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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:
RegistrantTitle of each classTrading 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.
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, net7,178,684 7,077,703 
Non-real estate property, plant and equipment, net128,504 58,469 
Cash and cash equivalents161,667 96,555 
Restricted cash42,401 100,321 
Accounts receivable, net 19,692 25,339 
Straight-line rent receivables, net275,518 240,306 
Deferred leasing costs and intangible assets, net405,434 341,444 
U.S. Government securities 129,321 
Operating lease right-of-use assets399,570 287,041 
Prepaid expenses and other assets, net106,640 119,000 
Investment in unconsolidated real estate entities154,144 154,731 
Goodwill261,139 109,439 
Assets associated with real estate held for sale187,026 250,520 
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 debt66,136 66,136 
Accounts payable, accrued liabilities and other355,545 300,959 
Operating lease liabilities396,412 293,596 
Intangible liabilities, net35,758 42,290 
Security deposits, prepaid rent and other87,049 84,939 
Liabilities associated with real estate held for sale2,475 3,898 
Total liabilities5,392,691 4,653,933 
Commitments and contingencies (note 22)
Redeemable preferred units of the operating partnership9,815 9,815 
Redeemable non-controlling interest in consolidated real estate entities125,583 129,449 
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 capital2,935,448 3,317,072 
Accumulated other comprehensive loss(17,066)(1,761)
Total Hudson Pacific Properties, Inc. stockholders’ equity3,344,790 3,741,822 
Non-controlling interest—members in consolidated real estate entities384,724 402,971 
Non-controlling interest—units in the operating partnership62,816 52,199 
Total equity3,792,330 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,
2022202120222021
REVENUES
Office
Rental$208,779 $197,941 $626,807 $580,354 
Service and other revenues4,712 3,925 14,328 9,358 
Total office revenues213,491 201,866 641,135 589,712 
Studio
Rental15,305 12,768 42,137 36,472 
Service and other revenues31,558 12,998 73,025 30,169 
Total studio revenues46,863 25,766 115,162 66,641 
Total revenues260,354 227,632 756,297 656,353 
OPERATING EXPENSES
Office operating expenses78,340 71,865 230,529 207,538 
Studio operating expenses26,688 12,044 66,357 35,963 
General and administrative19,795 18,288 62,178 53,846 
Depreciation and amortization93,070 88,568 276,701 255,507 
Total operating expenses217,893 190,765 635,765 552,854 
OTHER INCOME (EXPENSE)
(Loss) income from unconsolidated real estate entities(352)566 1,731 1,671 
Fee income911 678 3,122 2,323 
Interest expense(37,261)(30,825)(101,816)(91,800)
Interest income196 934 2,026 2,868 
Management services reimbursement income—unconsolidated real estate entities983 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 entities1,037 816 4,433 2,780 
Net loss attributable to common units in the operating partnership225 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—basic141,117,194 152,320,252 144,677,652 151,443,305 
Weighted average shares of common stock outstanding—diluted141,117,194 152,320,252 144,677,652 151,443,305 




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,
2022202120222021
Net (loss) income$(6,792)$(6,182)$(10,861)$12,259 
Currency translation adjustments(10,052)(3,511)(18,501)(1,588)
Net unrealized gains on derivative instruments:
Unrealized gains (losses)4,640 (243)9,200 (379)
Reclassification adjustment for realized (gains) losses(4,782)2,019 (6,277)5,702 
Total net unrealized gains (losses) on derivative instruments(142)1,776 2,923 5,323 
Total other comprehensive (loss) income(10,194)(1,735)(15,578)3,735 
Comprehensive (loss) income(16,986)(7,917)(26,439)15,994 
Comprehensive income attributable to Series A preferred units(153)(153)(459)(459)
Comprehensive income attributable to Series C preferred stock(5,047) (15,384) 
Comprehensive income attributable to participating securities(300)(276)(894)(830)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities(6,256)(3,585)(21,898)(15,764)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities1,037 816 4,433 2,780 
Comprehensive loss (income) attributable to non-controlling interest in the operating partnership404 108 821 (34)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(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’ EquityNon-controlling Interest
Series C Cumulative Redeemable Preferred StockShares of Common StockStock AmountAdditional Paid-in Capital Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossUnits in the Operating PartnershipMembers in Consolidated Real Estate EntitiesTotal 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)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’ EquityNon-controlling Interest
Series C Cumulative Redeemable Preferred StockShares of Common StockStock AmountAdditional Paid-in Capital(Accumulated Deficit) Retained EarningsAccumulated Other Comprehensive LossUnits in the Operating PartnershipMembers in Consolidated Real Estate EntitiesTotal 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 — —