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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
______________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number: 001-34789 (Hudson Pacific Properties, Inc.)
Commission File Number: 333-202799-01 (Hudson Pacific Properties, L.P.)
______________________________________
Hudson Pacific Properties, Inc.
Hudson Pacific Properties, L.P.
(Exact name of registrant as specified in its charter)
Hudson Pacific Properties, Inc.

Maryland
(State or other jurisdiction of incorporation or organization)
27-1430478
(I.R.S. Employer Identification Number)
Hudson Pacific Properties, L.P.

Maryland
(State or other jurisdiction of incorporation or organization)
80-0579682
(I.R.S. Employer Identification Number)
11601 Wilshire Blvd., Ninth Floor
Los Angeles, California 90025
(Address of principal executive offices) (Zip Code)
(310) 445-5700
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

______________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered
Hudson Pacific Properties, Inc. Common Stock, $0.01 par value
HPP
New York Stock Exchange
Hudson Pacific Properties, Inc.
4.750% Series C Cumulative Redeemable Preferred Stock
HPP Pr C
New York Stock Exchange




Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
 
Hudson Pacific Properties, Inc. Yes  x   No  o
Hudson Pacific Properties, L.P. Yes  x   No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Hudson Pacific Properties, Inc. Yes  x   No  o
Hudson Pacific Properties, L.P. Yes  x   No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Hudson Pacific Properties, Inc.
Large accelerated filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company
Emerging growth company

Hudson Pacific Properties, L.P.
Large accelerated filer o
Accelerated filer o
Non-accelerated filer x
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hudson Pacific Properties, Inc. o
Hudson Pacific Properties, L.P. o  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Hudson Pacific Properties, Inc.  Yes      No  ☒
Hudson Pacific Properties, L.P. Yes      No  ☒

The number of shares of common stock of Hudson Pacific Properties, Inc. outstanding at October 28, 2022 was 140,923,320.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2022 of Hudson Pacific Properties, Inc., a Maryland corporation, and Hudson Pacific Properties, L.P., a Maryland limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or “our Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. In statements regarding qualification as a REIT, such terms refer solely to Hudson Pacific Properties, Inc. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.
Hudson Pacific Properties, Inc. is a real estate investment trust, or REIT, and the sole general partner of our operating partnership. As of September 30, 2022, Hudson Pacific Properties, Inc. owned approximately 98.2% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 1.8% interest was owned by certain of our executive officers and directors, certain of their affiliates and other outside investors, including unvested operating partnership performance units. As the sole general partner of our operating partnership, Hudson Pacific Properties, Inc. has the full, exclusive and complete responsibility for our operating partnership’s day-to-day management and control.
We believe combining the quarterly reports on Form 10-Q of Hudson Pacific Properties, Inc. and the operating partnership into this single report results in the following benefits:
enhancing investors’ understanding of our Company and our operating partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminating duplicative disclosure and providing a more streamlined and readable presentation because a substantial portion of the disclosures apply to both our Company and our operating partnership; and
creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are a few differences between our Company and our operating partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between our Company and our operating partnership in the context of how we operate as an interrelated, consolidated company. Hudson Pacific Properties, Inc. is a REIT, the only material assets of which are the units of partnership interest in our operating partnership. As a result, Hudson Pacific Properties, Inc. does not conduct business itself, other than acting as the sole general partner of our operating partnership, issuing equity from time to time and guaranteeing certain debt of our operating partnership. Hudson Pacific Properties, Inc. itself does not issue any indebtedness but guarantees some of the debt of our operating partnership. Our operating partnership, which is structured as a partnership with no publicly traded equity, holds substantially all of the assets of our Company and conducts substantially all of our business. Except for net proceeds from equity issuances by Hudson Pacific Properties, Inc., which are generally contributed to our operating partnership in exchange for units of partnership interest in our operating partnership, our operating partnership generates the capital required by our Company’s business through its operations, its incurrence of indebtedness or through the issuance of units of partnership interest in our operating partnership.
Non-controlling interest, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our operating partnership. The common units in our operating partnership are accounted for as partners’ capital in our operating partnership’s consolidated financial statements and, to the extent not held by our Company, as a non-controlling interest in our Company’s consolidated financial statements. The differences between stockholders’ equity, partners’ capital and non-controlling interest result from the differences in the equity issued by our Company and our operating partnership.
To help investors understand the significant differences between our Company and our operating partnership, this report presents the consolidated financial statements separately for our Company and our operating partnership. All other sections of this report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” are presented together for our Company and our operating partnership.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and our operating partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, or the Exchange Act and 18 U.S.C. §1350, this report also includes separate Part I, Item 4 “Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of Hudson Pacific Properties, Inc. and our operating partnership.
3



HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P.
TABLE OF CONTENTS

Page
ITEM 1. Financial Statements of Hudson Pacific Properties, Inc.
5
6
7
8
ITEM 1. Financial Statements of Hudson Pacific Properties, L.P.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

4

PART I—FINANCIAL INFORMATION
ITEM 1.         FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

September 30, 2022
(unaudited)
December 31, 2021
ASSETS
Investment in real estate, at cost $ 8,656,934  $ 8,361,477 
Accumulated depreciation and amortization (1,478,250) (1,283,774)
Investment in real estate, net 7,178,684  7,077,703 
Non-real estate property, plant and equipment, net 128,504  58,469 
Cash and cash equivalents 161,667  96,555 
Restricted cash 42,401  100,321 
Accounts receivable, net 19,692  25,339 
Straight-line rent receivables, net 275,518  240,306 
Deferred leasing costs and intangible assets, net 405,434  341,444 
U.S. Government securities —  129,321 
Operating lease right-of-use assets 399,570  287,041 
Prepaid expenses and other assets, net 106,640  119,000 
Investment in unconsolidated real estate entities 154,144  154,731 
Goodwill 261,139  109,439 
Assets associated with real estate held for sale 187,026  250,520 
TOTAL ASSETS $ 9,320,419  $ 8,990,189 
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net $ 4,449,316  $ 3,733,903 
In-substance defeased debt —  128,212 
Joint venture partner debt 66,136  66,136 
Accounts payable, accrued liabilities and other 355,545  300,959 
Operating lease liabilities 396,412  293,596 
Intangible liabilities, net 35,758  42,290 
Security deposits, prepaid rent and other 87,049  84,939 
Liabilities associated with real estate held for sale 2,475  3,898 
Total liabilities 5,392,691  4,653,933 
Commitments and contingencies (note 22)
Redeemable preferred units of the operating partnership 9,815  9,815 
Redeemable non-controlling interest in consolidated real estate entities 125,583  129,449 
Equity
Hudson Pacific Properties, Inc. stockholders’ equity
Preferred stock, $0.01 par value, 18,400,000 authorized at September 30, 2022 and December 31, 2021; 4.750% Series C cumulative redeemable preferred stock, $25.00 per share liquidation preference, 17,000,000 outstanding at September 30, 2022 and December 31, 2021
425,000  425,000 
Common stock, $0.01 par value, 481,600,000 authorized, 140,923,320 shares and 151,124,543 shares outstanding at September 30, 2022 and December 31, 2021, respectively
1,408  1,511 
Additional paid-in capital 2,935,448  3,317,072 
Accumulated other comprehensive loss (17,066) (1,761)
Total Hudson Pacific Properties, Inc. stockholders’ equity 3,344,790  3,741,822 
Non-controlling interest—members in consolidated real estate entities 384,724  402,971 
Non-controlling interest—units in the operating partnership 62,816  52,199 
Total equity 3,792,330  4,196,992 
TOTAL LIABILITIES AND EQUITY $ 9,320,419  $ 8,990,189 


The accompanying notes are an integral part of these consolidated financial statements.
5



HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share data)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
REVENUES
Office
Rental $ 208,779  $ 197,941  $ 626,807  $ 580,354 
Service and other revenues 4,712  3,925  14,328  9,358 
Total office revenues 213,491  201,866  641,135  589,712 
Studio
Rental 15,305  12,768  42,137  36,472 
Service and other revenues 31,558  12,998  73,025  30,169 
Total studio revenues 46,863  25,766  115,162  66,641 
Total revenues 260,354  227,632  756,297  656,353 
OPERATING EXPENSES
Office operating expenses 78,340  71,865  230,529  207,538 
Studio operating expenses 26,688  12,044  66,357  35,963 
General and administrative 19,795  18,288  62,178  53,846 
Depreciation and amortization 93,070  88,568  276,701  255,507 
Total operating expenses 217,893  190,765  635,765  552,854 
OTHER INCOME (EXPENSE)
(Loss) income from unconsolidated real estate entities (352) 566  1,731  1,671 
Fee income 911  678  3,122  2,323 
Interest expense (37,261) (30,825) (101,816) (91,800)
Interest income 196  934  2,026  2,868 
Management services reimbursement income—unconsolidated real estate entities 983  253  3,159  879 
Management services expense—unconsolidated real estate entities (983) (253) (3,159) (879)
Transaction-related expenses (9,331) (6,300) (10,713) (7,364)
Unrealized (loss) gain on non-real estate investments (894) 827  (1,062) 11,620 
Loss on sale of real estate (180) —  (180) — 
Impairment loss (4,795) (2,762) (28,548) (2,762)
Loss on extinguishment of debt —  (6,249) —  (6,249)
Other income (expense) 2,453  82  4,047  (1,547)
Total other expenses (49,253) (43,049) (131,393) (91,240)
Net (loss) income (6,792) (6,182) (10,861) 12,259 
Net income attributable to Series A preferred units (153) (153) (459) (459)
Net income attributable to Series C preferred shares (5,047) —  (15,384) — 
Net income attributable to participating securities (300) (276) (894) (830)
Net income attributable to non-controlling interest in consolidated real estate entities (6,256) (3,585) (21,898) (15,764)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,037  816  4,433  2,780 
Net loss attributable to common units in the operating partnership 225  85  548  16 
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (17,286) $ (9,295) $ (44,515) $ (1,998)
BASIC AND DILUTED PER SHARE AMOUNTS
Net loss attributable to common stockholders—basic $ (0.12) $ (0.06) $ (0.31) $ (0.01)
Net loss attributable to common stockholders—diluted $ (0.12) $ (0.06) $ (0.31) $ (0.01)
Weighted average shares of common stock outstanding—basic 141,117,194  152,320,252  144,677,652  151,443,305 
Weighted average shares of common stock outstanding—diluted 141,117,194  152,320,252  144,677,652  151,443,305 




The accompanying notes are an integral part of these consolidated financial statements.
6



HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited, in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Net (loss) income $ (6,792) $ (6,182) $ (10,861) $ 12,259 
Currency translation adjustments (10,052) (3,511) (18,501) (1,588)
Net unrealized gains on derivative instruments:
Unrealized gains (losses) 4,640  (243) 9,200  (379)
Reclassification adjustment for realized (gains) losses (4,782) 2,019  (6,277) 5,702 
Total net unrealized gains (losses) on derivative instruments (142) 1,776  2,923  5,323 
Total other comprehensive (loss) income (10,194) (1,735) (15,578) 3,735 
Comprehensive (loss) income (16,986) (7,917) (26,439) 15,994 
Comprehensive income attributable to Series A preferred units (153) (153) (459) (459)
Comprehensive income attributable to Series C preferred stock (5,047) —  (15,384) — 
Comprehensive income attributable to participating securities (300) (276) (894) (830)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities (6,256) (3,585) (21,898) (15,764)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,037  816  4,433  2,780 
Comprehensive loss (income) attributable to non-controlling interest in the operating partnership 404  108  821  (34)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (27,301) $ (11,007) $ (59,820) $ 1,687 
































The accompanying notes are an integral part of these consolidated financial statements.
7


HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and nine months ended September 30, 2022
(unaudited, in thousands, except share data)
Hudson Pacific Properties, Inc. Stockholders’ Equity Non-controlling Interest
Series C Cumulative Redeemable Preferred Stock Shares of Common Stock Stock Amount Additional Paid-in Capital  Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Loss Units in the Operating Partnership Members in Consolidated Real Estate Entities Total Equity
Balance, June 30, 2022
$ 425,000  141,609,336  $ 1,415  $ 2,985,666  $   $ (7,051) $ 58,992  $ 384,707  $ 3,848,729 
Contributions —  —  —  —  —  —  —  784  784 
Distributions —  —  —  —  —  —  —  (7,023) (7,023)
Transaction costs —  —  —  (359) —  —  —  —  (359)
Accelerated share repurchase —  (686,016) (7) —  —  —  —   
Declared dividend (5,047) —  —  (52,347) 16,986  —  (679) —  (41,087)
Amortization of stock-based
compensation
—  —  —  2,481  —  —  4,907  —  7,388 
Net income (loss) 5,047  —  —  —  (16,986) —  (225) 6,256  (5,908)
Other comprehensive loss —  —  —  —  —  (10,015) (179) —  (10,194)
Balance, September 30, 2022
$ 425,000  140,923,320  $ 1,408  $ 2,935,448  $   $ (17,066) $ 62,816  $ 384,724  $ 3,792,330 
Balance, December 31, 2021
$ 425,000  151,124,543  $ 1,511  $ 3,317,072  $   $ (1,761) $ 52,199  $ 402,971  $ 4,196,992 
Contributions —  —  —  —  —  —  —  16,241  16,241 
Distributions —  —  —  —  —  —  —  (56,386) (56,386)
Transaction costs —  —  —  (573) —  —  —  —  (573)
Issuance of unrestricted stock —  32,861  —  —  —  —  —  —   
Shares repurchased —  (2,105,359) (21) (37,185) —  —  —  —  (37,206)
Accelerated share repurchase —  (8,128,725) (82) (199,918) —  —  —  —  (200,000)
Declared dividend (15,384) —  —  (150,972) 43,621  —  (2,037) —  (124,772)
Amortization of stock-based compensation —  —  —  7,024  —  —  13,475  —  20,499 
Net income (loss) 15,384  —  —  —  (43,621) —  (548) 21,898  (6,887)
Other comprehensive loss —  —  —  —  —  (15,305) (273) —  (15,578)
Balance, September 30, 2022
$ 425,000  140,923,320  $ 1,408  $ 2,935,448  $   $ (17,066) $ 62,816  $ 384,724  $ 3,792,330 



















The accompanying notes are an integral part of these consolidated financial statements.
8


HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and nine months ended September 30, 2021
(unaudited, in thousands, except share data)

Hudson Pacific Properties, Inc. Stockholders’ Equity Non-controlling Interest
Series C Cumulative Redeemable Preferred Stock Shares of Common Stock Stock Amount Additional Paid-in Capital (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive Loss Units in the Operating Partnership Members in Consolidated Real Estate Entities Total Equity
Balance, June 30, 2021
$   152,319,084  $ 1,523  $ 3,435,156  $   $ (2,736) $ 44,387  $ 467,476  $ 3,945,806 
Contributions —  —  —  —  —  —  9,702  9,702 
Distributions —  —  —  —  —  —  —  (63,508) (63,508)
Transaction costs —  —  (232) —  —  —  —  (232)
Issuance of unrestricted stock —  1,168  —  —  —  —  —  —   
Declared dividend —  —  —  (47,204) 9,019  —  (560) —  (38,745)
Amortization of stock-based compensation —  —  —  1,973  —  —  4,638  —  6,611 
Net (loss) income —  —  —  —  (9,019) —  (85) 3,585  (5,519)
Other comprehensive loss —  —  —  —  —  (1,712) (23) —  (1,735)
Balance, September 30, 2021
$   152,320,252  $ 1,523  $ 3,389,693  $   $ (4,448) $ 48,357  $ 417,255  $ 3,852,380 
Balance, December 31, 2020
$   151,401,365  $ 1,514  $ 3,469,758  $   $ (8,133) $ 37,832  $ 467,009  $ 3,967,980 
Contributions —  —  —  —  —  —  —  24,718  24,718 
Distributions —  —  —  —  —  —  —  (90,236) (90,236)
Proceeds from sale of common stock, net of transaction costs —  1,526,163  15  44,573  —  —  —  —  44,588 
Issuance of unrestricted stock —  54,414  —  —  —  —  —  —   
Shares repurchased —  (632,109) (6) (14,750) —  —  —  —  (14,756)
Shares withheld to satisfy tax withholding obligations —  (29,581) —  (693) —  —  —  —  (693)
Declared dividend —  —  —  (115,393) 1,168  —  (1,688) —  (115,913)
Amortization of stock-based compensation —  —  —  6,198  —  —  12,179  —  18,377 
Net (loss) income —  —  —  —  (1,168) —  (16) 15,764  14,580 
Other comprehensive income —  —  —  —  —  3,685  50  —  3,735 
Balance, September 30, 2021
$   152,320,252  $ 1,523  $ 3,389,693  $   $ (4,448) $ 48,357  $ 417,255  $ 3,852,380 

















The accompanying notes are an integral part of these consolidated financial statements.
9


HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income $ (10,861) $ 12,259 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 276,701  255,507 
Non-cash portion of interest expense 10,248  7,508 
Amortization of stock-based compensation 17,816  15,718 
Income from unconsolidated real estate entities (1,731) (1,671)
Unrealized loss (gain) on non-real estate investments 1,062  (11,620)
Straight-line rents (33,951) (15,596)
Straight-line rent expenses 1,796  1,079 
Amortization of above- and below-market leases, net (6,393) (8,281)
Amortization of above- and below-market ground leases, net 2,042  1,764 
Amortization of lease incentive costs 1,222  1,427 
Distribution of income from unconsolidated real estate entities 1,961  1,437 
Gain on derivatives (8,044) — 
Impairment loss 28,548  2,762 
Loss on extinguishment of debt —  6,249 
Earnout liability fair value adjustment 1,757  — 
Loss on sale of real estate 180  — 
Gain from insurance proceeds (1,167) — 
Change in operating assets and liabilities:
Accounts receivable 13,003  4,526 
Deferred leasing costs and lease intangibles (19,553) (11,696)
Prepaid expenses and other assets (10,928) (18,665)
Accounts payable, accrued liabilities and other 63,334  55,735 
Security deposits, prepaid rent and other 1,507  (12,930)
Net cash provided by operating activities 328,549  285,512 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of real estate 44,537  — 
Additions to investment in real estate (171,011) (271,102)
Property acquisitions (96,443) — 
Acquisitions of businesses (197,862) (209,854)
Maturities of U.S. Government securities 129,300  5,002 
Contributions to non-real estate investments (14,791) (10,530)
Distributions from non-real estate investments 329  13 
Distributions from unconsolidated real estate entities 1,067  1,246 
Contributions to unconsolidated real estate entities (18,766) (73,098)
Additions to non-real estate property, plant and equipment (13,071) (2,279)
Insurance proceeds for damaged property, plant and equipment 1,284  — 
Net cash used in investing activities (335,427) (560,602)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt 978,251  1,304,352 
Payments of unsecured and secured debt (430,000) (792,656)
Payments of in-substance defeased debt (128,212) (2,602)
Proceeds from sale of common stock —  44,974 
Transaction costs (573) (386)
Repurchases of common stock (37,206) (14,756)
Accelerated share repurchase (200,000) — 
Dividends paid to common stock and unitholders (109,388) (115,913)
Dividends paid to preferred stock and unitholders (18,124) (459)
Contributions from redeemable non-controlling members in consolidated real estate entities 575  4,262 
Distributions to redeemable non-controlling members in consolidated real estate entities (8) (8)
10


HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Contributions from non-controlling members in consolidated real estate entities 16,241  24,718 
Distributions to non-controlling members in consolidated real estate entities (56,386) (90,236)
Payments to satisfy tax withholding obligations —  (693)
Payments of loan costs (1,100) (14,810)
Net cash provided by financing activities 14,070  345,787 
Net increase in cash and cash equivalents and restricted cash 7,192  70,697 
Cash and cash equivalents and restricted cash—beginning of period 196,876  149,540 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD
$ 204,068  $ 220,237 













































The accompanying notes are an integral part of these consolidated financial statements.
11

ITEM 1.         FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, L.P.

HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
September 30, 2022
(unaudited)
December 31, 2021
ASSETS
Investment in real estate, at cost $ 8,656,934  $ 8,361,477 
Accumulated depreciation and amortization (1,478,250) (1,283,774)
Investment in real estate, net 7,178,684  7,077,703 
Non-real estate property, plant and equipment, net 128,504  58,469 
Cash and cash equivalents 161,667  96,555 
Restricted cash 42,401  100,321 
Accounts receivable, net 19,692  25,339 
Straight-line rent receivables, net 275,518  240,306 
Deferred leasing costs and intangible assets, net 405,434  341,444 
U.S. Government securities —  129,321 
Operating lease right-of-use assets 399,570  287,041 
Prepaid expenses and other assets, net 106,640  119,000 
Investment in unconsolidated real estate entities 154,144  154,731 
Goodwill 261,139  109,439 
Assets associated with real estate held for sale 187,026  250,520 
TOTAL ASSETS $ 9,320,419  $ 8,990,189 
LIABILITIES AND CAPITAL
Liabilities
Unsecured and secured debt, net $ 4,449,316  $ 3,733,903 
In-substance defeased debt —  128,212 
Joint venture partner debt 66,136  66,136 
Accounts payable, accrued liabilities and other 355,545  300,959 
Operating lease liabilities 396,412  293,596 
Intangible liabilities, net 35,758  42,290 
Security deposits, prepaid rent and other 87,049  84,939 
Liabilities associated with real estate held for sale 2,475  3,898 
Total liabilities 5,392,691  4,653,933 
Commitments and contingencies (note 22)
Redeemable preferred units of the operating partnership 9,815  9,815 
Redeemable non-controlling interest in consolidated real estate entities 125,583  129,449 
Capital
Hudson Pacific Properties, L.P. partners’ capital
4.750% Series C cumulative redeemable preferred units, $25.00 per unit liquidation preference, 17,000,000 outstanding at September 30, 2022 and December 31, 2021
425,000  425,000 
Common units, 142,769,584 and 152,967,441 outstanding at September 30, 2022 and December 31, 2021, respectively
2,999,963  3,370,800 
Accumulated other comprehensive loss (17,357) (1,779)
Total Hudson Pacific Properties, L.P. partners’ capital 3,407,606  3,794,021 
Non-controlling interest—members in consolidated real estate entities 384,724  402,971 
Total capital 3,792,330  4,196,992 
TOTAL LIABILITIES AND CAPITAL $ 9,320,419  $ 8,990,189 






The accompanying notes are an integral part of these consolidated financial statements.
12



HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except unit data)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
REVENUES
Office
Rental $ 208,779  $ 197,941  $ 626,807  $ 580,354 
Service and other revenues 4,712  3,925  14,328  9,358 
Total office revenues 213,491  201,866  641,135  589,712 
Studio
Rental 15,305  12,768  42,137  36,472 
Service and other revenues 31,558  12,998  73,025  30,169 
Total studio revenues 46,863  25,766  115,162  66,641 
Total revenues 260,354  227,632  756,297  656,353 
OPERATING EXPENSES
Office operating expenses 78,340  71,865  230,529  207,538 
Studio operating expenses 26,688  12,044  66,357  35,963 
General and administrative 19,795  18,288  62,178  53,846 
Depreciation and amortization 93,070  88,568  276,701  255,507 
Total operating expenses 217,893  190,765  635,765  552,854 
OTHER INCOME (EXPENSE)
(Loss) income from unconsolidated real estate entities (352) 566  1,731  1,671 
Fee income 911  678  3,122  2,323 
Interest expense (37,261) (30,825) (101,816) (91,800)
Interest income 196  934  2,026  2,868 
Management services reimbursement income—unconsolidated real estate entities 983  253  3,159  879 
Management services expense—unconsolidated real estate entities (983) (253) (3,159) (879)
Transaction-related expenses (9,331) (6,300) (10,713) (7,364)
Unrealized (loss) gain on non-real estate investments (894) 827  (1,062) 11,620 
Loss on sale of real estate (180) —  (180) — 
Impairment loss (4,795) (2,762) (28,548) (2,762)
Loss on extinguishment of debt —  (6,249) —  (6,249)
Other income (expense) 2,453  82  4,047  (1,547)
Total other expenses (49,253) (43,049) (131,393) (91,240)
Net (loss) income (6,792) (6,182) (10,861) 12,259 
Net income attributable to non-controlling interest in consolidated real estate entities (6,256) (3,585) (21,898) (15,764)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,037  816  4,433  2,780 
Net loss attributable to Hudson Pacific Properties, L.P. (12,011) (8,951) (28,326) (725)
Net income attributable to Series A preferred units (153) (153) (459) (459)
Net income attributable to Series C preferred units (5,047) —  (15,384) — 
Net income attributable to participating securities (300) (276) (894) (830)
NET LOSS AVAILABLE TO COMMON UNITHOLDERS $ (17,511) $ (9,380) $ (45,063) $ (2,014)
BASIC AND DILUTED PER UNIT AMOUNTS
Net loss attributable to common unitholders—basic $ (0.12) $ (0.06) $ (0.31) $ (0.01)
Net loss attributable to common unitholders—diluted $ (0.12) $ (0.06) $ (0.31) $ (0.01)
Weighted average shares of common units outstanding—basic 142,963,458  153,701,876  146,523,102  152,818,720 
Weighted average shares of common units outstanding—diluted 142,963,458  153,701,876  146,523,102  152,818,720 





The accompanying notes are an integral part of these consolidated financial statements.
13



HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited, in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Net (loss) income $ (6,792) $ (6,182) $ (10,861) $ 12,259 
Currency translation adjustments (10,052) (3,511) (18,501) (1,588)
Net unrealized gains on derivative instruments:
Unrealized gains (losses) 4,640  (243) 9,200  (379)
Reclassification adjustment for realized (gains) losses (4,782) 2,019  (6,277) 5,702 
Total net unrealized gains (losses) on derivative instruments (142) 1,776  2,923  5,323 
Total other comprehensive (loss) income (10,194) (1,735) (15,578) 3,735 
Comprehensive (loss) income (16,986) (7,917) (26,439) 15,994 
Comprehensive income attributable to Series A preferred units (153) (153) (459) (459)
Comprehensive income attributable to Series C preferred units (5,047) —  (15,384) — 
Comprehensive income attributable to participating securities (300) (276) (894) (830)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities (6,256) (3,585) (21,898) (15,764)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,037  816  4,433  2,780 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO PARTNERS’ CAPITAL $ (27,705) $ (11,115) $ (60,641) $ 1,721 


































The accompanying notes are an integral part of these consolidated financial statements.
14


HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CAPITAL
For the three and nine months ended September 30, 2022
(unaudited, in thousands, except share data)
Hudson Pacific Properties, L.P. Partners’ Capital
Preferred Units Number of Common Units Common Units Accumulated Other Comprehensive Loss Total Partners’ Capital Non-controlling Interest—Members in Consolidated Real Estate Entities Total Capital
Balance, June 30, 2022
$ 425,000  143,455,600  $ 3,046,185  $ (7,163) $ 3,464,022  $ 384,707  $ 3,848,729 
Contributions —  —  —  —  —  784  784 
Distributions —  —  —  —  —  (7,023) (7,023)
Transaction costs —  —  (359) —  (359) —  (359)
Repurchase of common units —  (686,016) —  —  —  —   
Declared distributions (5,047) —  (36,040) —  (41,087) —  (41,087)
Amortization of unit-based compensation —  —  7,388  —  7,388  —  7,388 
Net income (loss) 5,047  —  (17,211) —  (12,164) 6,256  (5,908)
Other comprehensive loss —  —  —  (10,194) (10,194) —  (10,194)
Balance, September 30, 2022
$ 425,000  142,769,584  $ 2,999,963  $ (17,357) $ 3,407,606  $ 384,724  $ 3,792,330 
Balance, December 31, 2021
$ 425,000  152,967,441  $ 3,370,800  $ (1,779) $ 3,794,021  $ 402,971  $ 4,196,992 
Contributions —  —  —  —  —  16,241  16,241 
Distributions —  —  —  —  —  (56,386) (56,386)
Transaction costs —  —  (573) —  (573) —  (573)
Issuance of unrestricted units —  36,227  —  —  —  —   
Repurchase of common units —  (10,234,084) (237,206) —  (237,206) —  (237,206)
Declared distributions (15,384) —  (109,388) —  (124,772) —  (124,772)
Amortization of unit-based compensation —  —  20,499  —  20,499  —  20,499 
Net income (loss) 15,384  —  (44,169) —  (28,785) 21,898  (6,887)
Other comprehensive loss —  —  —  (15,578) (15,578) —  (15,578)
Balance, September 30, 2022
$ 425,000  142,769,584  $ 2,999,963  $ (17,357) $ 3,407,606  $ 384,724  $ 3,792,330 



















The accompanying notes are an integral part of these consolidated financial statements.
15


HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CAPITAL
For the three and nine months ended September 30, 2021
(unaudited, in thousands, except share data)
Hudson Pacific Properties, L.P. Partners’ Capital
Preferred Units Number of Common Units Common Units Accumulated Other Comprehensive Loss Total Partners’ Capital Non-controlling Interest—Members in Consolidated Real Estate Entities Total Capital
Balance, June 30, 2021
$   153,700,708  $ 3,481,106  $ (2,776) $ 3,478,330  $ 467,476  $ 3,945,806 
Contributions —  —  —  —  9,702  9,702 
Distributions —  —  —  —  —  (63,508) (63,508)
Transaction costs —  (232) —  (232) —  (232)
Issuance of unrestricted units —  1,168  —  —  —  —   
Declared distributions —  —  (38,745) —  (38,745) —  (38,745)
Amortization of unit-based compensation —  —  6,611  —  6,611  —  6,611 
Net (loss) income —  —  (9,104) —  (9,104) 3,585  (5,519)
Other comprehensive loss —  —  —  (1,735) (1,735) —  (1,735)
Balance, September 30, 2021
$   153,701,876  $ 3,439,636  $ (4,511) $ 3,435,125  $ 417,255  $ 3,852,380 
Balance, December 31, 2020
$   152,722,448  $ 3,509,217  $ (8,246) $ 3,500,971  $ 467,009  $ 3,967,980 
Contributions —  —  —  —  —  24,718  24,718 
Distributions —  —  —  —  —  (90,236) (90,236)
Proceeds from sale of common units, net of transaction costs —  1,526,163  44,588  —  44,588  —  44,588 
Issuance of unrestricted units —  114,955  —  —  —  —   
Units withheld to satisfy tax withholding obligations —  (29,581) (693) —  (693) —  (693)
Repurchase of common units —  (632,109) (14,756) —  (14,756) —  (14,756)
Declared distributions —  —  (115,913) —  (115,913) —  (115,913)
Amortization of unit-based compensation —  —  18,377  —  18,377  —  18,377 
Net (loss) income —  —  (1,184) —  (1,184) 15,764  14,580 
Other comprehensive income —  —  —  3,735  3,735  —  3,735 
Balance, September 30, 2021
$   153,701,876  $ 3,439,636  $ (4,511) $ 3,435,125  $ 417,255  $ 3,852,380 















The accompanying notes are an integral part of these consolidated financial statements.
16



HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income $ (10,861) $ 12,259 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 276,701  255,507 
Non-cash portion of interest expense 10,248  7,508 
Amortization of unit-based compensation 17,816  15,718 
Income from unconsolidated real estate entities (1,731) (1,671)
Unrealized loss (gain) on non-real estate investments 1,062  (11,620)
Straight-line rents (33,951) (15,596)
Straight-line rent expenses 1,796  1,079 
Amortization of above- and below-market leases, net (6,393) (8,281)
Amortization of above- and below-market ground leases, net 2,042  1,764 
Amortization of lease incentive costs 1,222  1,427 
Distribution of income from unconsolidated real estate entities 1,961  1,437 
Gain on derivatives (8,044) — 
Impairment loss 28,548  2,762 
Loss on extinguishment of debt —  6,249 
Earnout liability fair value adjustment 1,757  — 
Loss on sale of real estate 180  — 
Gain from insurance proceeds (1,167) — 
Change in operating assets and liabilities:
Accounts receivable 13,003  4,526 
Deferred leasing costs and lease intangibles (19,553) (11,696)
Prepaid expenses and other assets (10,928) (18,665)
Accounts payable, accrued liabilities and other 63,334  55,735 
Security deposits, prepaid rent and other 1,507  (12,930)
Net cash provided by operating activities 328,549  285,512 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of real estate 44,537  — 
Additions to investment in real estate (171,011) (271,102)
Property acquisitions (96,443) — 
Acquisitions of businesses (197,862) (209,854)
Maturities of U.S. Government securities 129,300  5,002 
Contributions to non-real estate investments (14,791) (10,530)
Distributions from non-real estate investments 329  13 
Distributions from unconsolidated real estate entities 1,067  1,246 
Contributions to unconsolidated real estate entities (18,766) (73,098)
Additions to non-real estate property, plant and equipment (13,071) (2,279)
Insurance proceeds for damaged property, plant and equipment 1,284  — 
Net cash used in investing activities (335,427) (560,602)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt 978,251  1,304,352 
Payments of unsecured and secured debt (430,000) (792,656)
Payments of in-substance defeased debt (128,212) (2,602)
Proceeds from sale of common units —  44,974 
Transaction costs (573) (386)
Repurchases of common units (237,206) (14,756)
Distributions paid to common unitholders (109,388) (115,913)
Distributions paid to preferred unitholders (18,124) (459)
Contributions from redeemable non-controlling members in consolidated real estate entities 575  4,262 
Distributions to redeemable non-controlling members in consolidated real estate entities (8) (8)
Contributions from non-controlling members in consolidated real estate entities 16,241  24,718 
Distributions to non-controlling members in consolidated real estate entities (56,386) (90,236)
17



HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Payments to satisfy tax withholding obligations —  (693)
Payments of loan costs (1,100) (14,810)
Net cash provided by financing activities 14,070  345,787 
Net increase in cash and cash equivalents and restricted cash 7,192  70,697 
Cash and cash equivalents and restricted cash—beginning of period 196,876  149,540 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD
$ 204,068  $ 220,237 















































The accompanying notes are an integral part of these consolidated financial statements.
18

Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P.
Notes to Unaudited Consolidated Financial Statements
(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

1. Organization

Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009 as a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. Unless otherwise indicated or unless the context requires otherwise, all references in these financial statements to “the Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.

The Company’s portfolio consists of properties primarily located throughout the United States, Western Canada and Greater London, United Kingdom. The following table summarizes the Company’s portfolio as of September 30, 2022:
Segments Number of Properties
Square Feet
(unaudited)
Consolidated portfolio
Office 52  14,543,539 
Studio 1,291,260 
Land 1,966,242 
Total consolidated portfolio 61  17,801,041 
Unconsolidated portfolio(1)
Office(2)
1,509,943 
Studio(3)
241,000 
Land(4)
1,617,347 
Total unconsolidated portfolio 4  3,368,290 
TOTAL(5)