 30% | -36% | -1% | 1% | -15% | 11% | -22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| HPP Win Rate | 50% | 42% | 42% | 17% | 42% | 50% | |
| Peers Win Rate | 58% | 33% | 50% | 52% | 45% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HPP Max Drawdown | -21% | -65% | -64% | -73% | -92% | -51% | |
| Peers Max Drawdown | -17% | -44% | -41% | -24% | -33% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BXP, HIW, PSTL, FSP, ARE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | HPP | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.5% | -9.5% |
| % Gain to Breakeven | 24.2% | 10.5% |
| Time to Breakeven | 14 days | 24 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.2% | -19.2% |
| % Gain to Breakeven | 16.6% | 23.8% |
| Time to Breakeven | 36 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.2% | -12.2% |
| % Gain to Breakeven | 35.6% | 13.9% |
| Time to Breakeven | 153 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -11.9% | -6.8% |
| % Gain to Breakeven | 13.6% | 7.3% |
| Time to Breakeven | 19 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -13.4% | -0.2% |
| % Gain to Breakeven | 15.5% | 0.2% |
| Time to Breakeven | 78 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.0% | -17.9% |
| % Gain to Breakeven | 40.9% | 21.8% |
| Time to Breakeven | 120 days | 123 days |
In The Past
Hudson Pacific Properties's stock fell -7.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 8.4% gain to breakeven.
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| Event | HPP | S&P 500 |
|---|---|---|
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.2% | -12.2% |
| % Gain to Breakeven | 35.6% | 13.9% |
| Time to Breakeven | 153 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.0% | -17.9% |
| % Gain to Breakeven | 40.9% | 21.8% |
| Time to Breakeven | 120 days | 123 days |
In The Past
Hudson Pacific Properties's stock fell -7.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 8.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hudson Pacific Properties (HPP)
AI Analysis | Feedback
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.
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- 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.
AI Analysis | Feedback
Hudson Pacific Properties (HPP) sells primarily to other companies. Its major customers, referred to as anchor tenants, include:
- Netflix (NFLX)
- Google (GOOGL)
- Square (SQ)
- Uber (UBER)
- NFL Enterprises
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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.
AI Analysis | Feedback
Here are the key risks to Hudson Pacific Properties (HPP):- 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.
- 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.
- 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.
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- 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.
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Hudson Pacific Properties (HPP) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- 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.
- 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.
- 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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Hudson Pacific Properties Earnings Notes | 12/16/2025 | |
| Hudson Pacific Properties Stock Rockets 730% With 5-Day Winning Streak | 12/02/2025 | |
| Would You Still Hold Hudson Pacific Properties Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.87 |
| Mkt Cap | 2.1 |
| Rev LTM | 817 |
| Op Inc LTM | 123 |
| FCF LTM | 245 |
| FCF 3Y Avg | 260 |
| CFO LTM | 255 |
| CFO 3Y Avg | 269 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.4% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | -1.2% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | 3.0% |
| Op Inc Chg 3Y Avg | -5.0% |
| Op Mgn LTM | 21.6% |
| Op Mgn 3Y Avg | 23.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 39.3% |
| CFO/Rev 3Y Avg | 40.2% |
| FCF/Rev LTM | 37.9% |
| FCF/Rev 3Y Avg | 38.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.1 |
| P/S | 3.1 |
| P/Op Inc | 13.1 |
| P/EBIT | 3.7 |
| P/E | 15.7 |
| P/CFO | 8.8 |
| Total Yield | 1.1% |
| Dividend Yield | 4.4% |
| FCF Yield 3Y Avg | 12.1% |
| D/E | 1.5 |
| Net D/E | 1.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 18.9% |
| 3M Rtn | 27.3% |
| 6M Rtn | 18.9% |
| 12M Rtn | -11.9% |
| 3Y Rtn | -3.3% |
| 1M Excs Rtn | 15.4% |
| 3M Excs Rtn | 15.3% |
| 6M Excs Rtn | 7.9% |
| 12M Excs Rtn | -31.7% |
| 3Y Excs Rtn | -76.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Office segment | 696 | 692 | 812 | 853 | 795 |
| Studio segment | 135 | 150 | 140 | 174 | 101 |
| Total | 831 | 842 | 952 | 1,026 | 897 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Office segment | 412 | 387 | 500 | 544 | 515 |
| Studio segment | -9 | 1 | 1 | 68 | 46 |
| General and administrative | -73 | -79 | -75 | -80 | -71 |
| Depreciation and amortization | -375 | -354 | -398 | -373 | -344 |
| Total | -45 | -46 | 29 | 160 | 146 |
Price Behavior
| Market Price | $15.29 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 06/24/2010 | |
| Distance from 52W High | -28.9% | |
| 50 Days | 200 Days | |
| DMA Price | $10.26 | $11.83 |
| DMA Trend | down | up |
| Distance from DMA | 49.0% | 29.3% |
| 3M | 1YR | |
| Volatility | 78.3% | 630.9% |
| Downside Capture | -94.09 | 182.41 |
| Upside Capture | 243.64 | 106.62 |
| Correlation (SPY) | 11.1% | 2.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.84 | -0.17 | 0.56 | 1.82 | 1.09 | 1.45 |
| Up Beta | 4.07 | -1.30 | -1.11 | -15.97 | -9.55 | -0.55 |
| Down Beta | 6.84 | 4.36 | 2.12 | 2.15 | 2.20 | 1.87 |
| Up Capture | 229% | 291% | 198% | 1826% | 115% | 197% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 26 | 34 | 56 | 111 | 335 |
| Down Capture | -341% | -533% | -15% | 159% | 144% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 15 | 28 | 65 | 128 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HPP | |
|---|---|---|---|---|
| HPP | -12.0% | 627.2% | 0.84 | - |
| Sector ETF (XLRE) | 11.8% | 13.8% | 0.57 | 0.3% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 2.1% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | -2.6% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | -3.2% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | -0.4% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | 16.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HPP | |
|---|---|---|---|---|
| HPP | -38.6% | 284.9% | 0.24 | - |
| Sector ETF (XLRE) | 3.5% | 19.1% | 0.09 | 9.7% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 7.9% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | -0.4% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 1.3% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 10.3% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 8.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HPP | |
|---|---|---|---|---|
| HPP | -20.0% | 202.8% | 0.19 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | 13.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 10.8% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | -0.4% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 3.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 14.0% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 5.8% |
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Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 10.7% | 9.1% | 29.3% |
| 2/26/2026 | 20.9% | 19.8% | -3.6% |
| 11/5/2025 | 7.1% | -4.0% | -14.4% |
| 8/5/2025 | 6.7% | -1.2% | 13.5% |
| 5/7/2025 | -0.4% | -8.3% | 3.1% |
| 2/20/2025 | -3.5% | 5.8% | -6.1% |
| 11/12/2024 | 4.2% | -17.6% | -18.3% |
| 8/7/2024 | -12.3% | -15.1% | -9.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 13 |
| # Negative | 13 | 15 | 11 |
| Median Positive | 4.2% | 9.1% | 7.8% |
| Median Negative | -2.2% | -5.7% | -13.7% |
| Max Positive | 20.9% | 19.8% | 49.4% |
| Max Negative | -16.5% | -17.6% | -25.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per diluted share | 1.1 | 1.14 | 1.18 | 12.9% | Raised | Guidance: 1.01 for 2026 | |
| 2026 Average in-service office occupancy | 0.8 | 0.81 | 0.82 | 0 | Affirmed | Guidance: 0.81 for 2026 | |
| 2026 Growth in same-store property cash NOI | -1.75% | -1.25% | -0.75% | 0 | Affirmed | Guidance: -1.25% for 2026 | |
| 2026 GAAP non-cash revenue | 11.50 Mil | 14.00 Mil | 16.50 Mil | 0 | Affirmed | Guidance: 14.00 Mil for 2026 | |
| 2026 GAAP non-cash expense | -8.00 Mil | -7.00 Mil | -6.00 Mil | 0 | Affirmed | Guidance: -7.00 Mil for 2026 | |
| 2026 General and administrative expenses | -55.50 Mil | -52.50 Mil | -49.50 Mil | 0 | Affirmed | Guidance: -52.50 Mil for 2026 | |
| 2026 Interest expense | -160.00 Mil | -155.00 Mil | -150.00 Mil | -0.6% | Raised | Guidance: -156.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per diluted share | 0.96 | 1.01 | 1.06 | ||||
| 2026 Average in-service office occupancy | 0.8 | 0.81 | 0.82 | ||||
| 2026 Growth in same-store property cash NOI | -1.75% | -1.25% | -0.75% | -89.6% | 10.8% | Raised | Actual: -12.0% for 2025 |
| 2026 GAAP non-cash revenue | 11.50 Mil | 14.00 Mil | 16.50 Mil | 154.6% | Raised | Actual: 5.50 Mil for 2025 | |
| 2026 GAAP non-cash expense | -8.00 Mil | -7.00 Mil | -6.00 Mil | -6.7% | Raised | Actual: -7.50 Mil for 2025 | |
| 2026 General and administrative expenses | -55.50 Mil | -52.50 Mil | -49.50 Mil | -13.2% | Raised | Actual: -60.50 Mil for 2025 | |
| 2026 Interest expense | -161.00 Mil | -156.00 Mil | -151.00 Mil | -8.8% | Raised | Actual: -171.00 Mil for 2025 | |
| 2026 Non-real estate depreciation and amortization | -14.00 Mil | -13.00 Mil | -12.00 Mil | ||||
| 2026 FFO from unconsolidated joint ventures | 0.50 Mil | 1.50 Mil | 2.50 Mil | ||||
| 2026 FFO attributable to non-controlling interests | -26.00 Mil | -24.00 Mil | -22.00 Mil | ||||
| 2026 FFO attributable to preferred units/shares | -20.00 Mil | ||||||
| 2026 Weighted average common stock/units outstanding—diluted | 65.00 Mil | 65.50 Mil | 66.00 Mil | ||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ferguson, T Ritson | Direct | Buy | 3302026 | 5.97 | 16,000 | 95,520 | 113,412 | Form | |
| 2 | Glaser, Jonathan M | Direct | Buy | 6162025 | 2.23 | 448,430 | 999,999 | 1,491,199 | Form | |
| 3 | Harris, Robert L II | Direct | Buy | 6162025 | 2.23 | 44,843 | 100,000 | 389,650 | Form | |
| 4 | Antenucci, Ted R | Direct | Buy | 6162025 | 2.23 | 89,686 | 200,000 | 568,503 | Form | |
| 5 | Coleman, Victor J | Chief Executive Officer | Direct | Buy | 6162025 | 2.23 | 224,215 | 499,999 | 1,587,015 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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