Hudson Pacific Properties, Inc. (NYSE: HPP) is ending 2025 in the middle of a classic REIT tug‑of‑war: improving company-specific balance sheet headlines versus a still-stubborn market narrative around office demand, refinancing risk, and “higher-for-longer” rate sensitivity.
On Tuesday, December 23, 2025, HPP traded around the $10.5 level, up modestly from the prior session’s close after a volatile few weeks that included a reverse stock split, a major asset sale in Los Angeles, and an updated outlook for fourth-quarter funds from operations (FFO). [1]
Below is a detailed, publication-ready breakdown of the most current Hudson Pacific Properties news, forecasts, and analysis as of 23.12.2025—and the catalysts likely to matter most into early 2026.
HPP stock price today: where Hudson Pacific shares stand on Dec. 23, 2025
As of Dec. 23, HPP traded near $10.50–$10.60, after closing at $10.26 on Dec. 22. Trading ranges cited by major market data services put the day’s movement roughly in the $10.06 to $10.72 band. [2]
That price zone matters for two reasons:
- It sits near the lower end of the stock’s trailing 12-month range reported by market data platforms. [3]
- It comes after a late‑year corporate reset—specifically, a 1‑for‑7 reverse stock split—that can make older price charts, historical headlines, and analyst targets look confusing if they aren’t split-adjusted. [4]
The biggest Hudson Pacific Properties news driving HPP stock into year-end 2025
1) Reverse stock split: 1-for-7, effective Dec. 1
Hudson Pacific implemented a 1‑for‑7 reverse stock split that became effective Dec. 1, 2025, with shares trading on a split-adjusted basis starting Dec. 2 under the same ticker, HPP. [5]
Reverse splits don’t change a company’s underlying business, but they do change the “per share” optics and can influence:
- institutional eligibility rules or listing compliance mechanics,
- options contract deliverables and strike formatting,
- how price targets and historic performance are displayed across financial sites. [6]
Practical takeaway: When you read any HPP headline or analyst note from earlier in 2025, double-check whether the author is discussing pre-split or post-split pricing.
2) Element LA sale: $150M plus an $81M lease termination payment, debt repaid
In early December, Hudson Pacific announced the sale of Element LA, a 284,000-square-foot West Los Angeles office campus. The company said it sold the property for $150 million and also received a separate $81 million payment tied to termination of the existing lease—$231 million total—with proceeds used to repay roughly $206 million of CMBS debt associated with the asset. [7]
Local reporting identified Riot Games as the buyer/tenant involved in the deal, highlighting how HPP is monetizing stabilized, media-adjacent properties even in a tough office market. [8]
Management framed the sale as strategic “capital recycling,” explicitly calling out debt reduction and liquidity as priorities—and pointed to Bay Area and Seattle as markets with the “strongest leasing momentum” inside its footprint. [9]
3) Updated Q4 2025 FFO outlook: what the company is guiding to now
After the Element LA transaction closed, Hudson Pacific updated its fourth-quarter 2025 FFO outlook to a range of $0.15 to $0.25 per diluted share (excluding specified items) and published updated full-year assumptions. [10]
The company also detailed “specified items” tied to Element LA, including:
- $81.0 million of early lease termination revenue,
- offsets including an $11.7 million write-off of straight-line rent receivable and a $3.3 million loss on early extinguishment of debt,
- and noted net proceeds were used to repay $206.3 million of the CMBS loan secured by the property. [11]
If you’re tracking HPP into earnings season, this outlook update is one of the most “market-moving” datapoints currently on the table—because it ties together three things investors care about in REITs right now: cash flow visibility, leverage trajectory, and asset liquidity. [12]
4) Board change: Jon Bortz joins, Jonathan Glaser retires
Hudson Pacific also announced that Jon Bortz (Founder, Chairman & CEO of Pebblebrook Hotel Trust) was elected to its board and Jonathan Glaser retired, effective Dec. 2, 2025. [13]
Board appointments rarely move a stock overnight, but for a balance-sheet-sensitive REIT, investors often read them as signals about strategic direction—especially when the new director has deep public-REIT experience. [14]
5) Preferred dividend declared for Q4 2025
Hudson Pacific declared a quarterly dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share, payable Dec. 29, 2025 to holders of record on Dec. 19, 2025. [15]
Common shareholders shouldn’t confuse this with reinstatement of the common dividend (HPP’s common dividend has been a major topic historically). This specific announcement is about the preferred. [16]
Hudson Pacific Properties fundamentals: what the latest quarterly results say about leasing and liquidity
The most recent full quarterly snapshot available heading into Dec. 23 is Hudson Pacific’s third-quarter 2025 report.
Highlights the company emphasized include:
- 1.7 million square feet leased year-to-date, including over 500,000 square feet in Q3,
- positive office absorption during the quarter,
- a 106,000-square-foot new lease with an AI company at Page Mill Center in Palo Alto,
- approximately $1.0 billion of liquidity at quarter end, and
- commentary that the company had 100% of debt fixed or capped and no maturities until the second half of 2026 (as of that reporting period). [17]
Financially, the company reported:
- total revenue of $186.6 million (Q3 2025),
- FFO excluding specified items of $16.7 million, or $0.04 per diluted share, and
- same-store cash NOI of $89.3 million (down year over year, which management tied primarily to lower office occupancy). [18]
One detail worth flagging: Hudson Pacific’s narrative increasingly leans on tech/AI-driven leasing and West Coast stabilization as the bridge to recovery—while also acknowledging that studio and office headwinds remain real in the numbers. [19]
HPP stock forecast: what “guidance” says versus what Wall Street models suggest
Management forecast: Q4 FFO outlook (updated in December)
The cleanest “forecast” investors have straight from the company right now is the updated Q4 2025 FFO outlook of $0.15–$0.25 per diluted share (excluding specified items). [20]
Just as important: the update explicitly incorporates the reverse stock split and the Element LA sale, which reduces the risk that you’re comparing apples to pre-split oranges. [21]
Analyst targets: the split-adjusted reality check investors need
Across widely followed analyst-aggregation platforms, HPP’s consensus view skews roughly Hold/Neutral, with many published targets clustering in the mid-to-high teens per share (post-split).
Examples (as displayed by major data/ratings platforms in December 2025):
- StockAnalysis shows an average price target around $19.16 and a Hold consensus. [22]
- TipRanks shows an average price target around $17.42 with a Hold consensus. [23]
- Yahoo Finance shows a 1-year target estimate around $18.81 on its HPP quote page. [24]
- Nasdaq’s analyst aggregation has shown an average target around $19.86 in recent coverage pages. [25]
- A separate note highlighted Goldman Sachs maintaining a Neutral rating with a $16.50 target (as published by third-party coverage trackers). [26]
Important nuance: Some bank notes published earlier in 2025 used pre-split price targets in the low single digits. If you run into a target that looks wildly out of sync with today’s ~$10–$11 share price, it may be a split-adjustment issue rather than a sudden analyst “hot take.” [27]
Credit and refinancing narrative: why ratings updates still matter for HPP stock
Even with asset sales and debt paydowns, Hudson Pacific trades in a market that remains hypersensitive to refinancing risk for office-heavy landlords.
S&P Global Ratings revised its outlook on Hudson Pacific to stable from negative in October 2025, citing improved liquidity and reduced refinancing risk (as summarized in financial news coverage). [28]
Earlier in 2025, S&P commentary reported leverage pressure, including forecasts that debt-to-EBITDA could remain elevated before improving. [29]
You don’t need to treat ratings agencies as prophets. But for REITs with meaningful debt stacks, these updates can shape:
- borrowing spreads,
- lender confidence in extensions,
- and equity-market sentiment around “survivability vs. dilution.” [30]
Options and positioning: what derivatives markets are hinting at
Options data is noisy, but it’s part of the real-time “mood ring” around a stock.
Fintel’s options dashboard recently showed HPP with an open interest put/call ratio around 0.31 (i.e., more calls than puts by open interest) as of late December. [31]
This doesn’t guarantee bullish direction—options can be used for hedging as much as speculation—but it does suggest the market isn’t positioned in a uniformly bearish way even after HPP touched new lows in mid-December. [32]
What to watch next for Hudson Pacific Properties stock in early 2026
1) Next earnings date: mid-February is the market’s base case (not yet company-confirmed)
As of Dec. 23, 2025, Hudson Pacific has not posted a fresh, company-issued press release confirming the exact Q4/FY 2025 earnings date. Market calendars generally cluster around mid-February 2026, but they don’t all match:
- Zacks lists Feb. 19, 2026 as the next expected report date. [33]
- MarketBeat also points to an estimated Feb. 19, 2026 timing. [34]
- TipRanks lists Feb. 18, 2026 (before open) on its earnings page. [35]
For Google News readers: treat these as calendar estimates until Hudson Pacific posts the official announcement.
2) Leasing conversion: “pipeline” talk must become occupancy and cash NOI
The bull case for HPP increasingly hangs on whether leasing momentum (including AI/tech demand in key submarkets) translates into:
- higher in-service occupancy,
- stronger same-store cash NOI trends, and
- fewer concessions on renewal spreads. [36]
HPP’s own Q3 report gives the “green shoots” narrative; the next couple of quarters determine whether it’s a sustained trend or just a burst of deal-making in a still-weak office cycle. [37]
3) More asset sales or JV moves: balance sheet vs. footprint
The Element LA transaction is a template: sell a stabilized asset, harvest liquidity, repay secured debt, and buy time for operations to recover. [38]
The key investor question is whether Hudson Pacific can repeat similar transactions without hollowing out the long-term earnings base—and whether buyers remain available at prices that feel like “value creation” rather than distress. [39]
4) Capital markets posture: dilution scars from 2025 are still fresh
Back in June 2025, Hudson Pacific announced a large public offering tied to debt repayment and general corporate purposes—part of a broader plan to improve liquidity and manage maturities. [40]
Even if HPP is on steadier footing now, equity investors tend to carry long memories about dilution. Any hint of renewed capital raising—especially at depressed valuations—can become a near-term overhang.
Bottom line: the HPP setup heading into 2026
As of Dec. 23, 2025, Hudson Pacific Properties stock is essentially a referendum on three interconnected storylines:
- Liquidity and leverage: Asset sales and debt repayment are moving in the “de-risking” direction. [41]
- Operational recovery: Leasing progress is real, but office and studio fundamentals still need to show durable improvement in cash NOI. [42]
- Valuation vs. skepticism: Consensus analyst targets shown on major platforms imply upside from current prices, but the market is demanding proof that stabilized leasing can outpace macro headwinds. [43]
HPP is not a sleepy REIT right now. It’s a live experiment in whether a West Coast office-and-studio landlord can engineer a balance-sheet-first turnaround while waiting for the real estate cycle to stop being weird.
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. investors.hudsonpacificproperties.com, 5. investors.hudsonpacificproperties.com, 6. investors.hudsonpacificproperties.com, 7. www.businesswire.com, 8. www.latimes.com, 9. www.businesswire.com, 10. www.businesswire.com, 11. www.businesswire.com, 12. www.businesswire.com, 13. www.businesswire.com, 14. www.businesswire.com, 15. www.businesswire.com, 16. www.businesswire.com, 17. investors.hudsonpacificproperties.com, 18. investors.hudsonpacificproperties.com, 19. investors.hudsonpacificproperties.com, 20. www.businesswire.com, 21. www.businesswire.com, 22. stockanalysis.com, 23. www.tipranks.com, 24. finance.yahoo.com, 25. www.nasdaq.com, 26. www.gurufocus.com, 27. investors.hudsonpacificproperties.com, 28. www.investing.com, 29. www.investing.com, 30. www.investing.com, 31. fintel.io, 32. www.marketbeat.com, 33. www.zacks.com, 34. www.marketbeat.com, 35. www.tipranks.com, 36. investors.hudsonpacificproperties.com, 37. investors.hudsonpacificproperties.com, 38. www.businesswire.com, 39. www.businesswire.com, 40. investors.hudsonpacificproperties.com, 41. www.businesswire.com, 42. investors.hudsonpacificproperties.com, 43. stockanalysis.com
