Hudson Pacific Properties, Inc.

Second Quarter 2018 Supplemental Operating and Financial Information

SAME-STORE ANALYSIS

(Unaudited, tabular amounts in thousands, except number of properties and square feet)

	Three Months Ended June 30,								Six Months Ended June 30,
	2018			2017			% change		2018			2017			% change
Same-Store Office Statistics
Number of properties	30			30					29			29
Rentable square feet	7,507,449			7,507,449					7,308,513			7,308,513
Ending % leased	93.2		%	94.5		%	(1.3	)%	93.3		%	94.4		%	(1.1	)%
Ending % occupied	92.4		%	93.9		%	(1.5	)%	92.4		%	93.8		%	(1.4	)%
Average % occupied for the period	92.4		%	93.7		%	(1.3	)%	92.5		%	94.4		%	(1.9	)%
Same-Store Studio Statistics(3)
Number of properties	2			2					2			2
Rentable square feet	873,002			873,002					873,002			873,002
Average % occupied for the period	89.6		%	89.9		%	(0.3	)%	89.6		%	89.9		%	(0.3	)%
SAME-STORE ANALYSIS—NET OPERATING INCOME
	Three Months Ended June 30,								Six Months Ended June 30,
	2018			2017			% change		2018			2017			% change
Same-Store Net Operating Income
Total Office revenues	$	102,703		$	99,896		2.8	%	$	198,485		$	188,380		5.4	%
Total Studio revenues	11,209			10,274			9.1		23,471			21,743			7.9
Same-Store property revenues	$	113,912		$	110,170		3.4	%	$	221,956		$	210,123		5.6	%
Total Office expenses	$	33,365		$	31,685		5.3	%	$	63,937		$	55,664		14.9	%
Total Studio expenses	5,199			4,935			5.3		11,586			12,187			(4.9	)
Same-Store property expenses	$	38,564		$	36,620		5.3	%	$	75,523		$	67,851		11.3	%
Same-Store Office net operating income	$	69,338		$	68,211		1.7	%	$	134,548		$	132,716		1.4	%
NOI margin	67.5		%	68.3		%	(0.8	)%	67.8		%	70.5		%	(2.7	)%
Same-Store Studio net operating income	$	6,010		$	5,339		12.6	%	$	11,885		$	9,556		24.4	%
NOI margin	53.6		%	52.0		%	1.6	%	50.6		%	43.9		%	6.7	%
Same-Store net operating income	$	75,348		$	73,550		2.4	%	$	146,433		$	142,272		2.9	%
NOI margin	66.1		%	66.8		%	0.7	%	66.0		%	67.7		%	(1.7	)%

Hudson Pacific Properties, Inc.

Second Quarter 2018 Supplemental Operating and Financial Information

SAME-STORE ANALYSIS—CONTINUED

(Unaudited, tabular amounts in thousands)

SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS)
	Three Months Ended June 30,								Six Months Ended June 30,
	2018			2017			% change		2018			2017			% change
Same-Store Net Operating Income—Cash Basis
Total Office cash revenues	$	97,816		$	96,250		1.6	%	$	188,931		$	176,957		6.8	%
Total Studio cash revenues	11,018			10,140			8.7		23,165			21,624			7.1
Same-Store property cash revenues	$	108,834		$	106,390		2.3	%	$	212,096		$	198,581		6.8	%
Total Office cash expenses	$	32,790		$	31,110		5.4	%	$	62,787		$	54,503		15.2	%
Total Studio cash expenses	5,199			4,935			5.3		11,586			12,187			(4.9	)
Same-Store property cash expenses	$	37,989		$	36,045		5.4	%	$	74,373		$	66,690		11.5	%
Same-Store Office net operating income—Cash basis	$	65,026		$	65,140		(0.2	)%	$	126,144		$	122,454		3.0	%
NOI margin	66.5		%	67.7		%	(1.2	)%	66.8		%	69.2		%	(2.4	)%
Same-Store Studio net operating income—Cash basis	$	5,819		$	5,205		11.8	%	$	11,579		$	9,437		22.7	%
NOI margin	52.8		%	51.3		%	1.5	%	50.0		%	43.6		%	6.4	%
Same-Store net operating income—Cash basis	$	70,845		$	70,345		0.7	%	$	137,723		$	131,891		4.4	%
NOI margin	65.1		%	66.1		%	(1.0	)%	64.9		%	66.4		%	(1.5	)%

Hudson Pacific Properties, Inc.

Second Quarter 2018 Supplemental Operating and Financial Information

RECONCILIATION OF GAAP NET INCOME TO NET OPERATING INCOME

(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Reconciliation to Net Operating Income
Net Income	$	19,691		$	6,954		$	72,254		$	31,107
Adjustments:
Interest expense	19,331			21,695			39,834			43,625
Interest income	(66		)	(16		)	(75		)	(46		)
Unrealized loss on ineffective portion of derivatives	—			51			—			45
Unrealized gain on non-real estate investment	(928		)	—			(928		)	—
Transaction-related expenses	—			—			118			—
Other income	(319		)	(576		)	(723		)	(1,254		)
Gains on sale of real estate	(1,928		)	—			(39,602		)	(16,866		)
Income from operations	$	35,781		$	28,108		$	70,878		$	56,611
Adjustments:
General and administrative	16,203			14,506			31,767			28,316
Depreciation and amortization	60,706			75,415			121,259			146,182
Net Operating Income	$	112,690		$	118,029		$	223,904		$	231,109
Net Operating Income Breakdown
Same-Store Office cash revenues	$	97,816		$	96,250		$	188,931		$	176,957
Straight-line rent	3,023			44			5,693			4,552
Amortization of above-market and below-market leases, net	2,215			3,853			4,526			7,376
Amortization of lease incentive costs	(351		)	(251		)	(665		)	(505		)
Same-Store Office revenues	$	102,703		$	99,896		$	198,485		$	188,380
Same-Store Studio cash revenues	$	11,018		$	10,140		$	23,165		$	21,624
Straight-line rent	191			134			306			119
Same-Store Studio revenues	$	11,209		$	10,274		$	23,471		$	21,743
Same-Store property revenues	$	113,912		$	110,170		$	221,956		$	210,123
Same-Store Office cash expenses	$	32,790		$	31,110		$	62,787		$	54,503
Amortization of above-market and below-market ground leases, net	575			575			1,150			1,161
Same-Store Office expenses	$	33,365		$	31,685		$	63,937		$	55,664
Same-Store Studio cash expenses	$	5,199		$	4,935		$	11,586		$	12,187
Same-Store Studio expenses	$	5,199		$	4,935		$	11,586		$	12,187
Same-Store property expenses	$	38,564		$	36,620		$	75,523		$	67,851
Same-Store net operating income	$	75,348		$	73,550		$	146,433		$	142,272
Non-Same-Store net operating income	37,342			44,479			77,471			88,837
Net Operating Income	$	112,690		$	118,029		$	223,904		$	231,109

Hudson Pacific Properties, Inc.

Second Quarter 2018 Supplemental Operating and Financial Information

NET OPERATING INCOME DETAIL Three Months Ended June 30, 2018 (Unaudited, in thousands)
	Same-Store Office Properties			Same-Store Studio Properties			Non-Same-Store Office Properties			Non-Same-Store Studio Properties			Redevelopment/Development			Lease-Up Properties			Held-for-Sale			Sold/Other			Total
Revenue
Rents
Cash rent	$	77,298		$	7,307		$	4,574		$	3,157		$	—		$	32,757		$	4,509		$	55		$	129,657
Straight-line rent	3,023			191			840			53			—			3,601			232			(3		)	7,937
Amortization of above-market and below-market leases, net	2,215			—			—			—			—			1,009			6			—			3,230
Amortization of lease incentive costs	(351		)	—			—			—			—			(10		)	(23		)	—			(384		)
Total Rents	$	82,185		$	7,498		$	5,414		$	3,210		$	—		$	37,357		$	4,724		$	52		$	140,440
Tenant reimbursements	$	16,312		$	476		$	555		$	24		$	—		$	4,893		$	157		$	43		$	22,460
Parking and other	4,206			3,235			1,004			2,176			—			1,536			—			112			12,269
Total Revenue	$	102,703		$	11,209		$	6,973		$	5,410		$	—		$	43,786		$	4,881		$	207		$	175,169
Property operating cash expenses	32,790			5,199			1,548			3,340			—			17,177			1,497			336			61,887
Amortization of above-market and below-market ground leases, net	575			—			—			—			—			17			—			—			592
Total operating expenses	$	33,365		$	5,199		$	1,548		$	3,340		$	—		$	17,194		$	1,497		$	336		$	62,479
Total Net Operating Income	$	69,338		$	6,010		$	5,425		$	2,070		$	—		$	26,592		$	3,384		$	(129	)	$	112,690
Square Feet	7,507,449			873,002			703,271			373,421			976,795			3,701,686			447,739			—			14,583,363
Ending % Leased	93.2		%	89.6		%	97.6		%	80.6		%	—		%	80.9		%	80.6		%	—		%	83.1		%
Ending % Occupied	92.4		%	89.6		%	97.2		%	80.6		%	—		%	75.9		%	80.6		%	—		%	81.4		%
NOI Margin	67.5		%	53.6		%	77.8		%	38.3		%	—		%	60.7		%	69.3		%	—		%	64.5		%
Total Net Operating Income	$	69,338		$	6,010		$	5,425		$	2,070		$	—		$	26,592		$	3,384		$	(129	)	$	112,690
Adjustments:
Straight-line rent	(3,023		)	(191		)	(840		)	(53		)	—			(3,601		)	(232		)	3			(7,937		)
Amortization of above market and below-market leases, net	(2,215		)	—			—			—			—			(1,009		)	(6		)	—			(3,230		)
Amortization of lease incentive costs	351			—			—			—			—			10			23			—			384
Amortization of above-market and below-market ground leases, net	575			—			—			—			—			17			—			—			592
Total Cash Net Operating Income	$	65,026		$	5,819		$	4,585		$	2,017		$	—		$	22,009		$	3,169		$	(126	)	$	102,499