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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, 2021
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




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 22, 2021 was 152,478,496.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2021 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, 2021, Hudson Pacific Properties, Inc. owned approximately 98.7% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 1.3% 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,” 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, 2021
(unaudited)
December 31, 2020
ASSETS
Investment in real estate, at cost$8,446,491 $8,215,017 
Accumulated depreciation and amortization(1,285,137)(1,102,748)
Investment in real estate, net7,161,354 7,112,269 
Non-real estate property, plant and equipment, net60,318 8,444 
Cash and cash equivalents110,500 113,686 
Restricted cash109,737 35,854 
Accounts receivable, net 24,730 22,105 
Straight-line rent receivables, net241,281 225,685 
Deferred leasing costs and intangible assets, net335,619 285,836 
U.S. Government securities130,103 135,115 
Operating lease right-of-use assets273,997 264,880 
Prepaid expenses and other assets, net98,693 55,469 
Investment in unconsolidated real estate entities152,516 82,105 
Goodwill105,149 8,754 
TOTAL ASSETS$8,803,997 $8,350,202 
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net$3,910,405 $3,399,492 
In-substance defeased debt129,105 131,707 
Joint venture partner debt66,136 66,136 
Accounts payable, accrued liabilities and other307,091 235,860 
Operating lease liabilities280,210 270,014 
Intangible liabilities, net40,257 49,144 
Security deposits and prepaid rent79,250 92,180 
Total liabilities4,812,454 4,244,533 
Commitments and contingencies (note 23)
Redeemable preferred units of the operating partnership9,815 9,815 
Redeemable non-controlling interest in consolidated real estate entities129,348 127,874 
Equity
Hudson Pacific Properties, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 authorized, 152,320,252 shares and 151,401,365 shares outstanding at September 30, 2021 and December 31, 2020, respectively
1,523 1,514 
Additional paid-in capital3,389,693 3,469,758 
Accumulated other comprehensive loss(4,448)(8,133)
Total Hudson Pacific Properties, Inc. stockholders’ equity3,386,768 3,463,139 
Non-controlling interest—members in consolidated real estate entities417,255 467,009 
Non-controlling interest—units in the operating partnership48,357 37,832 
Total equity3,852,380 3,967,980 
TOTAL LIABILITIES AND EQUITY$8,803,997 $8,350,202 







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,
2021202020212020
REVENUES
Office
Rental$197,941 $178,256 $580,354 $540,023 
Service and other revenues3,925 2,460 9,358 11,428 
Total office revenues201,866 180,716 589,712 551,451 
Studio
Rental12,768 11,724 36,472 36,767 
Service and other revenues12,998 3,845 30,169 12,904 
Total studio revenues25,766 15,569 66,641 49,671 
Total revenues227,632 196,285 656,353 601,122 
OPERATING EXPENSES
Office operating expenses71,865 66,075 207,538 194,546 
Studio operating expenses12,044 9,034 35,963 27,635 
General and administrative18,288 17,428 53,846 53,943 
Depreciation and amortization88,568 75,052 255,507 222,331 
Total operating expenses190,765 167,589 552,854 498,455 
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate entities566 (105)1,671 69 
Fee income678 575 2,323 1,741 
Interest expense(30,825)(29,838)(91,800)(84,185)
Interest income934 1,056 2,868 3,129 
Management services reimbursement income—unconsolidated real estate entities253  879  
Management services expense—unconsolidated real estate entities(253) (879) 
Transaction-related expenses(6,300)(181)(7,364)(440)
Unrealized gain (loss) on non-real estate investments827 513 11,620 (2,335)
Impairment loss(2,762) (2,762) 
Loss on extinguishment of debt(6,249)(2,654)(6,249)(2,654)
Other income (expense)82 576 (1,547)1,606 
Total other expense(43,049)(30,058)(91,240)(83,069)
Net (loss) income(6,182)(1,362)12,259 19,598 
Net income attributable to preferred units(153)(153)(459)(459)
Net income attributable to participating securities(276)(109)(830)(321)
Net income attributable to non-controlling interest in consolidated real estate entities(3,585)(5,170)(15,764)(12,577)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities816 1,304 2,780 2,707 
Net loss (income) attributable to non-controlling interest in the operating partnership85 54 16 (89)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(9,295)$(5,436)$(1,998)$8,859 
BASIC AND DILUTED PER SHARE AMOUNTS
Net (loss) income attributable to common stockholders—basic$(0.06)$(0.04)$(0.01)$0.06 
Net (loss) income attributable to common stockholders—diluted$(0.06)$(0.04)$(0.01)$0.06 
Weighted average shares of common stock outstanding—basic152,320,252 153,196,007 151,443,305 153,643,278 
Weighted average shares of common stock outstanding—diluted152,320,252 153,196,007 151,443,305 156,030,815 





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,
2021202020212020
Net (loss) income$(6,182)$(1,362)$12,259 $19,598 
Currency translation adjustments(3,511)1,210 (1,588)(1,651)
Net unrealized gains (losses) on derivative instruments:
Unrealized losses(243)(177)(379)(14,306)
Reclassification adjustment for realized gains2,019 2,087 5,702 3,598 
Total net unrealized gains (losses) on derivative instruments1,776 1,910 5,323 (10,708)
Total other comprehensive (loss) income(1,735)3,120 3,735 (12,359)
Comprehensive (loss) income(7,917)1,758 15,994 7,239 
Comprehensive income attributable to preferred units(153)(153)(459)(459)
Comprehensive income attributable to participating securities(276)(109)(830)(321)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities(3,585)(5,170)(15,764)(12,577)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities816 1,304 2,780 2,707 
Comprehensive loss (income) attributable to non-controlling interest in the operating partnership108 27 (34)36 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(11,007)$(2,343)$1,687 $(3,375)


































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, 2021
(unaudited, in thousands, except share data)
Hudson Pacific Properties, Inc. Stockholders’ EquityNon-controlling Interest
Shares 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 stock1,168 — — — — — —  
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 costs1,526,163 15 44,573 — — — — 44,588 
Issuance of unrestricted stock54,414 — — — — — —  
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 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.
8


HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and nine months ended September 30, 2020
(unaudited, in thousands, except share data)

Hudson Pacific Properties, Inc. Stockholders’ EquityNon-controlling Interest
Shares 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, 2020
153,319,333 $1,534 $3,317,192 $ $(15,888)$28,767 $270,026 $3,601,631 
Contributions— — — — — — 372,451 372,451 
Distributions— — — — — — (2,723)(2,723)
Transaction costs— — (16,073)— — — — (16,073)
Issuance of unrestricted stock1,286 — — — —  
Shares repurchased(1,177,127)(12)(26,580)— — — — (26,592)
Declared dividend— — (43,730)5,327 — (450)— (38,853)
Amortization of stock-based compensation— — 2,296 — — 3,246 — 5,542 
Net (loss) income— — — (5,327)— (54)5,170 (211)
Other comprehensive income— — — — 3,093 27 — 3,120 
Balance, September 30, 2020
152,143,492 $1,522 $3,233,105 $ $(12,795)$31,536 $644,924 $3,898,292 
Balance, December 31, 2019
154,691,052 $1,546 $3,415,808 $ $(561)$23,082 $269,487 $3,709,362 
Contributions— — — — — — 372,451 372,451 
Distributions— — — — — — (9,591)(9,591)
Transaction costs— — (16,073)— — — — (16,073)
Issuance of unrestricted stock180,291 3 (3)— — — —  
Shares repurchased(2,591,134)(26)(61,917)— — — — (61,943)
Shares withheld to satisfy tax withholding obligations(136,717)(1)(5,500)— — — — (5,501)
Declared dividend— — (106,096)(9,180)— (1,350)— (116,626)
Amortization of stock-based compensation— — 6,886 — — 9,840 — 16,726 
Net income— — — 9,180 — 89 12,577 21,846 
Other comprehensive loss— — — — (12,234)(125)— (12,359)
Balance, September 30, 2020
152,143,492 $1,522 $3,233,105 $ $(12,795)$31,536 $644,924 $3,898,292 

















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,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$12,259 $19,598 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization255,507 222,331 
Non-cash portion of interest expense7,508 4,603 
Amortization of stock-based compensation15,718 14,409 
Income from unconsolidated real estate entities(1,671)(69)
Unrealized (gain) loss on non-real estate investments(11,620)2,335 
Straight-line rents(15,596)(31,182)
Straight-line rent expenses1,079 1,096 
Amortization of above- and below-market leases, net(8,281)(7,457)
Amortization of above- and below-market ground leases, net1,764 1,763 
Amortization of lease incentive costs1,427 1,437 
Distribution of income from unconsolidated entities1,437  
Impairment loss2,762  
Loss on extinguishment of debt6,249 2,654 
Change in operating assets and liabilities:
Accounts receivable4,526 (1,129)
Deferred leasing costs and lease intangibles(11,696)(9,767)
Prepaid expenses and other assets(18,665)(17,586)
Accounts payable, accrued liabilities and other55,735 55,055 
Security deposits and prepaid rent(12,930)(10,201)
Net cash provided by operating activities285,512 247,890 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to investment in real estate(271,102)(308,909)
Acquisitions of businesses(209,854) 
Maturities of U.S. Government securities5,002 4,121 
Contributions to non-real estate investments(10,530) 
Distributions from non-real estate investments13  
Distributions from unconsolidated real estate entities1,246 573 
Contributions to unconsolidated real estate entities(73,098)(989)
Additions to non-real estate property, plant and equipment(2,279) 
Net cash used in investing activities(560,602)(305,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt1,304,352 1,391,651 
Payments of unsecured and secured debt(792,656)(1,149,943)
Payments of in-substance defeased debt(2,602)(2,470)
Proceeds from sale of common stock44,974  
Transaction costs(386)(16,073)
Repurchases of common stock(14,756)