HPP Stock: Hudson Pacific Properties Dividend, Core FFO vs AFFO, Debt and Preferred (2026)

Is HPP still Hudson Pacific Properties? Ticker, reverse split and filing status

Yes. HPP is the New York Stock Exchange ticker of Hudson Pacific Properties, Inc., a Maryland REIT in Los Angeles that owns office buildings and film and television studios, mostly on the West Coast, and its 10-Ks and 10-Qs are combined reports with its operating partnership, Hudson Pacific Properties, L.P. The 4.750% Series C preferred trades as “HPP Pr C”. Two events change how every older number reads.

• A one-for-seven reverse stock split took effect on December 1, 2025. Outstanding common shares went from 379,521,855 to about 54,217,407, and the 10-K restates all per-share history. At August 3, 2026 there were 54,268,741 shares, plus 10,223,269 pre-funded warrants exercisable for nominal consideration.
• The share count rose 2.7 times in June 2025, 3.2 times counting the warrants. An underwritten offering on June 13, 2025 sold 33,936,206 shares and 10,266,228 pre-funded warrants (split-adjusted) for $689.3 million gross, $656.3 million net, used to repay the revolver and for general corporate purposes. Common shares outstanding were 20,182,702 at December 31, 2024 (split-adjusted) and 54,267,530 at June 30, 2026, up 168.9% (our arithmetic), or 64,490,799 including the pre-funded warrants. The offering implies about $15.61 a share on the common portion (our arithmetic); the 10-Q uses a closing price of $15.19 on June 30, 2026 for its market capitalization table.

The filing status matters for anyone looking up numbers. The latest 10-Q on EDGAR is for the quarter ended June 30, 2026, filed on August 10, 2026, and the latest filing of any kind is an 8-K dated October 5, 2026 on a cash tender offer for notes. As of October 18, 2026 the 10-Q for the quarter ended September 30, 2026 is not filed, and the company has not stated a date in any filing we read. Last year's pattern: the earnings 8-K on November 5, 2025 and the 10-Q on November 6, 2025; in 2024 the 10-Q came on November 12. Everything below is as of June 30, 2026 unless it says otherwise. Our page on ten office REITs and their June 30 filings puts Hudson Pacific next to SL Green, BXP and others; this page goes deeper on one company.

The common dividend: from $1.00 a share to none

The table puts each payment as first reported next to the same payment on today's shares. Dividends were declared and paid in the quarter, and the company suspended them in two stretches: the third and fourth quarters of 2023, and everything from the third quarter of 2024.

What the company says, and what it was earning when it stopped

The 10-K gives the reason: in September 2024 it suspended the dividend “to address liquidity considerations in light of general office industry trends and slower-than-anticipated recovery of studio demand” after the writers' and actors' strikes. On resuming it says only that the company “has not yet resumed the dividend program” and that “Our Board will reassess the resumption of the dividend program when appropriate.” The credit agreement is part of the picture too: the 10-Q says its covenants include “certain limitations on dividend payouts and distributions,” without giving the limit.

The suspension was not a reaction to negative FFO. The table compares what was paid with what the company reported in the periods when it paid.

The company's own figure for the second quarter of 2024, the last quarter it paid, was an AFFO payout ratio of 31.0%. So the suspension was a liquidity decision, as the 10-K says, and not a case of a dividend that FFO could not cover. For scale, $15.4 million of dividends in 2024 compares with $87.8 million of recurring capital expenditures, tenant improvements and leasing commissions that year. The cash-flow statement still shows small payments in 2025 and 2026 ($0.4 million and $0.6 million); the 10-K and 10-Q explain that these are accrued dividends on performance units that vested, not a common dividend.

What a dividend would cost today

No dividend has been declared, so this is a reference rate, not a forecast. The 2024 rate restated for the split is $0.70 a share a year. On 54,267,530 common shares that is $38.0 million a year, and on the 65.7 million diluted shares and units in the second quarter, which also receive distributions, $46.0 million (our arithmetic). Against that, 2026 guidance of $1.12 to $1.20 per diluted share on 65.0 to 66.0 million shares and units implies Core FFO of $72.8 million to $79.2 million for the year (our arithmetic), and AFFO for the first half was $(14.3) million. The difference between the two is the capital spending that AFFO deducts.

Core FFO against AFFO, quarter by quarter

Hudson Pacific reports three measures, all non-GAAP and all defined by the company. FFO follows the NAREIT definition: net loss plus real estate depreciation, excluding gains on sales and adding back real estate impairments. Core FFO (called “FFO (excluding specified items)” until the fourth quarter of 2025 and “Core FFO” from 2026; the first-quarter 2025 figure of $12.9 million is the same under both names) removes items the company calls non-core, such as Quixote lease terminations and, from the second quarter of 2026, the Quixote stage and Atlanta businesses it is winding down. AFFO starts from Core FFO and subtracts non-cash income and recurring capital expenditures, tenant improvements and leasing commissions, so it is the closest of the three to cash. The company's supplemental also showed an AFFO payout ratio through the third quarter of 2025.

Four readings the quote pages do not make.

The per-share series breaks twice. The share count more than tripled after the June 2025 offering and then was divided by seven. The Q3 2025 release says so itself: “all per-share metrics reflect the share count increase following the Company's second quarter common equity offering,” with 457.1 million weighted average diluted shares against 145.6 million. Core FFO per unit went from $0.04 as first reported in Q3 2025 to $0.21 in Q4 2025 while the dollars went from $16.7 million to $13.6 million. On one basis, post-split units, the quarters run $0.61, $0.27, $0.26, $0.21, $0.25 and $0.35.

Dollars and per-share growth tell different stories. Q2 2026 Core FFO rose 189.4% in dollars and 29.6% per share ($0.27 to $0.35), because weighted diluted shares and units rose 120.6% (our arithmetic). Q1 2026 Core FFO rose 28.6% in dollars ($12.9 million to $16.5 million) and fell 59.0% per share ($0.61 to $0.25), because units rose 212.0%.

Core FFO is not what is left after capital spending. In the first half of 2026 recurring capital expenditures, tenant improvements and leasing commissions were $65.1 million, 164% of Core FFO of $39.7 million (our arithmetic). In 2025 they were $114.8 million against $51.1 million. New leases carry the cost: the 10-Q puts tenant improvements and leasing commissions at $106.18 a square foot on new leases and $70.16 across all leases signed in the first half of 2026. Net cash from operating activities for the six months was $36.3 million.

Core FFO leaves out the business being exited. In Q2 2026 the adjustments from FFO to Core FFO were $7.5 million, mostly Quixote lease terminations ($5.0 million) and Quixote Studios and Services ($3.6 million). Those are the businesses the company is exiting, which is why the company excludes them; they are also still in the net loss of $104.7 million for the quarter.

Guidance: three versions of 2026

The outlook changed name and content between February and August. The February range was “FFO” with no specified items; the May and August ranges are Core FFO, after the company moved the Quixote stage and Atlanta businesses out of it.

From February to August the midpoint rose $0.15 (our arithmetic), of which the company attributes $0.09 to reclassification. The other assumptions in the August outlook: average in-service office occupancy of 80.0% to 82.0%, same-store cash NOI growth of (1.75)% to (0.75)%, interest expense of $150.0 million to $160.0 million, general and administrative expenses of $48.5 million to $54.5 million, $20.0 million attributable to preferred units and shares, and 65.0 to 66.0 million weighted diluted shares and units. The outlook has no line for recurring capital expenditures, tenant improvements or leasing commissions, so it is not a measure of cash after capital spending.

What changed in the latest quarter (Q2 2026)

Office and studio occupancy, and where the rent comes from

Occupied counts leases that have commenced; leased adds signed leases that have not. The pool also changes as buildings are sold or taken offline: 41 in-service office properties at December 31, 2024 and 38 at June 30, 2026. The studio column is the share of in-service stages leased over the trailing 12 months, which includes the Sunset Glenoaks Studios stages (7 stages, 243,300 square feet, 2.3% leased on a three-month basis at June 30, 2026) from the second quarter of 2025.

The studio picture is two businesses. The three Hollywood lots (Sunset Gower, Sunset Bronson, Sunset Las Palmas) have stages 95.5% leased on the company's measure, and Sunset Pier 94 Studios in Manhattan reached 78.5% leased from 38.8% in the first quarter. Sunset Glenoaks Studios in Sun Valley is 2.3% leased; its joint venture loan stopped being serviced in the fourth quarter of 2025 (below). Total in-service studio space is 69.8% leased on the 10-Q's measure: 83.1% for the three same-store properties and 36.2% for the other two. On the services side, the Quixote leased sound stages and Atlanta operations are being wound down, and the 10-Q records $600.3 million of remaining payments under all of the company's operating leases, undiscounted, with a present value of $323.5 million; the Quixote stage leases are among them. The wind-down impairments were $31.8 million in the second quarter (our arithmetic from the itemized $12.0 million, $19.2 million and $0.6 million).

Markets and tenants

The six Bay Area submarkets are 73.4% of office annualized base rent at HPP's share (our arithmetic) and are 79.2% occupied; North San Jose alone is 2.5 million square feet at 59.9% occupied, and one of its buildings, Skyport Plaza, is 11.5% occupied.

The 15 largest office tenants are 44.7% of annualized base rent. The top four: Google 8.5% (leases expiring 2028 to 2029), the City and County of San Francisco 7.8% (to 2033, 2049 and 2067), Netflix 5.8% (September 30, 2031) and Amazon 5.3% (2030 to 2031). PayPal (1.4% of rent) exercised an early termination right for July 2026 at Fourth & Traction in downtown Los Angeles.

Expirations through 2028 are 38.6% of rent (our arithmetic), with 2028 the heaviest year; Google's two 2028 expirations are in it. The company calls its expiration schedule the lowest in four years in its Q4 2025 release; the table above is the 10-Q's own.

Debt: what comes due, the covenants and the November 2027 pile

Debt principal was $3,362.9 million at June 30, 2026 (consolidated, before $14.1 million of unamortized costs), plus $66.1 million of partner debt on the Ferry Building. The company says 100.0% of debt is fixed or capped at a weighted average rate of 4.9%.

The maturity table moved, it did not shrink

The 10-Q's schedule, after extension options, shows $1,079.8 million in the rest of 2026. The September 9 extension moves that loan to November 2027, so on the same table 2027 holds $1,489.8 million, 44.3% of June 30 debt, and 58.0% falls by the end of 2028 (our arithmetic).

The two largest items are eight days apart. The 3.95% notes ($400.0 million) fall due on November 1, 2027 and the Hollywood Media CMBS ($1.1 billion gross) on November 9, 2027, together $1.5 billion (our arithmetic). The 8-K of September 11 says the extension “establishes a $20 million reserve for the funding of future leasing expenses and capital improvements,” leaves the stated interest rate unchanged and required no principal repayment, and provides that “any future excess cash flow will be swept into this reserve.” The loan is secured by Sunset Gower, Sunset Las Palmas, Sunset Bronson, 6040 Sunset, Harlow, ICON, CUE and EPIC, so the Hollywood studios and the Netflix buildings sit behind it. One thing the 8-K does not say: the 10-Q's derivative table shows the swaps and the 4.95% cap on this loan maturing in August 2026, and we found no filing saying what replaced them.

Covenants: the cushion is thin on one test

The operating partnership's credit facility and term loans carry six financial covenants, and the senior notes four more. The 10-Q says there have been “no events of default” on its loans and that the company was in compliance at June 30, 2026. The table follows the three that matter most for a dividend decision, with the company's own leverage ratios beside them.

Three readings. The fixed-charge cover test is the tight one. The September 10, 2025 amendment raised the minimum from 1.40 to 1.50 for quarters ending on or after June 30, 2025, and the actual has been 1.7x, 1.6x, 1.6x and 1.6x in the four quarters since the amendment. The filing rounds to one decimal, so a reported 1.6x means a cushion between 0.05x and 0.15x above the 1.5x floor (our arithmetic). The same amendment also made two concessions that expire. It lowered the minimum ratio of unencumbered NOI to unsecured interest expense from 2.00 to 1.75 “for any fiscal quarter ending on or prior to December 31, 2026” (actual 2.3x at June 30, 2026), and added a minimum liquidity covenant of $125,000,000 of unrestricted cash and unused revolving commitments when commitments exceed $600,000,000. The other tests have room. Total liabilities to total asset value is 44.0% against 60%, secured debt to total asset value 23.4% against 45%, and for the notes, debt to total assets 39.1% against 60%.

Leverage on the company's own measures: HPP's share of net debt is $2,747.6 million, 32.4% of undepreciated book value and 11.2 times cash adjusted EBITDAre (10.7 times on a consolidated basis), and total consolidated debt is 70.0% of total consolidated market capitalization when the Series C is counted at its liquidation preference in equity. Ratings are B2 from Moody's, B from S&P and B+ from Fitch. Interest expense was $38.5 million in Q2 2026 after $5.5 million of capitalized interest; gross interest was $42.4 million.

The revolver, the notes tender and the joint ventures

• Revolver. Of $795.3 million of commitments, $333.3 million expires on December 21, 2026; the company exercised both six-month extension options (December 10, 2025 and May 12, 2026). If it lapses undrawn, availability falls to $462.0 million and the $876.1 million of liquidity at June 30 would be $542.8 million with the same cash (our arithmetic). Nothing was drawn in the first half of 2026.
• Notes tender offer. On October 5, 2026 the operating partnership offered to buy up to $200,000,000 of its 3.950% notes due 2027 and 5.950% notes due 2028, $100,000,000 of each, at $980.00 and $991.25 per $1,000, expiring October 9, 2026 with settlement expected October 14, funded with cash on hand and/or the revolver. Fully tendered, the principal would cost $197.1 million (our arithmetic) against $80.8 million of cash at June 30, and would leave $300.0 million of the 2027 notes and $250.0 million of the 2028 notes. As of October 18, 2026 EDGAR shows no 8-K after October 5, so the result is not in any filing.
• Office Portfolio CMBS. $257.1 million at SOFR plus 4.15% with an initial maturity of April 9, 2027, extendable three times by one year if “certain financial and other covenants” are met. Hill7 begins principal payments on November 6, 2026.
• Sunset Glenoaks Studios. In August 2025 a cash sweep began on its loan and the company stopped consolidating it, recording a $77.9 million loss. The Q2 2026 supplemental says the joint venture “ceased debt service payments on this non-recourse loan due to insufficient property cash flow in fourth quarter 2025.” The 10-Q lists $106.0 million drawn (including $5.4 million of accrued payment-in-kind interest), maturing January 9, 2027 with extensions. A second joint venture loan, on Bentall Centre in Vancouver (20% owned, $466.0 million drawn), matures July 1, 2027.

Asset sales, impairments and the Quixote wind-down

Hudson Pacific has sold buildings to raise liquidity and written down others and its production-services business. The 10-K lists four sales in 2025 and the 10-Q one more on July 1, 2026.

Total impairment losses were $149.7 million in 2024, $299.3 million in 2025 and $50.4 million in the second quarter of 2026. The notes itemize $50.1 million of the $50.4 million (our arithmetic). Net loss was $381.4 million in 2024 and $592.3 million in 2025; net loss attributable to common stockholders was $572.2 million in 2025. Real estate impairments are excluded from FFO by definition and the Quixote impairments are specified items removed from Core FFO, so none of them reduce Core FFO; they do reduce book value, which is a reason to read the balance sheet next to the FFO tables.

For the studio business, the Q1 2026 release put the wind-down into the outlook: the company moved the Quixote leased sound stages and Atlanta-area operations to discontinued operations from the second quarter of 2026, a “$0.09 benefit” to the full-year Core FFO range. In Q2 2026 the supplemental's studio table shows Sunset Studios, the owned lots, earning $7.3 million of consolidated NOI before the partner's share, the core Quixote fleet business losing $2.7 million (core studio NOI of $4.6 million) and the non-core Quixote Studios and Services lines losing $3.6 million.

Preferred stock, units and warrants

The preferred is where the dividends are. It is also senior to the common: the 10-Q says holders of Series C are entitled to receive the liquidation preference of $25.00 a share before holders of common stock in a liquidation.

Series C dividends are cumulative, so a missed quarter would accrue; the company has paid every one. The $20.2 million a year is deducted before FFO to common holders (the 2026 outlook shows $20.0 million attributable to preferred units and shares), so it is not extra to the numbers above. What the filings do not say is whether the company intends to redeem on or after November 16, 2026. For scale, $425.0 million compares with $542.8 million of cash plus the revolver that remains after December 21, 2026 (our arithmetic), and with the $1.5 billion due in November 2027.

HPP against a private or non-traded real estate vehicle

Readers who come to this page from our pages on non-traded REITs versus publicly traded REITs, on Office Properties Income Trust's bankruptcy or on BXP often want a listed office benchmark that publishes its numbers. Hudson Pacific publishes, every quarter, items a private sponsor often does not. The table lists what its filings show and the same question to put to a private vehicle.

The comparison does not say listed is better. A listed REIT's price moves every day, and Hudson Pacific's common has no dividend behind it; a private vehicle's appraised value moves less because it is appraised. What the table shows is the checklist: if a private office or studio vehicle cannot answer these rows the way HPP's 10-Q does, that is information.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. Hudson Pacific has paid no common dividend since June 27, 2024, and AFFO was $(14.3) million in the first half of 2026. What the filings let you check yourself:

• Put the dividend question on AFFO and the debt dates, not on Core FFO alone. Core FFO was $39.7 million for the half and AFFO $(14.3) million; the difference is $65.1 million of recurring capital spending, tenant improvements and leasing commissions.
• Compare per-share figures on one basis. On post-split units Core FFO per unit was $0.61, $0.27, $0.26, $0.21, $0.25 and $0.35 from Q1 2025 to Q2 2026; as first reported, the first three of those quarters were $0.09, $0.04 and $0.04.
• Know which security you hold. The common has no dividend; the Series C pays $1.1875 a share a year and ranks ahead of the common. The company generally cannot redeem the Series C before November 16, 2026.
• Watch six dated items. The 10-Q for September 30, 2026 (last year's came on November 6); the result of the October 9 tender offer; November 6, 2026, when Hill7 principal payments begin; December 21, 2026, when $333.3 million of revolver commitments expire; January 9, 2027, when the Sunset Glenoaks loan matures with extensions; and April 9, 2027, the initial maturity of the Office Portfolio CMBS, with November 1 and 9, 2027 behind them.
• Size the position. One REIT, 73.4% of office rent in the Bay Area, 44.7% from 15 tenants, and a balance sheet with 70.0% debt to market capitalization on the company's measure.

If a large part of your income or net worth depends on this one position, or you are choosing between a listed office and studio REIT and a private vehicle for the same money, a conversation with a qualified adviser about how it fits with the rest of your holdings may be worth having.

FAQ

All figures are from SEC EDGAR filings of Hudson Pacific Properties, Inc. (CIK 1482512) read on October 18, 2026: Forms 10-K for 2024 (accession 0001482512-25-000029) and 2025 (0001482512-26-000038); Forms 10-Q for the quarters ended March 31, 2024 (0001482512-24-000050), June 30, 2024 (0001482512-24-000085), September 30, 2024 (0001482512-24-000094), March 31, 2025 (0001482512-25-000043), June 30, 2025 (0001482512-25-000126), September 30, 2025 (0001482512-25-000150), March 31, 2026 (0001482512-26-000050) and June 30, 2026 (0001482512-26-000069); earnings releases and supplementals attached to Forms 8-K for Q4 2024 (0001482512-25-000024), Q1 2025 (0001482512-25-000038), Q2 2025 (0001482512-25-000120), Q3 2025 (0001482512-25-000144), Q4 2025 (0001482512-26-000033), Q1 2026 (0001482512-26-000047) and Q2 2026 (0001482512-26-000064); Forms 8-K of March 31, 2025 (0001482512-25-000032), June 11, 2025 (0001193125-25-139277), June 13, 2025 (0001193125-25-140854), September 16, 2025 (0001482512-25-000139), December 1, 2025 (0001482512-25-000157), September 11, 2026 (0001482512-26-000073) and October 5, 2026 (0001482512-26-000077); and the EDGAR filing list run on October 18, 2026. Our own arithmetic is labelled in the text and in the CSV. This is analysis of public documents, not investment, legal or tax advice.