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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 June 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 July 22, 2022 was 141,658,129.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 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 June 30, 2022, Hudson Pacific Properties, Inc. owned approximately 98.3% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 1.7% 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)

June 30, 2022
(unaudited)
December 31, 2021
ASSETS
Investment in real estate, at cost$8,562,340 $8,361,477 
Accumulated depreciation and amortization(1,413,526)(1,283,774)
Investment in real estate, net7,148,814 7,077,703 
Non-real estate property, plant and equipment, net60,222 58,469 
Cash and cash equivalents266,538 96,555 
Restricted cash49,025 100,321 
Accounts receivable, net 15,602 25,339 
Straight-line rent receivables, net269,015 240,306 
Deferred leasing costs and intangible assets, net336,439 341,444 
U.S. Government securities 129,321 
Operating lease right-of-use assets299,673 287,041 
Prepaid expenses and other assets, net99,151 119,000 
Investment in unconsolidated real estate entities161,845 154,731 
Goodwill109,473 109,439 
Assets associated with real estate held for sale234,841 250,520 
TOTAL ASSETS$9,050,638 $8,990,189 
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net$4,129,034 $3,733,903 
In-substance defeased debt126,397 128,212 
Joint venture partner debt66,136 66,136 
Accounts payable, accrued liabilities and other313,572 300,959 
Operating lease liabilities307,072 293,596 
Intangible liabilities, net37,485 42,290 
Security deposits and prepaid rent82,906 84,939 
Liabilities associated with real estate held for sale3,072 3,898 
Total liabilities5,065,674 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 entities126,420 129,449 
Equity
Hudson Pacific Properties, Inc. stockholders’ equity
Preferred stock, $0.01 par value, 18,400,000 authorized at June 30, 2022 and December 31, 2021, respectively; 4.750% Series C cumulative redeemable preferred stock, $25.00 per share liquidation preference, 17,000,000 outstanding at June 30, 2022 and December 31, 2021, respectively
425,000 425,000 
Common stock, $0.01 par value, 481,600,000 authorized, 141,609,336 shares and 151,124,543 shares outstanding at June 30, 2022 and December 31, 2021, respectively
1,415 1,511 
Additional paid-in capital2,985,666 3,317,072 
Accumulated other comprehensive loss(7,051)(1,761)
Total Hudson Pacific Properties, Inc. stockholders’ equity3,405,030 3,741,822 
Non-controlling interest—members in consolidated real estate entities384,707 402,971 
Non-controlling interest—units in the operating partnership58,992 52,199 
Total equity3,848,729 4,196,992 
TOTAL LIABILITIES AND EQUITY$9,050,638 $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 June 30,Six Months Ended June 30,
2022202120222021
REVENUES
Office
Rental$211,836 $192,552 $418,028 $382,413 
Service and other revenues4,408 3,151 9,616 5,433 
Total office revenues216,244 195,703 427,644 387,846 
Studio
Rental13,438 11,551 26,832 23,704 
Service and other revenues21,748 8,348 41,467 17,171 
Total studio revenues35,186 19,899 68,299 40,875 
Total revenues251,430 215,602 495,943 428,721 
OPERATING EXPENSES
Office operating expenses78,558 69,111 152,189 135,673 
Studio operating expenses20,686 12,466 39,669 23,919 
General and administrative21,871 17,109 42,383 35,558 
Depreciation and amortization91,438 84,178 183,631 166,939 
Total operating expenses212,553 182,864 417,872 362,089 
OTHER INCOME (EXPENSE)
Income from unconsolidated real estate entities1,780 470 2,083 1,105 
Fee income1,140 797 2,211 1,645 
Interest expense(33,719)(30,689)(64,555)(60,975)
Interest income920 937 1,830 1,934 
Management services reimbursement income—unconsolidated real estate entities1,068 626 2,176 626 
Management services expense—unconsolidated real estate entities(1,068)(626)(2,176)(626)
Transaction-related expenses(1,126)(1,064)(1,382)(1,064)
Unrealized (loss) gain on non-real estate investments(1,818)5,018 (168)10,793 
Impairment loss(3,250) (23,753) 
Other income (expense)742 (1,177)1,594 (1,629)
Total other expenses(35,331)(25,708)(82,140)(48,191)
Net income (loss)3,546 7,030 (4,069)18,441 
Net income attributable to Series A preferred units(153)(153)(306)(306)
Net income attributable to Series C preferred shares(5,047) (10,337) 
Net income attributable to participating securities(300)(276)(594)(554)
Net income attributable to non-controlling interest in consolidated real estate entities(7,081)(5,549)(15,642)(12,179)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities1,506 1,282 3,396 1,964 
Net loss (income) attributable to common units in the operating partnership93 (19)323 (69)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(7,436)$2,315 $(27,229)$7,297 
BASIC AND DILUTED PER SHARE AMOUNTS
Net (loss) income attributable to common stockholders—basic$(0.05)$0.02 $(0.19)$0.05 
Net (loss) income attributable to common stockholders—diluted$(0.05)$0.02 $(0.19)$0.05 
Weighted average shares of common stock outstanding—basic143,816,698 151,169,612 146,487,388 150,997,564 
Weighted average shares of common stock outstanding—diluted143,816,698 152,683,463 146,487,388 151,302,845 






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 June 30,Six Months Ended June 30,
2022202120222021
Net income (loss)$3,546 $7,030 $(4,069)$18,441 
Currency translation adjustments(7,088)914 (8,449)1,923 
Net unrealized gains on derivative instruments:
Unrealized gains (losses)1,516 (160)4,560 (136)
Reclassification adjustment for realized (gains) losses(916)1,872 (1,495)3,683 
Total net unrealized gains on derivative instruments600 1,712 3,065 3,547 
Total other comprehensive (loss) income(6,488)2,626 (5,384)5,470 
Comprehensive (loss) income(2,942)9,656 (9,453)23,911 
Comprehensive income attributable to Series A preferred units(153)(153)(306)(306)
Comprehensive income attributable to Series C preferred units(5,047) (10,337) 
Comprehensive income attributable to participating securities(300)(276)(594)(554)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities(7,081)(5,549)(15,642)(12,179)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities1,506 1,282 3,396 1,964 
Comprehensive loss (income) attributable to non-controlling interest in the operating partnership206 (54)417 (142)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(13,811)$4,906 $(32,519)$12,694 
































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 six months ended June 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, March 31, 2022
$425,000 144,559,168 $1,445 $3,063,500 $ $(676)$55,254 $398,941 $3,943,464 
Contributions— — — — — — — 12,833 12,833 
Distributions— — — — — — — (34,148)(34,148)
Transaction costs— — — (138)— — — — (138)
Issuance of unrestricted stock— 24,564 — — — — — —  
Shares repurchased— (2,105,359)(21)(37,185)— — — — (37,206)
Accelerated share repurchase— (869,037)(9)9 — — — —  
Declared dividend(5,047)— — (42,863)7,136 — (679)— (41,453)
Amortization of stock-based
compensation
— — — 2,343 — — 4,623 — 6,966 
Net income (loss)5,047 — — — (7,136)— (93)7,081 4,899 
Other comprehensive loss— — — — — (6,375)(113)— (6,488)
Balance, June 30, 2022
$425,000 141,609,336 $1,415 $2,985,666 $ $(7,051)$58,992 $384,707 $3,848,729 
Balance, December 31, 2021
$425,000 151,124,543 $1,511 $3,317,072 $ $(1,761)$52,199 $402,971 $4,196,992 
Contributions— — — — — — — 15,457 15,457 
Distributions— — — — — — — (49,363)(49,363)
Transaction costs— — — (214)— — — — (214)
Issuance of unrestricted stock— 32,861 — — — — — —  
Shares repurchased— (2,105,359)(21)(37,185)— — — — (37,206)
Accelerated share repurchase— (7,442,709)(75)(199,925)— — — — (200,000)
Declared dividend(10,337)— — (98,625)26,635 — (1,358)— (83,685)
Amortization of stock-based compensation— — — 4,543 — — 8,568 — 13,111 
Net income (loss)10,337 — — — (26,635)— (323)15,642 (979)
Other comprehensive loss— — — — — (5,290)(94)— (5,384)
Balance, June 30, 2022
$425,000 141,609,336 $1,415 $2,985,666 $ $(7,051)$58,992 $384,707 $3,848,729 
















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 six months ended June 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, March 31, 2021
$ 150,760,631 $1,508 $3,423,699 $ $(5,327)$39,787 $476,573 $3,936,240 
Distributions— — — — — — — (14,646)(14,646)
Proceeds from sale of common stock, net of transaction costs— 1,526,163 15 44,805 — — — — 44,820 
Issuance of unrestricted stock— 33,246 — — — — — —  
Shares withheld to satisfy tax withholding obligations— (956)— — — — — —  
Declared dividend— — — (35,591)(2,591)— (560)— (38,742)
Amortization of stock-based compensation— — — 2,243 — — 5,106 — 7,349 
Net income— — — — 2,591 — 19 5,549 8,159 
Other comprehensive income— — — — — 2,591 35 — 2,626 
Balance, June 30, 2021
$ 152,319,084 $1,523 $3,435,156 $ $(2,736)$44,387 $467,476 $3,945,806 
Balance, December 31, 2020
$ 151,401,365 $1,514 $3,469,758 $ $(8,133)$37,832 $467,009 $3,967,980 
Contributions— — — — — — — 15,016 15,016 
Distributions— — — — — — — (26,728)(26,728)
Proceeds from sale of common stock, net of transaction costs— 1,526,163 15 44,805 — — — — 44,820 
Issuance of unrestricted stock— 53,246 — — — — — —  
Shares repurchased— (632,109)(6)(14,750)— — — — (14,756)
Shares withheld to satisfy tax withholding obligations— (29,581)— (693)— — — — (693)
Declared dividend— — — (68,189)(7,851)— (1,128)— (77,168)
Amortization of stock-based compensation— — — 4,225 — — 7,541 — 11,766 
Net income— — — — 7,851 — 69 12,179 20,099 
Other comprehensive income— — — — — 5,397 73 — 5,470 
Balance, June 30, 2021
$