HPPHudson Pacific Properties, Inc.

Real Estate

Revenue: $831M; 1.3% YoY
Operating margin: —
EBITDA: —
Market cap: $572M
Employees: 607; $1M revenue each
Net debt / EBITDA: —; $2.5B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$1M · 53rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$572M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$431K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$897M	$1.0B	$952M	$842M	$831M	1.3%
Net income	$29M	−$17M	−$171M	−$381M	−$592M	55%
Operating cash flow	$315M	$370M	$232M	$165M	$121M	27%
Stock-based comp	$21M	$24M	$24M	$26M	$30M	17%
Buybacks	$46M	$37M	$1M	$0	$0
Dividends	$155M	$145M	$55M	$15M	$351K	98%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 20, 2015	DEFM14A	The Blackstone Group L.P.	$1750000000.00	30%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $431K · 2
Open-market sells, 12 mo: $0 · 0
Net: $431K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	−$2M	8	64
FY2024	$25M	$4M	15	82
FY2023	$8M	$9M	46	79
FY2022	$7M	−$6M	45	79
FY2021	$11M	$10M	15	82