Hudson Pacific Properties, Inc. (HPP) · Nov 5, 2026 · Earnings

Hudson Pacific earnings lift guidance as office occupancy rebounds

Guidance raised — 2026 Core FFO raised to $1.15–$1.21 from $1.12–$1.20

Hudson Pacific’s third-quarter earnings show improving office occupancy and higher guidance, offset by negative AFFO and heavy capital spending.

Hudson Pacific is in the middle of an office-recovery and balance-sheet cleanup: it is leasing up under-occupied West Coast offices while leaning on its Hollywood studio portfolio for growth and selling non-core assets to reduce debt. The prior quarter already showed this strategy gaining traction, with office occupancy reaching 82.5% and full-year Core FFO guidance raised to $1.12–$1.20 per share.

The operating recovery continued and slightly exceeded the prior plan. Office occupancy rose to 85.6%, the fifth straight quarterly increase, while 533,708 square feet of leases were signed and year-to-date leasing reached 2.4 million square feet. The more important quality signal is that GAAP rent rose 6.0%, although cash rent growth was only 0.4%, showing that headline leasing momentum is ahead of near-term cash economics. 〔0〕

Metric	Q3 2026	Q3 2025	Prior guidance / comparison
Core FFO per share (Financial Highlights)	$0.28	$0.26	—
Same-store cash NOI (Financial Highlights)	8.3%	(10.7%)	—
Office occupancy (Operational Highlights)	85.6%	75.9%	—
Cash rent growth (Office Leasing)	0.4%	(10.0%)	—
AFFO per share (AFFO reconciliation)	$(0.08)	$0.19	—
2026 Core FFO outlook (2026 Outlook)	$1.15–$1.21	—	$1.12–$1.20

Guidance was raised, but the improvement is partly structural rather than purely organic. The new Core FFO range is higher and narrower, while occupancy and same-store cash NOI assumptions were also lifted. However, management says much of that improvement comes from selling weaker assets and temporarily removing Fourth & Traction from the operating pool for seismic work; absent those changes, it likely would have maintained the prior outlook.

The quarter’s cash-generation picture is weaker than the Core FFO headline. AFFO fell to negative $0.08 per share from positive $0.19, largely because recurring capital expenditures, tenant improvements and leasing commissions rose to $31.1 million as HPP spends to lease up space. That means the recovery is requiring meaningful cash investment before it fully converts into distributable cash flow.

The balance sheet is more flexible, but leverage remains a constraint. Asset sales and the $200 million senior-note repurchase reduced HPP’s pro forma share of debt by 14% year over year and left $840.4 million of liquidity. Still, HPP’s share debt-to-cash-adjusted EBITDAre rose to 11.8x from 11.5x, and the average debt maturity is only 2.1 years. The filing therefore shows improved liquidity and lower absolute debt, not a fully repaired capital structure.

Studios are helping, but they are not yet large enough to change the earnings mix. Hollywood stages remained 95.0% leased and Sunset Pier 94 reached 82.2%, supporting a 35.7% year-to-date increase in same-store studio cash NOI. But HPP’s adjusted NOI remains 97.7% office and only 2.3% studio, so the studio improvement is useful diversification rather than a replacement for office execution. 〔1〕

Bottom line: This is a modestly better quarter for the recovery story: occupancy improved and guidance moved up again. The gain is real but not clean, because asset reshuffling and heavy lease-up spending are doing much of the work while cash AFFO remains negative and leverage is still elevated.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Hudson Pacific earnings lift guidance as office occupancy rebounds

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