Hudson Pacific Properties, Inc. (HPP) Balance Sheet
HPP balance sheet, 2025
December 31, 2025 · U.S. dollars$7.27B assets = $4.07B liabilities + $3.20B equity
Both columns are drawn to the same scale: what HPP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HPP financial health
Descriptive bands, not a rating. Fiscal 2025.
HPP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.68B2016 | $7.27B2025 | +0.9%/yr | |
| Total liabilities | $2.98B2016 | $4.07B2025 | +3.5%/yr | |
| Shareholders’ equity | $3.70B2016 | $2.97B2025 | −2.4%/yr | |
| Cash & short-term investments | $83.0M2016 | $138.4M2025 | +5.8%/yr | |
| Total debt | $2.76B2016 | $3.76B2025 | +3.5%/yr | |
| Net cash (debt) | −$2.68B2016 | −$3.62B2025 | −$944.6M | |
| Working capital | $141.7M2016 | $173.6M2025 | +$31.9M | |
| Book value per share | $234.842016 | $66.522025 | −13.1%/yr | |
| Current ratio | 2.142016 | 1.832025 | −0.31 | |
| Debt / equity | 0.752016 | 1.272025 | +0.52 | |
| Shares outstanding | 15.8M2016 | 44.7M2025 | +12.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HPP assets
HPP liabilities and equity
HPP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HPP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $138.4M | $63.3M | $100.4M | $255.8M | $225.9M | $248.8M | $187.0M | $200.6M | $78.9M | $83.0M |
| Cash & equivalents | $138.4M | $63.3M | $100.4M | $255.8M | $96.6M | $113.7M | $46.2M | $53.7M | $78.9M | $83.0M |
| Short-term investments | — | — | $6.4M | $9.3M | $129.3M | $135.1M | $140.7M | $146.9M | $22.4M | $25.2M |
| Receivables | $210.3M | $214.3M | $245.4M | $296.7M | $265.6M | $247.8M | $208.3M | $156.4M | $113.8M | $94.1M |
| Inventory | $0 | $0 | $396.0M | $4.9M | $1.6M | $35.9M | $12.0M | $14.5M | $233.7M | $61.8M |
| Other current assets | $34.3M | $131.2M | $0 | $126.9M | $406.1M | $72.7M | $27.1M | $6.7M | $61.1M | $27.2M |
| Total current assets | $383.0M | $408.7M | $377.2M | $684.3M | $899.2M | $605.1M | $434.5M | $378.1M | $487.6M | $266.1M |
| Property, plant & equipment (net) | $405.7M | $497.9M | $495.1M | $531.3M | $345.5M | $264.9M | $269.0M | $6.36B | $5.70B | $5.36B |
| Goodwill & intangible assets | $316.1M | $484.0M | $591.1M | $657.4M | $450.9M | $294.6M | $294.2M | $75.5M | $253.3M | $318.8M |
| Long-term investments | $294.5M | $271.8M | $301.3M | $180.6M | $284.1M | $217.2M | $205.7M | $146.9M | $14.2M | $43.1M |
| Other non-current assets | $5.87B | $6.47B | $6.52B | $7.27B | $7.01B | $6.97B | $6.26B | $106.4M | $169.0M | $691.4M |
| Total assets | $7.27B | $8.13B | $8.28B | $9.32B | $8.99B | $8.35B | $7.47B | $7.07B | $6.62B | $6.68B |
| Liabilities | ||||||||||
| Accounts payable | — | $193.6M | $203.2M | $264.1M | $298.4M | $225.8M | $210.9M | $175.3M | $163.1M | $120.6M |
| Short-term debt | $1.08B | $579.0M | $451.0M | $385.0M | $125.0M | $319.2M | $347.7M | $8.8M | $2.42B | $72.2M |
| Deferred revenue | — | — | −$203.2M | $83.8M | −$298.4M | −$225.8M | −$210.9M | −$175.3M | −$2.48B | −$84.4M |
| Total current liabilities | $209.4M | $804.0M | $654.7M | $649.8M | $429.9M | $235.9M | $287.7M | $175.3M | $165.3M | $124.4M |
| Long-term debt | $3.42B | $4.24B | $4.01B | $4.65B | $3.93B | $3.60B | $3.02B | $2.62B | $2.42B | $2.69B |
| Lease obligations | $343.9M | $380.0M | $389.2M | $399.8M | $293.6M | $270.0M | $304.2M | $45.6M | $49.9M | $80.1M |
| Other long-term liabilities | $438.8M | $0 | $64.5M | $142.5M | $305.6M | $421.2M | $325.2M | $328.5M | $124.1M | $162.6M |
| Total liabilities | $4.07B | $4.96B | $4.73B | $5.44B | $4.66B | $4.25B | $3.63B | $3.12B | $2.71B | $2.98B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $529,000 | $1.4M | $1.4M | $1.4M | $1.5M | $1.5M | $1.5M | $1.5M | $1.6M | $3.11B |
| Retained earnings (deficit) | — | — | −$425.0M | $108.7M | $3.75B | −$9.8M | $3.43B | $3.55B | $13.2M | −$17.0M |
| Treasury stock | — | — | — | — | — | — | — | — | — | $0 |
| Accumulated other comprehensive income | −$1.9M | −$8.4M | −$187,000 | −$11.3M | −$1.8M | −$8.1M | −$561,000 | $17.5M | $13.2M | $9.5M |
| Minority interest | $230.0M | $312.4M | $473.3M | $444.7M | $455.2M | $504.8M | $292.6M | $286.6M | $273.2M | $599.5M |
| Total shareholders' equity | $2.97B | $3.17B | $3.55B | $3.87B | $4.33B | $4.10B | $3.83B | $3.95B | $3.91B | $3.70B |
| Key figures | ||||||||||
| Total debt | $3.76B | $4.62B | $4.40B | $5.05B | $4.22B | $3.92B | $3.56B | $2.83B | $4.84B | $2.76B |
| Net cash (debt) | −$3.62B | −$4.56B | −$4.30B | −$4.80B | −$4.00B | −$3.67B | −$3.38B | −$2.63B | −$4.76B | −$2.68B |
| Working capital | $173.6M | −$395.2M | −$277.5M | $34.5M | $469.3M | $369.3M | $146.8M | $202.8M | $322.2M | $141.7M |
| Tangible book value | $2.66B | $2.68B | $2.96B | $3.22B | $3.88B | $3.80B | $3.54B | $3.88B | $3.66B | $3.38B |
| Book value per share | $66.52 | $157.06 | $176.37 | $188.71 | $199.32 | $187.19 | $171.40 | $177.73 | $177.91 | $234.84 |
| Shares outstanding | 44.7M | 20.2M | 20.1M | 20.5M | 21.7M | 21.9M | 22.4M | 22.2M | 22.0M | 15.8M |
| Current ratio | 1.83 | 0.51 | 0.58 | 1.05 | 2.09 | 2.57 | 1.51 | 2.16 | 2.95 | 2.14 |
| Quick ratio | 1.67 | 0.35 | 0.53 | 0.85 | 1.14 | 2.11 | 1.37 | 2.04 | 1.17 | 1.42 |
| Debt / equity | 1.27 | 1.46 | 1.24 | 1.30 | 0.98 | 0.96 | 0.93 | 0.72 | 1.24 | 0.75 |
| Equity / assets | 40.9% | 39.0% | 42.9% | 41.6% | 48.1% | 49.1% | 51.4% | 55.9% | 59.1% | 55.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $80.8M | $162.4M | $138.4M | $190.4M | $236.0M | $86.5M | $63.3M | $90.7M | $78.5M | $114.3M | $100.4M | $75.0M |
| Cash & equivalents | $80.8M | $162.4M | $138.4M | $190.4M | $236.0M | $86.5M | $63.3M | $90.7M | $78.5M | $114.3M | $100.4M | $75.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $21.5M | $12.3M | $6.4M | $19.6M |
| Receivables | $226.7M | $214.5M | $210.3M | $219.0M | $217.5M | $211.5M | $214.3M | $220.8M | $235.8M | $241.7M | $245.4M | $310.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$20.4M | $1 | $396.0M | $6.0M |
| Other current assets | $108.7M | $0 | $34.3M | $41.0M | $48.1M | $76.5M | $131.2M | $82.7M | $62.3M | $21.8M | $0 | $40.0M |
| Total current assets | $416.2M | $376.9M | $383.0M | $450.4M | $501.6M | $374.4M | $408.7M | $394.1M | $356.1M | $377.7M | $377.2M | $431.2M |
| Property, plant & equipment (net) | $6.08B | $400.9M | $405.7M | $470.0M | $477.0M | $482.1M | $497.9M | $482.2M | $484.6M | $489.8M | $495.1M | $507.1M |
| Goodwill & intangible assets | $397.6M | $316.7M | $316.1M | $518.1M | $507.8M | $474.8M | $484.0M | $588.6M | $593.5M | $583.4M | $591.1M | $623.4M |
| Long-term investments | $297.5M | $294.5M | $294.5M | $290.4M | $291.2M | $276.1M | $271.8M | $275.9M | $259.7M | $318.7M | $301.3M | $236.2M |
| Other non-current assets | $0 | $5.84B | $5.87B | $6.07B | $6.35B | $6.39B | $6.47B | $6.58B | $6.66B | $6.48B | $6.52B | $7.19B |
| Total assets | $7.17B | $7.23B | $7.27B | $7.80B | $8.13B | $8.00B | $8.13B | $8.32B | $8.35B | $8.25B | $8.28B | $8.99B |
| Liabilities | ||||||||||||
| Accounts payable | $298.2M | — | — | — | $221.3M | $191.6M | $193.6M | $258.2M | $223.8M | $198.9M | $203.2M | $265.2M |
| Short-term debt | — | $1.08B | $1.08B | $0 | $18.0M | $282.0M | $579.0M | $295.0M | $2.39B | $31.0M | $451.0M | $520.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | $378.8M | — | −$203.2M | −$265.2M |
| Total current liabilities | $299.6M | $1.08B | $209.4M | $243.8M | $222.6M | $475.5M | $804.0M | $590.7M | $2.62B | $203.2M | $654.7M | $787.4M |
| Long-term debt | $3.41B | $3.42B | $3.42B | $3.62B | $3.76B | $4.24B | $4.24B | $4.21B | $1.79B | $4.10B | $3.82B | $4.48B |
| Lease obligations | $323.5M | $339.8M | $343.9M | $350.7M | $358.5M | $369.5M | $380.0M | $366.6M | $378.8M | $384.0M | $389.2M | $393.8M |
| Other long-term liabilities | $417.3M | $0 | $438.8M | $448.1M | $467.6M | $191.7M | $0 | $184.4M | $497.5M | $507.2M | $256.5M | $0 |
| Total liabilities | $4.18B | $4.08B | $4.07B | $4.31B | $4.45B | $4.91B | $4.96B | $4.98B | $4.91B | $4.81B | $4.73B | $5.27B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $529,000 | $529,000 | $529,000 | $3.8M | $3.8M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | — | — | — | — | — | — | — | — | $9.9M | −$1.4M | — | −$425.0M |
| Accumulated other comprehensive income | −$2.1M | −$3.6M | −$1.9M | −$3.3M | $2.2M | −$7.1M | −$11.2M | −$2.3M | $2.8M | $3.0M | −$187,000 | $4.2M |
| Minority interest | $221.4M | $227.3M | $230.0M | $234.5M | $312.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.81B | $2.92B | $2.97B | $3.25B | $3.37B | $2.78B | $2.86B | $3.03B | $3.13B | $3.18B | $3.08B | $3.18B |
| Key figures | ||||||||||||
| Total debt | $3.74B | $3.76B | $3.76B | $3.97B | $4.12B | $4.61B | $4.62B | $4.57B | $4.56B | $4.48B | $4.40B | $4.88B |
| Net cash (debt) | −$3.66B | −$3.59B | −$3.62B | −$3.78B | −$3.88B | −$4.53B | −$4.56B | −$4.48B | −$4.48B | −$4.37B | −$4.30B | −$4.80B |
| Working capital | $116.6M | −$702.8M | $173.6M | $206.6M | $279.0M | −$101.0M | −$395.2M | −$196.6M | −$2.26B | $174.6M | −$277.5M | −$356.2M |
| Tangible book value | $2.42B | $2.60B | $2.66B | $2.73B | $2.86B | $2.31B | $2.37B | $2.44B | $2.54B | $2.60B | $2.49B | $2.56B |
| Book value per share | $43.65 | $45.30 | $66.52 | $50.41 | $116.27 | $137.75 | $141.57 | $150.05 | $155.20 | $157.89 | $152.87 | $157.89 |
| Shares outstanding | 64.5M | 64.5M | 44.7M | 64.4M | 29.0M | 20.2M | 20.2M | 20.2M | 20.2M | 20.2M | 20.1M | 20.1M |
| Current ratio | 1.39 | 0.35 | 1.83 | 1.85 | 2.25 | 0.79 | 0.51 | 0.67 | 0.14 | 1.86 | 0.58 | 0.55 |
| Quick ratio | 1.03 | 0.35 | 1.67 | 1.68 | 2.04 | 0.63 | 0.35 | 0.53 | 0.12 | 1.75 | 0.53 | 0.49 |
| Debt / equity | 1.33 | 1.29 | 1.27 | 1.22 | 1.22 | 1.66 | 1.62 | 1.51 | 1.46 | 1.41 | 1.43 | 1.53 |
| Equity / assets | 39.2% | 40.4% | 40.9% | 41.7% | 41.4% | 34.8% | 35.1% | 36.4% | 37.5% | 38.6% | 37.2% | 35.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
HPP financial position
At the end of fiscal 2025 (December 31, 2025), Hudson Pacific Properties had total assets of $7.3 billion (down 10.6% from a year earlier), total liabilities of $4.1 billion and shareholders' equity of $3.0 billion. It held $138.4 million in cash and short-term investments against $3.8 billion of debt, net debt of $3.6 billion. Its current ratio was 1.83. In the latest quarter (ended June 30, 2026) total assets were $7.2 billion and equity $2.8 billion.
Related: HPP income statement, HPP cash flow statement, HPP key metrics. See the HPP stock overview for the latest quote and news.
HPP balance sheet FAQ
What are Hudson Pacific Properties's total assets?
Hudson Pacific Properties reported total assets of $7.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.1 billion a year earlier.
How much debt does Hudson Pacific Properties have?
Hudson Pacific Properties had $3.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.27.
How much cash does Hudson Pacific Properties have?
Hudson Pacific Properties held $138.4 million in cash and short-term investments at the end of fiscal 2025; with $3.8 billion of debt that is net debt of $3.6 billion.
What is Hudson Pacific Properties's book value?
Hudson Pacific Properties's shareholders' equity (book value) was $3.0 billion at the end of fiscal 2025, or $66.52 per share.
What is Hudson Pacific Properties's current ratio?
Hudson Pacific Properties had current assets of $383.0 million and current liabilities of $209.4 million, a current ratio of 1.83 (it can cover its short-term obligations).
How much goodwill does Hudson Pacific Properties have?
Hudson Pacific Properties carried $316.1 million of goodwill and intangible assets, 4.3% of total assets, at the end of fiscal 2025.