Hudson Pacific Properties is a REIT that owns and operates two types of real estate: Class-A office buildings and film/TV production studios. The office portfolio spans roughly 13.9 million square feet concentrated in West Coast tech hubs — San Francisco/Bay Area, Silicon Valley, Seattle, and Los Angeles — and is leased primarily to technology, AI, and professional services firms. The studio portfolio comprises approximately 1.7 million square feet and 45 sound stages, mostly in Hollywood under the "Sunset" brand, plus Sunset Pier 94 Studios in Manhattan. These stages are leased to film and TV productions either on a show-by-show basis or through longer-term contracts, including a significant portfolio of leases with Netflix running through roughly 2031. HPP also owns Quixote Studios, an operating business that rents production equipment and vehicles to film and TV productions in Los Angeles; Quixote's profitability is directly tied to the number of shows actively filming. HPP generates revenue primarily through rent — occupancy and rent per square foot drive office NOI, while stage occupancy and show counts drive studio NOI. Near-term growth is focused on leasing up existing office vacancy toward low-to-mid 80s occupancy by end of 2026 and on a recovery in Los Angeles production activity, which California's expanded film and TV tax credit is expected to support. HPP has also prioritized balance sheet repair, completing a large equity offering and CMBS refinancing to reduce leverage and extend its maturity runway.