Hudson Pacific’s Office Turnaround Picks Up Speed -( $HPP )

Hudson Pacific Properties, Inc. (NYSE:HPP, $14.97, +7.08% on Wednesday) turned in a quarter that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative.

Leasing Is Doing the Work

The quarter’s core message was straightforward: Hudson Pacific is filling space, and the leases are starting to show up in the numbers. The company executed 1.3 million square feet of office leases, highlighted by 891,000 square feet of new and renewal leases with the City and County of San Francisco, a transaction management said provides nearly a quarter century of cash flow visibility. In-service office occupancy rose 470 basis points to 82.5%, its fourth consecutive quarterly gain, while same-store cash NOI increased 7.5%. That is the sort of progress that matters in real estate, where the business model often comes down to whether tenants show up, stay put and pay on time.

Management Sounds More Certain

Victor Coleman, Hudson Pacific’s CEO and Chairman, said the second quarter reflected “the continued execution of our strategy to drive occupancy and unlock the earnings power of our portfolio.” He pointed to the occupancy gains, the San Francisco lease, a 30% increase in Core FFO per share to $0.35, and the company’s $876 million of total liquidity as evidence that the portfolio is translating into earnings growth rather than merely producing hopeful talking points. Coleman also cited a reloaded 2.4 million-square-foot leasing pipeline and broad demand from AI, technology and professional-services tenants across West Coast markets. In practice, that gives the company a bit of leverage with investors: the story is no longer just about surviving a weak office market, but about harvesting demand where it exists.

Victor Coleman serves as Chief Executive Officer for Hudson Pacific, and Chairman of the company’s Board of Directors. He has been a Board member since the company’s IPO in 2010. Prior to his current roles, Coleman founded and served as Managing Partner of Hudson Pacific’s predecessor company, Hudson Capital. Coleman serves on the boards of Ronald Reagan UCLA Medical Center, Fisher Center for Real Estate & Urban Economics, Young Presidents’ Organization Gold Los Angeles, Los Angeles Sports & Entertainment Commission, as well as its philanthropic initiative, ChampionLA, and is a member of Nareit’s Advisory Board of Governors. He also currently serves on the board of Kite Realty Group Trust, and is a former board member for several other public companies, including Douglas Emmett. Coleman was inducted into the NAIOP SoCal Hall of Fame and has received the City of Hope’s Spirit of Life Award from the Los Angeles Real Estate & Construction Industries Council, the Real Star of Hollywood Award from the Friends of the Hollywood Central Park and was recognized as a Treasure of Los Angeles by Central City Association. He is an investor in the NHL team, Vegas Golden Knights. He holds a Master of Business Administration degree from Golden Gate University and a Bachelor of Arts in History from the University of California, Berkeley.

The Studio Business Helps

Hudson Pacific’s studio portfolio remains part of the appeal. Hollywood stages were effectively fully leased at 95.5%, helping offset the market’s tendency to treat every office REIT as if it were built from the same spreadsheet. The mix of office and studio assets gives HPP more than one way to improve, which is a useful trait when one of your segments is still trying to recover its reputation..

A Better-Proportioned Outlook

The company also raised full-year guidance, reinforcing that the quarter was not a one-off benefit from timing or accounting quirks. With stronger occupancy, improving same-store NOI, ample liquidity and an active leasing pipeline, Hudson Pacific has a more investable outline than it did a year ago. The stock still carries the baggage of the office downturn, but the second quarter suggests the market may be underestimating how much progress has already been made. For now, HPP looks less like a distressed survivor and more like a company methodically rebuilding value, one lease at a time.

The Sources

Here’s a numbered source list with links:

1. Hudson Pacific Properties Reports Second Quarter 2026 Financial Results
2. Investor Resources – Financial Results
3. Hudson Pacific Properties Reports First Quarter 2026 Financial Results
4. Hudson Pacific Properties Q2 2026 Earnings Report
5. Earnings call transcript: Hudson Pacific Properties tops revenue in Q2 2026, shares rise
6. Hudson Pacific Properties Announces Date for Second Quarter Earnings Release and Conference Call
7. Hudson Pacific Properties, Inc. – Overview
8. Victor Coleman serves as Chief Executive Officer
9. The Real Deal: Hudson Pacific Properties posts $572 million annual loss