The company maintains a vulnerable capital structure with a debt-to-equity ratio of 1.19 and total assets that have shrunk to $7.2B from $8.4B in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Assets | 7.23B | 7.27B | 8.13B | 8.28B | 9.32B | 8.99B | 8.35B | 7.47B | 7.07B | 6.62B | 6.68B | 6.25B | 2.34B | 2.13B | 1.56B | 1.15B | 1B | 448.23M | 386.7M | 203.01M |
| Asset Growth % | -29.22% | -10.63% | -1.81% | -11.13% | 3.66% | 7.66% | 11.83% | 5.6% | 6.78% | -0.85% | 6.79% | 167.82% | 9.57% | 36.65% | 35.3% | 14.75% | 124.12% | 15.91% | 90.48% | - |
| Real Estate & Other Assets | 77.14M | 5.87B | 6.47B | 6.51B | 7.21B | 7.11B | 7.13B | 6.4B | 201.64M | 5.71B | 5.51B | 5.85B | 2.18B | 1.96B | 1.49B | 90.97M | 7.63M | 5.92M | 4.06M | 3.45M |
| PP&E (Net) | 400.95M | 405.65M | 497.89M | 495.09M | 531.34M | 345.51M | 273.32M | 269.03M | 6.36B | 397.01M | 0 | 0 | 0 | 490K | 167K | 1.01B | 838.78M | 353.5M | 353.02M | 179.35M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 376.95M | 382.97M | 408.75M | 377.24M | 684.27M | 899.18M | 568.17M | 434.46M | 378.13M | 636.5M | 815.52M | 514.85M | 149.41M | 161.39M | 116.75M | 45.32M | 64.18M | 12.13M | 12.37M | 9M |
| Cash & Equivalents | 162.44M | 138.36M | 63.26M | 100.39M | 255.76M | 96.56M | 113.69M | 46.22M | 53.74M | 78.92M | 83.02M | 53.55M | 17.75M | 30.36M | 18.9M | 13.71M | 48.88M | 3.69M | 4.96M | 96K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 846K |
| Other Current Assets | 0 | 23.77M | 119.03M | 18.77M | 118.29M | 350.84M | 35.85M | 12.03M | 14.45M | 434.29M | 646.29M | 406.64M | 72.37M | 102.27M | 72.95M | 9.52M | 4.12M | 3.71M | 4.61M | 8.06M |
| Intangible Assets | 307.9M | 307.39M | 327.51M | 326.95M | 393.84M | 341.44M | 285.84M | 285.45M | 66.79M | 0 | 310.06M | 0 | 271K | 372K | 473K | 575K | 85.24M | 14.23M | 17.25M | 11.21M |
| Total Liabilities | 4.08B | 4.07B | 4.96B | 4.73B | 5.44B | 4.66B | 4.25B | 3.63B | 3.12B | 2.71B | 2.97B | 2.52B | 1.06B | 1.03B | 662.47M | 464.12M | 402.72M | 221.65M | 177.31M | 139.81M |
| Total Debt | 3.76B | 3.76B | 4.62B | 4.4B | 5.05B | 4.22B | 3.87B | 3.56B | 2.83B | 2.47B | 2.55B | 2.36B | 918.06M | 931.31M | 582.09M | 822.6M | 363.05M | 201.15M | 152M | 134.28M |
| Net Debt | 3.59B | 3.62B | 4.56B | 4.3B | 4.8B | 4.13B | 3.75B | 3.52B | 2.77B | 2.39B | 2.46B | 2.3B | 900.31M | 900.95M | 563.18M | 808.9M | 314.18M | 197.46M | 147.04M | 134.18M |
| Long-Term Debt | 2.34B | 3.42B | 3.66B | 3.56B | 4.27B | 3.8B | 3.6B | 2.94B | 2.82B | 2.42B | 2.47B | 2.26B | 912.68M | 931.31M | 582.09M | 399.87M | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 1.08B | 0 | 579M | 451M | 385M | 125M | 0 | 75M | 8.76M | 0 | 0 | 0 | 0 | 13.23M | 0 | 0 | 342.06M | 189.52M | 152M | 134.28M |
| Capital Lease Obligations | 1.41B | 343.89M | 380M | 389.21M | 399.8M | 293.6M | 270.01M | 545.4M | 45.61M | 49.93M | 73.27M | 94.39M | 0 | 0 | 0 | 22.86M | 20.99M | 11.64M | 0 | 0 |
| Total Current Liabilities | 1.08B | 209.38M | 803.98M | 654.74M | 649.76M | 429.86M | 235.86M | 287.67M | 175.3M | 167.25M | 351.3M | 97.34M | 79.69M | 84.47M | 18.83M | 412.34M | 353.57M | 195.54M | 160.68M | 138.67M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175.3M | 162.08M | 114.67M | 81.66M | 36.84M | 26.12M | 18.58M | 12.47M | 11.51M | 6.03M | 8.68M | 4.39M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86.19M | 68.69M | 62.76M | 66.88M | 38.1M | 8.6M | 7.52M | 11.28M | 10.79M | 0 | 0 | 0 | 0 |
| Other Liabilities | 310.16M | 94.94M | 116.36M | 126.3M | 127.7M | 137.04M | 151.14M | 41.31M | 18.58M | 9.52M | 0 | 20.36M | 64.53M | 62.06M | 49.33M | 18.13M | 28.16M | 14.47M | 16.63M | 1.14M |
| Total Equity | 3.15B | 3.2B | 3.17B | 3.55B | 3.87B | 4.33B | 4.1B | 3.83B | 3.94B | 3.91B | 3.7B | 3.73B | 1.28B | 1.1B | 897.22M | 688.67M | 601.86M | 223.24M | 209.4M | 741K |
| Equity Growth % | 14.16% | 1.08% | -10.8% | -8.35% | -10.44% | 5.63% | 6.81% | -2.76% | 0.83% | 5.62% | -0.7% | 192.47% | 15.61% | 22.92% | 30.28% | 14.42% | 169.6% | 6.61% | 28158.7% | - |
| Shareholders Equity | 2.92B | 2.97B | 2.86B | 3.08B | 3.31B | 3.74B | 3.46B | 3.42B | 3.54B | 3.64B | 3.1B | 1.67B | 1.18B | 1B | 840.21M | 625.31M | 495.85M | 223.24M | 209.4M | 741K |
| Minority Interest | 227.29M | 230.01M | 312.45M | 473.34M | 569.77M | 584.62M | 632.72M | 417.83M | 399.73M | 273.19M | 599.47M | 2.06B | 95.84M | 99.42M | 57.01M | 63.36M | 106.01M | 0 | 0 | 0 |
| Common Stock | 529K | 529K | 1.4M | 1.4M | 1.41M | 1.51M | 1.51M | 1.55M | 1.54M | 1.56M | 1.36M | 891K | 668K | 572K | 475K | 338K | 224K | 0 | 209.4M | 0 |
| Additional Paid-in Capital | 2.5B | 2.55B | 2.44B | 2.65B | 2.89B | 3.32B | 3.47B | 3.42B | 3.52B | 3.62B | 3.11B | 1.71B | 1.07B | 903.98M | 726.61M | 552.04M | 411.6M | 390.53M | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.97M | -44.95M | -34.88M | -45.11M | -30.58M | -13.69M | -3.48M | 0 | 0 | 0 |
| Preferred Stock | 427.8M | 425M | 425M | 425M | 425M | 425M | 0 | 9.81M | 9.81M | 10.18M | 10.18M | 10.18M | 145M | 145M | 145M | 87.5M | 87.5M | 0 | 0 | 0 |
| Return on Assets (ROA) | -7.07% | -7.16% | -4.18% | -1.98% | -0.38% | 0.12% | 0.03% | 0.61% | 1.45% | 1.04% | 0.44% | 0.05% | 1.03% | -0.12% | -0.31% | -0.28% | -0.39% | -0.15% | -0.58% | -1.11% |
| Return on Equity (ROE) | -15.92% | -17.32% | -10.22% | -4.68% | -0.85% | 0.24% | 0.05% | 1.13% | 2.53% | 1.82% | 0.77% | 0.08% | 1.94% | -0.23% | -0.54% | -0.47% | -0.68% | -0.28% | -1.63% | -304.99% |
| Debt / Assets | 51.95% | 51.75% | 56.85% | 53.13% | 54.21% | 46.96% | 46.31% | 47.74% | 40% | 37.31% | 38.13% | 37.66% | 39.31% | 43.7% | 37.32% | 71.36% | 36.14% | 44.88% | 39.31% | 66.14% |
| Debt / Equity | 1.19x | 1.17x | 1.46x | 1.24x | 1.30x | 0.98x | 0.94x | 0.93x | 0.72x | 0.63x | 0.69x | 0.63x | 0.72x | 0.84x | 0.65x | 1.19x | 0.60x | 0.90x | 0.73x | 181.21x |
| Net Debt / EBITDA | 10.91x | 11.07x | 14.78x | 10.07x | 9.00x | 8.43x | 5.53x | 5.25x | 6.94x | 5.69x | 6.87x | 7.87x | 7.45x | 9.19x | 8.26x | 13.05x | 12.03x | 10.53x | 8.90x | 58.39x |
| Book Value per Share | 48.82 | 71.66 | 157.06 | 176.37 | 188.71 | 199.32 | 187.19 | 171.40 | 177.29 | 177.91 | 234.84 | 303.78 | 134.19 | 139.90 | 150.83 | 164.01 | 191.97 | 76.99 | 72.22 | 0.26 |
High leverage and vacancy
As reported in financial statements, Hudson Pacific Properties has seen total assets decline from $8.4B in 2024Q2 to $7.2B in 2026Q1, reflecting a strategic pivot toward asset rationalization and potential divestitures amidst a challenging environment for West Coast office and studio real estate assets.
The reduction in the asset base suggests management is attempting to right-size the portfolio in response to persistent vacancy pressures. Investors should monitor whether this contraction represents a disciplined exit from non-core markets or a forced liquidation to address liquidity constraints.
Based on the provided balance sheet data, the company's debt-to-equity ratio reached 1.19 in 2026Q1, which, while slightly improved from the 1.49 peak in 2025Q1, continues to signal a highly leveraged capital structure that remains vulnerable to interest rate volatility and property valuation resets.
The reliance on debt to fund operations in a high-interest-rate environment creates significant pressure on net income. The persistence of a debt-to-equity ratio above 1.0 suggests that the company's financial flexibility may be constrained, limiting its ability to pursue new development opportunities without further equity dilution.
According to recent quarterly filings, HPP maintained cash reserves of $162.4M as of 2026Q1, a figure that appears insufficient given the company's substantial debt obligations and the ongoing capital requirements necessary to maintain its specialized studio and office infrastructure in competitive West Coast markets.
The fluctuation in cash balances over the last ten quarters suggests a reactive approach to liquidity management rather than a robust buffer. This limited liquidity position may force the company to rely on external financing or asset sales to meet upcoming debt maturities, increasing the risk of further shareholder dilution.
As indicated by the persistent gap between book value and market performance, the company's net property, plant, and equipment (PPE) value of $400.9M in 2026Q1 may not fully reflect the potential for further impairment charges in the current office market environment.
The specialized nature of the studio-office hybrid assets makes them difficult to value accurately in a downturn, potentially masking deeper balance sheet risks. Investors should be wary that the carrying value of these assets may be subject to significant downward revisions if leasing demand does not recover.
Quick answers to the most common questions about buying HPP stock.
As of 2025, Hudson Pacific Properties, Inc. (HPP) had total assets of $7.27B including $383.0M in current assets.
Hudson Pacific Properties, Inc. (HPP) carries total debt of $3.76B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hudson Pacific Properties, Inc. (HPP) has total shareholders' equity (book value) of $2.97B ($71.66 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hudson Pacific Properties, Inc. (HPP) reported a current ratio of 1.83x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.