Hudson Pacific Properties, Inc. (HPP)

NYSEReal EstateReit - OfficeSnapshot 2026-10-23

$11.00+3.97%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Hudson Pacific Properties, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	183.55M
EPS	—	-0.7
Annual ending 2026-12-31
Revenue	—	720.1M
EPS	—	-3.84
Annual ending 2027-12-31
Revenue	—	759.71M
EPS	—	-2.67

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash from operating activities improves to positive levels	Hudson Pacific is improving cash flow from operations, reaching $44.3M in 2026-Q1.	Improving	cash from operating activities falls below $44M in any quarter	Cash from operations: $-8.006M FY2026-Q2; GAAP. Published target: >= $44M. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 10, 2026-8,006,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Cash from operating activities was stable at $44.3 million in both 2026-Q1 and 2026-Q2, indicating consistent operational cash flow generation. Management's focus on cash flow is maintaining steady performance. Delivery assessment Oct 24, 2026
Leasing activity increases supporting Core FFO growth	Leasing activity is increasing, supporting raised Core FFO guidance for 2026.	Improving	Core FFO guidance falls below $1.1 per share for FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Net income losses narrow significantly	Net income losses have narrowed from -$280.2M in 2025-Q4 to -$50.9M in 2026-Q1.	Intact	net income loss worsens beyond -$51M in any quarter	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Net loss increased from $53.1 million in 2026-Q1 to $104.7 million in 2026-Q2, indicating ongoing challenges in profitability. Management continues to address losses, but financial results show limited progress so far. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenueUnavailable

$0.79B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$787,030,020	1 / 6
2026-07-25	Unavailable	Unavailable	2 / 4
2026-07-26	Unavailable	$785,655,640	1 / 6
2026-07-27	Unavailable	Unavailable	3 / 4
2026-07-28	Unavailable	$785,655,640	1 / 6
2026-07-29	Unavailable	$785,655,640	1 / 6
2026-07-30	Unavailable	$785,655,640	1 / 6
2026-07-31	Unavailable	$785,655,640	1 / 6
2026-08-01	Unavailable	Unavailable	2 / 4
2026-08-02	Unavailable	Unavailable	2 / 4
2026-08-03	Unavailable	Unavailable	2 / 4
2026-08-04	Unavailable	$785,655,640	1 / 6
2026-08-05	Unavailable	$785,655,640	1 / 6
2026-08-06	Unavailable	$785,655,640	1 / 6
2026-08-07	Unavailable	Unavailable	2 / 4
2026-08-08	Unavailable	$785,655,640	1 / 6
2026-08-09	Unavailable	$785,655,640	1 / 6
2026-08-10	Unavailable	Unavailable	2 / 4
2026-08-12	Unavailable	$788,121,470	2 / 6
2026-08-13	Unavailable	Unavailable	2 / 4
2026-08-14	Unavailable	Unavailable	2 / 4
2026-08-15	Unavailable	Unavailable	3 / 4
2026-08-16	Unavailable	Unavailable	3 / 4
2026-08-17	Unavailable	Unavailable	3 / 4
2026-08-18	Unavailable	Unavailable	3 / 4
2026-08-19	Unavailable	Unavailable	3 / 4
2026-08-20	Unavailable	Unavailable	2 / 4
2026-08-21	Unavailable	Unavailable	2 / 4
2026-08-22	Unavailable	Unavailable	2 / 4
2026-08-23	Unavailable	Unavailable	2 / 4
2026-08-24	Unavailable	Unavailable	2 / 4
2026-08-25	Unavailable	Unavailable	2 / 4
2026-08-26	Unavailable	Unavailable	2 / 4
2026-08-27	Unavailable	Unavailable	2 / 4
2026-08-28	Unavailable	Unavailable	2 / 4
2026-08-29	Unavailable	Unavailable	2 / 4
2026-08-30	Unavailable	Unavailable	2 / 4
2026-08-31	Unavailable	$765,215,412	2 / 5
2026-09-01	Unavailable	Unavailable	2 / 4
2026-09-02	Unavailable	Unavailable	2 / 4
2026-09-03	Unavailable	Unavailable	2 / 4
2026-09-04	Unavailable	Unavailable	2 / 4
2026-09-05	Unavailable	Unavailable	2 / 4
2026-09-06	Unavailable	Unavailable	2 / 4
2026-09-07	Unavailable	Unavailable	2 / 4
2026-09-08	Unavailable	Unavailable	2 / 4
2026-09-09	Unavailable	Unavailable	2 / 4
2026-09-10	Unavailable	Unavailable	2 / 4
2026-09-11	Unavailable	Unavailable	2 / 4
2026-09-12	Unavailable	Unavailable	2 / 4
2026-09-13	Unavailable	Unavailable	2 / 4
2026-09-14	Unavailable	Unavailable	2 / 4
2026-09-15	Unavailable	Unavailable	2 / 4
2026-09-16	Unavailable	Unavailable	2 / 4
2026-09-17	Unavailable	Unavailable	2 / 4
2026-09-18	Unavailable	Unavailable	2 / 4
2026-09-19	Unavailable	Unavailable	2 / 4
2026-09-20	Unavailable	Unavailable	2 / 4
2026-09-21	Unavailable	Unavailable	2 / 4
2026-09-22	Unavailable	Unavailable	2 / 4
2026-09-23	Unavailable	Unavailable	2 / 4
2026-09-24	Unavailable	Unavailable	2 / 4
2026-09-25	Unavailable	Unavailable	2 / 4
2026-09-26	Unavailable	Unavailable	2 / 4
2026-09-27	Unavailable	Unavailable	2 / 4
2026-09-28	Unavailable	Unavailable	2 / 4
2026-09-29	Unavailable	Unavailable	2 / 4
2026-09-30	Unavailable	Unavailable	2 / 4
2026-10-01	Unavailable	Unavailable	2 / 4
2026-10-02	Unavailable	Unavailable	2 / 4
2026-10-03	Unavailable	Unavailable	2 / 4
2026-10-04	Unavailable	Unavailable	2 / 4
2026-10-05	Unavailable	Unavailable	2 / 4
2026-10-06	Unavailable	Unavailable	2 / 4
2026-10-07	Unavailable	Unavailable	2 / 4
2026-10-08	Unavailable	Unavailable	2 / 4
2026-10-09	Unavailable	Unavailable	2 / 4
2026-10-10	Unavailable	Unavailable	2 / 4
2026-10-11	Unavailable	Unavailable	2 / 4
2026-10-12	Unavailable	Unavailable	2 / 4
2026-10-13	Unavailable	Unavailable	2 / 4
2026-10-14	Unavailable	Unavailable	2 / 4
2026-10-15	Unavailable	Unavailable	2 / 4
2026-10-16	Unavailable	Unavailable	2 / 4
2026-10-17	Unavailable	Unavailable	2 / 4
2026-10-18	Unavailable	Unavailable	2 / 4
2026-10-19	Unavailable	Unavailable	2 / 4
2026-10-20	Unavailable	Unavailable	2 / 4
2026-10-21	Unavailable	Unavailable	2 / 4
2026-10-22	Unavailable	Unavailable	2 / 4
2026-10-23	Unavailable	Unavailable	2 / 4
2026-10-24	Unavailable	Unavailable	2 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	4	8	1
2026-06-01	4	8	2
2026-07-01	4	7	2
2026-08-01	5	7	2
2026-09-01	5	5	2
2026-10-01	5	6	2

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 5 Buy / Strong Buy · 6 Hold · 2 Sell / Strong Sell

0 upgrades1 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Piper SandlerOct 19 · prior Oct 12

$15.00 → $13.00-13.3%

$0$8.25$16.50

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operating activities improves to positive levelsCash from operations: $-8.006M
Leasing activity increases supporting Core FFO growthDirect metric needs a verified mapping
Net income losses narrow significantlyDirect metric needs a verified mapping

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.1%Typical daily move · historical

Downside history

-69.4%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Hudson Pacific Properties, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a high-risk office real estate recovery case, not a proven durable compounder. The thesis is on watch, with the recent signal improving from mixed to mildly favorable.

What's priced into Hudson Pacific Properties, Inc.

HPP screens cheap versus peers, though the valuation model has low confidence and the expectations gap is negative. The evidence labels pricing as justified and fragility as low, so it does not point to unusually fragile expectations.

What the fundamentals likely do

Near term, results remain weak and the company is loss-making, while the sector backdrop is a headwind. Management has raised 2026 Core FFO guidance twice and improved office occupancy, but liquidity declined slightly and the recent debt issuance and COO transition add items to monitor.

What Hudson Pacific Properties, Inc. hinges on

The multi-year thesis depends on continued occupancy and leasing progress, further delivery against raised guidance, and disciplined management of liquidity and debt. Near term, another guidance cut would damage credibility; Fed rate cuts or stronger results and guidance from sector peers would provide support.