【高盛-2025研报】哈德逊太平洋地产公司（HPP）：模型与目标价格更新.pdfVIP

16June2025|6:31PMEDT

HudsonPacificPropertiesInc.(HPP):Modelandpricetargetupdate

Weupdateourmodeltoreflect1Q25resultsandtheequityoffering($576mnofnetCaitlinBurrows

+1(212)902-4736|

proceeds)thatwascompletedonJune13,2025.Exhibit1shows:caitlin.burrows@

GoldmanSachsCo.LLC

OurCoreFFOestimates($mn)shiftedhigherforeachof2025,2026,and2027.JeremyKuhl

+1(212)357-1704|jeremy.kuhl@

Thisisafunctionof:GoldmanSachsCo.LLC

ShaileeLnu

nHigherofficeNOIexpectations(reflectingmultiplequartersofstrongleasing+1(332)245-7913|

shailee.x.lnu@

GoldmanSachsIndiaSPL

progress,withlimitedamountsofleasematuritiesover2H25-2H26),but

somewhatlowerstudioNOIexpectations(reflectingrecentexpense

reductionsbutlimitedvisibilityonrevenueimprovements).

nLowerGAestimates.HPPisactivelyreducingGAin2025,whichwebelieve

willbesustainedin2026and2027.Wecurrentl