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, 2025

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  ☒   No  ☐ Hudson Pacific Properties, L.P. Yes  ☒   No  ☐

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  ☒   No  ☐ Hudson Pacific Properties, L.P. Yes  ☒   No  ☐

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 ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

Hudson Pacific Properties, L.P.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	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. ☐ Hudson Pacific Properties, L.P. ☐  

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 August 7, 2025 was 379,150,864.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2025 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, 2025, Hudson Pacific Properties, Inc. owned approximately 97.5% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 2.5% interest was owned by certain of our executive officers and directors, certain of their affiliates and other outside investors and includes 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
PART I—FINANCIAL INFORMATION
ITEM 1.	Financial Statements of Hudson Pacific Properties, Inc.
	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	5
	Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2025 and 2024	6
	Consolidated Statements of Comprehensive Loss (unaudited) for the three and six months ended June 30, 2025 and 2024	7
	Consolidated Statements of Equity (unaudited) for the three and six months ended June 30, 2025 and 2024	8
	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2025 and 2024	10
ITEM 1.	Financial Statements of Hudson Pacific Properties, L.P.
	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	11
	Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2025 and 2024	12
	Consolidated Statements of Comprehensive Loss (unaudited) for the three and six months ended June 30, 2025 and 2024	13
	Consolidated Statements of Capital (unaudited) for the three and six months ended June 30, 2025 and 2024	14
	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2025 and 2024	16
	Notes to Unaudited Consolidated Financial Statements	17
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	63
ITEM 4.	Controls and Procedures	63
PART II—OTHER INFORMATION
ITEM 1.	Legal Proceedings	65
ITEM 1A.	Risk Factors	65
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
ITEM 3.	Defaults Upon Senior Securities	66
ITEM 4.	Mine Safety Disclosures	66
ITEM 5.	Other Information	66
ITEM 6.	Exhibits	67
SIGNATURES		68

4

PART I—FINANCIAL INFORMATION

ITEM 1.          FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.

HUDSON PACIFIC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	June 30, 2025 (unaudited)		December 31, 2024
ASSETS
Investment in real estate, at cost	$	8,211,478	$	8,233,286
Accumulated depreciation and amortization	(1,895,060)		(1,791,108)
Investment in real estate, net	6,316,418		6,442,178
Non-real estate property, plant and equipment, net	129,253		127,067
Cash and cash equivalents	236,025		63,256
Restricted cash	31,102		35,921
Accounts receivable, net	13,454		14,505
Straight-line rent receivables, net	204,031		199,748
Deferred leasing costs and intangible assets, net	351,278		327,514
Operating lease right-of-use assets	347,698		370,826
Prepaid expenses and other assets, net	97,479		90,114
Investment in unconsolidated real estate entities	242,785		221,468
Goodwill	156,529		156,529
Assets associated with real estate held for sale	—		83,113
TOTAL ASSETS	$	8,126,052	$	8,132,239
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net	$	3,690,429	$	4,176,844
Joint venture partner debt	66,136		66,136
Accounts payable, accrued liabilities and other	222,645		193,861
Operating lease liabilities	358,528		380,004
Intangible liabilities, net	19,790		21,838
Security deposits, prepaid rent and other	83,408		84,708
Liabilities associated with real estate held for sale	—		31,117
Total liabilities	4,440,936		4,954,508
Commitments and contingencies (Note 20)
Redeemable preferred units of the operating partnership	5,894		9,815
Redeemable non-controlling interest in consolidated real estate entities	48,890		49,279
Equity
Hudson Pacific Properties, Inc. stockholders' equity:
4.750% Series C cumulative redeemable preferred stock, $0.01 par value, $25.00 per share liquidation preference, 18,400,000 authorized, 17,000,000 shares outstanding at June 30, 2025 and December 31, 2024	425,000		425,000
Common stock, $0.01 par value, 722,400,000 authorized and 379,150,864 shares outstanding at June 30, 2025; 481,600,000 authorized and 141,279,102 shares outstanding at December 31, 2024	3,779		1,403
Additional paid-in capital	2,935,476		2,437,484
Accumulated other comprehensive income (loss)	2,160		(8,417)
Total Hudson Pacific Properties, Inc. stockholders’ equity	3,366,415		2,855,470
Non-controlling interest—members in consolidated real estate entities	153,574		169,452
Non-controlling interest—units in the operating partnership	110,343		93,715
Total equity	3,630,332		3,118,637
TOTAL LIABILITIES AND EQUITY	$	8,126,052	$	8,132,239

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,
	2025		2024		2025		2024
REVENUES
Office
Rental revenues	$	150,533	$	172,596	$	308,926	$	344,023
Service and other revenues	5,300		3,443		12,118		7,091
Total office revenues	155,833		176,039		321,044		351,114
Studio
Rental revenues	13,889		14,441		27,541		28,041
Service and other revenues	20,280		27,520		39,876		52,868
Total studio revenues	34,169		41,961		67,417		80,909
Total revenues	190,002		218,000		388,461		432,023
OPERATING EXPENSES
Office operating expenses	71,501		75,304		143,778		148,251
Studio operating expenses	36,552		37,952		77,533		75,061
General and administrative	27,776		20,705		46,259		40,415
Depreciation and amortization	94,751		86,798		187,836		178,652
Total operating expenses	230,580		220,759		455,406		442,379
OTHER (EXPENSES) INCOME
Loss from unconsolidated real estate entities	(205)		(2,481)		(1,459)		(3,224)
Fee income	1,476		1,371		2,835		2,496
Interest expense	(48,137)		(44,159)		(91,642)		(88,248)
Interest income	2,123		579		2,558		1,433
Management services reimbursement income—unconsolidated real estate entities	1,123		1,042		2,098		2,198
Management services expense—unconsolidated real estate entities	(1,123)		(1,042)		(2,098)		(2,198)
Transaction-related expenses	(451)		113		(451)		(2,037)
Unrealized gain (loss) on non-real estate investments	212		(1,045)		(237)		(1,943)
Loss on extinguishment of debt	(1,637)		—		(3,495)		—
(Loss) gain on sale of real estate, net	(16)		—		10,007		—
Impairment loss	—		—		(18,476)		—
Other (expense) income	(93)		1,334		(85)		1,477
Total other expenses	(46,728)		(44,288)		(100,445)		(90,046)
Loss before income tax provision	(87,306)		(47,047)		(167,390)		(100,402)
Income tax provision	(454)		(510)		(648)		(510)
Net loss	(87,760)		(47,557)		(168,038)		(100,912)
Net income attributable to Series A preferred units	(121)		(153)		(267)		(306)
Net income attributable to Series C preferred shares	(5,047)		(5,047)		(10,094)		(10,094)
Net income attributable to participating securities	—		(207)		—		(409)
Net loss attributable to non-controlling interest in consolidated real estate entities	6,675		3,751		14,142		7,920
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities	895		961		1,797		2,118
Net loss attributable to common units in the operating partnership	2,209		1,225		4,603		2,454
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(83,149)	$	(47,027)	$	(157,857)	$	(99,229)
BASIC AND DILUTED PER SHARE AMOUNTS
Net loss attributable to common stockholders—basic	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)
Net loss attributable to common stockholders—diluted	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)
Weighted average shares of common stock outstanding—basic	202,666,003		141,181,450		172,195,534		141,151,893
Weighted average shares of common stock outstanding—diluted	202,666,003		141,181,450		172,195,534		141,151,893

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

6

HUDSON PACIFIC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited, in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net loss	$	(87,760)	$	(47,557)	$	(168,038)	$	(100,912)
Currency translation adjustments	10,295		(695)		13,834		(3,380)
Net unrealized (losses) gains on derivative instruments:
Unrealized gains (losses)	850		3,441		(159)		12,211
Reclassification adjustment for realized gains	(1,613)		(2,867)		(2,679)		(5,414)
Total net unrealized (losses) gains on derivative instruments	(763)		574		(2,838)		6,797
Total other comprehensive income (loss)	9,532		(121)		10,996		3,417
Comprehensive loss	(78,228)		(47,678)		(157,042)		(97,495)
Comprehensive income attributable to Series A preferred units	(121)		(153)		(267)		(306)
Comprehensive income attributable to Series C preferred stock	(5,047)		(5,047)		(10,094)		(10,094)
Comprehensive income attributable to participating securities	—		(207)		—		(409)
Comprehensive loss attributable to non-controlling interest in consolidated real estate entities	6,615		3,642		14,055		7,656
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities	895		961		1,797		2,118
Comprehensive loss attributable to non-controlling interest in the operating partnership	1,971		1,246		4,271		2,312
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(73,915)	$	(47,236)	$	(147,280)	$	(96,218)

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, 2025

(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) Income		Units in the Operating Partnership		Members in Consolidated Real Estate Entities		Total Equity
Balance, March 31, 2025	$	425,000	141,392,410	$	1,403	$	2,362,920	$	—	$	(7,074)	$	95,924	$	160,212	$	3,038,385
Contributions	—		—	—		—		—		—		—		6,936		6,936
Distributions	—		—	—		—		—		—		—		(6,959)		(6,959)
Sale of common stock	—		237,553,442	2,374		521,018		—		—		—		—		523,392
Sale of pre-funded warrants	—		—	—		138,451		—		—		—		—		138,451
Transaction costs	—		—	—		(5,039)		—		—		—		—		(5,039)
Settlement of restricted stock units for shares of common stock	—		208,178	2		(2)		—		—		—		—		—
Shares withheld to satisfy tax withholding obligations	—		(3,166)	—		—		—		—		—		—		—
Declared dividend	(5,047)		—	—		(83,149)		83,149		—		—		—		(5,047)
Amortization of share/unit-based compensation	—		—	—		785		—		—		17,200		—		17,985
Redemption of common units in operating partnership	—		—	—		492		—		—		(810)		—		(318)
Net income (loss)	5,047		—	—		—		(83,149)		—		(2,209)		(6,675)		(86,986)
Other comprehensive income	—		—	—		—		—		9,234		238		60		9,532
Balance, June 30, 2025	$	425,000	379,150,864	$	3,779	$	2,935,476	$	—	$	2,160	$	110,343	$	153,574	$	3,630,332
Balance, December 31, 2024	$	425,000	141,279,102	$	1,403	$	2,437,484	$	—	$	(8,417)	$	93,715	$	169,452	$	3,118,637
Contributions	—		—	—		—		—		—		—		9,925		9,925
Distributions	—		—	—		—		—		—		—		(11,748)		(11,748)
Sale of common stock	—		237,553,442	2,374		521,018		—		—		—		—		523,392
Sale of pre-funded warrants	—		—	—		138,451		—		—		—		—		138,451
Transaction costs	—		—	—		(5,039)		—		—		—		—		(5,039)
Settlement of restricted stock units for shares of common stock	—		386,158	3		(3)		—		—		—		—		—
Shares withheld to satisfy tax withholding obligations	—		(67,838)	(1)		(194)		—		—		—		—		(195)
Declared dividend	(10,094)		—	—		(157,943)		157,857		—		(267)		—		(10,447)
Amortization of share/unit-based compensation	—		—	—		1,210		—		—		21,976		—		23,186
Redemption of operating partnership units	—		—	—		492		—		—		(810)		—		(318)
Net income (loss)	10,094		—	—		—		(157,857)		—		(4,603)		(14,142)		(166,508)
Other comprehensive income	—		—	—		—		—		10,577		332		87		10,996
Balance, June 30, 2025	$	425,000	379,150,864	$	3,779	$	2,935,476	$	—	$	2,160	$	110,343	$	153,574	$	3,630,332

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, 2024

(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 Income (Loss)		Units in the Operating Partnership		Members in Consolidated Real Estate Entities		Total Equity
Balance, March 31, 2024	$	425,000	141,144,592	$	1,403	$	2,753,640	$	—	$	3,033	$	84,962	$	120,526	$	3,388,564
Contributions	—		—	—		—		—		—		—		8,481		8,481
Distributions	—		—	—		—		—		—		—		(4,612)		(4,612)
Effect of consolidation of previously unconsolidated real estate entity	—		—	—		—		—		—		—		55,593		55,593
Transaction costs	—		—	—		(79)		—		—		—		—		(79)
Settlement of restricted stock units for shares of common stock	—		87,769	—		—		—		—		—		—		—
Declared dividend	(5,047)		—	—		(53,938)		46,820		—		(390)		—		(12,555)
Amortization of share/unit-based compensation	—		—	—		1,284		—		—		6,002		—		7,286
Net income (loss)	5,047		—	—		—		(46,820)		—		(1,225)		(3,751)		(46,749)
Other comprehensive (loss) income	—		—	—		—		—		(209)		(21)		109		(121)
Balance, June 30, 2024	$	425,000	141,232,361	$	1,403	$	2,700,907	$	—	$	2,824	$	89,328	$	176,346	$	3,395,808
Balance, December 31, 2023	$	425,000	141,034,806	$	1,403	$	2,651,798	$	—	$	(187)	$	80,719	$	335,439	$	3,494,172
Contributions	—		—	—		—		—		—		—		13,185		13,185
Distributions	—		—	—		—		—		—		—		(18,697)		(18,697)
Effect of consolidation of previously unconsolidated real estate entity	—		—	—		—		—		—		—		55,593		55,593
Purchase of non-controlling interest	—		—	—		160,581		—		—		—		(201,518)		(40,937)
Transaction costs	—		—	—		(79)		—		—		—				(79)
Settlement of restricted stock units for shares of common stock	—		263,014	1		(1)		—		—		—		—		—
Shares withheld to satisfy tax withholding obligations	—		(72,157)	(1)		(494)		—		—		—		—		(495)
Declared dividend	(10,094)		—	—		(113,158)		98,820		—		(1,039)		—		(25,471)
Amortization of share/unit-based compensation	—		—	—		2,127		—		—		12,093		—		14,220
Redemption of common units in operating partnership	—		6,698	—		133		—		—		(133)		—		—
Net income (loss)	10,094		—	—		—		(98,820)		—		(2,454)		(7,920)		(99,100)
Other comprehensive income	—		—	—		—		—		3,011		142		264		3,417
Balance, June 30, 2024	$	425,000	141,232,361	$	1,403	$	2,700,907	$	—	$	2,824	$	89,328	$	176,346	$	3,395,808

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)

	Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(168,038)	$	(100,912)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	187,836		178,652
Non-cash interest expense	9,730		3,909
Amortization of share/unit-based compensation	23,029		13,485
Straight-line rents	(4,037)		3,244
Straight-line rent expense	2,074		2,038
Amortization of above- and below-market leases, net	(1,882)		(2,703)
Amortization of above- and below-market ground leases, net	1,302		1,324
Amortization of lease incentive costs	2,060		500
Loss from unconsolidated real estate entities	1,459		3,224
Unrealized loss on non-real estate investments	237		1,943
Loss on extinguishment of debt	3,495		—
Gain on sale of real estate, net	(10,007)		—
Impairment loss	18,476		—
Deferred tax (benefit) provision	(19)		471
Change in operating assets and liabilities:
Accounts receivable	1,852		6,364
Deferred leasing costs and lease intangibles	(25,965)		(11,196)
Prepaid expenses and other assets	(16,197)		(12,226)
Accounts payable, accrued liabilities and other	6,005		17,427
Security deposits, prepaid rent and other	(2,914)		(4,794)
Net cash provided by operating activities	28,496		100,750
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of real estate	88,251		—
Additions to investment in real estate	(75,515)		(88,069)
Contributions to unconsolidated real estate entities	(9,314)		(30,492)
Distributions from unconsolidated real estate entities	378		—
Cash acquired from consolidation of previously unconsolidated real estate entity	—		8,814
Additions to non-real estate property, plant and equipment	(10,554)		(10,364)
Contributions to non-real estate investments	(2,248)		(919)
Distributions from non-real estate investments	924		—
Net cash used in investing activities	(8,078)		(121,030)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	1,006,000		112,341
Payments of unsecured and secured debt	(1,484,667)		(30,000)
Payments of loan costs	(12,077)		—
Fee for prepayment of notes payable	(2,965)		—
Proceeds from sale of common stock	523,392		—
Proceeds from sale of pre-funded warrants	138,451		—
Transaction costs	(5,039)		(79)
Redemption of series A preferred units	(3,921)		—
Redemption of operating partnership units	(318)		—
Dividends paid to common stock and unitholders	(353)		(15,377)
Dividends paid to preferred stock and unitholders	(10,361)		(10,400)
Contributions from redeemable non-controlling members in consolidated real estate entities	1,415		—
Distributions to redeemable non-controlling members in consolidated real estate entities	(7)		(3,924)
Contributions from non-controlling members in consolidated real estate entities	9,925		13,185
Distributions to non-controlling members in consolidated real estate entities	(11,748)		(18,697)
Purchase of non-controlling interest	—		(40,937)
Payments to satisfy tax withholding obligations	(195)		(48)
Settlement of earnout liability	—		(5,000)
Net cash provided by financing activities	147,532		1,064
Net increase (decrease) in cash and cash equivalents and restricted cash	167,950		(19,216)
Cash and cash equivalents and restricted cash—beginning of period	99,177		119,156
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	$	267,127	$	99,940

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

10

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

HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

	June 30, 2025 (unaudited)		December 31, 2024
ASSETS
Investment in real estate, at cost	$	8,211,478	$	8,233,286
Accumulated depreciation and amortization	(1,895,060)		(1,791,108)
Investment in real estate, net	6,316,418		6,442,178
Non-real estate property, plant and equipment, net	129,253		127,067
Cash and cash equivalents	236,025		63,256
Restricted cash	31,102		35,921
Accounts receivable, net	13,454		14,505
Straight-line rent receivables, net	204,031		199,748
Deferred leasing costs and intangible assets, net	351,278		327,514
Operating lease right-of-use assets	347,698		370,826
Prepaid expenses and other assets, net	97,479		90,114
Investment in unconsolidated real estate entities	242,785		221,468
Goodwill	156,529		156,529
Assets associated with real estate held for sale	—		83,113
TOTAL ASSETS	$	8,126,052	$	8,132,239
LIABILITIES AND CAPITAL
Liabilities
Unsecured and secured debt, net	$	3,690,429	$	4,176,844
Joint venture partner debt	66,136		66,136
Accounts payable, accrued liabilities and other	222,645		193,861
Operating lease liabilities	358,528		380,004
Intangible liabilities, net	19,790		21,838
Security deposits, prepaid rent and other	83,408		84,708
Liabilities associated with real estate held for sale	—		31,117
Total liabilities	4,440,936		4,954,508
Commitments and contingencies (Note 20)
Redeemable preferred units of the operating partnership	5,894		9,815
Redeemable non-controlling interest in consolidated real estate entities	48,890		49,279
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 units outstanding at June 30, 2025 and December 31, 2024	425,000		425,000
Common units, 384,092,828 and 145,075,448 outstanding at June 30, 2025 and December 31, 2024, respectively	3,049,562		2,532,898
Accumulated other comprehensive income (loss)	2,196		(8,713)
Total Hudson Pacific Properties, L.P. partners’ capital	3,476,758		2,949,185
Non-controlling interest—members in consolidated real estate entities	153,574		169,452
Total capital	3,630,332		3,118,637
TOTAL LIABILITIES AND CAPITAL	$	8,126,052	$	8,132,239

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

11

HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except unit data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
REVENUES
Office
Rental revenues	$	150,533	$	172,596	$	308,926	$	344,023
Service and other revenues	5,300		3,443		12,118		7,091
Total office revenues	155,833		176,039		321,044		351,114
Studio
Rental revenues	13,889		14,441		27,541		28,041
Service and other revenues	20,280		27,520		39,876		52,868
Total studio revenues	34,169		41,961		67,417		80,909
Total revenues	190,002		218,000		388,461		432,023
OPERATING EXPENSES
Office operating expenses	71,501		75,304		143,778		148,251
Studio operating expenses	36,552		37,952		77,533		75,061
General and administrative	27,776		20,705		46,259		40,415
Depreciation and amortization	94,751		86,798		187,836		178,652
Total operating expenses	230,580		220,759		455,406		442,379
OTHER (EXPENSES) INCOME
Loss from unconsolidated real estate entities	(205)		(2,481)		(1,459)		(3,224)
Fee income	1,476		1,371		2,835		2,496
Interest expense	(48,137)		(44,159)		(91,642)		(88,248)
Interest income	2,123		579		2,558		1,433
Management services reimbursement income—unconsolidated real estate entities	1,123		1,042		2,098		2,198
Management services expense—unconsolidated real estate entities	(1,123)		(1,042)		(2,098)		(2,198)
Transaction-related expenses	(451)		113		(451)		(2,037)
Unrealized gain (loss) on non-real estate investments	212		(1,045)		(237)		(1,943)
(Loss) gain on sale of real estate, net	(16)		—		10,007		—
Loss on extinguishment of debt	(1,637)		—		(3,495)		—
Impairment loss	—		—		(18,476)		—
Other (expense) income	(93)		1,334		(85)		1,477
Total other expenses	(46,728)		(44,288)		(100,445)		(90,046)
Loss before income tax provision	(87,306)		(47,047)		(167,390)		(100,402)
Income tax provision	(454)		(510)		(648)		(510)
Net loss	(87,760)		(47,557)		(168,038)		(100,912)
Net loss attributable to non-controlling interest in consolidated real estate entities	6,675		3,751		14,142		7,920
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities	895		961		1,797		2,118
Net loss attributable to Hudson Pacific Properties, L.P.	(80,190)		(42,845)		(152,099)		(90,874)
Net income attributable to Series A preferred units	(121)		(153)		(267)		(306)
Net income attributable to Series C preferred units	(5,047)		(5,047)		(10,094)		(10,094)
Net income attributable to participating securities	—		(207)		—		(409)
NET LOSS AVAILABLE TO COMMON UNITHOLDERS	$	(85,358)	$	(48,252)	$	(162,460)	$	(101,683)
BASIC AND DILUTED PER UNIT AMOUNTS
Net loss attributable to common unitholders—basic	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)
Net loss attributable to common unitholders—diluted	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)
Weighted average shares of common units outstanding—basic	207,672,364		144,859,277		177,214,424		144,673,725
Weighted average shares of common units outstanding—diluted	207,672,364		144,859,277		177,214,424		144,673,725

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

12

HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited, in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net loss	$	(87,760)	$	(47,557)	$	(168,038)	$	(100,912)
Currency translation adjustments	10,295		(695)		13,834		(3,380)
Net unrealized (losses) gains on derivative instruments:
Unrealized gains (losses)	850		3,441		(159)		12,211
Reclassification adjustment for realized gains	(1,613)		(2,867)		(2,679)		(5,414)
Total net unrealized (losses) gains on derivative instruments	(763)		574		(2,838)		6,797
Total other comprehensive income (loss)	9,532		(121)		10,996		3,417
Comprehensive loss	(78,228)		(47,678)		(157,042)		(97,495)
Comprehensive income attributable to Series A preferred units	(121)		(153)		(267)		(306)
Comprehensive income attributable to Series C preferred units	(5,047)		(5,047)		(10,094)		(10,094)
Comprehensive income attributable to participating securities	—		(207)		—		(409)
Comprehensive loss attributable to non-controlling interest in consolidated real estate entities	6,615		3,642		14,055		7,656
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities	895		961		1,797		2,118
COMPREHENSIVE LOSS ATTRIBUTABLE TO PARTNERS’ CAPITAL	$	(75,886)	$	(48,482)	$	(151,551)	$	(98,530)

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

13

HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF CAPITAL

For the three and six months ended June 30, 2025

(unaudited, in thousands, except share data)

	Hudson Pacific Properties, L.P. Partners’ Capital									Non-controlling Interest—Members in Consolidated Real Estate Entities
	Preferred Units		Number of Common Units	Common Units		Accumulated Other Comprehensive (Loss) Income		Total Partners’ Capital				Total Capital
Balance, March 31, 2025	$	425,000	146,465,291	$	2,460,449	$	(7,276)	$	2,878,173	$	160,212	$	3,038,385
Contributions	—		—	—		—		—		6,936		6,936
Distributions	—		—	—		—		—		(6,959)		(6,959)
Issuance of common units	—		237,775,152	523,392		—		523,392		—		523,392
Issuance of pre-funded warrants	—		—	138,451		—		138,451		—		138,451
Transaction costs	—		—	(5,039)		—		(5,039)		—		(5,039)
Units withheld to satisfy tax withholding obligations	—		(3,166)	—		—		—		—		—
Declared distributions	(5,047)		—	—		—		(5,047)		—		(5,047)
Amortization of unit-based compensation	—		—	17,985		—		17,985		—		17,985
Redemption of common units in the operating partnership			(144,449)	(318)		—		(318)		—		(318)
Net income (loss)	5,047		—	(85,358)		—		(80,311)		(6,675)		(86,986)
Other comprehensive income	—		—	—		9,472		9,472		60		9,532
Balance, June 30, 2025	$	425,000	384,092,828	$	3,049,562	$	2,196	$	3,476,758	$	153,574	$	3,630,332
Balance, December 31, 2024	$	425,000	145,075,448	$	2,532,898	$	(8,713)	$	2,949,185	$	169,452	$	3,118,637
Contributions	—		—	—		—		—		9,925		9,925
Distributions	—		—	—		—		—		(11,748)		(11,748)
Issuance of common units	—		239,229,667	523,392		—		523,392		—		523,392
Issuance of pre-funded warrants	—		—	138,451		—		138,451		—		138,451
Transaction costs	—		—	(5,039)		—		(5,039)		—		(5,039)
Units withheld to satisfy tax withholding obligations	—		(67,838)	(195)		—		(195)		—		(195)
Declared distributions	(10,094)		—	(353)		—		(10,447)		—		(10,447)
Amortization of unit-based compensation	—		—	23,186		—		23,186		—		23,186
Redemption of common units in the operating partnership	—		(144,449)	(318)		—		(318)		—		(318)
Net income (loss)	10,094		—	(162,460)		—		(152,366)		(14,142)		(166,508)
Other comprehensive income	—		—	—		10,909		10,909		87		10,996
Balance, June 30, 2025	$	425,000	384,092,828	$	3,049,562	$	2,196	$	3,476,758	$	153,574	$	3,630,332

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 six months ended June 30, 2024

(unaudited, in thousands, except share data)

	Hudson Pacific Properties, L.P. Partners’ Capital									Non-controlling Interest—Members in Consolidated Real Estate Entities
	Preferred Units		Number of Common Units	Common Units		Accumulated Other Comprehensive Income (Loss)		Total Partners’ Capital				Total Capital
Balance, March 31, 2024	$	425,000	144,822,419	$	2,839,717	$	3,321	$	3,268,038	$	120,526	$	3,388,564
Contributions	—		—	—		—		—		8,481		8,481
Distributions	—		—	—		—		—		(4,612)		(4,612)
Effect of consolidation of previously unconsolidated real estate entity	—		—	—		—		—		55,593		55,593
Transaction costs	—		—	(79)		—		(79)		—		(79)
Issuance of common units	—		87,769	—		—		—		—		—
Declared distributions	(5,047)		—	(7,508)		—		(12,555)		—		(12,555)
Amortization of unit-based compensation	—		—	7,286		—		7,286		—		7,286
Net income (loss)	5,047		—	(48,045)		—		(42,998)		(3,751)		(46,749)
Other comprehensive (loss) income	—		—	—		(230)		(230)		109		(121)
Balance, June 30, 2024	$	425,000	144,910,188	$	2,791,371	$	3,091	$	3,219,462	$	176,346	$	3,395,808
Balance, December 31, 2023	$	425,000	143,845,239	$	2,733,795	$	(62)	$	3,158,733	$	335,439	$	3,494,172
Contributions	—		—	—		—		—		13,185		13,185
Distributions	—		—	—		—		—		(18,697)		(18,697)
Purchase of non-controlling interest	—		—	160,581		—		160,581		(201,518)		(40,937)
Effect of consolidation of previously unconsolidated real estate entity	—		—	—		—		—		55,593		55,593
Transaction costs	—		—	(79)		—		(79)		—		(79)
Issuance of common units	—		1,137,106	—		—		—		—		—
Units withheld to satisfy tax withholding obligations	—		(72,157)	(495)		—		(495)		—		(495)
Declared distributions	(10,094)		—	(15,377)		—		(25,471)		—		(25,471)
Amortization of unit-based compensation	—		—	14,220		—		14,220		—		14,220
Net income (loss)	10,094		—	(101,274)		—		(91,180)		(7,920)		(99,100)
Other comprehensive income	—		—	—		3,153		3,153		264		3,417
Balance, June 30, 2024	$	425,000	144,910,188	$	2,791,371	$	3,091	$	3,219,462	$	176,346	$	3,395,808

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

15

HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(168,038)	$	(100,912)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	187,836		178,652
Non-cash interest expense	9,730		3,909
Amortization of share/unit-based compensation	23,029		13,485
Straight-line rents	(4,037)		3,244
Straight-line rent expenses	2,074		2,038
Amortization of above- and below-market leases, net	(1,882)		(2,703)
Amortization of above- and below-market ground leases, net	1,302		1,324
Amortization of lease incentive costs	2,060		500
Loss from unconsolidated real estate entities	1,459		3,224
Unrealized loss on non-real estate investments	237		1,943
Loss on extinguishment of debt	3,495		—
Gain on sale of real estate, net	(10,007)		—
Impairment loss	18,476		—
Deferred tax (benefit) provision	(19)		471
Change in operating assets and liabilities:
Accounts receivable	1,852		6,364
Deferred leasing costs and lease intangibles	(25,965)		(11,196)
Prepaid expenses and other assets	(16,197)		(12,226)
Accounts payable, accrued liabilities and other	6,005		17,427
Security deposits, prepaid rent and other	(2,914)		(4,794)
Net cash provided by operating activities	28,496		100,750
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of real estate	88,251		—
Additions to investment in real estate	(75,515)		(88,069)
Contributions to unconsolidated real estate entities	(9,314)		(30,492)
Distributions from unconsolidated real estate entities	378		—
Cash acquired from consolidation of previously unconsolidated real estate entity	—		8,814
Additions to non-real estate property, plant and equipment	(10,554)		(10,364)
Contributions to non-real estate investments	(2,248)		(919)
Distributions from non-real estate investments	924		—
Net cash used in investing activities	(8,078)		(121,030)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	1,006,000		112,341
Payments of unsecured and secured debt	(1,484,667)		(30,000)
Payments of loan costs	(12,077)		—
Fee for prepayment of notes payable	(2,965)		—
Proceeds from issuance of common units	523,392		—
Proceeds from issuance of pre-funded warrants	138,451		—
Transaction costs	(5,039)		(79)
Redemption of series A preferred units	(3,921)		—
Redemption of common units	(318)
Distributions paid to common unitholders	(353)		(15,377)
Distributions paid to preferred unitholders	(10,361)		(10,400)
Contributions from redeemable non-controlling members in consolidated real estate entities	1,415		—
Distributions to redeemable non-controlling members in consolidated real estate entities	(7)		(3,924)
Contributions from non-controlling members in consolidated real estate entities	9,925		13,185
Distributions to non-controlling members in consolidated real estate entities	(11,748)		(18,697)
Purchase of non-controlling interest	—		(40,937)
Payments to satisfy tax withholding obligations	(195)		(48)
Settlement of earnout liability	—		(5,000)
Net cash provided by financing activities	147,532		1,064
Net increase (decrease) in cash and cash equivalents and restricted cash	167,950		(19,216)
Cash and cash equivalents and restricted cash—beginning of period	99,177		119,156
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	$	267,127	$	99,940

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

16

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 June 30, 2025:

Segments	Number of Properties	Square Feet (unaudited)
Consolidated portfolio
Office	41	12,687,098
Studio	4	1,473,568
Future development	5	1,616,242
Total consolidated portfolio	50	15,776,908
Unconsolidated portfolio(1)
Office(2)	1	1,524,254
Studio(3)	1	232,000
Future development(4)	2	1,617,347
Total unconsolidated portfolio	4	3,373,601
TOTAL	54	19,150,509

__________________ 

1.The Company owns 20% of the unconsolidated joint venture entity that owns the Bentall Centre property, 35% of the unconsolidated joint venture entity that owns Sunset Waltham Cross Studios and approximately 26% of the unconsolidated joint venture entity that owns Sunset Pier 94 Studios. The square footage shown above represents 100% of the properties.

2.Includes Bentall Centre.

3.Includes Sunset Pier 94 Studios.

4.Includes land for the Burrard Exchange and Sunset Waltham Cross Studios.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company and the operating partnership are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented.

The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in the 2024 Annual Report on Form 10-K of Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. and the notes thereto.

Principles of Consolidation

The unaudited interim consolidated financial statements of the Company include the accounts of the Company, the operating partnership and all wholly-owned and controlled subsidiaries. The consolidated financial statements of the operating partnership include the accounts of the operating partnership and all wholly-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

17

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)

As of June 30, 2025, the Company has determined that its operating partnership and 19 joint ventures met the definition of a VIE. 13 of these joint ventures are consolidated and six are unconsolidated.

Consolidated Joint Ventures

As of June 30, 2025, the operating partnership has determined that 13 of its joint ventures met the definition of a VIE and are consolidated:

Entity	Property	Ownership Interest
Hudson 1099 Stewart, L.P.	Hill7	55.0	%
Hudson One Ferry REIT, L.P.	Ferry Building	55.0	%
Sunset Bronson Entertainment Properties, LLC	Sunset Bronson Studios, ICON, CUE	51.0	%
Sunset Gower Entertainment Properties, LLC	Sunset Gower Studios	51.0	%
Sunset 1440 North Gower Street, LLC	Sunset Gower Studios	51.0	%
Sunset Las Palmas Entertainment Properties, LLC	Sunset Las Palmas Studios, Harlow	51.0	%
Sunset Services Holdings, LLC	None(1)	51.0	%
Sunset Studios Holdings, LLC	EPIC	51.0	%
Hudson Media and Entertainment Management, LLC	None(2)	51.0	%
Hudson 6040 Sunset, LLC	6040 Sunset	51.0	%
Sun Valley Peoria, LLC	Sunset Glenoaks Studios	50.0	%
Sun Valley Services, LLC	None(3)	50.0	%
Hudson 1918 Eighth, L.P.	1918 Eighth	55.0	%

__________________ 

1.Sunset Services Holdings, LLC is the taxable REIT subsidiary (“TRS”) which wholly owns Services Holdings, LLC, which owns 100% interests in Sunset Bronson Services, LLC, Sunset Gower Services, LLC and Sunset Las Palmas Services, LLC, which are the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios, respectively.

2.Hudson Media and Entertainment Management, LLC manages the following properties: Sunset Gower Studios, Sunset Bronson Studios, Sunset Las Palmas Studios, 6040 Sunset, ICON, CUE, EPIC and Harlow (collectively “Hollywood Media Portfolio”), as well as Sunset Glenoaks Studios.

3.Sun Valley Services, LLC is the TRS related to Sunset Glenoaks Studios.

As of June 30, 2025 and December 31, 2024, the Company has determined that its operating partnership met the definition of a VIE and is consolidated.

Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of certain VIEs can only be used to satisfy those VIEs’ own contractual obligations, and the VIEs’ creditors have no recourse to the general credit of the Company.

Unconsolidated Joint Ventures

As of June 30, 2025, the Company has determined it is not the primary beneficiary of six of its joint ventures that are VIEs. Due to its significant influence over the unconsolidated entities, the Company accounts for them using the equity method of accounting. Under the equity method, the Company initially records the investment at cost and subsequently adjusts for equity in earnings or losses and cash contributions and distributions. Refer to Note 5 for further details regarding our investments in unconsolidated joint ventures.

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)

Revenue from Contracts with Customers

The following table summarizes the Company’s revenue streams that are accounted for under ASC 606 for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Ancillary revenues	$	19,016	$	26,187	$	37,572	$	50,387
Other revenues	$	5,928	$	4,257	$	13,282	$	8,611
Studio-related tenant recoveries	$	636	$	519	$	1,140	$	961
Management fee income	$	1,476	$	1,371	$	2,835	$	2,496
Management services reimbursement income	$	1,123	$	1,042	$	2,098	$	2,198

The following table summarizes the Company’s receivables that are accounted for under ASC 606 as of:

	June 30, 2025		December 31, 2024
Ancillary revenues	$	3,935	$	4,834
Other revenues	$	930	$	1,107

Goodwill

As of June 30, 2025 and December 31, 2024, the carrying value of goodwill was $156.5 million. Goodwill was not impaired during the six months ended June 30, 2025 and 2024.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments will require public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The amendments are effective for the Company’s annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.

3. Investment in Real Estate

The following table summarizes the Company’s investment in real estate, at cost as of:

	June 30, 2025		December 31, 2024
Land	$	1,225,230	$	1,235,974
Building and improvements	6,201,663		6,101,787
Tenant improvements	727,451		728,186
Furniture and fixtures	5,842		5,895
Property under development	51,292		161,444
INVESTMENT IN REAL ESTATE, AT COST	$	8,211,478	$	8,233,286

Acquisitions of Real Estate

The Company had no acquisitions of real estate during the six months ended June 30, 2025.

19

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)

Dispositions of Real Estate

The following table summarizes information on dispositions completed during the six months ended June 30, 2025. These properties were considered non-strategic to the Company’s portfolio:

Property	Segment	Date of Disposition	Square Feet (unaudited)	Sales Price(1) (in millions)		(Loss) Gain on Sale(2) (in millions)
Maxwell	Office	1/22/2025	102,963	$	46.0	$	(2.2)
Foothill Research Center	Office	3/4/2025	195,121	$	23.0	$	12.2
625 Second	Office	5/30/2025	138,354	$	28.0	$	—

__________________ 

1.Represents gross sales price before certain credits, prorations and closing costs.

2.Included within (loss) gain on sale of real estate, net on the Consolidated Statements of Operations.

The Company had no dispositions of real estate during the six months ended June 30, 2024.

Impairment of Long-Lived Assets

During the six months ended June 30, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflects a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. The property was classified as held for sale as of March 31, 2025 and was subsequently sold on May 30, 2025.

The Company had no impairments of real estate during the six months ended June 30, 2024.

4. Non-Real Estate Property, Plant and Equipment, net

The following table summarizes the Company’s non-real estate property, plant and equipment, net as of:

	June 30, 2025		December 31, 2024
Trailers	$	80,569	$	77,903
Production equipment	43,166		42,954
Trucks and other vehicles	22,986		22,035
Leasehold improvements	26,419		21,792
Furniture, fixtures and equipment	2,135		2,454
Other equipment	18,340		14,912
Non-real estate property, plant and equipment, at cost	193,615		182,050
Accumulated depreciation	(64,362)		(54,983)
NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET	$	129,253	$	127,067

The Company did not recognize any impairment charges for non-real estate property, plant and equipment during the six months ended June 30, 2025 and 2024.

5. Investment in Unconsolidated Real Estate Entities

The following table summarizes the Company’s investments in unconsolidated joint ventures:

Property	Property Type	Submarket	Ownership Interest	Functional Currency
Sunset Waltham Cross Studios	Future Development	Broxbourne, United Kingdom	35%	Pound sterling	(1)
Bentall Centre	Operating Property	Downtown Vancouver	20%	Canadian dollar	(2)(3)
Sunset Pier 94 Studios	Development	Manhattan	51%	U.S. dollar	(4)

__________________ 

1.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios development and the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity.

2.The Company serves as the operating member of this joint venture.

20

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)

3.The Company has provided a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $95.6 million. The likelihood of loss relating to the guarantee is remote as of June 30, 2025.

4.The Company owns 51% of the ownership interests in an upper-tier joint venture entity that owns 50.1% of the ownership interests in the lower-tier joint venture entity that owns the Sunset Pier 94 Studios development. The Company’s resulting economic interest in the development is 25.6%. The Company has provided various guarantees for the lower-tier joint venture’s construction loan, including a recourse carve-out guarantee in the amount of $24.5 million, a completion guarantee and a guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of June 30, 2025.

The Company’s maximum exposure related to its unconsolidated joint ventures is limited to its investment and the guarantees provided in relation to the joint ventures’ indebtedness. The Company’s investments in foreign real estate entities are subject to foreign currency fluctuation risk. Such investments are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. The Company’s share of the gain or loss from foreign unconsolidated real estate entities is translated using the monthly-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income (loss) as a separate component of total equity and are excluded from net loss.

The Company held ownership interests in other immaterial unconsolidated joint ventures in the total of $0.3 million and $0.1 million as of June 30, 2025 and December 31, 2024, respectively.

The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:

	June 30, 2025		December 31, 2024
ASSETS
Investment in real estate, net	$	1,164,370	$	1,089,951
Other assets	54,852		41,177
TOTAL ASSETS	$	1,219,222	$	1,131,128
LIABILITIES
Secured debt, net	$	475,688	$	447,581
Other liabilities	57,717		49,115
TOTAL LIABILITIES	533,405		496,696
Company’s capital(1)	208,491		193,732
Partners’ capital	477,326		440,700
TOTAL CAPITAL	685,817		634,432
TOTAL LIABILITIES AND CAPITAL	$	1,219,222	$	1,131,128

__________________ 

1.To the extent the Company’s cost basis is different from the basis reflected at the joint venture level, the basis is amortized over the life of the related asset and is included in the loss from unconsolidated real estate entities line item on the Consolidated Statements of Operations.

The table below presents the combined and condensed statements of operations for the Company’s unconsolidated joint ventures:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
TOTAL REVENUES	$	16,586	$	21,787	$	32,266	$	39,065
TOTAL EXPENSES	17,461		31,943		39,158		53,696
NET LOSS	$	(875)	$	(10,156)	$	(6,892)	$	(14,631)

21

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)

6. Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net

The following summarizes the Company’s deferred leasing costs and intangibles as of:

	June 30, 2025		December 31, 2024
Deferred leasing costs and in-place lease intangibles	$	246,303	$	244,463
Accumulated amortization	(121,416)		(116,868)
Deferred leasing costs and in-place lease intangibles, net	124,887		127,595
Lease incentives	73,241		34,352
Accumulated amortization	(3,065)		(1,203)
Lease incentives, net	70,176		33,149
Below-market ground leases	74,930		74,930
Accumulated amortization	(22,907)		(21,626)
Below-market ground leases, net	52,023		53,304
Above-market leases	200		636
Accumulated amortization	(188)		(437)
Above-market leases, net	12		199
Customer relationships	97,900		97,900
Accumulated amortization	(47,388)		(40,380)
Customer relationships, net	50,512		57,520
Non-competition agreements	5,300		8,200
Accumulated amortization	(4,105)		(4,926)
Non-competition agreements, net	1,195		3,274
Trade name	37,200		37,200
Parking easement	15,273		15,273
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET	$	351,278	$	327,514
Below-market leases	$	39,628	$	40,535
Accumulated amortization	(19,838)		(18,697)
INTANGIBLE LIABILITIES, NET	$	19,790	$	21,838

The Company recognized the following amortization related to deferred leasing costs and intangibles:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Deferred leasing costs and in-place lease intangibles(1)	$	(7,657)	$	(8,728)	$	(17,353)	$	(16,500)
Lease incentives(2)	$	(1,238)	$	(222)	$	(1,862)	$	(222)
Below-market ground leases(3)	$	(651)	$	(672)	$	(1,302)	$	(1,345)
Above-market leases(2)	$	(1)	$	(16)	$	(166)	$	(29)
Customer relationships(1)	$	(3,505)	$	(3,504)	$	(7,009)	$	(7,008)
Non-competition agreements(1)	$	1,136	$	(411)	$	(2,080)	$	(823)
Below-market leases(2)	$	1,017	$	1,298	$	2,048	$	2,732
Above-market ground leases(3)	$	—	$	10	$	—	$	21

__________________ 

1.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations.

2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.

3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations.

During the six months ended June 30, 2025, the Company recorded a $0.1 million impairment charge related to the deferred leasing costs and intangible assets of the 625 Second office property. See Note 3 for details. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations.

22

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)

7. Accounts Receivable

The Company’s accounting policy and methodology used to estimate the allowance for doubtful accounts related to receivables are discussed in the Company’s 2024 Annual Report on Form 10-K.

Accounts Receivable

As of June 30, 2025, accounts receivable was $13.8 million and there was a $0.3 million allowance for doubtful accounts. As of December 31, 2024, accounts receivable was $15.0 million and there was a $0.5 million allowance for doubtful accounts.

Straight-Line Rent Receivables

As of June 30, 2025, straight-line rent receivables was $204.0 million and there was no allowance for doubtful accounts. As of December 31, 2024, straight-line rent receivables was $199.7 million and there was no allowance for doubtful accounts.

8. Prepaid Expenses and Other Assets, net    

The following table summarizes the Company’s prepaid expenses and other assets, net as of:

	June 30, 2025		December 31, 2024
Non-real estate investments	$	48,460	$	50,373
Deferred tax assets	27		8
Interest rate derivative assets	4,047		4,325
Prepaid insurance	17,033		10,074
Deferred financing costs, net	1,716		2,165
Prepaid property tax	—		2,129
Other	26,196		21,040
PREPAID EXPENSES AND OTHER ASSETS, NET	$	97,479	$	90,114

Non-Real Estate Investments

The Company measures its investments in funds that do not have a readily determinable fair value using the Net Asset Value (“NAV”) practical expedient and uses NAV reported without adjustment unless it is aware of information indicating the NAV reported does not accurately reflect the fair value of the investment. Changes in the fair value of these non-real estate investments are included in unrealized gain (loss) on non-real estate investments on the Consolidated Statements of Operations. During the three and six months ended June 30, 2025, the Company recognized an unrealized gain of $0.2 million and an unrealized loss of $0.2 million, respectively, on its non-real estate investments due to the changes in fair value. During the three and six months ended June 30, 2024, the Company recognized unrealized losses of $1.0 million and $1.9 million, respectively, on its non-real estate investments due to the observable changes in fair value. As of June 30, 2025, the cumulative unrealized gain of the the investments is $6.6 million.

23

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)

9. Debt

The following table sets forth information with respect to the Company’s outstanding indebtedness:

	June 30, 2025		December 31, 2024		Interest Rate(1)	Contractual Maturity Date(2)
UNSECURED AND SECURED DEBT
Unsecured debt
Unsecured revolving credit facility(3)(4)	$	—	$	320,000	SOFR + 1.15% to 1.60%	12/21/2026	(5)
Series B notes	—		259,000		4.69%	12/16/2025
Series C notes	—		56,000		4.79%	12/16/2027
Series D notes	—		150,000		3.98%	7/6/2026
3.95% Registered senior notes	400,000		400,000		3.95%	11/1/2027
4.65% Registered senior notes	500,000		500,000		4.65%	4/1/2029
3.25% Registered senior notes	400,000		400,000		3.25%	1/15/2030
5.95% Registered senior notes(6)	350,000		350,000		5.95%	2/15/2028
Total unsecured debt	1,650,000		2,435,000
Secured debt
Hollywood Media Portfolio CMBS(7)	1,100,000		1,100,000		SOFR + 1.10%	8/9/2026	(8)
Acquired Hollywood Media Portfolio CMBS debt	(30,233)		(30,233)		SOFR + 2.11%	8/9/2026	(8)
Hollywood Media Portfolio CMBS, net(9)(10)	1,069,767		1,069,767
Element LA	—		168,000		4.59%	11/6/2025
1918 Eighth(11)	314,300		314,300		SOFR + 1.40%	12/18/2025
Hill7(12)	101,000		101,000		3.38%	11/6/2028
Sunset Glenoaks Studios(13)	100,600		99,600		SOFR + 3.10%	1/9/2027	(14)
Office Portfolio CMBS(15)(16)	473,333		—		SOFR + 3.76%	4/9/2030	(17)
Total secured debt	2,059,000		1,752,667
Total unsecured and secured debt	3,709,000		4,187,667
Unamortized deferred financing costs/loan discounts(18)	(18,571)		(10,823)
TOTAL UNSECURED AND SECURED DEBT, NET	$	3,690,429	$	4,176,844
JOINT VENTURE PARTNER DEBT(19)	$	66,136	$	66,136	4.50%	10/9/2032	(20)

_________________

1.Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rates are as of June 30, 2025, which may be different than the interest rates as of December 31, 2024 for the corresponding indebtedness.

2.Maturity dates include the effect of extension options.

3.The annual facility fee rate ranges from 0.15% or 0.30% based on the operating partnership’s leverage ratio. The Company has an option to make an irrevocable election to change the interest rate depending on the Company’s credit rating or a specified base rate plus an applicable margin. As of June 30, 2025, no such election had been made and the unsecured revolving credit facility bore interest at SOFR + 1.33%.

4.The Company has a total capacity of $775.0 million available under its unsecured revolving credit facility, up to $193.8 million of which can be used for borrowings in pounds sterling or Canadian dollars. Subject to the satisfaction of certain conditions and lender commitments, the operating partnership may increase the commitments held under the Fourth Amended and Restated Credit Agreement up to a total of $2.0 billion either in the form of an increase to an existing unsecured revolving credit facility or a new loan, including a term loan.

5.Includes the option to extend the initial maturity date of December 21, 2025 twice for an additional six-month term each at the sole discretion of the Company.

6.An amount equal to the net proceeds from the 5.95% registered senior notes has been allocated to new or existing eligible green projects.

7.This loan is secured by eight properties: Sunset Gower Studios, Sunset Las Palmas Studios, Sunset Bronson Studios, 6040 Sunset, Harlow, ICON, CUE and EPIC.

8.Includes the option to extend the initial maturity date of August 9, 2023 three times for an additional one-year term each at the sole discretion of the Company. The three extension options were executed on August 9, 2023, June 13, 2024 and June 9, 2025.

9.The Company purchased bonds comprising the loan in the amount of $30.2 million.

10.The floating interest rate on $539.0 million of principal has been capped at 6.01% through the use of an interest rate cap. The floating interest rate on $351.2 million of principal is effectively fixed at 3.31% through the use of an interest rate swap. The floating interest rate on $179.6 million of principal is effectively fixed at 4.13% through the use of an interest rate swap.

11.This loan is interest-only through its term. The floating interest rate on $141.4 million of principal has been capped at 5.00% through the use of an interest rate cap. The floating interest rate on the remaining $172.9 million of principal has been effectively fixed at 3.75% through the use of an interest rate swap.

12.This loan bears interest only at 3.38% until November 6, 2026, at which time the interest rate will increase and monthly debt service will include principal payments with a balloon payment at maturity.

13.This loan has a total capacity of $100.6 million and an initial interest rate of SOFR + 3.10% per annum until the construction at Sunset Glenoaks Studios is complete and certain performance targets have been met, at which time the effective interest rate will decrease to SOFR +

24

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)

2.50%. This loan is interest-only through its term. The floating interest rate on the full principal amount has been effectively capped at 4.50% through the use of an interest rate cap.

14.Includes the option to extend the initial maturity date of January 9, 2025 twice for an additional one-year term each permitting certain financial covenants are met. The first extension option was executed on October 30, 2024.

15.This loan is secured by six office properties: Element LA, 11601 Wilshire, 5th & Bell, 450 Alaskan, 1740 Technology and 275 Brannan.

16.The loan requires monthly payments of principal and interest. The floating interest rate on $250.0 million of principal has been effectively fixed at 3.41% through the use of an interest rate swap. The floating interest rate on $222.5 million of principal is effectively fixed at 3.35% through the use of an interest rate cap.

17.Includes the option to extend the initial maturity date of April 9, 2027 three times for an additional one-year term each, permitting certain financial and other covenants are met.

18.Excludes deferred financing costs related to the Company’s unsecured revolving credit facility, which are reflected in prepaid expenses and other assets, net on the Consolidated Balance Sheets. Refer to Note 8 for details.

19.This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), the Company’s partner in the joint venture that owns the Ferry Building property.

20.Includes the option to extend the initial maturity date of October 9, 2028 twice for additional two-year terms each, permitting certain financial covenants are met.

Current Year Activity

During the six months ended June 30, 2025, there were $320.0 million of repayments on the unsecured revolving credit facility, net of borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes.

During the six months ended June 30, 2025, the Company secured the Office Portfolio CMBS loan (a commercial mortgage-backed securities loan) with an aggregate principal amount of $475.0 million. This loan is secured by six office properties. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property. The early repayment of the Element LA loan resulted in a $1.9 million loss on extinguishment of debt on the Consolidated Statements of Operations.

During the six months ended June 30, 2025, the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million.

During the six months ended June 30, 2025, the Company fully repaid its Series B, Series C and Series D notes. The early repayment of the notes resulted in a $1.6 million loss on extinguishment of debt on the Consolidated Statements of Operations.

Indebtedness

The Company presents its financial statements on a consolidated basis. Notwithstanding such presentation, except to the extent expressly indicated, the Company’s separate property-owning subsidiaries are not obligors of or under the debt of their respective affiliates and each property-owning subsidiary’s separate liabilities do not constitute obligations of its respective affiliates.

Loan agreements include events of default that the Company believes are usual for loans and transactions of this type. As of the date of this filing, there have been no events of default associated with the Company’s loans.

The following table provides information regarding the Company’s future minimum principal payments due on the Company’s debt (after the impact of extension options, if applicable) as of June 30, 2025:

Year	Unsecured and Secured Debt		Joint Venture Partner Debt
Remaining 2025	$	314,300	$	—
2026	1,069,767		—
2027	500,600		—
2028	451,000		—
2029	500,000		—
Thereafter	873,333		66,136
TOTAL	$	3,709,000	$	66,136

25

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)

Debt Covenants

The operating partnership’s ability to borrow under its unsecured loan arrangements remains subject to ongoing compliance with financial and other covenants as defined in the respective agreements. Certain financial covenant ratios are subject to change in the occurrence of material acquisitions as defined in the respective agreements. Other covenants include certain limitations on dividend payouts and distributions, limits on certain types of investments outside of the operating partnership’s primary business and other customary affirmative and negative covenants.

The following table summarizes existing covenants and their covenant levels as of June 30, 2025 related to our unsecured revolving credit facility and term loans:

Covenant Ratio	Covenant Level	Actual Performance
Total liabilities to total asset value	≤ 60%	41.3%
Unsecured indebtedness to unencumbered asset value	≤ 60%	32.4%
Adjusted EBITDA to fixed charges	≥ 1.4x	1.5x
Secured indebtedness to total asset value	≤ 45%	24.2%
Unencumbered NOI to unsecured interest expense	≥ 1.75x	1.9x

The following table summarizes existing covenants and their covenant levels related to the registered senior notes as of June 30, 2025:

Covenant Ratio(1)	Covenant Level	Actual Performance
Debt to total assets	≤ 60%	40.5%
Total unencumbered assets to unsecured debt	≥ 150%	322.0%
Consolidated income available for debt service to annual debt service charge	≥ 1.5x	1.8x
Secured debt to total assets	≤ 40%	23.1%

_________________

1.The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.25% Senior Notes, 3.95% Senior Notes, 4.65% Senior Notes and 5.95% Senior Notes.

The operating partnership was in compliance with its financial covenants as of June 30, 2025.

Repayment Guarantees

Although the rest of the operating partnership’s loans are secured and non-recourse, the operating partnership provides limited customary secured debt guarantees for items such as voluntary bankruptcy, fraud, misapplication of payments and environmental liabilities.

The Company and certain of its subsidiaries guarantee the operating partnership’s unsecured debt. The likelihood of loss relating to this guarantee is remote as of June 30, 2025.

Interest Expense

The following table represents a reconciliation from gross interest expense to interest expense on the Consolidated Statements of Operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Gross interest expense(1)	$	53,137	$	53,077	$	102,264	$	103,733
Capitalized interest	(10,272)		(10,912)		(20,352)		(19,394)
Non-cash interest expense(2)	5,272		1,994		9,730		3,909
INTEREST EXPENSE	$	48,137	$	44,159	$	91,642	$	88,248

_________________

1.Includes interest on the Company’s debt and hedging activities.

2.Includes the amortization of deferred financing costs and fair market value adjustments for our mark-to-market interest rate derivatives.

26

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)

10. Derivatives

The Company enters into derivatives in order to hedge interest rate risk. Derivative assets are recorded in prepaid expenses and other assets and derivative liabilities are recorded in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.

The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments.

The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of June 30, 2025 and December 31, 2024:

								Fair Value Assets (Liabilities)
Underlying Debt Instrument	Type of Instrument	Accounting Policy	Notional Amount		Effective Date	Maturity Date	Interest Rate	June 30, 2025		December 31, 2024
1918 Eighth	Swap	Cash flow hedge	$	172,865	February 2023	October 2025	3.75%	$	261	$	524
1918 Eighth	Cap	Partial cash flow hedge(1)	$	314,300	June 2023	December 2025	5.00%	1		62
1918 Eighth	Sold cap(2)	Mark-to-market	$	172,865	June 2023	December 2025	5.00%	(1)		(34)
Hollywood Media Portfolio CMBS	Swap	Cash flow hedge	$	351,186	August 2023	June 2026	3.31%	1,709		3,663
Hollywood Media Portfolio CMBS	Swap	Cash flow hedge	$	180,000	February 2024	August 2026	4.13%	(727)		(267)
Hollywood Media Portfolio CMBS	Cap	Partial cash flow hedge(1)	$	1,100,000	August 2024	August 2025	6.01%	—		4
Hollywood Media Portfolio CMBS	Sold cap(2)	Mark-to-market	$	561,000	August 2024	August 2025	6.01%	—		(2)
Sunset Glenoaks Studios	Cap	Cash flow hedge	$	100,600	January 2025	January 2026	4.50%	9		72
Office Portfolio CMBS	Cap	Mark-to-market	$	475,000	March 2025	April 2027	4.96%	220		—
Office Portfolio CMBS	Sold cap(2)	Mark-to-market	$	475,000	March 2025	April 2027	4.96%	(216)		—
Office Portfolio CMBS(3)	Cap	Cash flow hedge	$	222,501	April 2025	April 2027	3.35%	1,847		—
Office Portfolio CMBS	Swap	Cash flow hedge	$	250,000	April 2025	April 2029	3.41%	(443)		—
TOTAL								$	2,660	$	4,022

__________________ 

1.$141,435 and $539,000 of the notional amounts of the 1918 Eighth and Hollywood Media Portfolio CMBS caps, respectively, have been designated as effective cash flow hedges for accounting purposes. The remainder of each is accounted for under mark-to-market accounting.

2.The sold caps serve to offset the changes in fair value of the portions of the 1918 Eighth and Hollywood Media Portfolio CMBS caps that are not designated as cash flow hedges for accounting purposes, as well as the change in fair value of the full Office Portfolio CMBS cap, which is not designated as a cash flow hedge for accounting purposes.

3.The notional amount decreases on a monthly basis to follow the amortization of the underlying debt instrument.

The Company reclassifies unrealized gains and losses related to cash flow hedges into earnings in the same period during which the hedged forecasted transaction affects earnings. As of June 30, 2025, the Company expects $1.8 million of unrealized gain included in accumulated other comprehensive income will be reclassified as a reduction to interest expense in the next 12 months.

11. Income Taxes

Hudson Pacific Properties, Inc. has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2010. Provided that it continues to qualify for taxation as a

27

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)

REIT, Hudson Pacific Properties, Inc. is generally not subject to corporate-level income tax on the earnings distributed currently to its stockholders.

In general, the Company’s property-owning subsidiaries are limited liability companies and are treated as pass-through entities or disregarded entities (or, in the case of the entities that own the 1455 Market, Hill7, Ferry Building and 1918 Eighth properties, REITs) for federal income tax purposes. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements for the activities of these entities. In the case of the Bentall Centre property and the Sunset Waltham Cross Studios development, the Company owns its interest in the properties through non-U.S. entities treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes. Accordingly, a provision for foreign income taxes has been recorded in the accompanying consolidated financial statements based on the local tax laws and regulations of the respective tax jurisdictions.

The Company has elected, together with certain of its subsidiaries, to treat each such subsidiary as a TRS for federal income tax purposes. Certain activities that the Company may undertake, such as non-customary services for the Company’s tenants and holding assets that the Company cannot hold directly, will be conducted by a TRS. A TRS is subject to federal and, where applicable, state income taxes on its net income. During the three and six months ended June 30, 2025, the Company recorded an income tax provision of $0.5 million and $0.6 million, respectively. During the three and six months ended June 30, 2024, the Company recognized an income tax provision of $0.5 million.

Deferred tax assets and liabilities are recognized for the net tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. A valuation allowance is recognized when it is determined that it is more likely than not that a deferred tax asset will not be realized. Considering all available evidence, the realizability of the Company’s deferred tax assets is not reasonably assured; therefore, the Company has recorded a valuation allowance against substantially all of its deferred tax assets as of June 30, 2025 and December 31, 2024. As additional evidence to support the realizability of the deferred tax assets becomes available, the Company may reverse the valuation allowance.

The Company is subject to the statutory requirements of the states in which it conducts business.

The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2025, the Company has not established a liability for uncertain tax positions.

The Company and certain of its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. The Company and its TRSs are no longer subject to tax examinations by tax authorities for years prior to 2021. The Company has assessed its tax positions for all open years, which as of June 30, 2025 included 2022 to 2024 for federal purposes and 2021 to 2024 for state purposes, and concluded that there are no material uncertainties to be recognized.

12. Future Minimum Rents and Lease Payments

The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2025 to 2045.

The following table summarizes the future minimum base rents (excluding tenant reimbursements for operating expenses and termination fees related to tenants exercising early termination options) for properties as of June 30, 2025:

Year	Amount
Remaining 2025	$	250,237
2026	484,450
2027	427,945
2028	360,852
2029	291,715
Thereafter	819,634
TOTAL	$	2,634,833

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of 10 ground leases, six sound stage leases, four office leases and 17 other leases as of June 30, 2025. The weighted average remaining lease term was 22 years as of June 30, 2025. The weighted average incremental borrowing rate used to calculate the right-of-use (“ROU”) assets and lease liabilities was 5.7% as of June 30, 2025. The Company’s operating lease obligations have expiration

28

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)

dates ranging from 2025 through 2067, including extension options which the Company is reasonably certain to exercise. Certain leases provide for variable rental payments based on third-party appraisals of fair market land value, CPI adjustments or a percentage of annual gross income. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value.

As of June 30, 2025, the present value of the remaining contractual payments of $657.5 million under the Company’s operating lease agreements was $358.5 million. The corresponding operating lease ROU assets amounted to $347.7 million.

The following table provides information regarding the Company’s future minimum lease payments for its operating leases (including the impact of the extension options which the Company is reasonably certain to exercise) as of June 30, 2025:

Year	Lease Payments(1)
Remaining 2025	$	18,046
2026	36,635
2027	37,611
2028	36,897
2029	34,725
Thereafter	493,631
Total operating lease payments	657,545
Less: interest portion	(299,017)
PRESENT VALUE OF OPERATING LEASE LIABILITIES	$	358,528

__________________ 

1.Future minimum lease payments for operating leases denominated in a foreign currency are translated to U.S. dollars using the exchange rate in effect as of the financial statement date.

The following table summarizes rental expense for operating leases:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Variable rental expense	$	1,459	$	2,754	$	2,454	$	4,857
Minimum rental expense	$	10,866	$	11,313	$	28,014	$	22,632

13. Fair Value of Financial Instruments

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:

	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivative assets(1)	$	—	$	4,047	$	—	$	4,047	$	—	$	4,325	$	—	$	4,325
Interest rate derivative liabilities(2)	$	—	$	(1,387)	$	—	$	(1,387)	$	—	$	(303)	$	—	$	(303)
Non-real estate investments measured at NAV(1)(3)	$	—	$	—	$	—	$	48,460	$	—	$	—	$	—	$	47,373

__________________ 

1.Included in prepaid expenses and other assets, net on the Consolidated Balance Sheets.

2.Included in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.

3.According to the relevant accounting standards, certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.

Level 2 items include interest rate caps and swaps, which are valued on a quarterly basis using a linear regression model. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values.

Other Financial Instruments    

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. The fair

29

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)

values of debt are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs.

The table below represents the carrying value and fair value of the Company’s debt as of:

	June 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
LIABILITIES
Unsecured debt(1)	$	1,650,000	$	1,500,677	$	2,435,000	$	2,040,075
Secured debt(1)	$	2,059,000	$	2,054,087	$	1,752,667	$	1,741,090
Consolidated joint venture partner debt	$	66,136	$	61,292	$	66,136	$	60,637

_________________

1.Amounts represent debt excluding unamortized deferred financing costs and loan discounts/premiums.

14. Share/Unit-Based Compensation

The Company’s 2010 Incentive Plan permits the Company’s board of directors (the “Board”) to grant, among other things, restricted stock, restricted stock units, operating partnership performance units and performance-based awards. As of June 30, 2025, there were 10.1 million common shares available for grant under the 2010 Plan. The calculation of shares available for grant is determined after taking into account unvested restricted stock, unvested operating partnership performance units and unvested RSUs, assuming the maximum bonus pool eligible ultimately is earned and based on a stock price of $2.74.

The Board awards restricted shares to non-employee Board members on an annual basis as part of such Board members’ annual compensation and to newly elected non-employee Board members in accordance with the Non-Employee Director Compensation Program. The time-based awards are generally issued in the second quarter, in conjunction with the director’s election to the Board, and the individual share awards vest in equal annual installments over the applicable service vesting period, which is three years. Additionally, certain non-employee Board members elect to receive operating partnership performance units in lieu of their annual cash retainer fees. These awards are generally issued in the first quarter of the year subsequent to the year in which they were earned and are fully-vested upon their issuance.

The Board awards time-based restricted shares or time-based operating partnership performance units to certain employees on an annual basis as part of the employees’ annual compensation. These time-based awards are generally issued in the first quarter and vest in equal annual installments over the applicable service vesting period, which is generally three years. Additionally, certain awards are subject to a mandatory holding period upon vesting if the grantee is an executive officer. Lastly, at times certain employees may elect to receive operating partnership performance units in lieu of their annual cash bonus. These awards are generally issued in the first or fourth quarter and are fully-vested upon their issuance.

For 2023, the compensation committee of the Board (the “Compensation Committee”) adopted an annual Hudson Pacific Properties, Inc. Performance Stock Unit Plan (“PSU Plan”). Under the PSU Plan, the Compensation Committee awarded restricted stock units or performance units in the operating partnership to certain employees. The 2023 PSU Plan grants contain an Operational Performance Unit, which is eligible to vest based on the achievement of operational metrics over a one-year performance period and vests over three years. The number of Operational Performance Units that becomes eligible to vest based on the achievement of operational performance metrics may be adjusted based on the Company’s achievement of the Company’s TSR compared to the TSR of the FTSE NAREIT All Equity REITs index over a three-year performance period. Certain of the awards granted under the PSU Plan are subject to a two-year post-vesting restriction period, during which any awards earned may not be sold or transferred.

For 2024, the Compensation Committee adopted an annual equity award program for its top three executive officers consisting of a grant of time-based operating partnership performance units and a grant of market-based operating partnership performance units. The time-based awards were to vest in equal annual installments over the applicable service vesting period, which was five years. The market-based awards were to vest upon satisfaction of both the performance and service-based requirements. In June 2025, the top three executive officers agreed to a cancellation of their 2024 performance unit equity awards, which resulted in the accelerated recognition of the remaining unamortized compensation expense of $14.3 million during the three and six months ended June 30, 2025, which is recorded in general and administrative on the Consolidated Statements of Operations.

The Compensation Committee did not adopt a performance-based equity award program for 2025.

30

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)

The following table presents the classification and amount recognized for share/unit-based compensation related to the Company’s awards:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Expensed share/unit-based compensation(1)(2)	$	17,889	$	6,918	$	23,029	$	13,485
Capitalized share/unit-based compensation(3)	449		484		862		1,089
TOTAL SHARE/UNIT-BASED COMPENSATION(4)	$	18,338	$	7,402	$	23,891	$	14,574

_________________

1.Amounts are recorded in general and administrative expenses, office operating expenses and studio operating expenses on the Consolidated Statements of Operations.

2.Amounts expensed during the three and six months ended June 30, 2025 include $14.3 million of accelerated expense recognized in connection with the cancellation of the 2024 performance unit equity awards.

3.Amounts are recorded in investment in real estate, at cost on the Consolidated Balance Sheets.

4.Amounts are recorded in accounts payable, accrued liabilities and other, additional paid-in capital and non-controlling interest—units in the operating partnership on the Consolidated Balance Sheets.

15. Earnings Per Share

Hudson Pacific Properties, Inc.

The Company calculates basic earnings per share using the two-class method by dividing the net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Unvested time-based restricted stock awards, unvested time-based performance unit awards and unvested restricted stock units (“RSUs”) that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company calculates diluted earnings per share using the two-class method or the treasury stock and if-converted method, whichever results in more dilution. For the three and six months ended June 30, 2025 and 2024, both methods of calculation yielded the same diluted earnings per share amount. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.

The following table reconciles the numerator and denominator in computing the Company’s basic and diluted earnings per share to net loss available to common stockholders:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Basic and diluted net loss available to common stockholders	$	(83,149)	$	(47,027)	$	(157,857)	$	(99,229)
Denominator:
Basic weighted average common shares outstanding(1)	202,666,003		141,181,450		172,195,534		141,151,893
Effect of dilutive instruments(2)	—		—		—		—
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	202,666,003		141,181,450		172,195,534		141,151,893
Basic earnings per common share	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)
Diluted earnings per common share	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)

    

__________________ 

1.Basic weighted average common shares outstanding includes common shares issuable upon the exercise of pre-funded warrants in the amounts of 14,214,777 and 7,146,656 for the three and six months ended June 30, 2025, respectively. The warrants are exercisable at any time for nominal consideration.

2.The Company includes unvested awards and convertible common and participating units as contingently issuable shares in the computation of diluted earnings per share once the market or performance criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.

31

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)

Hudson Pacific Properties, L.P.

The operating partnership calculates basic earnings per unit using the two-class method by dividing the net income available to common unitholders for the period by the weighted average number of common units outstanding during the period. Unvested time-based restricted stock awards, unvested time-based performance unit awards and unvested RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per unit pursuant to the two-class method. The operating partnership calculates diluted earnings per unit using the two-class method or the treasury stock and if-converted method, whichever results in more dilution. For the three and six months ended June 30, 2025 and 2024, both methods of calculation yielded the same diluted earnings per unit amount. Diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower earnings per unit amount.

The following table reconciles the numerator and denominator in computing the operating partnership’s basic and diluted earnings per unit to net loss available to common unitholders:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Basic and diluted net loss available to common unitholders	$	(85,358)	$	(48,252)	$	(162,460)	$	(101,683)
Denominator:
Basic weighted average common units outstanding(1)	207,672,364		144,859,277		177,214,424		144,673,725
Effect of dilutive instruments(2)	—		—		—		—
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	207,672,364		144,859,277		177,214,424		144,673,725
Basic earnings per common unit	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)
Diluted earnings per common unit	$	(0.41)	$	(0.33)	$	(0.92)	$	(0.70)

__________________ 

1.Basic weighted average common units outstanding includes common units issuable upon the exercise of pre-funded warrants in the amounts of 14,214,777 and 7,146,656 for the three and six months ended June 30, 2025, respectively. The warrants are exercisable at any time for nominal consideration.

2.The operating partnership includes unvested awards as contingently issuable units in the computation of diluted earnings per unit once the market or performance criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted earnings per unit calculation.

16. Redeemable Non-controlling Interest

Redeemable Preferred Units of the Operating Partnership

As of June 30, 2025 and December 31, 2024, there were 235,768 and 392,598 Series A preferred units of partnership interest in the operating partnership, or Series A preferred units, which are not owned by the Company, respectively. These Series A preferred units are entitled to preferential distributions at a rate of 6.25% per annum on the liquidation preference of $25.00 per unit. The units are convertible at the option of the holder into common units or redeemable for cash or, at the Company’s election, exchangeable for registered shares of common stock.

During the three months ended June 30, 2025, 100,000 units were redeemed for cash consideration of $2.5 million. During the six months ended June 30, 2025, 156,830 units were redeemed for cash consideration of $3.9 million.

Redeemable Non-controlling Interest in Consolidated Real Estate Entities

On October 9, 2018, the Company entered into a joint venture with Allianz to purchase the Ferry Building property. The Company has a 55% interest in the joint venture that owns the Ferry Building property. The Company has a put right, if certain events occur, to sell its interest at fair market value. Allianz has a put right, if certain events occur, to sell its interest at fair market value, which is a redemption right that is not solely within the control of the Company. Therefore, the non-controlling interest related to this joint venture is included as temporary equity. The put right is not currently redeemable.

32

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)

The following table reconciles the beginning and ending balances of redeemable non-controlling interests:

	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
	Series A Redeemable Preferred Units		Consolidated Real Estate Entities		Series A Redeemable Preferred Units		Consolidated Real Estate Entity
BEGINNING OF PERIOD	$	8,394	$	48,377	$	9,815	$	49,279
Contributions	—		1,415		—		1,415
Distributions	—		(7)		—		(7)
Declared dividend	(121)		—		(267)		—
Net income (loss)	121		(895)		267		(1,797)
Redemption of preferred units	(2,500)		—		(3,921)		—
END OF PERIOD	$	5,894	$	48,890	$	5,894	$	48,890

17. Equity

The table below presents the activity related to Hudson Pacific Properties, Inc.’s accumulated other comprehensive income (loss) (“AOCI”):

	Derivative Instruments		Currency Translation Adjustments		Total Accumulated Other Comprehensive (Loss) Income
BALANCE AT DECEMBER 31, 2024	$	2,785	$	(11,202)	$	(8,417)
Unrealized (loss) gain recognized in AOCI	(73)		13,344		13,271
Reclassification from AOCI into income(1)	(2,694)		—		(2,694)
Net change in AOCI	(2,767)		13,344		10,577
BALANCE AT JUNE 30, 2025	$	18	$	2,142	$	2,160

__________________ 

1.The gains and losses on the Company’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statement of Operations.

The table below presents the activity related to Hudson Pacific Properties, L.P.’s AOCI:

	Derivative Instruments		Currency Translation Adjustments		Total Accumulated Other Comprehensive (Loss) Income
BALANCE AT DECEMBER 31, 2024	$	2,889	$	(11,602)	$	(8,713)
Unrealized (loss) gain recognized in AOCI	(115)		13,834		13,719
Reclassification from AOCI into income(1)	(2,810)		—		(2,810)
Net change in AOCI	(2,925)		13,834		10,909
BALANCE AT JUNE 30, 2025	$	(36)	$	2,232	$	2,196

__________________ 

1.The gains and losses on the operating partnership’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

Non-controlling Interests

Common Units in the Operating Partnership

Common units of the operating partnership and shares of common stock of the Company have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the operating partnership. Investors who own common units have the right to cause the operating partnership to repurchase any or all of their common units for cash at a value equal to the then-current market value of one share of common stock. However, in lieu of such payment of cash, the Company may, at its election, issue shares of its common stock in exchange for such common units on a one-for-one basis.

During the three and six months ended June 30, 2025, 144,449 common units were redeemed for cash consideration of $0.3 million.

33

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)

Performance Units in the Operating Partnership

Performance units are partnership interests in the operating partnership. Each performance unit awarded will be deemed equivalent to an award of one share of common stock under the 2010 Plan, reducing the availability for other equity awards on a one-for-one basis. Under the terms of the performance units, the operating partnership will revalue its assets for tax purposes upon the occurrence of certain specified events and any increase in valuation from the time of grant until such event will be allocated first to the holders of performance units to equalize the capital accounts of such holders with the capital accounts of common unitholders. Subject to any agreed upon exceptions, once vested and having achieved parity with common unitholders, performance units are convertible into common units in the operating partnership on a one-for-one basis.

Ownership Interest in the Operating Partnership

The following table summarizes the ownership interest in the operating partnership, excluding unvested restricted units and unvested restricted performance units, as of:

	June 30, 2025		December 31, 2024
Company-owned common units in the operating partnership	379,150,864		141,279,102
Company’s ownership interest percentage	98.7	%	97.4	%
Non-controlling common units in the operating partnership(1)	4,941,964		3,796,346
Non-controlling ownership interest percentage	1.3	%	2.6	%

_________________ 

1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of June 30, 2025, this amount represents both common units and performance units of 406,520 and 4,535,444, respectively. As of December 31, 2024, this amount represents both common units and performance units in the amount of 550,969 and 3,245,377, respectively.

Common Stock Activity

On June 13, 2025, the Company sold in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The pre-funded warrants have an exercise price of $0.01 per share and can be exercised at any time on or after June 13, 2025 at the option of the holder. The gross proceeds from the offering amounted to $689.3 million ($529.7 million from common stock and $159.6 million from pre-funded warrants). In connection with the offering, we paid underwriting fees of $27.4 million and other transaction costs of $5.0 million, resulting in net proceeds of $656.9 million. The proceeds from the offering were used to fully repay the outstanding amount under the unsecured revolving credit facility and for general corporate purposes.

The Company’s ATM program permits sales of up to $125.0 million of common stock. The Company did not utilize the ATM program during the three and six months ended June 30, 2025. A cumulative total of $65.8 million has been sold as of June 30, 2025.

Share Repurchase Program

The Company is authorized to repurchase shares of its common stock up to a total of $250.0 million under the share repurchase program. The Company did not utilize the share repurchase program during the three and six months ended June 30, 2025. Since commencement of the program, a cumulative total of $214.7 million had been repurchased. Share repurchases are accounted for on the trade date. The Company may make repurchases under the program at any time in its discretion, subject to market conditions, applicable legal requirements and other factors.

Series C Cumulative Redeemable Preferred Stock

Series C cumulative redeemable preferred stock relates to the 17,000,000 shares of our Series C preferred stock, $0.01 par value per share. Holders of Series C preferred stock, when and as authorized by the Board, are entitled to cumulative cash dividends at the rate of 4.750% per annum of the $25.00 per share, equivalent to $1.1875 per annum per share. Dividends are payable quarterly in arrears on or about the last day of December, March, June and September of each year. In addition to other preferential rights, the holders of Series C preferred stock are entitled to receive the liquidation preference, which is $25.00 per share, before the holders of common stock in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company’s affairs. Generally, shares of Series C preferred stock are not redeemable by the Company prior to November 16, 2026. However, upon the occurrence of a change of control, holders of the Series C preferred stock will have the right to convert into a specified number of shares of common stock, unless the Company has elected to redeem the Series C preferred stock.

34

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)

Dividends

The Board has historically declared dividends on a quarterly basis and the Company has paid the dividends during the quarters in which the dividends were declared. Declaration of any future dividends will be determined by the Company’s Board of Directors after considering the Company’s obligations under its various financing agreements, projected taxable income, compliance with its debt covenants, long-term operating projections, expected capital requirements and the risks affecting the Company’s business. The following table summarizes dividends per share declared and paid for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Common stock(1)	$	—	$	0.05	$	—	$	0.10
Common units and vested performance units(1)	$	—	$	0.05	$	—	$	0.10
Series A preferred units	$	0.3906	$	0.3906	$	0.7812	$	0.7812
Series C preferred stock	$	0.296875	$	0.296875	$	0.593750	$	0.593750
Unvested performance units(1)(2)	$	—	$	0.005	$	—	$	0.010
Payment date	June 30, 2025		June 27, 2024		N/A		N/A
Record date	June 20, 2025		June 17, 2024		N/A		N/A

_________________ 

1.The Company did not pay a quarterly common stock dividend during the first and second quarters of 2025. As a result, no quarterly common unit and performance unit dividends were paid.

2.Performance units are entitled to dividends equal to the common stock dividends declared by the Company. During their vesting period, unvested performance units receive 10% of declared dividends, with the remainder payable as soon as practicable after the vesting date. During the three and six months ended June 30, 2025, the Company paid $0 and $0.4 million, respectively, of accrued dividends related to the performance units that vested on December 31, 2024.

Taxability of Dividends

Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition, compensation expense and the basis of depreciable assets and estimated useful lives used to compute depreciation.

18. Segment Reporting

The Company’s reporting segments are based on the Company’s method of internal reporting, which classifies its operations into two reportable segments: (i) office properties and related operations and (ii) studio properties and related operations. The Company evaluates performance based upon net operating income of the segment operations. General and administrative expenses and interest expense are not included in segment profit as the Company’s internal reporting addresses these items on a corporate level.

The President, Chief Financial Officer and Chief Operating Officer, collectively, are the Company’s Chief Operating Decision-Maker, or CODM. They evaluate performance and allocate resources based on net operating income because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the segment level and presenting it on an unlevered basis.

Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense is not allocated among segments. Segment assets consist of investment in real estate, non-real estate property, plant and equipment, net, accounts receivable, net, straight-line rents receivables, net, deferred leasing costs and intangible assets, net, operating lease ROU assets and goodwill. Non-segment assets consist of assets in the Company’s corporate non-segment assets, including cash and cash equivalents, restricted cash, prepaid expenses and other assets, net, investment in unconsolidated real estate entities and assets associated with real estate held for sale. Reportable segment asset information is not provided to the CODM as the CODM do not use segment asset information to evaluate the business and allocate resources.

35

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)

The table below presents the operating activity of the Company’s reportable segments:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Office segment
Core office revenues	$	152,696	$	173,063	$	314,865	$	345,030
Core office expenses
Utilities	(5,973)		(6,085)		(12,038)		(12,156)
Taxes	(16,244)		(18,261)		(33,217)		(36,836)
Administrative	(7,310)		(7,293)		(14,900)		(14,560)
Insurance	(5,548)		(6,804)		(12,212)		(13,230)
Other segment expenses(1)	(33,289)		(33,885)		(65,232)		(65,385)
Total core office expenses	(68,364)		(72,328)		(137,599)		(142,167)
Office net operating income	84,332		100,735		177,266		202,863
Studio segment
Studio revenues	34,169		41,961		67,417		80,909
Studio expenses
Rent expense & real estate taxes	(8,699)		(8,189)		(22,460)		(16,558)
Cost of goods sold	(5,101)		(7,661)		(9,905)		(15,423)
Other segment expenses(2)	(22,752)		(22,102)		(45,168)		(43,080)
Total studio expenses	(36,552)		(37,952)		(77,533)		(75,061)
Studio net operating income	(2,383)		4,009		(10,116)		5,848
TOTAL SEGMENT PROFIT	$	81,949	$	104,744	$	167,150	$	208,711

_________________

1.Includes ground lease rent, cleaning, parking, engineering, security, mechanical, electrical & plumbing and repairs & maintenance expenses.

2.Includes administrative, utilities, security, cleaning, engineering and repairs & maintenance expenses.

The table below presents the reconciliation of segment revenue to consolidated revenue:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Office segment
Core office revenues	$	152,696	$	173,063	$	314,865	$	345,030
Chargebacks	3,137		2,976		6,179		6,084
Total office revenues	155,833		176,039		321,044		351,114
Studio segment
Total studio revenues	34,169		41,961		67,417		80,909
Total revenues	$	190,002	$	218,000	$	388,461	$	432,023

36

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)

The table below reconciles net loss to total profit from all segments:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
NET LOSS	$	(87,760)	$	(47,557)	$	(168,038)	$	(100,912)
General and administrative	27,776		20,705		46,259		40,415
Depreciation and amortization	94,751		86,798		187,836		178,652
Loss from unconsolidated real estate entities	205		2,481		1,459		3,224
Fee income	(1,476)		(1,371)		(2,835)		(2,496)
Interest expense	48,137		44,159		91,642		88,248
Interest income	(2,123)		(579)		(2,558)		(1,433)
Management services reimbursement income—unconsolidated real estate entities	(1,123)		(1,042)		(2,098)		(2,198)
Management services expense—unconsolidated real estate entities	1,123		1,042		2,098		2,198
Transaction-related expenses	451		(113)		451		2,037
Unrealized (gain) loss on non-real estate investments	(212)		1,045		237		1,943
Loss (gain) on sale of real estate, net	16		—		(10,007)		—
Impairment loss	—		—		18,476		—
Loss on extinguishment of debt	1,637		—		3,495		—
Other loss (income)	93		(1,334)		85		(1,477)
Income tax provision	454		510		648		510
TOTAL PROFIT FROM ALL SEGMENTS	$	81,949	$	104,744	$	167,150	$	208,711

19. Related Party Transactions

Employment Agreements

The Company has entered into employment agreements with certain of its executive officers, effective January 1, 2025, that provide for various severance and change in control benefits and other terms and conditions of employment.

Cost Reimbursements from Unconsolidated Real Estate Entities

The Company is reimbursed for certain costs incurred in managing certain of its unconsolidated real estate entities. During the three and six months ended June 30, 2025, the Company recognized $1.1 million and $2.1 million, respectively, of such reimbursement income in management services reimbursement income—unconsolidated real estate entities on the Consolidated Statements of Operations. During the three and six months ended June 30, 2024, the Company recognized $1.0 million and $2.2 million, respectively of such reimbursement income in management services reimbursement income—unconsolidated real estate entities on the Consolidated Statements of Operations.

Related Party Leases

The Company’s wholly-owned subsidiary is party to long-term operating lease agreements with an unconsolidated joint venture for office space and fitness and conference facilities. As of June 30, 2025, the Company’s ROU assets and lease liabilities related to these lease obligations were $4.7 million and $4.9 million, respectively as compared to ROU assets and lease liabilities of $4.9 million and $5.1 million, respectively, as of December 31, 2024. During the three and six months ended June 30, 2025, the Company recognized $0.3 million and $0.5 million, respectively, of related rental expense in management services expense—unconsolidated real estate entities on the Consolidated Statements of Operations related to these leases. During the three and six months ended June 30, 2024, the Company recognized $0.3 million and $0.6 million, respectively, of related rental expense.

37

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)

20. Commitments and Contingencies

Fund Investments

The Company invests in several non-real estate funds with an aggregate commitment to contribute up to $51.0 million. As of June 30, 2025, the Company has contributed $42.8 million to these funds, net of distributions, with $8.2 million remaining to be contributed.

Legal

From time to time, the Company is party to various lawsuits, claims and other legal proceedings arising out of, or incident to, the ordinary course of business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. As of June 30, 2025, the risk of material loss from such legal actions impacting the Company’s financial condition or results from operations has been assessed as remote.

Letters of Credit

As of June 30, 2025, the Company had $9.6 million in outstanding letters of credit under the unsecured revolving credit facility, the majority of which was related to the completion guarantee associated with the Sunset Pier 94 Studios development.

Contractual Obligations

The Company has entered into a number of construction agreements related to its development activities at various properties and its obligations under executed leases. As of June 30, 2025, the Company had $98.7 million in related commitments.

21. Supplemental Cash Flow Information

Supplemental cash flow information for Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. is included as follows:

	Six Months Ended June 30,
	2025		2024
Cash paid for interest, net of capitalized interest	$	79,116	$	78,981
Non-cash investing and financing activities
Accounts payable and accrued liabilities for real estate investments	$	99,394	$	95,782
Remeasurement of operating lease liabilities and related right-of-use assets	$	5,551	$	—
Redemption of common units in the operating partnership	$	—	$	133
Assets recognized upon consolidation of previously unconsolidated real estate entity	$	—	$	197,968
Liabilities recognized upon consolidation of previously unconsolidated real estate entity	$	—	$	86,565
Derecognition of equity method investment upon consolidation of previously unconsolidated real estate entity	$	—	$	55,593

38

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)

Restricted cash primarily consists of amounts held by lenders to fund reserves such as capital improvements, taxes, insurance, debt service and operating expenditures. The following table provides a reconciliation of cash and cash equivalents and restricted cash at the beginning and end of the periods presented for Hudson Pacific Properties, Inc and Hudson Pacific Properties, L.P.:

	Six Months Ended June 30,
	2025		2024
BEGINNING OF PERIOD
Cash and cash equivalents	$	63,256	$	100,391
Restricted cash	35,921		18,765
TOTAL	$	99,177	$	119,156
END OF PERIOD
Cash and cash equivalents	$	236,025	$	78,458
Restricted cash	31,102		21,482
TOTAL	$	267,127	$	99,940

22. Subsequent Event

On July 18, 2025, 123,991 Series A preferred units were redeemed for cash consideration of $3.1 million.

39

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part I, Item 1 “Financial Statements of Hudson Pacific Properties, Inc.,” “Financial Statements of Hudson Pacific Properties, L.P.” and “Notes to Unaudited Consolidated Financial Statements.” Statements in this Item 2 contain forward-looking statements. For a discussion of important risks related to our business and related to investing in our securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking statements, refer to Part II, Item 1A “Risk Factors.” In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

Forward-looking Statements

Certain written and oral statements made or incorporated by reference from time to time by us or our representatives in this Quarterly Report on Form 10-Q, other filings or reports filed with the SEC, press releases, conferences, or otherwise, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, as amended, and Section 21E of the Exchange Act). In particular, statements relating to our liquidity and capital resources, portfolio performance and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations, or “FFO”, market conditions and demographics) are forward-looking statements. We are including this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any such forward-looking statements. We caution investors that any forward-looking statements presented in this Quarterly Report on Form 10-Q, or that management may make orally or in writing from time to time, are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•adverse economic or real estate developments in our target markets;

•general economic conditions;

•defaults on, early terminations of or non-renewal of leases by tenants;

•fluctuations in interest rates and increased operating costs;

•our failure to obtain necessary outside financing, maintain an investment grade rating or maintain compliance with covenants under our financing arrangements;

•our failure to generate sufficient cash flows to service our outstanding indebtedness and maintain dividend payments;

•lack or insufficient amounts of insurance;

•decreased rental rates or increased vacancy rates;

•difficulties in identifying properties to acquire or dispose and completing acquisitions or dispositions;

•our failure to successfully operate acquired properties and operations;

•our failure to maintain our status as a REIT;

•the loss of key personnel;

•environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•financial market and foreign currency fluctuations;

•risks related to acquisitions generally, including the diversion of management’s attention from ongoing business operations and the impact on customers, tenants, lenders, operating results and business;

•the inability to successfully integrate acquired properties, realize the anticipated benefits of acquisitions or capitalize on value creation opportunities;

•changes in the tax laws and uncertainty as to how those changes may be applied;

•changes in real estate and zoning laws and increases in real property tax rates; and

•other factors affecting the real estate industry generally.

The risks set forth above are not exhaustive. Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a highly competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor

40

can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.

Executive Summary

Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at June 30, 2025, our portfolio of owned real estate included office properties comprising approximately 14.2 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet and land properties comprising approximately 3.2 million square feet of undeveloped density rights. Our production services assets include vehicles, lighting and grip, production supplies and other equipment and the lease rights to 20 sound stages.

As of June 30, 2025, our in-service office portfolio was 76.2% leased (including leases not yet commenced). Our same-store studio properties were 73.8% leased for the average percent leased for the 12 months ended June 30, 2025.

The following table summarizes our portfolio as of June 30, 2025:

	Number of Properties	Rentable Square Feet(1)	Percent Occupied(2)		Percent Leased(2)		Annualized Base Rent per Square Foot(3)
OFFICE
Same-store(4)	40	13,420,243	75.1	%	76.2	%	$	54.49
Stabilized non-same store(5)	0	0	—		—		—
Total stabilized	40	13,420,243	75.1		76.2		54.49
Lease-up(5)(6)	0	0	—		—		—
Total in-service office	40	13,420,243	75.1		76.2		54.49
STUDIO
Same-store(7)	3	1,205,024	73.8		73.8		48.20
Non-same store(5)	1	243,300
Total	4	1,448,324
Repositioning(5)(8)	1	270,353	—		—		—
Development(5)(9)	2	778,000	0.3		0.4		—
Held-for-sale(5)	0	0	—		—		—
Total repositioning, development and held-for-sale	3	1,048,353
Total office and studio properties	47	15,916,920
Future development(10)	7	3,233,589
TOTAL	54	19,150,509

__________________ 

1.Determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association (“BOMA”) rentable area. Square footage may change over time due to re-measurement or re-leasing.

2.Percent occupied for office properties is calculated as (i) square footage under commenced leases as of June 30, 2025, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. Percent leased for studio properties is calculated as (i) average square footage under commenced leases for the 12 months ended June 30, 2025, divided by (ii) total square feet, expressed as a percentage.

3.Annualized base rent (“ABR”) per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of June 30, 2025 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of June 30, 2025. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of June 30, 2025. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of June 30, 2025. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended June 30, 2025, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of June 30, 2025.

4.Same-store office for the three months ended June 30, 2025 defined as all properties owned and included in our stabilized office portfolio as of April 1, 2024 and still owned and included in the stabilized office portfolio as of June 30, 2025. Since its acquisition as part of a portfolio in the

41

second quarter of 2015, Metro Center has not reached stabilized occupancy (92%) so has never been included in the same-store office portfolio, instead remaining the only office asset within that portfolio still held as a non-same-store, lease-up property. In an effort to simplify our in-service and same-store disclosure, Metro Center will be included within our same-store office properties for both the three and six months ended June 30, 2024 and June 30, 2025.

5.Included in our non-same-store property group.

6.Includes office properties that have not yet reached 92.0% occupancy since the date they were acquired as of June 30, 2025. Please see footnote 4 above regarding the treatment of Metro Center.

7.Includes studio properties owned and included in our portfolio as of April 1, 2024 and still owned and included in our portfolio as of June 30, 2025.

8.Refer to Repositioning table in this document for the office and studio projects under repositioning as of June 30, 2025.

9.Includes 546,000 square feet related to the office development Washington 1000 and 232,000 square feet related to Sunset Pier 94 Studios.

10.Includes pending entitlement to develop approximately 500 residential units at 10900-10950 Washington.

The following table provides information regarding the 15 largest tenants in our office portfolio based on HPP’s share of annualized base rent as of June 30, 2025:

	Tenant	# of Properties	Lease Expiration	Total Occupied Square Feet		HPP’s Share
						Annualized Base Rent(1)		Percent of Annualized Base Rent
1	Google, Inc.	3	2028-2029	458,054	(2)	$	39,150,826	8.6	%
2	Netflix, Inc.	3	9/30/31	722,305	(3)	26,968,551		5.9
3	Amazon	2	2030-2031	850,964	(4)	24,316,133		5.3
4	Riot Games, Inc.	1	3/31/30	284,037		20,106,092		4.4
5	City and County of San Francisco	2	2033-2067	426,835	(5)	17,576,703		3.9
6	Nutanix, Inc.	1	5/31/30	215,857		12,031,216		2.6
7	Salesforce.com	1	2027-2028	182,378	(6)	10,754,688		2.4
8	Dell EMC Corporation	2	2026-2027	130,021	(7)	9,086,922		2.0
9	Coupa Software Incorporated	1	11/30/33	100,654		7,841,953		1.7
10	PayPal, Inc.	1	7/17/26	131,701	(8)	6,359,052		1.4
11	Weil, Gotshal & Manges LLP	1	8/31/26	76,278		6,280,735		1.4
12	Glu Mobile, Inc.	1	11/30/27	61,381		5,473,367		1.2
13	GitHub, Inc.	1	6/30/30	57,120		5,278,898		1.2
14	Rivian Automotive, LLC	1	4/30/28	55,805		4,980,956		1.1
15	Covington & Burling LLC	1	8/31/28	40,779		4,353,088		1.0
	TOTAL			3,794,169		$	200,559,180	44.1	%

_____________

1.Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of June 30, 2025, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. Annualized base rents related to Bentall Centre have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2025.

2.Google, Inc. expirations: (i) 208,843 square feet at Rincon Center on February 29, 2028, (ii) 207,857 square feet at 3400 Hillview on November 30, 2028 (early termination right between September 2026-February 2027) and (iii) 41,354 square feet at Ferry Building on October 31, 2029.

3.Netflix, Inc. expirations: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC and (iii) 94,386 square feet at CUE.

4.Amazon expirations: (i) 659,150 square feet at 1918 Eighth on September 30, 2030 and (ii) 191,814 square feet at 5th & Bell on May 31, 2031.

5.City and County of San Francisco expirations: (i) 39,573 square feet at 1455 Market on September 19, 2033, (ii) 386,556 square feet at 1455 Market on April 30, 2045 and (iii) 706 square feet at Ferry Building on April 30, 2067.

6.Salesforce.com expirations at Rincon Center: (i) 83,372 square feet on April 30, 2027 and (ii) 99,006 square feet on October 31, 2028. Salesforce.com currently subleases 182,378 feet at Rincon Center to Twilio Inc. and pays us 50% of cash rents received pursuant to the sublease at a current average of $280,000 per month with annual growth thereafter, in addition to contractual base rent.

7.Dell EMC Corporation expirations: (i) 83,549 square feet at 875 Howard on June 30, 2026 and (ii) 46,472 square feet at 505 First on January 31, 2027.

8.PayPal, Inc. has exercised their early termination right at Fourth & Traction for July 2026.

42

Overview

Business Acquisitions

We had no business acquisitions during the six months ended June 30, 2025.

Property Acquisitions

We had no property acquisitions during the six months ended June 30, 2025.

Property Dispositions

During the six months ended June 30, 2025, the Company sold its Maxwell, Foothill Research Center and 625 Second properties for $46.0 million, $23.0 million and $28.0 million, respectively. See Part I, Item 1 “Note 3 to the Consolidated Financial Statements—Investment in Real Estate” for details. A portion of the net proceeds from these sales was used to repay outstanding amounts on the unsecured revolving credit facility.

43

In Process and Future Development Projects

The following table summarizes the properties currently under construction and future development projects as of June 30, 2025:

	Type	Submarket	Estimated Square Feet(1)	Estimated Completion Date	Estimated Stabilization Date
Under Construction:
New York, New York
Sunset Pier 94 Studios(2)	Studio	Manhattan	232,000	Q4-2025	Q3-2026
TOTAL			232,000
Recently Completed:
Seattle, Washington
Washington 1000	Office	Denny Triangle	546,000	Q4-2024	Q1-2027
TOTAL			546,000
Future Development Pipeline:
Los Angeles, California
Sunset Las Palmas Studios—Development(3)	Studio	Hollywood	617,581	TBD	TBD
Sunset Gower Studios—Development(3)	Office/Studio	Hollywood	478,845	TBD	TBD
Sunset Bronson Studios Lot D—Development(3)	Residential	Hollywood	33 units/19,816	TBD	TBD
Element LA—Development	Office	West Los Angeles	500,000	TBD	TBD
10900/10950 Washington(4)	Residential	West Los Angeles	N/A	TBD	TBD
Vancouver, British Columbia
Burrard Exchange(5)	Office	Downtown Vancouver	450,000	TBD	TBD
Greater London, United Kingdom
Sunset Waltham Cross Studios(6)	Studio	Broxbourne	1,167,347	TBD	TBD
TOTAL			3,233,589
TOTAL UNDER CONSTRUCTION, RECENTLY COMPLETED AND FUTURE DEVELOPMENT			4,011,589

__________________ 

1.Estimated square footage represents management’s estimate of leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. For land properties, square footage represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained.

2.We own 25.6% of the ownership interest in the unconsolidated joint venture that owns Sunset Pier 94 Studios.

3.We own 51% of the ownership interests in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios.

4.Pending entitlement to develop approximately 500 residential units.

5.We own 20% of the ownership interests in the unconsolidated joint venture that owns Burrard Exchange.

6.We own 35% of the ownership interests in the unconsolidated joint venture that owns Sunset Waltham Cross Studios.

Properties are selected for repositioning when an asset or portions of an asset are taken offline for a change of use or if the asset requires significant base building improvements resulting in substantial down time in occupancy. Studio development properties are incorporated into the in-service portfolio on the earlier of the one year anniversary of completion or the project’s estimated stabilization date. Office development properties are incorporated into the in-service portfolio on the earlier of reaching 92% occupancy or the project’s estimated stabilization date.

The lease up of our recently completed and under construction office and studio developments requires no additional capital investment and provides an opportunity for near-to-mid-term cash flow growth.

44

The following table summarizes the portions of office and studio projects currently under repositioning as of June 30, 2025:

Location	Submarket	Square Feet
Repositioning:
899 Howard	San Francisco	96,240
Page Mill Center	Palo Alto	79,056
Rincon Center	San Francisco	38,514
Sunset Las Palmas Studios	Hollywood	18,594
Bentall Centre	Downtown Vancouver	18,559
Palo Alto Square	Palo Alto	12,740
Sunset Gower Studios	Hollywood	6,650
TOTAL REPOSITIONING		270,353

This Quarterly Report on Form 10-Q includes financial measures that are not in accordance with generally accepted accounting principles in the United States (“GAAP”), which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company presents “HPP’s share” of certain of these measures, which are non-GAAP financial measures that are calculated as the measure on a consolidated basis, in accordance with GAAP, plus our Operating Partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the Operating Partnership’s percentage ownership interest), minus our partners’ share of the measure from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). We believe that presenting HPP’s share of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because we have several significant joint ventures, and in some cases, we exercise significant influence over, but do not control, the joint venture. In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest. As a result, management believes that presenting HPP’s share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.

45

Office Lease Expirations

The following table summarizes the lease expirations for leases in place as of June 30, 2025, plus available space, at the properties in our office portfolio. Unless otherwise stated in the footnotes, the information set forth in the table assumes that tenants did not exercise any renewal options.

			HPP’s Share
Year of Lease Expiration	# of Leases Expiring(1)	Square Feet Expiring	Square Footage of Expiring Lease	Percent of Office Portfolio Square Feet		Annualized Base Rent(2)		Percent of Office Portfolio Annualized Base Rent		Annualized Base Rent Per Leased Square Foot(2)		Annualized Base Rent at Expiration(2)		Annualized Base Rent Per Lease Square Foot at Expiration(2)
Vacant		3,979,975	3,806,571	31.9	%
Q3-2025	45	247,149	213,793	1.8		9,283,610		2.0		43.42		9,284,478		43.43
Q4-2025	39	300,067	176,931	1.5		9,791,885		2.1		55.34		6,532,782		36.92
Total 2025	84	547,216	390,724	3.3		19,075,495		4.1		48.82		15,817,260		40.48
2026	149	987,077	931,437	7.8		55,157,645		12.0		59.22		55,596,934		59.69
2027	143	1,182,649	1,041,622	8.7		63,127,693		13.7		60.61		66,491,901		63.83
2028	115	1,446,560	1,231,850	10.3		87,089,976		18.9		70.70		92,295,032		74.92
2029	78	646,994	512,962	4.3		34,224,363		7.4		66.72		38,282,413		74.63
2030	75	1,794,249	1,397,520	11.7		79,410,090		17.3		56.82		88,385,158		63.24
2031	38	1,255,941	820,858	6.9		50,293,990		10.9		61.27		60,219,026		73.36
2032	12	122,934	85,720	.7		5,390,361		1.2		62.88		6,299,743		73.49
2033	23	620,401	503,652	4.2		26,054,254		5.7		51.73		32,643,082		64.81
2034	14	173,289	170,095	1.4		7,972,654		1.7		46.87		10,841,065		63.74
Thereafter	34	949,755	671,438	5.6		27,545,365		6.0		41.02		43,981,409		65.50
Building management use(3)	59	323,409	281,873	2.4		—		—		—		—		—
Signed leases not commenced	21	155,974	95,708	.8		4,923,854		1.1		51.45		6,120,833		63.95
Portfolio Total/Weighted Average	845	14,186,423	11,942,030	100.0	%	$	460,265,740	100.0	%	$	56.58	$	516,973,856	$	63.55

__________________ 

1.Does not include 33 month-to-month leases.

2.Annualized base rent per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of June 30, 2025 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of June 30, 2025. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of June 30, 2025. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of June 30, 2025.

3.Reflects management offices occupied by the Company with various expiration dates.

46

Historical Office Tenant Improvements and Leasing Commissions

The following table summarizes historical information regarding tenant improvement and leasing commission costs for tenants at our office properties:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Renewals(1)
Number of leases	31		33		58		70
Square feet	223,100		183,475		438,280		399,031
Tenant improvement costs per square foot(2)(3)	$	17.26	$	25.42	$	17.88	$	26.23
Leasing commission costs per square foot(2)	11.23		14.05		9.88		12.25
Total tenant improvement and leasing commission costs(2)	$	28.49	$	39.47	$	27.76	$	38.48
New leases(4)
Number of leases	41		49		76		82
Square feet	334,955		356,056		750,070		649,115
Tenant improvement costs per square foot(2)(3)	$	54.10	$	58.33	$	64.90	$	50.24
Leasing commission costs per square foot(2)	14.26		11.65		14.33		12.43
Total tenant improvement and leasing commission costs(2)	$	68.36	$	69.98	$	79.23	$	62.67
TOTAL
Number of leases	72		82		134		152
Square feet	558,055		539,531		1,188,350		1,048,146
Tenant improvement costs per square foot(2)(3)	$	38.13	$	47.19	$	47.24	$	41.46
Leasing commission costs per square foot(2)	12.95		12.46		12.65		12.37
TOTAL TENANT IMPROVEMENT AND LEASING COMMISSION COSTS(2)	$	51.08	$	59.65	$	59.89	$	53.83

__________________ 

1.Excludes retained tenants that have relocated or expanded into new space within our portfolio.    

2.Assumes all tenant improvement and leasing commissions are paid in the calendar year in which the lease is executed, which may be different than the year in which they were actually paid.

3.Tenant improvement costs are based on negotiated tenant improvement allowances set forth in leases, or, for any lease in which a tenant improvement allowance was not specified, the aggregate cost originally budgeted at the time the lease commenced.

4.Includes retained tenants that have relocated or expanded into new space within our portfolio.

Financings

During the six months ended June 30, 2025, there were $320.0 million of repayments on the unsecured revolving credit facility, net of borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes.

During the six months ended June 30, 2025, the Company secured the Office Portfolio CMBS loan (a commercial mortgaged-backed securities loan) with an aggregate principal amount of $475.0 million. The loan is secured by six office properties and bears interest at SOFR + 3.76%. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property.

During the six months ended June 30, 2025, the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million.

During the six months ended June 30, 2025, the Company fully repaid its Series B, Series C and Series D notes.

47

During the six months ended June 30, 2025, the Company sold in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The gross proceeds from the offering amounted to $689.3 million.

Historical Results of Operations

This Quarterly Report on Form 10-Q of Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. represents an update to the more detailed and comprehensive disclosures included in the 2024 Annual Report on Form 10-K of Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. Accordingly, you should read the following discussion in conjunction with the information included in our 2024 Annual Report on Form 10-K, as well as the unaudited financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

In addition, some of the statements and assumptions in this Quarterly Report on Form 10-Q are forward-looking statements within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the quarter and beyond. Refer to “Forward-looking Statements.”

All amounts and percentages used in this discussion of our results of operations are calculated using the numbers presented in the financial statements contained in Part I, Item 1 of this Quarterly Report rather than the rounded numbers appearing in this discussion. The dollar amounts included in the tables in this discussion of our results of operations are presented in thousands.

Comparison of the Three Months Ended June 30, 2025 to the Three Months Ended June 30, 2024

Net Loss

Net loss increased $40.2 million, or 84.5%, to $87.8 million for the three months ended June 30, 2025 compared to $47.6 million for the three months ended June 30, 2024. The reasons for the change are discussed below with respect to the decrease in net operating income for the same period.

Net Operating Income

We evaluate performance based upon net operating income (“NOI”). NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to net income, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from net income. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, interest income, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses.

Management further analyzes NOI by evaluating the performance from the following groups:

•Same-store, which includes all of the properties owned and included in our stabilized portfolio as of April 1, 2024 and still owned and included in the stabilized portfolio as of June 30, 2025; and

•Non-same-store, which includes:

•Stabilized non-same-store properties

•Lease-up properties

•Repositioning properties

•Development properties

•Redevelopment properties

•Held for sale properties

•Operating results from studio service-related businesses

48

The following table reconciles net loss to NOI:

	Three Months Ended June 30,				Dollar Change		Percent Change
	2025		2024
Net loss	$	(87,760)	$	(47,557)	$	(40,203)	84.5	%
Adjustments:
Loss from unconsolidated real estate entities	205		2,481		(2,276)		(91.7)
Fee income	(1,476)		(1,371)		(105)		7.7
Interest expense	48,137		44,159		3,978		9.0
Interest income	(2,123)		(579)		(1,544)		266.7
Management services reimbursement income—unconsolidated real estate entities	(1,123)		(1,042)		(81)		7.8
Management services expense—unconsolidated real estate entities	1,123		1,042		81		7.8
Transaction-related expenses	451		(113)		564		(499.1)
Unrealized (gain) loss on non-real estate investments	(212)		1,045		(1,257)		(120.3)
Loss on sale of real estate, net	16		—		16		—
Loss on extinguishment of debt	1,637		—		1,637		—
Other expense (income)	93		(1,334)		1,427		(107.0)
Income tax provision	454		510		(56)		(11.0)
General and administrative	27,776		20,705		7,071		34.2
Depreciation and amortization	94,751		86,798		7,953		9.2
NOI	$	81,949	$	104,744	$	(22,795)	(21.8)	%
Same-store NOI	$	89,534	$	104,570	$	(15,036)	(14.4)	%
Non-same-store NOI	(7,585)		174		(7,759)		(4,459.2)
NOI	$	81,949	$	104,744	$	(22,795)	(21.8)	%

The following table summarizes certain statistics of our consolidated same-store office and studio properties:

	Three Months Ended June 30,
	2025			2024
Same-store office
Number of properties	39			39
Rentable square feet	11,895,989			11,895,989
Ending % leased	74.1		%	78.9		%
Ending % occupied	73.4		%	77.5		%
Average % occupied for the period	73.3		%	77.9		%
Average annual rental rate per square foot	$	58.08		$	58.94
Same-store studio
Number of properties	3			3
Rentable square feet	1,205,024			1,205,024
Average % leased for the period(1)	74.3		%	76.1		%

__________________ 

1.Percent leased for same-store studio is the average percent leased for the 12 months ended.

49

The following table gives further detail on our NOI:

	Three Months Ended June 30,
	2025						2024
	Same-Store		Non-Same-Store		Total		Same-Store		Non-Same-Store		Total
Revenues
Office
Rental revenues	$	150,383	$	150	$	150,533	$	164,929	$	7,667	$	172,596
Service and other revenues	5,238		62		5,300		3,250		193		3,443
Total office revenues	155,621		212		155,833		168,179		7,860		176,039
Studio
Rental revenues	10,230		3,659		13,889		10,638		3,803		14,441
Service and other revenues	5,397		14,883		20,280		9,648		17,872		27,520
Total studio revenues	15,627		18,542		34,169		20,286		21,675		41,961
Total revenues	171,248		18,754		190,002		188,465		29,535		218,000
Operating expenses
Office operating expenses	71,127		374		71,501		71,315		3,989		75,304
Studio operating expenses	10,587		25,965		36,552		12,580		25,372		37,952
Total operating expenses	81,714		26,339		108,053		83,895		29,361		113,256
Office NOI	84,494		(162)		84,332		96,864		3,871		100,735
Studio NOI	5,040		(7,423)		(2,383)		7,706		(3,697)		4,009
NOI	$	89,534	$	(7,585)	$	81,949	$	104,570	$	174	$	104,744

50

The following table gives further detail on our change in NOI:

	Three Months Ended June 30, 2025 as compared to Three Months Ended June 30, 2024
	Same-Store				Non-Same-Store				Total
	Dollar Change		Percent Change		Dollar Change		Percent Change		Dollar Change		Percent Change
Revenues
Office
Rental revenues	$	(14,546)	(8.8)	%	$	(7,517)	(98.0)	%	$	(22,063)	(12.8)	%
Service and other revenues	1,988		61.2		(131)		(67.9)		1,857		53.9
Total office revenues	(12,558)		(7.5)		(7,648)		(97.3)		(20,206)		(11.5)
Studio
Rental revenues	(408)		(3.8)		(144)		(3.8)		(552)		(3.8)
Service and other revenues	(4,251)		(44.1)		(2,989)		(16.7)		(7,240)		(26.3)
Total studio revenues	(4,659)		(23.0)		(3,133)		(14.5)		(7,792)		(18.6)
Total revenues	(17,217)		(9.1)		(10,781)		(36.5)		(27,998)		(12.8)
Operating expenses
Office operating expenses	(188)		(0.3)		(3,615)		(90.6)		(3,803)		(5.1)
Studio operating expenses	(1,993)		(15.8)		593		2.3		(1,400)		(3.7)
Total operating expenses	(2,181)		(2.6)		(3,022)		(10.3)		(5,203)		(4.6)
Office NOI	(12,370)		(12.8)		(4,033)		(104.2)		(16,403)		(16.3)
Studio NOI	(2,666)		(34.6)		(3,726)		100.8		(6,392)		(159.4)
NOI	$	(15,036)	(14.4)	%	$	(7,759)	(4,459.2)	%	$	(22,795)	(21.8)	%

NOI decreased $22.8 million, or 21.8%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily resulting from:

•a $15.0 million decrease in same-store NOI driven by:

•a decrease in office NOI of $12.4 million primarily due to:

•a $14.5 million decrease in rental revenues driven by lease terminations at our 1455 Market, Concourse and Met Park North properties; partially offset by

•a $2.0 million increase in service and other revenues due to a lease termination fee received at our 6040 Sunset property.

•a decrease in studio NOI of $2.7 million primarily due to lower production activity at Sunset Gower Studios.

•a $7.8 million decrease in non-same-store NOI driven by:

•a decrease in office NOI of $4.0 million resulting from the sales of our 3176 Porter property in 2024 and our Foothill Research, Maxwell and 625 Second properties in 2025.

•a decrease in studio NOI of $3.7 million primarily due to:

•a $3.1 million decrease in total studio revenues due to lower stage and production activity at Quixote; and

•a $0.6 million increase in studio operating expenses primarily due to operating expenses incurred at Sunset Glenoaks Studios, which was completed and placed in service during the second quarter of 2024, partially offset by lower stage and transportation utilization at Quixote.

51

Other (Expenses) Income

Loss from unconsolidated real estate entities

We recorded a $0.2 million loss from unconsolidated real estate entities for the three months ended June 30, 2025 compared to a loss of $2.5 million for the three months ended June 30, 2024. The change was primarily driven by mark-to-market adjustments for an interest rate swap that does not qualify for hedge accounting.

Fee income

There was no significant change in fee income. We recognized fee income of $1.5 million for the three months ended June 30, 2025 compared to $1.4 million for the three months ended June 30, 2024. Fee income represents the management fee income earned from our unconsolidated real estate entities.

Interest expense

The following table presents a reconciliation from gross interest expense to the interest expense line item on the Consolidated Statements of Operations:

	Three Months Ended June 30,
	2025		2024		Dollar Change		Percent Change
Gross interest expense(1)	$	53,137	$	53,077	$	60	0.1	%
Capitalized interest	(10,272)		(10,912)		640		(5.9)
Non-cash interest expense(2)	5,272		1,994		3,278		164.4
TOTAL	$	48,137	$	44,159	$	3,978	9.0	%

_________________

1.Includes interest on the Company’s debt and hedging activities.

2.Includes the amortization of deferred financing costs and fair market value adjustments for our mark-to-market interest rate derivatives.

Gross interest expense remained relatively flat, at $53.1 million for the three months ended June 30, 2025 compared to $53.1 million for the three months ended June 30, 2024. The slight increase during the three months ended June 30, 2025 was primarily related to the interest expense related to the Office Portfolio CMBS loan, which was secured during the first quarter of 2025. The increase was offset by repayment of the Series B, C and D notes during the three months ended June 30, 2025, as well as lower reference rates on our floating rate debt.

Capitalized interest decreased by $0.6 million or 5.9%, to $10.3 million for the three months ended June 30, 2025 compared to $10.9 million for the three months ended June 30, 2024 primarily due to the completion of the Sunset Glenoaks Studios development during the three months ended June 30, 2025. The decrease was partially offset by development activity at Washington 1000, Sunset Waltham Cross Studios, Sunset Las Palmas Studios and Sunset Pier 94 Studios.

Non-cash interest expense increased by $3.3 million, or 164.4%, to $5.3 million for the three months ended June 30, 2025 compared to $2.0 million for the three months ended June 30, 2024. The increase was primarily related to the amortization of cash premiums paid to obtain new interest rate caps during the three months ended June 30, 2025.

Interest income

Interest income increased by $1.5 million, or 266.7%, to $2.1 million for the three months ended June 30, 2025 compared to $0.6 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in cash deposits in interest-bearing accounts and interest income earned on employee retention credit tax refunds received in the second quarter of 2025.

Transaction-related expenses

Transaction-related expenses increased by $0.6 million, or 499.1%, to $0.5 million of expense for the three months ended June 30, 2025 compared to $0.1 million of income for the three months ended June 30, 2024. The increase was primarily related to legal expenses incurred in connection with early lease terminations at Quixote during the three months ended June 30, 2025.

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Unrealized gain (loss) on non-real estate investments

We recognized an unrealized gain on non-real estate investments of $0.2 million for the three months ended June 30, 2025 compared to an unrealized loss of $1.0 million for the three months ended June 30, 2024, which were due to the observable changes in the fair value of the investments.

Loss on sale of real estate, net

During the three months ended June 30, 2025, we recognized a net loss on sale of $16 thousand attributable to the sale of our 625 Second property. No gain or loss on sale was recognized during the three months ended June 30, 2024.

Loss on extinguishment of debt

During the three months ended June 30, 2025, we recognized a loss on extinguishment of debt of $1.6 million related to the early repayment of the Series B, C and D notes. No gain or loss on extinguishment of debt was recognized during the three months ended June 30, 2024.

Other (expense) income

During the three months ended June 30, 2025, we recognized other expense of $0.1 million. During the three months ended June 30, 2024 we recognized other income of $1.3 million related to the sale of a non-real estate investment.

Income tax provision

There was no significant change in the income tax provision. We recognized a provision of $0.5 million for the three months ended June 30, 2025 compared to $0.5 million for the three months ended June 30, 2024.

General and administrative expenses

General and administrative expenses increased by $7.1 million, or 34.2%, to $27.8 million for the three months ended June 30, 2025 compared to $20.7 million for the three months ended June 30, 2024. The increase was primarily due to the accelerated recognition of $14.3 million of compensation expense related to the cancellation of the 2024 performance unit equity awards by the Company’s top three executive officers during the three months ended June 30, 2025, which was partially offset by the impact of Company-wide cost savings initiatives.

Depreciation and amortization expense

Depreciation and amortization expense increased by $8.0 million, or 9.2%, to $94.8 million for the three months ended June 30, 2025 compared to $86.8 million for the three months ended June 30, 2024. The increase was primarily related to the accelerated depreciation of tenant improvements related to early lease terminations at our 6040 Sunset and Quixote properties and disposals of transportation assets at Quixote during the three months ended June 30, 2025. The increase was partially offset by the sales of our 3176 Porter property in 2024 and our Foothill Research, Maxwell and 625 Second properties in 2025.

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

Net Loss

Net loss increased $67.1 million, or 66.5%, to $168.0 million for the six months ended June 30, 2025 compared to $100.9 million for the six months ended June 30, 2024. The reasons for the change are discussed below with respect to the decrease in net operating income for the same period.

Net Operating Income

Management further analyzes NOI by evaluating the performance from the following groups:

•Same-store, which includes all of the properties owned and included in our stabilized portfolio as of January 1, 2024 and still owned and included in the stabilized portfolio as of June 30, 2025; and

•Non-same-store, which includes:

•Stabilized non-same-store properties

•Lease-up properties

•Repositioning properties

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•Development properties

•Redevelopment properties

•Held for sale properties

•Operating results from studio service-related businesses

The following table reconciles net loss to NOI:

	Six Months Ended June 30,				Dollar Change		Percent Change
	2025		2024
Net loss	$	(168,038)	$	(100,912)	$	(67,126)	66.5	%
Adjustments:
Loss from unconsolidated real estate entities	1,459		3,224		(1,765)		(54.7)
Fee income	(2,835)		(2,496)		(339)		13.6
Interest expense	91,642		88,248		3,394		3.8
Interest income	(2,558)		(1,433)		(1,125)		78.5
Management services reimbursement income—unconsolidated real estate entities	(2,098)		(2,198)		100		(4.5)
Management services expense—unconsolidated real estate entities	2,098		2,198		(100)		(4.5)
Transaction-related expenses	451		2,037		(1,586)		(77.9)
Unrealized loss on non-real estate investments	237		1,943		(1,706)		(87.8)
Gain on sale of real estate, net	(10,007)		—		(10,007)		—
Impairment loss	18,476		—		18,476		—
Loss on extinguishment of debt	3,495		—		3,495		—
Other expense (income)	85		(1,477)		1,562		(105.8)
Income tax provision	648		510		138		27.1
General and administrative	46,259		40,415		5,844		14.5
Depreciation and amortization	187,836		178,652		9,184		5.1
NOI	$	167,150	$	208,711	$	(41,561)	(19.9)	%
Same-store NOI	186,955		209,120		(22,165)		(10.6)	%
Non-same-store NOI	(19,805)		(409)		(19,396)		4,742.3
NOI	$	167,150	$	208,711	$	(41,561)	(19.9)	%

The following table summarizes certain statistics of our same-store office and studio properties:

	Six Months Ended June 30,
	2025			2024
Same-store office
Number of properties	39			39
Rentable square feet	11,895,989			11,895,989
Ending % leased	74.1		%	78.9		%
Ending % occupied	73.4		%	77.5		%
Average % occupied for the period	74.2		%	77.7		%
Average annual rental rate per square foot	$	58.08		$	58.94
Same-store studio
Number of properties	3			3
Rentable square feet	1,205,024			1,205,024
Average % occupied for the period(1)	74.3		%	76.1		%

_____________

1.Percent occupied for same-store studio is the average percent occupied for the 12 months ended.

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The following table gives further detail on our NOI:

	Six Months Ended June 30,
	2025						2024
	Same-Store		Non-Same-Store		Total		Same-Store		Non-Same-Store		Total
Revenues
Office
Rental revenues	$	305,460	$	3,466	$	308,926	$	327,502	$	16,521	$	344,023
Service and other revenues	11,981		137		12,118		6,734		357		7,091
Total office revenues	317,441		3,603		321,044		334,236		16,878		351,114
Studio
Rental revenues	20,606		6,935		27,541		21,408		6,633		28,041
Service and other revenues	12,019		27,857		39,876		18,204		34,664		52,868
Total studio revenues	32,625		34,792		67,417		39,612		41,297		80,909
Total revenues	350,066		38,395		388,461		373,848		58,175		432,023
Operating expenses
Office operating expenses	141,529		2,249		143,778		140,556		7,695		148,251
Studio operating expenses	21,582		55,951		77,533		24,172		50,889		75,061
Total operating expenses	163,111		58,200		221,311		164,728		58,584		223,312
Office NOI	175,912		1,354		177,266		193,680		9,183		202,863
Studio NOI	11,043		(21,159)		(10,116)		15,440		(9,592)		5,848
NOI	$	186,955	$	(19,805)	$	167,150	$	209,120	$	(409)	$	208,711

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The following table gives further detail on our change in NOI:

	Six Months Ended June 30, 2025 as compared to  Six Months Ended June 30, 2024
	Same-Store				Non-Same-Store				Total
	Dollar Change		Percent Change		Dollar Change		Percent Change		Dollar Change		Percent Change
Revenues
Office
Rental revenues	$	(22,042)	(6.7)	%	$	(13,055)	(79.0)	%	$	(35,097)	(10.2)	%
Service and other revenues	5,247		77.9		(220)		(61.6)		5,027		70.9
Total office revenues	(16,795)		(5.0)		(13,275)		(78.7)		(30,070)		(8.6)
Studio
Rental revenues	(802)		(3.7)		302		4.6		(500)		(1.8)
Service and other revenues	(6,185)		(34.0)		(6,807)		(19.6)		(12,992)		(24.6)
Total studio revenues	(6,987)		(17.6)		(6,505)		(15.8)		(13,492)		(16.7)
Total revenues	(23,782)		(6.4)		(19,780)		(34.0)		(43,562)		(10.1)
Operating expenses
Office operating expenses	973		0.7		(5,446)		(70.8)		(4,473)		(3.0)
Studio operating expenses	(2,590)		(10.7)		5,062		9.9		2,472		3.3
Total operating expenses	(1,617)		(1.0)		(384)		(0.7)		(2,001)		(0.9)
Office NOI	(17,768)		(9.2)		(7,829)		(85.3)		(25,597)		(12.6)
Studio NOI	(4,397)		(28.5)		(11,567)		120.6		(15,964)		(273.0)
NOI	$	(22,165)	(10.6)	%	$	(19,396)	4,742.3	%	$	(41,561)	(19.9)	%

NOI decreased $41.6 million, or 19.9%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily resulting from:

•a $22.2 million decrease in same-store NOI driven by:

•a decrease in office NOI of $17.8 million primarily due to:

•a $22.0 million decrease in rental revenues driven by lease terminations at our 1455 Market, Concourse and 901 Market properties; and

•a $1.0 million increase in operating expenses due to higher utility, cleaning, security and repair and maintenance expenses at several properties, partially offset by a reduction in property taxes at our Seattle properties and lower insurance premiums across the portfolio; partially offset by

•a $5.2 million increase in service and other revenues due to lease termination fees received at our 6040 Sunset, Shorebreeze and Rincon Center properties.

•a decrease in studio NOI of $4.4 million primarily due to lower production activity at Sunset Gower Studios, partially offset by higher production activity at Sunset Las Palmas Studios.

•a $19.4 million decrease in non-same-store NOI driven by:

•a decrease in studio NOI of $11.6 million primarily due to:

•a $6.8 million decrease in service and other revenues due to lower stage and production activity at Quixote; and

•a $5.1 million increase in studio operating expenses primarily due to one-time lease termination fees of $6.5 million associated with Quixote cost-cutting initiatives and operating expenses incurred at Sunset Glenoaks Studios, which was completed and placed in service during the second quarter of 2024, partially offset by lower stage and transportation utilization at Quixote.

•a decrease in office NOI of $7.8 million resulting from the sales of our 3176 Porter property in 2024 and our Foothill Research, 625 Second and Maxwell properties in 2025.

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Other (Expenses) Income

Loss from unconsolidated real estate entities

We recorded a $1.5 million loss from unconsolidated real estate entities for the six months ended June 30, 2025 compared to a loss of $3.2 million for the six months ended June 30, 2024. The change was primarily driven by mark-to-market adjustments for an interest rate swap that does not qualify for hedge accounting.

Fee income

There was no significant change in fee income. We recognized fee income of $2.8 million for the six months ended June 30, 2025 compared to $2.5 million for the six months ended June 30, 2024. Fee income represents the management fee income earned from our unconsolidated real estate entities.

Interest expense

The following table presents a reconciliation from gross interest expense to the interest expense line item on the Consolidated Statements of Operations:

	Six Months Ended June 30,
	2025		2024		Dollar Change		Percent Change
Gross interest expense(1)	$	102,264	$	103,733	$	(1,469)	(1.4)	%
Capitalized interest	(20,352)		(19,394)		(958)		4.9
Non-cash interest expense(2)	9,730		3,909		5,821		148.9
TOTAL	$	91,642	$	88,248	$	3,394	3.8	%

_________________

1.Includes interest on the Company’s debt and hedging activities.

2.Includes the amortization of deferred financing costs and fair market value adjustments for our mark-to-market interest rate derivatives.

Gross interest expense decreased by $1.5 million, or 1.4%, to $102.3 million for the six months ended June 30, 2025 compared to $103.7 million for the six months ended June 30, 2024. The decrease was driven by the repayment of the Series B, C and D notes and lower reference rates on our floating rate debt during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease was partially offset by interest expense related to the Office Portfolio CMBS loan, which was obtained during the first quarter of 2025, as well interest expense on the Sunset Glenoaks Studios loan, which became a consolidated entity during the second quarter of 2025.

Capitalized interest increased by $1.0 million, or 4.9%, to $20.4 million for the six months ended June 30, 2025 compared to $19.4 million for the six months ended June 30, 2024. The increase was primarily driven by development activity at Washington 1000 and Sunset Las Palmas Studios partially offset by the completion of the Sunset Glenoaks Studios development.

Non-cash interest expense increased by $5.8 million, or 148.9%, to $9.7 million for the six months ended June 30, 2025 compared to $3.9 million for the six months ended June 30, 2024. The increase was primarily related to the amortization of cash premiums paid to obtain new interest rate caps during the six months ended June 30, 2025.

Interest income

Interest income increased by $1.1 million, or 78.5%, to $2.6 million for the six months ended June 30, 2025 compared to $1.4 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in cash deposits in interest-bearing accounts and interest income earned on employee retention credit tax refunds received in the second quarter of 2025.

Transaction-related expenses

Transaction-related expenses decreased $1.6 million, or 77.9%, to $0.5 million for the six months ended June 30, 2025 compared to $2.0 million for the six months ended June 30, 2024. The decrease was primarily related to legal expenses incurred in connection with early lease terminations at Quixote during the six months ended June 30, 2025.

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Unrealized loss on non-real estate investments

We recognized an unrealized loss on our non-real estate investments of $0.2 million for the six months ended June 30, 2025 compared to a loss of $1.9 million for the six months ended June 30, 2024, which were due to the observable changes in the fair value of the investments.

Gain on sale of real estate, net

During the six months ended June 30, 2025, we recognized a net gain of $10.0 million primarily attributable to the sales of our Foothill Research and Maxwell properties. No gain or loss on sale was recognized during the six months ended June 30, 2024.

Impairment loss

During the six months ended June 30, 2025, we recorded an impairment loss of $18.5 million due to a reduction in the estimated holding period for our 625 Second office property. We did not record any impairment charges during the six months ended June 30, 2024.

Loss on extinguishment of debt

During the six months ended June 30, 2025, we recognized a $3.5 million loss on extinguishment of debt related to the early repayment of the loan secured by our Element LA property and the Series B, C and D notes. No gain or loss on extinguishment of debt was recognized during the six months ended June 30, 2024.

Other (expense) income

During the six months ended June 30, 2025, we recognized other expense of $0.1 million. During the six months ended June 30, 2024, we recognized other income of $1.5 million related to the sale of a non-real estate investment.

Income tax provision

There was no significant change in the income tax provision. We recognized an income tax provision of $0.6 million for the six months ended June 30, 2025 compared to $0.5 million for the six months ended June 30, 2024.

General and administrative expenses

General and administrative expenses increased by $5.8 million, or 14.5%, to $46.3 million for the six months ended June 30, 2025 compared to $40.4 million for the six months ended June 30, 2024. The increase was primarily due to the accelerated recognition of $14.3 million of compensation expense related to the cancellation of the 2024 performance unit equity awards by the Company’s top three executive officers during the six months ended June 30, 2025, which was partially offset by the impact of Company-wide cost savings initiatives.

Depreciation and amortization expense

Depreciation and amortization expense increased by $9.2 million, or 5.1%, to $187.8 million for the six months ended June 30, 2025 compared to $178.7 million for the six months ended June 30, 2024. The increase was primarily related to accelerated depreciation of tenant improvements related to early lease terminations at our 6040 Sunset and Quixote properties and disposals of transportation assets at Quixote as well as the accelerated amortization of a non-competition agreement intangible asset at Quixote during the six months ended June 30, 2025. The increase was partially offset by the sales of our 3176 Porter property in 2024 and Foothill Research, Maxwell and 625 Second properties in 2025.

Liquidity and Capital Resources

We have remained capitalized since our initial public offering through public offerings, private placements, joint ventures and continuous offerings under our at-the-market (“ATM”) program. We currently expect that our principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, strategic acquisitions, capital expenditures, tenant improvements, leasing costs, dividends and distributions, share repurchases and repayments of outstanding debt financing will include:

•cash on hand, cash reserves and net cash provided by operations;

•strategic dispositions of real estate;

•sales of non-real estate investments;

•proceeds from additional equity securities;

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•our ATM program;

•borrowings under the operating partnership’s unsecured revolving credit facility;

•proceeds from joint venture partners;

•proceeds from the Sunset Pier 94 Studios construction loan (unconsolidated joint venture); and

•proceeds from additional secured, unsecured debt financings or offerings.

Liquidity Sources

We had approximately $236.0 million of cash and cash equivalents at June 30, 2025. Our principal source of operating cash flow is related to leasing and operating the properties in our portfolio. Our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund quarterly dividend and distribution requirements.

Our ability to access the equity capital markets will be dependent on a number of factors as well, including general market conditions for REITs and market perceptions about us.

In June 2025, we sold in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The gross proceeds from the offering amounted to $689.3 million.

We have an ATM program that allows us to sell up to $125.0 million of common stock, $65.8 million of which has been sold through June 30, 2025. Any future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program.

The following table sets forth our borrowing capacity under various loans as of June 30, 2025 (in thousands):

Loan	Total Borrowing Capacity		Amount Drawn		Remaining Borrowing Capacity
Unsecured revolving credit facility	$	775,000	$	—	$	775,000
Sunset Glenoaks Studios construction loan(1)	50,300		50,300		—
Bentall Centre(1)(2)(3)	97,038		95,640		1,398
Sunset Pier 94 Studios construction loan(1)(2)	46,810		24,481		22,329
TOTAL	$	969,148	$	170,421	$	798,727

__________________ 

1.Amounts are presented at HPP’s share.

2.This loan is held by an unconsolidated joint venture.

3.The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of June 30, 2025.

Our ability to incur additional debt will be dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. If we incur additional debt, the risks associated with our leverage, including our ability to service our debt, would increase. In addition, our ability to incur additional debt may be affected by our senior unsecured debt ratings as provided by the major credit rating agencies in the United States. Certain of the major U.S. credit rating agencies have previously downgraded our senior unsecured debt rating to non-investment grade. These and any further ratings downgrades could adversely impact our ability to access debt markets in the future and increase the cost of future debt. As of June 30, 2025, the credit ratings for our senior unsecured debt were B2, B and B+ from Moody’s, Standard and Poor’s and Fitch, respectively.

We are in the process of refinancing the $314.3 million loan secured by our 1918 Eighth property, which matures in December 2025. There can be no assurance as to whether the refinancing will be completed. Additionally, we have received commitments from six participating banks to extend $462 million of revolving credit commitments through December 31, 2029, including two 6-month extension options, and to increase by $20 million the revolving credit commitments under the current revolving credit facility through December 31, 2026 (including two 6-month extension options), in each case, subject to the satisfaction of certain conditions.There can be no assurance that the extension or increase will be completed.

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The following table sets forth our ratio of debt to total market capitalization (counting Series A redeemable preferred units as debt) as of June 30, 2025 (in thousands, except percentage):

Market Capitalization
Unsecured and secured debt(1)	$	3,709,000
Series A redeemable preferred units	5,894
Total consolidated debt	3,714,894
Equity capitalization(2)	1,693,262
TOTAL CONSOLIDATED MARKET CAPITALIZATION	$	5,408,156
Total consolidated debt/total consolidated market capitalization	68.7		%

__________________ 

1.Excludes joint venture partner debt and unamortized deferred financing costs and loan discounts/premiums.

2.Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $2.74, as reported by the NYSE, on June 30, 2025, as well as the aggregate value of the Series C preferred stock liquidation preference as of June 30, 2025.

Outstanding Indebtedness

The following table sets forth information as of June 30, 2025 and December 31, 2024 with respect to our outstanding indebtedness, excluding unamortized deferred financing costs and loan discounts/premiums (in thousands):

	June 30, 2025		December 31, 2024
Unsecured debt	$	1,650,000	$	2,435,000
Secured debt	$	2,059,000	$	1,752,667
Joint venture partner debt	$	66,136	$	66,136

The operating partnership was in compliance with its financial covenants as of June 30, 2025, although there can be no assurance that it will continue to be in compliance with these financial covenants. Our ability to maintain compliance with our debt covenants is subject to numerous risks and uncertainties, many of which are outside of our control, including general economic conditions; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing, including as a result of further downgrades in the credit ratings of our unsecured indebtedness; our failure to generate sufficient cash flows to service our outstanding indebtedness, repay indebtedness when due and maintain dividend payments; and strikes or work stoppages. Failure to meet any of these covenants could cause an event of default under the agreements governing our indebtedness and/or accelerate some or all of our indebtedness. In addition, certain of our indebtedness contain specific cross-default provisions with respect to specified other indebtedness, giving the lenders the right to declare a default if we are in default under other loans in some circumstances.

Liquidity Uses

Contractual Obligations

During the six months ended June 30, 2025, there were no material changes outside the ordinary course of business in the information regarding specified contractual obligations contained in our 2024 Annual Report on Form 10-K. Refer to Part I, Item 1 “Note 9 to the Consolidated Financial Statements—Debt” for information regarding our future minimum principal payments due on our outstanding debt. Refer to Part I, Item 1 “Note 12 to the Consolidated Financial Statements—Future Minimum Rents and Lease Payments” for information regarding our future minimum operating lease payments. Refer to Part I, Item 1 “Note 20 to the Consolidated Financial Statements—Commitments and Contingencies” for more detail.

Cash Flows

Comparison of the cash flow activity for the six months ended June 30, 2025 to the six months ended June 30, 2024 is as follows (in thousands, except percentage change):

	Six Months Ended June 30,
	2025		2024		Dollar Change		Percent Change
Net cash provided by operating activities	$	28,496	$	100,750	$	(72,254)	(71.7)	%
Net cash used in investing activities	$	(8,078)	$	(121,030)	$	112,952	(93.3)	%
Net cash provided by financing activities	$	147,532	$	1,064	$	146,468	13,765.8	%

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Cash and cash equivalents and restricted cash were $267.1 million and $99.2 million at June 30, 2025 and December 31, 2024, respectively.

Operating Activities

Net cash provided by operating activities decreased by $72.3 million, or 71.7%, to $28.5 million for the six months ended June 30, 2025 compared to $100.8 million for the six months ended June 30, 2024. The decrease primarily resulted from the dispositions of our Foothill Research, Maxwell and 625 Second properties in 2025 and our 3176 Porter property in the fourth quarter of 2024, lease terminations at our 1455 Market, Concourse and 901 Market properties, lower production activity at Quixote and one-time lease termination fees paid to exit several operating leases at Quixote.

Investing Activities

Net cash used in investing activities decreased by $113.0 million, or 93.3%, to $8.1 million for the six months ended June 30, 2025 compared to $121.0 million for the six months ended June 30, 2024. The decrease primarily resulted from $88.3 million of proceeds from sales of real estate, a $21.2 million decrease in contributions to unconsolidated entities and a $12.6 million decrease in additions to investment in real estate during the six months ended June 30, 2025. The decrease was partially offset by the $8.8 million effect of consolidating a previously unconsolidated entity during the six months ended June 30, 2024.

Financing Activities

Net cash provided by financing activities increased by $146.5 million, or 13,765.8%, to $147.5 million for the six months ended June 30, 2025 compared to $1.1 million for the six months ended June 30, 2024. The increase primarily resulted from $656.8 million of net proceeds raised in our offering of common stock and pre-funded warrants in June 2025, which was offset by a $561.0 million increase in repayments of notes payable, net of proceeds, during the six months ended June 30, 2025. Additionally, during the six months ended June 30, 2024, $40.9 million was spent on the purchase of our partner’s interest in our 1455 Market property, which contributed to the comparative increase in net cash provided by financing activities during the six months ended June 30, 2025.

Off-Balance Sheet Arrangements

Unconsolidated Joint Venture Indebtedness

We have investments in unconsolidated real estate entities accounted for using the equity method of accounting. The following table provides information about our unconsolidated joint venture indebtedness as of June 30, 2025 (in thousands, except for percentages):

	Ownership Interest		Amount Drawn		Undrawn Capacity		Total Capacity		Interest Rate	Contractual Maturity Date
Bentall Centre(1)	20	%	$	478,199	$	6,992	$	485,191	CORRA + 2.30%	7/1/2027
Sunset Pier 94 Studios(2)	26	%	$	95,811	$	87,389	$	183,200	SOFR + 4.75%	9/9/2028

__________________ 

(1)The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of June 30, 2025. This loan is interest-only through its term.

(2)This loan has an initial interest rate of SOFR + 4.75% per annum until stabilization of the project, at which time the effective interest rate will decrease to SOFR + 4.00%. This loan is interest-only through its term. The maturity date includes the effect of extension options.

Critical Accounting Policies

Our discussion and analysis of our historical financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements in conformity with GAAP requires us to make estimates of certain items and judgments as to certain future events, for example with respect to the assignment of the purchase price of an acquired property among land, buildings, improvements, equipment and any related intangible assets and liabilities, or the effect of a property tax reassessment of our properties. These determinations, even though inherently subjective and prone to change, affect the reported amounts of our assets, liabilities, revenues and expenses. While we believe that our estimates are based on reasonable assumptions and judgments at the time they are made, some of our assumptions, estimates and judgments will inevitably prove to be incorrect. As a result, actual outcomes will likely differ from our accruals and those differences—positive or negative—could be material. Some of our accruals are subject to adjustment, as we believe appropriate, based on revised estimates and reconciliation to the actual results when available.

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Refer to Part I, Item 1 “Note 2 to the Consolidated Financial Statements—Summary of Significant Accounting Policies,” for information regarding our critical accounting policies.

Non-GAAP Supplemental Financial Measure: Funds From Operations

We calculate FFO in accordance with the White Paper issued in December 2018 on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). The White Paper defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets) and after adjustment for unconsolidated partnerships and joint ventures. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. In the December 2018 White Paper, NAREIT provided an option to include value changes in mark-to-market equity securities in the calculation of FFO. We elected this option retroactively during the fourth quarter of 2018.

We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees.

However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations.

The following table presents a reconciliation of net loss to FFO (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net loss	$	(87,760)	$	(47,557)	$	(168,038)	$	(100,912)
Adjustments:
Depreciation and amortization—consolidated	94,751		86,798		187,836		178,652
Depreciation and amortization—non-real estate assets	(8,785)		(8,211)		(18,434)		(16,192)
Depreciation and amortization—HPP’s share from unconsolidated real estate entities	1,113		2,006		2,158		3,157
Loss (gain) on sale of real estate, net	16		—		(10,007)		—
Impairment loss—real estate assets	—		—		18,476		—
Unrealized (gain) loss on non-real estate investments	(212)		1,045		237		1,943
FFO attributable to non-controlling interests	(5,152)		(5,576)		(10,005)		(10,996)
FFO attributable to preferred shares and units	(5,168)		(5,200)		(10,361)		(10,400)
FFO TO COMMON STOCKHOLDERS AND UNITHOLDERS	$	(11,197)	$	23,305	$	(8,138)	$	45,252

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information about our market risk is disclosed in Part II, Item 7A, of our 2024 Annual Report on Form 10-K and is incorporated herein by reference. There have been no material changes for the six months ended June 30, 2025 to the information provided in Part II, Item 7A, of our 2024 Annual Report on Form 10-K.

ITEM 4.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures (Hudson Pacific Properties, Inc.)

Hudson Pacific Properties, Inc. maintains disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in Hudson Pacific Properties, Inc.’s reports under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, Hudson Pacific Properties, Inc. carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures as of the end of the period covered by this report.

Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded, as of that time, that Hudson Pacific Properties, Inc.’s disclosure controls and procedures were effective in providing a reasonable level of assurance that information Hudson Pacific Properties, Inc. is required to disclose in reports that Hudson Pacific Properties, Inc. files under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.

Disclosure Controls and Procedures (Hudson Pacific Properties, L.P.)

Hudson Pacific Properties, L.P. maintains disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in Hudson Pacific Properties, L.P.’s reports under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, Hudson Pacific Properties, L.P. carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), of the effectiveness of the design and operation of the disclosure controls and procedures as of the end of the period covered by this report.

Based on the foregoing, the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.) concluded, as of that time, that Hudson Pacific Properties, L.P.’s disclosure controls and procedures were effective in providing a reasonable level of assurance that information Hudson Pacific Properties, L.P. is required to disclose in reports that Hudson Pacific Properties, L.P. files under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), as appropriate, to allow for timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting (Hudson Pacific Properties, Inc.)

There have been no changes that occurred during the second quarter of the year covered by this report in Hudson Pacific Properties, Inc.’s internal control over financial reporting identified in connection with the evaluation referenced above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Changes in Internal Control Over Financial Reporting (Hudson Pacific Properties, L.P.)

There have been no changes that occurred during the second quarter of the year covered by this report in Hudson Pacific Properties, L.P.’s internal control over financial reporting identified in connection with the evaluation referenced above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

From time to time, we are a party to various lawsuits, claims and other legal proceedings arising out of, or incident to, our ordinary course of business. We are not currently a party, as plaintiff or defendant, to any legal proceedings that we believe to be material or that, individually or in the aggregate, would be expected to have a material adverse effect on our business, financial condition, results of operations or cash flows if determined adversely to us.

ITEM 1A.     RISK FACTORS

There have been no material changes to the risk factors included in the section entitled “Risk Factors” in our 2024 Annual Report on Form 10-K. Please review the Risk Factors set forth in our 2024 Annual Report on Form 10-K.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a)    Recent Sales of Unregistered Securities:

During the second quarter of 2025, our operating partnership issued partnership units in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, in the amounts and for the consideration set forth below:

During the second quarter of 2025, we issued an aggregate of 208,178 shares of our common stock in connection with the vesting of restricted stock awards for no cash consideration, out of which 3,166 shares of common stock were forfeited to us in connection with tax withholding obligations. For each share of common stock issued by us in connection with such an award, our operating partnership issued a restricted common unit to us as provided in our operating partnership’s Agreement of Limited Partnership. During the second quarter of 2025, our operating partnership issued an aggregate of 205,012 units to us in connection with these transactions.

All other issuances of unregistered equity securities of our operating partnership during the six months ended June 30, 2025 have previously been disclosed in filings with the SEC. For all issuances of units to us, our operating partnership relied on our status as a publicly traded NYSE-listed company with $8.1 billion in total consolidated assets and as our operating partnership’s majority owner and sole general partner as the basis for the exemption under Section 4(a)(2) of the Securities Act.

(b)    Use of Proceeds from Registered Securities:

On April 2, 2025, our Registration Statement on Form S-3 (File No. 333-278965) for the sale of up to $1.0 billion of debt and equity securities was declared effective. On June 11, 2025, we entered into an underwriting agreement with BofA Securities, Inc., Wells Fargo Securities, LLC and RBC Capital Markets, LLC, as representatives of several underwriters, to sell in a public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock at prices of $2.23 per share of common stock and $2.22 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.01 per share and can be exercised at any time on or after June 13, 2025 at the option of the holder.

The offering closed on June 13, 2025. The gross proceeds from the offering amounted to $689.3 million ($529.7 million from common stock and $159.6 million from pre-funded warrants). In connection with this offering, we paid underwriting fees of $27.4 million and other transaction costs of $5.0 million, resulting in net proceeds of $656.9 million. The proceeds from the offering were used to fully repay the outstanding amount under the unsecured revolving credit facility and for general corporate purposes.

(c)    Purchases of Equity Securities by the Issuer and Affiliated Purchasers: None.

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The following table summarizes the repurchases of the Company equity securities during the second quarter of 2025:

Period	Total Number of Shares Purchased		Average Price Paid Per Share			Total Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Maximum That May Yet Be Purchased Under The Plans or Programs(2)
April 1, 2025 - April 30, 2025	—		$	—		—	$	35,250,164
May 1, 2025 - May 31, 2025	—		$	—		—	$	35,250,164
June 1, 2025 - June 30, 2025	3,166	(3)	$	2.74	(4)	—	$	35,250,164
TOTAL	3,166		$	2.74		—

__________________ 

1.Our board of directors authorized a share repurchase program to buy up to $250.0 million of the outstanding common stock of Hudson Pacific Properties, Inc. The program does not have a termination date, and repurchases may commence or be discontinued at any time. A cumulative total of $214.7 million had been repurchased under the program as of June 30, 2025.

2.The maximum that may yet be purchased under the plans or programs is shown net of repurchases.

3.Includes shares of common stock remitted to Hudson Pacific Properties, Inc. to satisfy tax withholding obligations in connection with the vesting of restricted stock units.

4.The price paid per share is based on the closing price of our common stock, as reported by the NYSE, as of the date of vesting of the restricted stock units.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.    MINE SAFETY DISCLOSURES

None.

ITEM 5.    OTHER INFORMATION

During the three months ended June 30, 2025, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.    EXHIBITS

		Incorporated by Reference
Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
3.1	Articles of Amendment and Restatement of Hudson Pacific Properties, Inc.	S-11/A	333-164916	3.1	May 12, 2010
3.2	Articles of Amendment.	8-K	001-34789	3.1	June 13, 2025
3.3	Second Amended and Restated Bylaws of Hudson Pacific Properties, Inc.	8-K	001-34789	3.1	January 12, 2015
3.4	First Amendment to the Second Amended and Restated Bylaws of Hudson Pacific Properties, Inc.	8-K	001-34789	3.1	March 22, 2022
3.5	Fifth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P.	8-K	001-34789	3.2	November 16, 2021
3.6	First Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P.	8-K	001-34789	3.2	June 13, 2025
3.7	Certificate of Limited Partnership of Hudson Pacific Properties, L.P.	10-Q	001-34789	3.4	November 4, 2016
4.1	Form of Pre-Funded Warrant.	8-K	001-34789	4.1	June 13, 2025
10.1	Amended and Restated Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan. **	8-K	001-34789	10.1	May 16, 2025
10.2	Registration Rights Agreement, dated as of June 13, 2025, by and among Hudson Pacific Properties, Inc. and the Holders from time to time party thereto.	8-K	001-34789	10.1	June 13, 2025
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
31.3	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
31.4	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
32.1	Certifications by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
32.2	Certifications by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
101	The following financial information from Hudson Pacific Properties, Inc.’s and Hudson Pacific Properties, L.P.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Loss (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Capital (unaudited), (vi) Consolidated Statements of Cash Flows (unaudited) and (vii) Notes to Unaudited Consolidated Financial Statements*
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

__________________ 

*	Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
**	Denotes a management contract or compensatory plan or arrangement.
+	Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		HUDSON PACIFIC PROPERTIES, INC.
Date:	August 7, 2025	/s/ VICTOR J. COLEMAN
		Victor J. Coleman Chief Executive Officer (Principal Executive Officer)

		HUDSON PACIFIC PROPERTIES, INC.
Date:	August 7, 2025	/s/ HAROUT K. DIRAMERIAN
		Harout K. Diramerian Chief Financial Officer (Principal Financial Officer)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		HUDSON PACIFIC PROPERTIES, L.P.
Date:	August 7, 2025	/s/ VICTOR J. COLEMAN
		Victor J. Coleman Chief Executive Officer (Principal Executive Officer)

		HUDSON PACIFIC PROPERTIES, L.P.
Date:	August 7, 2025	/s/ HAROUT K. DIRAMERIAN
		Harout K. Diramerian Chief Financial Officer (Principal Financial Officer)

69