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Hudson Pacific Properties' Q3 revenue falls more than expected

By Reuters News


Overview

  • US office and studio REIT reported steeper-than-expected drop in Q3 revenue

  • Core FFO per share grew about 8% yr/yr, driven by higher occupancy and cost savings

  • Company raised and narrowed full-year 2026 Core FFO guidance


Outlook

  • Company raises and narrows 2026 Core FFO outlook to $1.15-$1.21 per share

  • Company expects 2026 average in-service office occupancy of 82.0%-84.0%

  • Company forecasts 2026 same-store cash NOI growth of 0.0%-1.0%


Result Drivers

  • HIGHER OCCUPANCY - Co said improved office and studio occupancy drove yr/yr growth in Core FFO and same-store cash NOI

  • COST SAVINGS - Co attributed lower general and administrative expenses to cost savings initiatives

  • ASSET SALES - Co said revenue decline was primarily due to asset dispositions, partially offset by improved occupancy and studio activity


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$180.89 mln

$185.21 mln (4 Analysts)

Q3 Loss Per Share

$3.38


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "buy."

  • Wall Street's median 12-month price target for Hudson Pacific Properties, Inc. is $15.00, about 42% above its November 4 closing price of $10.56


Reuters Recommended Reads

  • Nov 2 - Vornado Realty Trust Q3 adjusted FFO per share rises on rent commencements

  • Nov 3 - Safehold Q3 revenue beats analyst expectations

  • Nov 4 - Global Net Lease Q3 revenue falls on asset sales


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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