Cash flow remains erratic, with AFFO swinging from a negative $189.6M in 2025Q4 to $28.7M in 2026Q1, highlighting the precarious nature of distributable cash.
| 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 |
|---|
| Cash from Operations | 135.14M | 120.98M | 164.66M | 232.26M | 369.5M | 314.86M | 302.03M | 288.01M | 214.63M | 292.96M | 226.77M | 175.78M | 63.17M | 41.55M | 42.82M | 32.08M | 7.62M | -88K | 19.83M | -4.91M |
| Operating CF Growth % | 36400.11% | -26.53% | -29.11% | -37.14% | 17.35% | 4.25% | 4.87% | 34.19% | -26.74% | 29.19% | 29.01% | 178.28% | 52.04% | -2.98% | 33.47% | 321.08% | 8757.95% | -100.44% | 503.91% | - |
| Operating CF / Revenue % | 16.59% | 14.56% | 19.55% | 24.39% | 36.01% | 35.11% | 37.49% | 35.23% | 29.46% | 40.23% | 35.45% | 33.75% | 24.93% | 20.21% | 25.77% | 22.56% | 12.56% | -0.2% | 55.73% | -70.52% |
| Net Income | -537.82M | -592.3M | -381.41M | -171.38M | -16.52M | 29.01M | 16.43M | 55.85M | 111.78M | 94.56M | 43.76M | -16.08M | 23.52M | -2.59M | -5.01M | -2.24M | -2.68M | 31K | -1.71M | -2.26M |
| Depreciation & Amortization | 361.51M | 373.66M | 355.63M | 394.36M | 367.92M | 334.57M | 292.4M | 271.71M | 235.83M | 268.01M | 251.51M | 224.64M | 66.83M | 64.82M | 53.46M | 44.01M | 15.85M | 10.65M | 6.6M | 741K |
| Stock-Based Compensation | 25.26M | 30.4M | 26.01M | 23.86M | 24.3M | 21.16M | 22.72M | 19.48M | 17.03M | 15.08M | 14.14M | 8.42M | 7.56M | 6.45M | 4.21M | 2.66M | 765K | 0 | 0 | 0 |
| Other Non-Cash Items | 400.23M | 415.61M | 189.5M | 11.8M | 4.43M | -15.58M | -15.71M | -37.62M | -71.03M | -66.32M | -44.72M | -54.37M | -13.65M | -2.27M | -1.18M | -1.47M | -2.55M | -4K | 2.31M | 830K |
| Working Capital Changes | -90.09M | -104.68M | -25.67M | -33M | -10.63M | -54.3M | -13.81M | -21.41M | -78.98M | -18.38M | -37.92M | 13.18M | -21.09M | -24.87M | -8.67M | -10.89M | -3.76M | -10.77M | 12.63M | -4.22M |
| Cash from Investing | -5.22M | 42.84M | -250.54M | 467.84M | -378.09M | -754.21M | -1.01B | -316.41M | -392.33M | -333.04M | -524.9M | -1.8B | -246.36M | -424.04M | -423.47M | -130.6M | -242.16M | -15.46M | -178.42M | -192.32M |
| Acquisitions (Net) | -26.28M | -30.77M | 0 | -68.73M | -199.1M | -285.44M | -16.76M | -64.5M | 0 | -1.07M | -37.23M | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 0 | 0 |
| Purchase of Investments | -3M | -4.31M | -5.94M | -4.92M | -17.11M | -12.4M | -3.4M | 0 | -149.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 503K | 0 | 5.78M | 6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 41.4M | 99.99M | -221.54M | 546.73M | -141.68M | -336.92M | -399.44M | -231.41M | 119.53M | -74.23M | 142.48M | 6.9M | -132.78M | -34.16M | -31.15M | -130.6M | -242.16M | -7.92M | 14.04M | 0 |
| Cash from Financing | -101.4M | -100.87M | 65.9M | -866.67M | 97.45M | 486.68M | 796.09M | 18.46M | 144.62M | 33.17M | 334.75M | 1.66B | 170.59M | 393.95M | 385.85M | 63.35M | 279.72M | 4.93M | 163.45M | 197.33M |
| Dividends Paid | -15.36M | -20.9M | -36.18M | -75.76M | -168.75M | -155.17M | -155.61M | -158.44M | -157.62M | -159.18M | -118.45M | -87.95M | -47.75M | -40.56M | -36.12M | -24.81M | -7.29M | 0 | 0 | 0 |
| Common Dividends | 2K | -351K | -15.38M | -54.96M | -145.43M | -154.56M | -155M | -157.82M | -157M | -158.54M | -117.82M | -75.88M | -34.97M | -40.56M | -23.2M | -16.7M | -6.48M | -1M | 0 | 0 |
| Debt Issuance (Net) | -4M | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 0 | 1000K | 1000K |
| Share Repurchases | 0 | -7.34M | -571K | -1.37M | -237.21M | -46.14M | -80.21M | -525K | -50M | -310.86M | -1.45B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 650.57M | -15.26M | -40.09M | -113.8M | -50.24M | -99.09M | 456M | -24.46M | 86.18M | 292.41M | 20.27M | 189.97M | -8.69M | -8.84M | -9.3M | -41.56M | -7.95M | 4.93M | 145.73M | 63.05M |
| Net Change in Cash | 28.51M | 62.95M | -19.98M | -166.57M | 88.86M | 47.34M | 91.28M | -9.93M | -33.09M | -6.91M | 36.63M | 53.81M | -12.6M | 11.45M | 5.2M | -35.17M | 45.18M | -2.7M | 4.86M | 96K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 162.13M | 99.18M | 119.16M | 285.73M | 196.88M | 149.54M | 58.26M | 68.19M | 101.28M | 108.19M | 71.56M | 17.75M | 30.36M | 18.9M | 13.71M | 48.88M | 3.69M | 4.96M | 96K | -197.23M |
| Cash at End | 162.44M | 162.13M | 99.18M | 119.16M | 285.73M | 196.88M | 149.54M | 58.26M | 68.19M | 101.28M | 108.19M | 71.56M | 17.75M | 30.36M | 18.9M | 13.71M | 48.88M | 2.26M | 4.96M | 96K |
| Free Cash Flow | 113.45M | 98.91M | 141.59M | 226.52M | 349.29M | 189.63M | -291.91M | 267.51M | -148.06M | 35.23M | -403.37M | -1.63B | -50.41M | -348.34M | -349.5M | -82.14M | -222.91M | -7.66M | -172.63M | -197.23M |
| FCF Growth % | 5.69% | -30.15% | -37.49% | -35.15% | 84.19% | 164.96% | -209.12% | 280.68% | -520.33% | 108.73% | 75.24% | -3131% | 85.53% | 0.33% | -325.51% | 63.15% | -2811.93% | 95.57% | 12.47% | - |
| FCF / Revenue % | 13.93% | 11.9% | 16.81% | 23.79% | 34.04% | 21.14% | -36.23% | 32.73% | -20.33% | 4.84% | -63.06% | -312.72% | -19.89% | -169.46% | -210.34% | -57.77% | -367.59% | -17.19% | -485.07% | -2832.56% |
High leverage and vacancy
As reported in financial statements, HPP exhibits a persistent disconnect between GAAP operating cash flow and FFO, with the 2026Q1 FFO of $32.7M trailing the $44.3M in operating cash, suggesting that non-cash adjustments and working capital fluctuations continue to obscure the underlying cash-generating capacity of the portfolio.
The wide variance between GAAP operating cash flow and FFO metrics indicates that investors should be cautious when relying on headline FFO as a proxy for liquidity. This divergence appears to be driven by the complex interplay between studio service revenue recognition and the timing of office lease payments, which may not align with the REIT's recurring cash obligations.
Based on the provided data, HPP's AFFO has demonstrated extreme volatility, swinging from a negative $189.6M in 2025Q4 to $28.7M in 2026Q1, which highlights the precarious nature of the company's distributable cash flow and the limited visibility into long-term dividend coverage for shareholders.
The erratic nature of AFFO suggests that the company's ability to fund distributions is highly sensitive to episodic capital expenditures and leasing activity. Given the historical periods of negative AFFO, the current dividend policy appears to lack a consistent cash-backed foundation, warranting close monitoring of future quarterly cash flow stability.
According to recent SEC filings, HPP's recurring capital expenditures, including tenant improvements and leasing commissions, have remained a consistent drag on cash flow, with quarterly outflows averaging approximately $5M, which underscores the high cost of maintaining occupancy in a competitive and structurally challenged West Coast office market.
The persistent level of maintenance capex relative to FFO suggests that the company is forced to reinvest a significant portion of its cash flow just to retain existing tenants. This capital intensity may limit the firm's flexibility to deleverage or pursue new growth initiatives without relying on external financing sources.
As indicated by the financial data, the massive gap between GAAP net income and FFO, exemplified by the $276.4M net loss in 2025Q4 versus a negative $183.4M FFO, reveals that non-cash depreciation and impairment charges are significantly distorting the company's reported profitability and overall financial health.
The magnitude of these non-cash charges suggests that GAAP net income is an unreliable metric for assessing the company's operational performance. Investors should focus on the reconciliation between these figures to understand the extent to which asset impairments are masking the true cash-flow reality of the studio and office segments.
Quick answers to the most common questions about buying HPP stock.
Hudson Pacific Properties, Inc. (HPP) generated $121.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hudson Pacific Properties, Inc. (HPP) generated $98.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Hudson Pacific Properties, Inc. (HPP) spent $22.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hudson Pacific Properties, Inc. (HPP) returned $20.9M to shareholders via cash dividends and spent $7.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.