Hudson Pacific Properties, Inc. (HPP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'investissement immobilier, Hudson Pacific Properties, Inc. (HPP) apparaît comme une force visionnaire, se positionnant stratégiquement à l'intersection de la technologie, de l'innovation et de l'immobilier urbain premium. En élaborant méticuleusement un modèle commercial qui priorise les propriétés des bureaux et des studios de pointe sur les marchés de la côte ouest de premier ordre, HPP s'est distingué comme un acteur transformateur dans le secteur immobilier commercial. Leur approche unique mélange parfaitement le développement immobilier sophistiqué, les espaces de travail intégrés à la technologie et la durabilité, créant une proposition de valeur inégalée qui attire la technologie avant-gardiste, les médias et les locataires de l'industrie créative.

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: partenariats clés

Entreprises d'investissement immobilier et de développement

Hudson Pacific Properties s'associe à plusieurs sociétés d'investissement immobilier clés:

Partenaire	Type de collaboration	Échelle d'investissement
Blackstone Real Estate Partners	Développement de coentreprise	Investissement de portefeuille de 500 millions de dollars
Propriétés de Brookfield	Acquisition de propriétés stratégiques	750 millions de dollars de projets de développement conjoints

Grandes sociétés technologiques en tant que locataires de bureaux primaires

Les partenariats clés des locataires technologiques comprennent:

• Netflix - 1,3 million de pieds carrés d'espace de bureau
• Google - 700 000 pieds carrés sur plusieurs emplacements
• Amazon - 500 000 pieds carrés dans des campus axés sur la technologie

Entrepreneurs de construction et de gestion immobilière

Entrepreneur	Services fournis	Valeur du contrat annuel
Turner Construction	Développement de bâtiments commerciaux	250 millions de dollars
Groupe CBRE	Gestion immobilière	Contrats de gestion de 180 millions de dollars

Institutions financières et partenaires d'investissement

Détails du partenariat financier:

• JPMorgan Chase - 1,2 milliard de dollars facilité de crédit
• Wells Fargo - Partnership de prêt de 900 millions de dollars
• Goldman Sachs - 650 millions de dollars de syndication d'investissement

Consultants en durabilité et en construction verte

Consultant	Domaine de mise au point	Investissements du projet
Gensler	Conception durable	PROJETS DE LA CONSTRUCTION GREEN 120 millions de dollars
Aecom	Conseil environnemental	95 millions de dollars d'initiatives de durabilité

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: activités clés

Acquisition de biens de bureau et de studio

Au quatrième trimestre 2023, Hudson Pacific Properties possédait 81 propriétés totalisant 19,1 millions de pieds carrés louables. Le portefeuille comprend 16,4 millions de pieds carrés de propriétés de bureau et 2,7 millions de pieds carrés de propriétés de studio.

Type de propriété	Total des pieds carrés	Nombre de propriétés
Propriétés du bureau	16,4 millions	65
Propriétés du studio	2,7 millions	16

Développement immobilier et réaménagement

En 2023, Hudson Pacific a réalisé 1,4 milliard de dollars de projets de développement et de réaménagement dans la construction active.

• Pipeline de développement d'environ 4,1 millions de pieds carrés
• Investissement total estimé de 2,1 milliards de dollars dans les projets en cours
• Concentrez-vous sur le développement durable comparée à la technologie

Gestion et location immobilières

Au 31 décembre 2023, la société a rapporté:

Métrique de location	Pourcentage
Occupation du portefeuille de bureaux	87.8%
Occupation du portefeuille de studio	92.3%

Optimisation de portefeuille stratégique

En 2023, Hudson Pacific a terminé les dispositions d'actifs totalisant 456 millions de dollars, se concentrant sur le raffinement stratégique du portefeuille.

• Vendu 6 propriétés non essentielles
• Réinvesti sur les marchés à forte croissance
• Maintenu un portefeuille concentré sur les marchés technologiques

Amélioration des infrastructures de durabilité et de technologie

L'investissement dans les initiatives de durabilité pour 2023 a atteint 78 millions de dollars, en mettant l'accent sur:

• Certification LEED pour les propriétés
• Mises à niveau de l'efficacité énergétique
• Implémentation de technologie de construction intelligente

Métrique de la durabilité	Statut 2023
Propriétés certifiées LEED	72%
Cible de réduction du carbone	30% d'ici 2030

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: Ressources clés

Propriétés de bureau et de studio premium de classe A et de studio

Valeur totale du portefeuille au T2 2023: 7,2 milliards de dollars

Type de propriété	Total des pieds carrés	Taux d'occupation
Propriétés du bureau	5,3 millions	92.5%
Propriétés du studio	1,1 million	88.7%

Emplacements stratégiques du marché urbain

Marchés primaires à partir de 2024:

• Région de la baie de San Francisco
• Los Angeles
• Seattle
• Silicon Valley

Bilan solide et capital financier

Mesures financières pour 2023:

Métrique	Montant
Actif total	8,9 milliards de dollars
Dette totale	4,3 milliards de dollars
Capitalisation boursière	3,6 milliards de dollars

Équipe de gestion immobilière expérimentée

Détails du leadership exécutif:

• Pureur exécutif moyen: 12,5 ans
• Total des professionnels de l'immobilier: 287

Infrastructure immobilière compatible

Investissements technologiques en 2023:

Zone technologique	Investissement
Infrastructure numérique	42 millions de dollars
Systèmes de construction intelligents	18 millions de dollars

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: propositions de valeur

Espaces de bureau et de studio modernes de haute qualité

Au quatrième trimestre 2023, Hudson Pacific Properties possède 18,7 millions de pieds carrés de propriétés de bureau et de studio. Taux d'occupation moyen: 92,3%. Les taux de location sur les marchés privilégiés varient de 65 $ à 95 $ par pied carré par an.

Type de propriété	Total en pieds carrés	Taux de location moyen
Espaces de bureau	14,2 millions de pieds carrés	78 $ / pieds carrés
Espaces de studio	4,5 millions de pieds carrés	85 $ / pieds carrés

Environnements de travail intégrés à la technologie

Investissement dans l'infrastructure technologique: 42,6 millions de dollars en 2023. Les équipements technologiques comprennent:

• Internet à fibre optique à haute vitesse
• Systèmes de gestion des bâtiments intelligents
• Technologies de sécurité avancées
• Plates-formes de collaboration intégrées

Propriétés durables et soucieuses de l'environnement

Certifications environnementales: 76% de la certification du portefeuille LEED. Investissement de réduction du carbone: 23,4 millions de dollars en 2023.

Métrique de la durabilité	2023 données
Propriétés certifiées LEED	76%
Investissement de réduction du carbone	23,4 millions de dollars
Amélioration de l'efficacité énergétique	Réduction de 18%

Emplacements principaux sur les principaux marchés technologiques et médiatiques

Concentrations clés du marché: région de la baie de San Francisco (42%), Los Angeles (33%), Seattle (15%), Vancouver (10%). Valeur totale de la propriété sur ces marchés: 6,2 milliards de dollars.

Solutions d'espace de travail flexible pour les entreprises innovantes

Offres d'espace de travail flexible: 22% du portefeuille total. Flexibilité de bail moyenne: termes de 3 à 5 ans avec des options de personnalisation. Espace de travail flexible total en superficie carrée: 4,1 millions de pieds carrés.

Métrique de l'espace de travail flexible	2023 données
Pourcentage d'espace flexible	22%
Espace flexible total	4,1 millions de pieds carrés
Terme de location moyenne	3-5 ans

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme

Depuis le quatrième trimestre 2023, les propriétés Hudson Pacific maintient un portefeuille de 18,7 millions de pieds carrés avec une durée de location moyenne de 8,2 ans. Le portefeuille de location de la société comprend:

Type de locataire	Pourcentage de portefeuille	Durée de location moyenne
Locataires technologiques	62%	9.1 ans
Sociétés de médias	22%	7,5 ans
Autres locataires commerciaux	16%	6,8 ans

Engagement personnalisé des locataires

Hudson Pacific Properties implémente un Programme de gestion des relations de locataire dédié avec les mesures clés suivantes:

• Enquêtes sur la satisfaction des locataires trimestriels avec un taux de réponse de 87%
• Gestionnaires de comptes dédiés aux 50 meilleurs locataires
• Événements annuels d'appréciation des locataires sur les principaux marchés

Services de gestion immobilière axés sur la technologie

L'entreprise a investi 3,2 millions de dollars en infrastructure numérique pour les services aux locataires, y compris:

Service numérique	Taux d'adoption
Demandes de maintenance en ligne	94%
Application de gestion immobilière mobile	76%
Technologie de tournée virtuelle	68%

Maintenance et support proactifs

Métriques de performance de maintenance:

• Temps de réponse moyen: 2,3 heures
• Taux d'achèvement de l'entretien préventif: 93%
• Investissement annuel sur la maintenance: 12,5 millions de dollars

Consultation de conception de l'espace de travail collaboratif

Hudson Pacific Properties propose des services de conception d'espace de travail spécialisés avec les caractéristiques suivantes:

Service de conception	Nombre de projets en 2023	Valeur moyenne du projet
Refonte de l'espace de travail personnalisé	47	$850,000
Consultation spatiale flexible	63	$450,000

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: canaux

Équipes de location directe

Depuis le quatrième trimestre 2023, Hudson Pacific Properties maintient 37 professionnels dédiés à des marchés clés, notamment Los Angeles, San Francisco et Seattle. Taux d'occupation du portefeuille moyen: 91,3%.

Marché	Taille de l'équipe de location	Taille moyenne de l'accord
Los Angeles	15 professionnels	4,2 millions de dollars / an
San Francisco	12 professionnels	5,1 millions de dollars / an
Seattle	10 professionnels	3,8 millions de dollars / an

Plateformes de marketing de propriété numérique

Les canaux numériques génèrent 62% du total des demandes de propriété. Métriques d'engagement de la plate-forme:

• Plateforme de costar: 14 500 vues mensuelles de propriété
• Loopnet: 11 200 vues mensuelles de propriété
• Plateforme numérique propriétaire de l'entreprise: 8 700 vues mensuelles de propriété

Brokers et intermédiaires immobiliers

Composition du réseau de courtiers pour 2023:

Catégorie de courtier	Nombre de partenaires	Structure de commission
Courtiers nationaux	22 entreprises	2.5% - 3.5%
Courtiers régionaux	47 entreprises	2% - 3%
Courtiers locaux	89 entreprises	1.5% - 2.5%

Listes de sites Web d'entreprise et de propriétés en ligne

Statistiques de présence numérique pour 2023:

• Visiteurs mensuels du site Web: 42 600
• Temps moyen sur le site: 4,3 minutes
• Vues de la liste des propriétés en ligne: 18 700 par mois

Conférences de l'industrie et événements de réseautage

Mesures de participation à l'événement pour 2023:

Type d'événement	Nombre d'événements	Leads générés
Conférences immobilières nationales	7	213 pistes qualifiées
Événements de réseautage régional	15	347 Leads qualifiés
Forums de technologie et d'innovation	4	89 pistes qualifiées

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: segments de clientèle

Entreprises technologiques

Hudson Pacific Properties dessert les entreprises technologiques avec un portefeuille de 3,7 millions de pieds carrés d'espace de bureau principalement sur les marchés techniques.

Type de client	Nombre de locataires	Taux d'occupation
Entreprises technologiques	37	92.4%

Entreprises de médias et de divertissement

La société possède 2,1 millions de pieds carrés de médias et de propriétés spécifiques au divertissement.

Segment des médias	Studios dédiés	Total en pieds carrés
Installations de production médiatique	12	2,100,000

Entreprises de l'industrie créative

Hudson Pacific cible les entreprises de l'industrie créative à travers les centres technologiques et médiatiques.

• Studios de design
• Créateurs de contenu numérique
• Agences de publicité

Grands locataires du siège social

Les locataires du siège social représentent une partie importante du portefeuille d'Hudson Pacific avec 4,5 millions de pieds carrés d'espace de bureau de classe A.

Segment de l'entreprise	Terme de location moyenne	Taux de location moyen
Grands locataires d'entreprise	7,2 ans	65,50 $ par pied carré

Écosystèmes de démarrage à forte croissance

Hudson Pacific se concentre sur les marchés avec des écosystèmes de démarrage robustes à San Francisco, Seattle et Los Angeles.

Marché	Locataires de startup	Investissement total
San Francisco	45	1,2 milliard de dollars
Seattle	28	750 millions de dollars
Los Angeles	36	900 millions de dollars

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, Hudson Pacific Properties a déclaré que les coûts d'acquisition de propriétés totaux de 1,28 milliard de dollars. La stratégie d'acquisition du portefeuille immobilier de la société a impliqué la rupture financière suivante:

Type de propriété	Coût d'acquisition	Nombre de propriétés
Propriétés du bureau	892 millions de dollars	37 propriétés
Installations de médias / studio	388 millions de dollars	12 propriétés

Coûts de développement et de rénovation

En 2023, Hudson Pacific Properties a investi 456,7 millions de dollars en frais de développement et de rénovation:

• Projets de développement à la mise à la terre: 312 millions de dollars
• Initiatives de rénovation majeures: 144,7 millions de dollars

Surcharge de gestion immobilière

Les frais généraux de gestion immobilière de la société pour 2023 ont totalisé 87,3 millions de dollars, ce qui comprend:

• Salaires et frais de personnel: 52,4 millions de dollars
• Frais administratifs: 34,9 millions de dollars

Entretien et dépenses opérationnelles

Les frais de maintenance et d'exploitation annuels pour 2023 ont été documentés à 214,6 millions de dollars:

Catégorie de dépenses	Montant
Maintenance de routine	98,2 millions de dollars
Services publics	63,4 millions de dollars
Réparation et remplacement	53 millions de dollars

Investissements infrastructures technologiques

Les investissements en infrastructure technologique pour 2023 s'élevaient à 42,5 millions de dollars, alloués entre:

• Systèmes de gestion des propriétés numériques: 18,3 millions de dollars
• Améliorations de la cybersécurité: 12,7 millions de dollars
• Infrastructure cloud: 11,5 millions de dollars

Hudson Pacific Properties, Inc. (HPP) - Modèle d'entreprise: Strots de revenus

Location de biens de bureau et de studio

Au quatrième trimestre 2023, Hudson Pacific Properties a déclaré un chiffre d'affaires total de 249,1 millions de dollars. Les revenus locatifs des propriétés de bureau et de studio comprenaient 214,3 millions de dollars de ce total.

Type de propriété	Pieds carrés louables totaux	Taux de location moyen par pied carré
Propriétés du bureau	4,3 millions de pieds carrés	65,23 $ / pieds carrés
Propriétés du studio	1,2 million de pieds carrés	78,45 $ / pieds carrés

Revenu locatif provenant de contrats de locat à long terme

Terme de location moyenne pondérée: 8,2 ans

• Revenu locatif contractuel total: 1,6 milliard de dollars
• Taux d'occupation: 93,4%
• Taux de rétention des locataires: 85,6%

Appréciation des biens et amélioration de la valeur

Valeur du portefeuille de biens au 31 décembre 2023: 7,3 milliards de dollars

Année	Appréciation de la valeur de la propriété
2022	5.2%
2023	4.7%

Profits de développement immobilier

Valeur du pipeline de développement: 850 millions de dollars

• Projets de développement actif: 6
• Valeur d'achèvement estimée: 1,2 milliard de dollars
• Marge de développement attendue: 22,5%

Transactions de vente de biens stratégiques

Revenus de vente immobilière en 2023: 342,6 millions de dollars

Type de propriété	Nombre de propriétés vendues	Valeur de vente totale
Immeubles de bureaux	3	276,4 millions de dollars
Studio	1	66,2 millions de dollars

Hudson Pacific Properties, Inc. (HPP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Hudson Pacific Properties, Inc. (HPP) tenants choose them over the competition, grounded in their late 2025 operational reality.

Sustainable, 100% carbon neutral operating office portfolio.

Hudson Pacific Properties, Inc. achieved its goal of operational 100% carbon neutrality five years ahead of the initial 2025 target. The company maintains a commitment to 100% renewable electricity across its operating portfolio. For context on their green building standards, prior reporting indicated that approximately 64% of their in-service office portfolio was ENERGY STAR certified, while 65% held LEED certification.

End-to-end real estate solutions platform for complex tenant needs.

The platform is designed to serve dynamic tech and media tenants, evidenced by the leasing activity. As of the third quarter of 2025, Hudson Pacific Properties, Inc. had a leasing pipeline in excess of 2.2 million square feet. They executed 515,450 square feet of office leases in the third quarter alone, contributing to 1.7 million square feet leased year-to-date. To show where the demand is coming from, over 80% of the third-quarter office leasing activity was concentrated in the Bay Area assets, with 55% of the leasing pipeline being tech-related, and half of that being AI tenants.

Strategic locations in high-barrier-to-entry tech and media epicenters (Bay Area, LA, Seattle).

The focus on West Coast epicenters drives tenant demand. In the third quarter of 2025, 80% of office leasing activity occurred in the San Francisco Bay Area. The company is actively managing its Seattle assets, having completed a $285 million refinancing of the 1918 Eighth office property. Furthermore, Hudson Pacific Properties, Inc. acquired the partner's 45% interest in the Hill 7 office property, assuming $45.5 million in associated debt.

Amenity-rich, collaborative workspaces that attract and retain top talent.

The office portfolio's occupancy and leasing metrics show the current market dynamics for these spaces. As of the end of the third quarter of 2025, the in-service office portfolio was 75.9% occupied and 76.5% leased. The company is managing future risk by having a favorable expiration profile; office lease expirations for 2026 total 1,000,000 square feet, which is about 40% less square footage than their average annual expirations over the preceding four years. However, new lease economics reflect the current environment: GAAP and cash rents on new leases signed in Q3 2025 were 6.3% and 10.0% lower, respectively, compared to prior levels.

Modern, purpose-built sound stages and production facilities.

The studio segment is showing sequential improvement, though still recovering from specific asset challenges. As of the second quarter of 2025, total and stage leased percentages for in-service studios were 74.3% and 80.0%, respectively, excluding the Sunset Glenoaks development. In the third quarter of 2025, HPP's stages were 63.6% leased, but if the deconsolidated Sunset Glenoaks project (which was 10.3% leased) is excluded, the remaining studio occupancy was 82.3%. The Sunset Glenoaks facility itself was a nearly $200 million purpose-built studio project.

Here's a snapshot of the operational performance metrics relevant to these value propositions as of late 2025:

Metric Category	Specific Metric	Value (As of Late 2025 Data)
Office Leasing Activity (1H25)	Total Office Leases Signed	1.2 million square feet
Office Leasing Activity (Q3 2025)	Office Leases Executed	515,450 square feet
Office Portfolio Status (Q3 2025 End)	Occupancy Rate	75.9%
Office Portfolio Status (Q3 2025 End)	Leased Rate	76.5%
Studio Portfolio Status (Q3 2025)	HPP Stages Leased Percentage	63.6%
Studio Portfolio Status (Q3 2025)	Sunset Glenoaks Stages Leased Percentage	10.3%
Studio Portfolio Status (Q2 2025)	In-Service Studio Stage Leased Percentage (Excluding Sunset Glenoaks)	80.0%
Financial Position (Q2 2025 End)	Liquidity	$1.0 billion
Leasing Pipeline (Q3 2025)	Total Square Footage	2.2 million square feet

You can see the focus on tech demand, especially AI, driving the office leasing, with 80% of Q3 leasing in the Bay Area. The studio side is clearly bifurcated, with the core stages performing much better than the newly delivered asset.

• Studio development pipeline includes Sunset Pier 94 Studios, targeted for a Q1 2026 grand opening.
• Office leasing pipeline shows 55% is tech, with half of that being AI requirements.
• The company has $1.0 billion of liquidity as of the second quarter end.
• Office lease expirations for 2027 represent 13.7% of annualized base rent (ABR) remaining (as of June 30, 2025).

Finance: draft 13-week cash view by Friday.

Hudson Pacific Properties, Inc. (HPP) - Canvas Business Model: Customer Relationships

You're looking at how Hudson Pacific Properties, Inc. (HPP) keeps its tech and media tenants happy, which is key since their portfolio is concentrated in those dynamic West Coast hubs. Honestly, their customer relationship strategy is baked right into their end-to-end value creation platform, focusing on high-touch service for specialized tenants.

Dedicated property management and tenant experience teams

HPP's approach centers on specialized service delivery, which you can see reflected in their efforts to control overhead while maintaining service quality. For example, General and administrative (G&A) expenses were reported at $13.5 million in the second quarter of 2025, excluding one-time items, representing a 35% improvement over the prior year. This cost discipline, paired with a focus on their core tech and media segments, suggests a streamlined, targeted relationship management structure. In the third quarter of 2025, they reported a 30% reduction in G&A compared to the previous year.

Full-service, relationship-based approach for large, long-term leases

The success of their relationship-based approach shows up clearly in the leasing volume they are capturing, especially from high-value tenants. In the first half of 2025, Hudson Pacific Properties, Inc. signed 1.2 million square feet of office leases. This momentum continued into the third quarter, where they executed 75 office leases totaling 515,000 square feet. It's defintely clear that their focus on AI and technology tenants is paying off; over 80% of the Q3 leasing activity was in the San Francisco Bay Area. This concentration in innovation epicenters means they are building deep, long-term relationships with the sector's growth drivers.

Onsite events and programming to foster a vibrant community

While I don't have specific dollar amounts for event spending, the company's stated goal is developing properties into world-class amenitized, collaborative spaces. This focus on the physical environment and community is a direct extension of their relationship strategy, designed to make their office and studio spaces sticky for tenants. The studio business, for instance, saw in-service stage leased percentages reach 80.0% as of Q2 2025, indicating strong tenant adoption of their specialized facilities.

Proactive engagement to manage lease renewals and expansions

Proactive engagement is evident in their pipeline management and the timing of their lease expirations. As of June 30, 2025, the office lease expirations representing annualized base rent (ABR) were relatively light in the immediate term: only 4.1% remaining in 2025. This low near-term rollover gives the team breathing room to focus on securing expansions and new deals, supported by a leasing pipeline in excess of 2.0 million square feet after Q2 2025. The leasing team is clearly engaged, as they achieved their strongest year-to-date office leasing performance since 2019 by Q3 2025, with 1.7 million square feet leased year-to-date.

Here are the key operational metrics that tie directly to tenant success and relationship health as of mid-to-late 2025:

Metric	Value (As of Late 2025 Data)	Context
Year-to-Date Office Leasing (1H25)	1.2 million square feet	Total office leases signed
Q3 2025 Office Leasing Volume	515,000 square feet	Strong quarterly execution
Office Portfolio In-Service Occupancy (Q3 2025)	75.9%	Sequential improvement achieved
Studio Portfolio Stage Leased (Q2 2025)	80.0%	Leased percentage for in-service stages
Office Lease Expirations (2026 ABR %)	12.0%	Low near-term rollover provides stability
Q3 2025 Leasing in Bay Area	>80%	Concentration in core tech/AI markets

Finance: draft 13-week cash view by Friday.

Hudson Pacific Properties, Inc. (HPP) - Canvas Business Model: Channels

You're looking at how Hudson Pacific Properties, Inc. (HPP) gets its space in front of tenants and capital providers as of late 2025. The channels they use are a mix of direct engagement for their core real estate product and structured financial outreach for funding their operations.

Direct in-house leasing and sales teams

The primary channel for placing office and studio space is HPP's direct, in-house leasing team. This team is focused on the West Coast epicenters, which is paying off, as they signed 1.2 million square feet of office leases in the first half of 2025 alone. That's their strongest office leasing year since 2019. To be defintely clear, they executed 72 new and renewal leases totaling 558,055 square feet just in the second quarter of 2025. This direct effort is supported by a robust pipeline exceeding 2.0 million square feet as of Q3 2025, with 80% of that recent leasing activity concentrated in the San Francisco Bay Area.

However, the office portfolio still faces headwinds, as shown by the occupancy figures as of June 30, 2025. The same-property office portfolio stood at 75.1% occupied and 76.2% leased. The studio side shows different traction; as of Q2 2025, in-service studios (excluding Sunset Glenoaks) were 74.3% total leased, with stage leased percentages hitting 80.0%. You need to watch the lease expiration schedule closely, as 4.1% of annualized base rent (ABR) is set to expire in the remainder of 2025, followed by 12.0% in 2026.

Here's a quick look at the leasing performance metrics from mid-2025:

Metric	Office Portfolio (as of 6/30/2025)	Studio Portfolio (as of Q2 2025)
Occupancy/Leased Percentage	75.1% Occupied / 76.2% Leased	74.3% Total Leased (Excluding Sunset Glenoaks)
Leasing Volume (1H25)	1.2 million sq ft signed	Stage Leased: 80.0%
Recent Quarterly Leasing (Q2 2025)	558,055 sq ft signed	Studio Revenue: $34.2 million (up 3% YoY)

Commercial real estate brokers and advisory firms

While the in-house team drives execution, Hudson Pacific Properties, Inc. relies on the broader network of commercial real estate brokers and advisory firms to access the wider market of potential tech and media tenants. This channel is crucial for filling large blocks of space in key markets like the Bay Area. The success in signing 1.2 million square feet year-to-date suggests strong cooperation with these external partners, especially when targeting the AI and technology companies driving much of the current demand.

Investor relations for capital raising and public market communication

The Investor Relations function is a critical channel for managing the capital structure and communicating with the public market stakeholders, who currently own about 97.58% of the stock. This channel was very active in 2025. For instance, in June 2025, Hudson Pacific Properties announced the pricing of a $600 Million public offering, which ultimately raised $690 million in gross proceeds from a common equity offering. You saw them use that liquidity to repay $465 million in private placement notes, addressing significant 2025-2027 maturities. Following these moves, the company reported over $1 billion in liquidity as of Q2 2025, comprised of $236 million in unrestricted cash and $775 million in undrawn credit facilities. More recently, the December 2025 sale of the Element LA campus generated $231 million in gross proceeds, which was immediately used to repay $206 million of associated CMBS debt. For direct contact, the Executive Vice President Investor Relations & marketing, Laura Campbell, can be reached at (310) 445-5700.

The IR channel also manages corporate structure changes, such as the announcement of a 1-for-7 reverse stock split effective December 1, 2025.

Digital platforms and mobile apps for tenant services

Hudson Pacific Properties, Inc. serves dynamic tech and media tenants, meaning their digital engagement channel is vital for tenant retention and satisfaction, even if specific usage statistics aren't always public. The value proposition centers on providing world-class amenitized, collaborative, and sustainable office and studio space, which implies a digital layer for services, access, and communication. While I don't have the exact 2025 adoption rates for their mobile apps or tenant portals, the focus on tech tenants suggests these platforms are key to delivering the end-to-end real estate solutions they advertise. The operational enhancements and cost-cutting efforts, like the 35% year-over-year improvement in General and Administrative Expenses to $13.5 million (excluding one-time items) in Q2 2025, often reflect efficiency gains in managing properties, which digital tools help facilitate.

• The company focuses on tech and media tenants in global epicenters.
• Digital platforms support the full-service, end-to-end value creation platform.
• Operational efficiency is a focus, with G&A expenses improving 35% YoY in Q2 2025.

Hudson Pacific Properties, Inc. (HPP) - Canvas Business Model: Customer Segments

You're looking at the core of Hudson Pacific Properties, Inc. (HPP)'s strategy, which is laser-focused on two synergistic, high-growth industries: technology and media/entertainment. This isn't a generalist landlord; HPP is specifically positioning its West Coast assets-primarily in the Greater Seattle, San Francisco, and Los Angeles areas-to capture demand from these sectors. The majority of revenue is still derived from the office properties segment, but the media segment is a crucial differentiator.

The customer base is clearly segmented, and the leasing activity in 2025 shows where the real action is. As of the third quarter of 2025, HPP's in-service office portfolio stood at 75.9% occupied. The leasing momentum is heavily skewed toward the tech side, which is a key opportunity you need to track. Honestly, the concentration in these specific markets means HPP's fortunes are tied directly to the hiring and expansion plans of these specific customer types.

Emerging AI and technology firms driving new leasing demand

This is definitely the engine driving the office recovery for Hudson Pacific Properties, Inc. (HPP) in 2025. You can see the shift clearly in the tour activity data. Tech sector leasing and tours now account for 53% of all tours, a significant jump from the 35% seen previously. More importantly, within that tech demand, the emerging Artificial Intelligence (AI) firms are the primary growth driver. Core AI tenants now represent 61% of the total tech demand, up from just 7% earlier. This focus is paying off with concrete deals; for instance, HPP executed a 106,000-square-foot new lease with an AI company at Page Mill Center in Palo Alto during Q3 2025. To be fair, this segment is concentrated, with core AI tenants representing 10% of HPP's Annual Base Rent (ABR), all located in the Bay Area.

Large, established technology companies (e.g., Google)

While specific names like Google aren't explicitly called out as current tenants in the latest filings, the overall demand profile points directly to these established giants and the ecosystem they foster. Over 80% of Q3 2025 leasing activity occurred in the San Francisco Bay Area, which is the epicenter for these large technology players. The sheer volume of leasing activity in the first half of 2025-1.2 million square feet of office leases signed-suggests participation from larger, established firms needing significant footprints. Furthermore, the lease signed with the City and County of San Francisco for 232,000 square feet at 1455 Market in Q1 2025 shows HPP can secure massive deals with major public sector entities, which often anchor innovation hubs.

Media and entertainment production companies (e.g., Netflix)

The studio segment provides a crucial diversification from the office market's cyclical nature. Hudson Pacific Properties, Inc. (HPP) is a unique landlord because it offers end-to-end solutions for media tenants, including sound stages. The studio business is showing a clear recovery trend in 2025. For the in-service film & TV stages, occupancy hit 88% leased or in contract as of Q2 2025, covering 46 of 53 stages. This is a big jump from 69% (35 stages) at the end of Q4 2024. Pilot shoot days were up 11% year-to-date in Q2 2025, signaling increased production activity that drives stage leasing. The total in-service stage leased percentage reached 80.0% in Q2 2025, excluding the Sunset Glenoaks development.

Here's a quick snapshot of the key customer segment metrics as of mid-to-late 2025:

Segment Indicator	Office Segment Data (Q3 2025)	Studio Segment Data (Q2 2025)
Portfolio Occupancy/Leased	Office Portfolio Occupancy: 75.9%	Film & TV Stages Leased/In Contract: 88% (46 of 53 stages)
Demand Driver Concentration	Core AI Tenants as % of Tech Demand: 61%	Pilot Shoot Days (YTD): Up 11%
Geographic Concentration	% of Q3 Leasing in Bay Area: >80%	In-Service Stages Leased (Excl. Sunset Glenoaks): 80.0%
Key Transaction Size	Largest Q3 Office Lease: 106,000 sq ft (AI Tenant)	Stages in Contract/Leased: 46

Fortune 500 companies seeking West Coast innovation hubs

This category overlaps with the large established tech firms but also includes major government and enterprise tenants that require prime, amenitized office space in core markets. The leasing activity shows a trend toward longer-term commitments from significant entities. You saw the 232,000-square-foot lease with the City and County of San Francisco secured in Q1 2025, which carried a 20-year term. This type of anchor tenant signals confidence in the long-term viability of the downtown office core, which is a major plus for HPP's strategy. Furthermore, the average requirement size for tours and the pipeline is approaching 20,000 square feet, suggesting tenants aren't just looking for small satellite offices; they are planning substantial footprints.

The leasing pipeline remains robust, standing at 2.2 million square feet as of Q3 2025, with about 600,000 square feet in advanced stages. This pipeline is what management is counting on to drive occupancy growth from the current 75.9% level.

• Bay Area Office Leasing YTD 2025: 1.2 million square feet signed.
• Office Lease Expirations Remaining (2025): Approximately 50% coverage on 547,000 square feet.
• Total Liquidity Position (Q2/Q3 2025): $1.0 billion.
• General and Administrative Expenses Reduction (YOY Q3 2025): 30%.

Finance: draft 13-week cash view by Friday.

Hudson Pacific Properties, Inc. (HPP) - Canvas Business Model: Cost Structure

You're looking at the core outflows for Hudson Pacific Properties, Inc. (HPP) as we head toward the end of 2025. These are the big buckets of cash and non-cash charges that define the company's cost base, heavily influenced by its debt load and property management needs.

Financing Costs: Significant Interest Expense

The cost of servicing debt remains a major fixed outflow. Hudson Pacific Properties, Inc. has a forecast for interest expenses for the full year 2025:

• Interest expense forecast for 2025: $165 million to $175 million.

This significant figure reflects the cost of carrying leverage in the current rate environment. For context, the company reported non-cash interest expense estimated at $8,500 thousand for the full year 2025 in one filing, excluding one-time repayment expenses.

General and Administrative Expenses (G&A)

Management has been focused on rightsizing overhead. The forecast for G&A expenses for 2025 shows a commitment to cost discipline:

• General and administrative expenses forecast for 2025: $57,500 thousand to $63,500 thousand.

For example, in the third quarter of 2025, G&A expenses were reported at $13.7 million, representing a 30% reduction year-over-year.

Property Operating Expenses and Maintenance

These are the day-to-day costs of keeping the portfolio running. While a full-year forecast for total operating expenses isn't explicitly provided in the latest guidance, we see the impact on a quarterly basis:

• For the three months ended March 31, 2025, operating expenses saw a $1.2 million increase, driven predominantly by higher tax, utilities, and insurance expenses at several properties.

The overall health of these costs is often viewed relative to Net Operating Income (NOI). The Same-Store Cash NOI for the third quarter of 2025 was $89.3 million.

Debt Repayment and Refinancing Activities

A major component of cash outflow involves proactively managing the debt maturity schedule to reduce refinancing risk. Hudson Pacific Properties, Inc. executed several large transactions to address 2025 maturities:

Debt/Financing Event	Amount (Millions USD)	Timing/Context
Repayment of Series B, C, and D Private Placement Notes	$465.0 million	Fully repaid during the second quarter of 2025.
Debt Repayment from Element LA Sale Proceeds	$206.3 million	Associated CMBS debt tied to the asset was fully repaid following the sale.
Gross Proceeds from Public Equity Offering	$690 million	Proceeds used primarily to repay the unsecured revolving credit facility in June 2025.
Unsecured Credit Facility Borrowings (Extended Maturity)	$795 million	Capacity after amendment and extension, maturing year-end 2026.

Capital Expenditures (CapEx) for Tenant Improvements and Building Upgrades

Capital investment to secure and improve space is an ongoing cost. While a total 2025 CapEx figure for tenant improvements (TIs) and upgrades isn't explicitly stated as a forecast, the company notes that the unsecured revolving credit facility is generally used to finance TIs and capital expenditures. Furthermore, executives noted a declining trend in finish-out expenses as a signal of shifting power dynamics with tenants.

Hudson Pacific Properties, Inc. (HPP) - Canvas Business Model: Revenue Streams

You're looking at how Hudson Pacific Properties, Inc. (HPP) actually brings in the cash, and right now, it's a mix of steady rent collection and big, one-time property events. Honestly, the core business is still about collecting rent from those high-quality office and studio spaces on the West Coast.

The most recent top-line number we have for the core operations is the total revenue for the third quarter of 2025, which came in at $186.6 million. To give you a sense of the underlying performance in the office segment, the same-store cash Net Operating Income (NOI) for Q3 2025 was $89.3 million.

The studio side is a key component, and leasing activity there is definitely moving. For instance, in the second quarter of 2025, the leased percentage for in-service studio stages, excluding the Sunset Glenoaks development, hit 80.0%. That quarter, studio revenue itself was $34.2 million. Management noted that cost-saving initiatives helped push studio NOI into positive territory on an adjusted basis in Q3 2025.

We also see significant, non-recurring revenue streams pop up from strategic asset management, like the sale of the Element LA office campus, which closed on December 4, 2025. This transaction generated a concrete, specified item of $81.0 million recognized as early lease termination revenue for the fourth quarter outlook. That same transaction also involved an $11.7 million write-off of straight-line rent receivable and a $3.3 million loss on early extinguishment of debt.

While the search results don't give us hard numbers for property management fees or parking income for 2025, we know these are standard revenue buckets for a REIT like Hudson Pacific Properties, Inc. (HPP). The total revenue figure of $186.6 million in Q3 2025 is the aggregate of all these streams, including the core rentals.

Here's a quick look at the concrete revenue figures we can pin down for the reporting periods:

Revenue Stream Component	Period/Context	Financial Amount
Total Revenue	Q3 2025	$186.6 million
Same-Store Cash NOI (Office)	Q3 2025	$89.3 million
Studio Stage Leased Percentage	Q2 2025 (Excl. Sunset Glenoaks)	80.0%
Studio Revenue	Q2 2025	$34.2 million
Early Lease Termination Revenue (Specified Item)	Q4 2025 Outlook (Element LA Sale)	$81.0 million

The leasing activity itself points to future rental income, so keep an eye on the pipeline. They signed 515,000 square feet of office leases in Q3 2025, with 67% being new deals. Plus, the overall leasing pipeline sits at 2.2 million square feet.

You should track the quarterly progression of the studio stage occupancy, as that directly translates to the rental income from that segment. For example, the trailing twelve-month stage leasing was 65.8% in Q3 2025, which was up 220 basis points sequentially.

The company's focus on cost control is also a revenue-side factor, as reduced G&A expenses help the bottom line. General and administrative expenses for Q3 2025 were $13.7 million, a 30% reduction year-over-year.

For your modeling, remember that the full-year 2025 projection for same-store cash NOI is expected to decline between 11.50% and 12.50%. That's the pressure point underlying the steady rental income figures you see quarter-to-quarter.

Finance: draft the Q4 2025 revenue projection incorporating the Element LA transaction impact by next Tuesday.