Page 2 of 32 Table of Contents Page Executive Summary 3 Corporate Information 6 Consolidated Balance Sheets 8 Consolidated Statements of Operations 9 Funds from Operations & Adjusted Funds from Operations 10 Consolidated Same-Store Property Performance 11 NOI Detail 12 Debt Summary & Debt Metrics 13 Debt Maturities, Composition & Hedging Instruments 14 Debt Covenant Compliance 15 Existing Portfolio Summary 16 Office Properties by Location 17 Office Properties Occupancy Detail 18 15 Largest Office Tenants 19 Studio Properties & Services 20 Office Leasing Activity 21 Expiring Office Leases Summary 22 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters 23 In Process & Future Development Pipeline 25 Consolidated & Unconsolidated Ventures 26 Definitions 27 Non-GAAP Reconciliations 30 Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “HPP,” “we,” “us,” or “our.” This Supplemental Information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: 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. These factors are not exhaustive. For a discussion of important risks related to Hudson Pacific’s business and an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K as well as other risks described in documents we file with the Securities and Exchange Commission, or SEC. You are cautioned that the information contained herein speaks only as of the date hereof and Hudson Pacific assumes no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise. This Supplemental Information also includes non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. In addition, quantitative reconciliations of the differences between the most directly comparable GAAP and non-GAAP financial measures presented are also provided within this Supplemental Information. Definitions of these non-GAAP financial measures, along with that of HPP’s Share of certain of these measures, can be found in the Definitions section of this Supplemental information.
Page 3 of 32 Executive Summary Three Months Ended September 30, 2024 "Year to date, we have leased 1.6 million square feet of office space, 25% ahead of this time last year, and following nearly 540,000 square feet signed in the third quarter, our leasing pipeline and touring activity remain strong," commented Victor Coleman, Hudson Pacific's Chairman and CEO. "Growth in west coast tenant requirements has begun to outpace the broader US office market, a trend we anticipate will continue, given more 4-5 day in-office mandates from major employers, slowing tech layoffs, solid venture and AI investments, and increased venture fundraising activity. On the studios side, while Los Angeles show counts have yet to normalize post-strike, we presently have contracts for or interest in nearly 80% of our film and television stages, with demand coalescing around 2025 production starts and recently bolstered by the Governor's proposal to increase California's film and television tax credit program to three quarters of a billion dollars. "While all of these positive developments point to meaningfully improved operating performance in the year ahead, we are laser focused on maintaining financial flexibility, and with no debt maturities until the end of 2025, we have good momentum on multiple asset-level transactions to further enhance balance sheet strength." Three Months Ended Unaudited, in thousands, except share data 9/30/24 9/30/23 OPERATIONAL HIGHLIGHTS Office In-service % occupied 79.1 % 81.3 % In-service % leased 80.0 % 83.1 % Leases executed (square feet) 539,272 519,167 % change in GAAP rent (11.5) % 9.4 % % change in cash rent (13.3) % 8.7 % Weighted average lease term (in months) 74.7 36.6 Net effective rent per square foot $ 50.49 $ 35.63 Studio In-service stage % leased 75.9 % 89.9 % In-service total % leased 73.8 % 83.5 % FINANCIAL HIGHLIGHTS Total revenues $ 200,393 $ 231,443 Net loss attributable to common stockholders $ (97,918) $ (37,597) Net loss per diluted share $ (0.69) $ (0.27) FFO (excluding specified items) per common stock/unit—diluted(1) $ 0.10 $ 0.18 FFO per common stock/unit—diluted(1) $ 0.05 $ 0.18 AFFO per common stock/unit—diluted(1) $ 0.11 $ 0.20 AFFO payout ratio(1) — % — % GAAP same-store NOI growth(2) (22.1) % (6.9) % Cash same-store NOI growth(2) (14.5) % 0.4 % Weighted average common stock/units outstanding—diluted 145,640 143,483 BALANCE SHEET HIGHLIGHTS HPP's share of debt, net/HPP's share of undepreciated book value(2) 37.4 % 38.6 % HPP's share of debt, net/cash adjusted EBITDAre for selected ratios(2) 10.9x 9.3x Weighted average years to maturity—HPP’s share of secured and unsecured debt 2.9 3.7 Unsecured revolving credit facility undrawn capacity $ 605,000 $ 480,000 Unrestricted cash and cash equivalents $ 90,692 $ 75,040 Note: Definitions for commonly used terms on pages 27-29. (1) See page 10 for a reconciliation of net loss to FFO and AFFO. (2) See pages 30-32 for non-GAAP reconciliations.
Page 4 of 32 Executive Summary (continued) Three Months Ended September 30, 2024 Financial Results Compared to Third Quarter 2023 • Total revenue of $200.4 million compared to $231.4 million, almost entirely due to the sale of One Westside and expiration of the Block lease at 1455 Market last year, all partially offset by growth in studio revenue • Net loss attributable to common stockholders of $97.9 million, or $0.69 per diluted share, compared to net loss of $37.6 million, or $0.27 per diluted share, largely attributable to non-cash impairments associated with potential asset sales, along with the items affecting revenue, all partially offset by reduced depreciation and interest expense • FFO, excluding specified items, of $14.3 million, or $0.10 per diluted share, compared to $26.1 million, or $0.18 per diluted share, mostly attributable to the items affecting revenue and lower FFO attributable to non- controlling interests. Specified items consisted of a one-time straight-line rent reserve related to transitioning a tenant to cash basis reporting of $3.9 million, or $0.03 per diluted share; a non-cash revaluation associated with a loan swap unqualified for hedge accounting of $2.2 million, or $0.02 per diluted share; a non-cash deferred tax asset write-off of $1.2 million, or $0.01 per diluted share; and transaction-related expense of $0.3 million, or $0.00 per diluted share. There were no specified items for the third quarter 2023 • FFO of $6.8 million, or $0.05 per diluted share, compared to $26.1 million, or $0.18 per diluted share • AFFO of $15.8 million, or $0.11 per diluted share, compared to $28.1 million, or $0.20 per diluted share, primarily attributable to the items affecting FFO • Same-store cash NOI of $96.9 million, compared to $113.2 million, mostly due to tenant move outs, including Block at 1455 Market Leasing • Executed 85 new and renewal leases totaling 539,272 square feet, with significant leases including: ◦ 42,000-square-foot new lease at Page Mill Hill with an 11-year term ◦ 41,000-square-foot renewal lease at 901 Market with an approximately 10-year term ◦ 31,000-square-foot new lease at Bentall Centre with an approximately 11-year term ◦ 27,000-square-foot new lease at Palo Alto Square with an approximately 11-year term ◦ 24,000-square-foot new lease at Page Mill Center with a 4-year term ◦ 18,000-square-foot renewal at Concourse with a 15-year term • GAAP and cash rents decreased 11.5% and 13.3% from prior levels, respectively, but excluding a 29,000- square-foot short-term lease extension in Los Angeles, and two mid-size Bay Area leases totaling 68,000 square feet, GAAP and cash rent spreads would have been essentially flat • In-service office portfolio ended the quarter at 79.1% occupied and 80.0% leased, compared to 78.7% occupied and 80.0% leased, respectively, in second quarter of this year, with the change in occupancy primarily due to leases signed in the San Francisco Peninsula and Silicon Valley. But for the designation of Foothill Research Center as held-for-sale, the Company's in-service office portfolio would have ended the quarter at 79.3% occupied and 80.2% leased • On average over the trailing 12 months, the in-service studio portfolio was 73.8% leased, and the stages were 75.9% leased, compared to 76.1% and 78.1%, respectively, in the second quarter of this year, with the change due to a single tenant move out at Sunset Las Palmas Studios last year Transactions • Entered into a contract to sell Foothill Research Center, a 195,121-square-foot office asset in Palo Alto and reclassified the property as held-for-sale Balance Sheet as of September 30, 2024 • $695.7 million of total liquidity comprised of $90.7 million of unrestricted cash and cash equivalents and $605.0 million of undrawn capacity under the unsecured revolving credit facility • $12.0 million and $183.1 million, or $6.0 million and $46.8 million at HPP's share, of undrawn capacity under construction loans secured by Sunset Glenoaks Studios and Sunset Pier 94 Studios, respectively • HPP's share of net debt to HPP's share of undepreciated book value was 37.4% with 91.5% of debt fixed or capped with no maturities until November 2025 Note: Definitions for commonly used terms on pages 27-29.
Page 5 of 32 Executive Summary (continued) Three Months Ended September 30, 2024 Note: Definitions for commonly used terms on pages 27-29. Dividend • The Company's Board of Directors suspended payment of a quarterly dividend on its common stock and declared and paid a dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share Personnel Update • Stefanie Bourne has been promoted to EVP, Studios effective October 15, 2024, and will oversee studio and production services sales, production services operations, and strategic initiatives for the Company's studio business. Bourne most recently served as SVP, Studio Operations and Strategic Initiatives. Prior to joining Hudson Pacific, she worked at the Walt Disney Company in global development for parks, experiences and products, and in real estate investments for Colony Capital • Anne Mehrtens has been promoted to EVP, Studio Real Estate & Southern California Office Operations effective October 15, 2024, and will continue to oversee studio real estate and office operations in Los Angeles, having recently served as an SVP with similar responsibilities. Prior to joining Hudson Pacific, she worked in asset management for Topa Management Company
Page 6 of 32 Corporate Information Executive Management: Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Lisa Burelli Chief People Officer Harout Diramerian Chief Financial Officer Drew B. Gordon Chief Investment Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. Andy Wattula Chief Operating Officer Christopher Barton Executive Vice President, Development and Capital Investments Laura Campbell Executive Vice President, Investor Relations and Marketing Steven Jaffe Executive Vice President, Business Affairs Shawn McGarry Executive Vice President, Northern California Office Operations Dale Shimoda Executive Vice President, Finance Arthur X. Suazo Executive Vice President, Leasing Chuck We Executive Vice President, Pacific Northwest/Canada Office Operations Christy Haubegger Executive Vice President and Chief Enterprise Inclusion Officer (retired), WarnerMedia Mark D. Linehan President and Chief Executive Officer, Wynmark Company Michael Nash Co-Founder and Chairman (retired), Blackstone Real Estate Debt Strategies Barry Sholem Founder and Partner, MSD Partners, L.P. and Chairman and Senior Advisor, BDT & MSD Partners Andrea Wong President (retired), International Production, Sony Pictures Television Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Officer, Catellus Development Corporation Ebs Burnough Managing Director, Hatch House Media and President and Founder, Ebs Burnough Solutions International Jonathan M. Glaser Managing Member, JMG Capital Management LLC Robert L. Harris II Executive Chairman (retired), Acacia Research Corporation Board of Directors:
Page 7 of 32 Corporate Information (continued) BMO Capital Markets John Kim (212) 885-4115 BTIG Tom Catherwood (212) 738-6140 Citigroup Global Markets Michael Griffin (212) 816-5871 Goldman Sachs Caitlin Burrows (212) 902-4736 Green Street Advisors Dylan Burzinski (949) 640-8780 Scotiabank Nicholas Yulico (212) 225-6904 Wedbush Richard Anderson (212) 931-7001 Wells Fargo Securities Blaine Heck (443) 263-6529 Wolfe Research Andrew Rosivach (646) 582-9250 Fitch Ratings Peter Siciliano (646) 582-4760 Moody’s Investor Service Ranjini Venkatesan (212) 553-3828 Standard & Poor’s Hannah Gray (646) 784-0134 Equity Research Coverage: Jefferies LLC Peter Abramowitz (212) 336-7241 Mizuho Securities Vikram Malhotra (212) 282-3827 Morgan Stanley Ronald Kamdem (212) 296-8319 Piper Sandler & Company Alexander Goldfarb (212) 466-7937 Rating Agencies: Corporate Contact: Corporate Headquarters 11601 Wilshire Boulevard Ninth Floor Los Angeles, CA 90025 (310) 445-5700 Website www.hudsonpacificproperties.com Investor Relations Laura Campbell Executive Vice President, Investor Relations and Marketing (310) 622-1702
Page 8 of 32 Consolidated Balance Sheets In thousands, except share data 9/30/24 12/31/23 (Unaudited) ASSETS Investment in real estate, net $ 6,548,957 $ 6,484,459 Non-real estate property, plant and equipment, net 122,958 118,783 Cash and cash equivalents 90,692 100,391 Restricted cash 23,243 18,765 Accounts receivable, net 14,985 24,609 Straight-line rent receivables, net 205,779 220,787 Deferred leasing costs and intangible assets, net 324,498 326,950 Operating lease right-of-use assets 359,266 376,306 Prepaid expenses and other assets, net 95,517 94,145 Investment in unconsolidated real estate entities 227,418 252,711 Goodwill 264,144 264,144 Assets associated with real estate held for sale 39,935 — TOTAL ASSETS $ 8,317,392 $ 8,282,050 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 4,139,702 $ 3,945,314 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 264,645 203,736 Operating lease liabilities 366,599 389,210 Intangible liabilities, net 23,550 27,751 Security deposits, prepaid rent and other 79,397 88,734 Liabilities associated with real estate held for sale 31,064 — Total liabilities 4,971,093 4,720,881 Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 50,172 57,182 Equity HPP 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 9/30/24 and 12/31/23 425,000 425,000 Common stock, $0.01 par value, 481,600,000 authorized, 141,232,361 and 141,034,806 shares outstanding at 9/30/24 and 12/31/23, respectively 1,403 1,403 Additional paid-in capital 2,603,414 2,651,798 Accumulated other comprehensive loss (2,344) (187) Total HPP stockholders’ equity 3,027,473 3,078,014 Non-controlling interest—members in consolidated real estate entities 166,477 335,439 Non-controlling interest—units in the operating partnership 92,362 80,719 Total equity 3,286,312 3,494,172 TOTAL LIABILITIES AND EQUITY $ 8,317,392 $ 8,282,050
Page 9 of 32 Consolidated Statements of Operations Unaudited, in thousands, except per share data Three Months Ended Nine Months Ended 9/30/24 9/30/23 9/30/24 9/30/23 REVENUES Office Rental revenues $ 162,908 $ 199,633 $ 506,931 $ 605,776 Service and other revenues 4,034 3,954 11,125 11,735 Total office revenues 166,942 203,587 518,056 617,511 Studio Rental revenues 13,720 13,482 41,761 46,109 Service and other revenues 19,731 14,374 72,599 65,254 Total studio revenues 33,451 27,856 114,360 111,363 Total revenues 200,393 231,443 632,416 728,874 OPERATING EXPENSES Office operating expenses 79,502 80,521 227,753 231,342 Studio operating expenses 35,339 31,655 110,400 103,578 General and administrative 19,544 17,512 59,959 55,177 Depreciation and amortization 86,672 98,580 265,324 294,654 Total operating expenses 221,057 228,268 663,436 684,751 OTHER INCOME (EXPENSES) Loss from unconsolidated real estate entities (3,219) (759) (6,443) (2,219) Fee income 1,437 340 3,933 5,026 Interest expense (45,005) (53,581) (133,253) (162,036) Interest income 542 800 1,975 1,407 Management services reimbursement income—unconsolidated real estate entities 989 1,015 3,187 3,138 Management services expense—unconsolidated real estate entities (989) (1,015) (3,187) (3,138) Transaction-related expenses (269) — (2,306) 1,344 Unrealized loss on non-real estate investments (1,081) (2,265) (3,024) (2,269) Gain on sale of real estate — 16,108 — 23,154 Impairment loss (36,543) — (36,543) — Gain on extinguishment of debt — — — 10,000 Other (expense) income (28) 5 1,449 139 Total other expenses (84,166) (39,352) (174,212) (125,454) Loss before income tax (provision) benefit (104,830) (36,177) (205,232) (81,331) Income tax (provision) benefit (2,183) 425 (2,693) (715) Net loss (107,013) (35,752) (207,925) (82,046) Net income attributable to Series A preferred units (153) (153) (459) (459) Net income attributable to Series C preferred shares (5,047) (5,047) (15,141) (15,141) Net income attributable to participating securities — — (409) (850) Net loss attributable to non-controlling interest in consolidated real estate entities 10,777 1,752 18,697 375 Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 968 931 3,086 2,333 Net loss attributable to common units in the operating partnership 2,550 672 5,004 1,600 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (97,918) $ (37,597) $ (197,147) $ (94,188) BASIC AND DILUTED PER SHARE AMOUNTS Net loss attributable to common stockholders—basic (0.69) $ (0.27) (1.40) (0.67) Net loss attributable to common stockholders—diluted (0.69) $ (0.27) (1.40) (0.67) Weighted average shares of common stock outstanding—basic 141,232 140,938 141,179 140,957 Weighted average shares of common stock outstanding—diluted 141,232 140,938 141,179 140,957
Page 10 of 32 Funds from Operations & Adjusted Funds from Operations Unaudited, in thousands, except per share data Note: Definitions for commonly used terms on pages 27-29. ADJUSTED FUNDS FROM OPERATIONS Three Months Ended Nine Months Ended 9/30/24 9/30/23 9/30/24 9/30/23 FFO (excluding specified items) $ 14,320 $ 26,141 $ 62,806 $ 110,305 Adjustments: GAAP non-cash revenue (straight-line rent and above/below-market rents) 6,147 2,470 8,047 (9,326) GAAP non-cash expense (straight-line rent expense and above/below- market ground rent) 1,695 1,919 4,999 5,556 Non-real estate depreciation and amortization 8,031 8,300 24,223 25,524 Non-cash interest expense 1,599 3,121 5,209 12,822 Non-cash compensation expense 5,926 5,519 19,347 16,904 Recurring capital expenditures, tenant improvements and lease commissions (21,962) (19,359) (56,350) (67,483) AFFO $ 15,756 $ 28,111 $ 68,281 $ 94,302 Dividends paid to common stock/unit holders $ — $ — $ 15,377 $ 54,960 AFFO payout ratio — % — % 22.5 % 58.3 % FUNDS FROM OPERATIONS Three Months Ended Nine Months Ended 9/30/24 9/30/23 9/30/24 9/30/23 Net loss $ (107,013) $ (35,752) $ (207,925) $ (82,046) Adjustments: Depreciation and amortization—consolidated 86,672 98,580 265,324 294,654 Depreciation and amortization—non-real estate assets (8,031) (8,300) (24,223) (25,524) Depreciation and amortization—HPP’s share from unconsolidated real estate entities 1,231 1,165 4,388 3,623 Gain on sale of real estate — (16,108) — (23,154) Impairment loss—real estate assets 36,543 — 36,543 — Unrealized loss on non-real estate investments 1,081 2,265 3,024 2,269 FFO attributable to non-controlling interests 1,508 (10,509) (9,601) (37,371) FFO attributable to preferred shares and units (5,200) (5,200) (15,600) (15,600) FFO to common stock/unit holders 6,791 26,141 51,930 116,851 Specified items impacting FFO: Transaction-related expenses 269 — 2,306 (1,344) Non-cash deferred tax asset write-off—HPP’s share 1,170 — 1,170 3,516 Non-cash revaluation associated with a loan swap (unqualified for hedge accounting) 2,219 — 3,529 — One-time straight-line rent reserve—HPP’s share 3,871 — 3,871 — Prior period net property tax adjustment—HPP’s share — — — (1,469) One-time gain on debt extinguishment — — — (10,000) One-time tax impact of gain on debt extinguishment — — — 2,751 FFO (excluding specified items) to common stock/unit holders $ 14,320 $ 26,141 $ 62,806 $ 110,305 Weighted average common stock/units outstanding—diluted 145,640 143,483 145,564 143,519 FFO per common stock/unit—diluted $ 0.05 $ 0.18 $ 0.36 $ 0.81 FFO (excluding specified items) per common stock/unit—diluted $ 0.10 $ 0.18 $ 0.43 $ 0.77
Page 11 of 32 Consolidated Same-Store Property Performance Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS Three Months Ended Nine Months Ended 9/30/24 9/30/23 % Change 9/30/24 9/30/23 % Change Same-store office statistics Number of properties 40 40 40 40 Square feet 11,394,547 11,394,547 11,394,547 11,394,547 Average % occupied 76.7 % 83.5 % 77.2 % 83.1 % Same-store studio statistics Number of properties 3 3 3 3 Square feet 1,211,168 1,211,168 1,211,168 1,211,168 Average % leased 73.8 % 83.5 % 73.8 % 83.5 % Same-store NOI(1) Office revenues $ 151,766 $ 174,466 (13.0) % $ 473,847 $ 526,710 (10.0) % Office expenses 71,058 69,805 1.8 204,327 200,400 2.0 Same-store office NOI 80,708 104,661 (22.9) 269,520 326,310 (17.4) Studio revenues 14,769 14,360 2.8 54,382 54,309 0.1 Studio expenses 9,813 8,993 9.1 33,985 30,533 11.3 Same-store studio NOI 4,956 5,367 (7.7) 20,397 23,776 (14.2) Total same-store NOI $ 85,664 $ 110,028 (22.1) % $ 289,917 $ 350,086 (17.2) % SAME-STORE ANALYSIS (CASH BASIS) Three Months Ended Nine Months Ended 9/30/24 9/30/23 % Change 9/30/24 9/30/23 % Change Same-store NOI (cash basis) Office cash revenues $ 161,711 $ 176,830 (8.6) % $ 485,880 $ 526,224 (7.7) % Office cash expenses 70,043 68,766 1.9 201,274 197,222 2.1 Same-store office NOI (cash basis) 91,668 108,064 (15.2) 284,606 329,002 (13.5) Studio cash revenues 14,959 14,053 6.4 54,292 53,110 2.2 Studio cash expenses 9,770 8,879 10.0 33,851 30,194 12.1 Same-store studio NOI (cash basis) 5,189 5,174 0.3 20,441 22,916 (10.8) Total same-store NOI (cash basis) $ 96,857 $ 113,238 (14.5) % $ 305,047 $ 351,918 (13.3) % Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations.
Page 12 of 32 NOI Detail Three Months Ended September 30, 2024 | Unaudited, in thousands Same-Store Office Same-Store Studio Non-Same- Store Office Non-Same- Store Studio Total REVENUE Cash rent $ 129,659 $ 10,295 $ 12,658 $ 3,452 $ 156,064 Cash tenant recoveries 28,038 163 2,487 — 30,688 Straight-line rent (10,578) (181) (41) — (10,800) Amortization of above/below-market leases, net 1,050 — 145 — 1,195 Amortization of lease incentive costs (417) (9) (93) — (519) Total rental revenue 147,752 10,268 15,156 3,452 176,628 Service and other revenues 4,014 4,501 20 15,230 23,765 Total revenue 151,766 14,769 15,176 18,682 200,393 OPERATING EXPENSES Property operating expenses 70,043 9,770 8,478 24,763 113,054 Straight-line rent 371 — (57) 746 1,060 Non-cash compensation expense 16 43 — 7 66 Amortization of above/below-market ground leases, net 628 — 23 10 661 Total operating expenses 71,058 9,813 8,444 25,526 114,841 CONSOLIDATED NOI(1) $ 80,708 $ 4,956 $ 6,732 $ (6,844) $ 85,552 Add: HPP’s share of NOI from unconsolidated real estate entity(2) — — 2,462 — 2,462 Less: NOI attributable to non-controlling interests(2) 9,540 2,270 (3) (173) 11,634 HPP’s share of NOI $ 71,168 $ 2,686 $ 9,197 $ (6,671) $ 76,380 Reconciliation to Cash NOI Consolidated NOI $ 80,708 $ 4,956 $ 6,732 $ (6,844) $ 85,552 Straight-line rent, net 10,949 181 (16) 746 11,860 Non-cash compensation expense 16 43 — 7 66 Amortization of above/below-market leases, net (1,050) — (145) — (1,195) Amortization of lease incentive costs 417 9 93 — 519 Amortization of above/below-market ground leases, net 628 — 23 10 661 CONSOLIDATED CASH NOI $ 91,668 $ 5,189 $ 6,687 $ (6,081) $ 97,463 Add: HPP’s share of cash NOI from unconsolidated real estate entity(2) — — 1,648 — 1,648 Less: Cash NOI attributable to non-controlling interests(2) 13,363 2,384 (3) (169) 15,575 HPP’s share of Cash NOI $ 78,305 $ 2,805 $ 8,338 $ (5,912) $ 83,536 Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations. (2) See page 26 for a list of our consolidated and unconsolidated joint venture properties.
Page 13 of 32 Debt Summary & Debt Metrics As of September 30, 2024 | Unaudited, in thousands DEBT SUMMARY Outstanding Balance HPP’s Share Stated Interest Rate Maturity Date(1) UNSECURED DEBT Series B notes $ 259,000 $ 259,000 4.69% 12/16/25 Series D notes 150,000 150,000 3.98% 7/6/26 Unsecured revolving credit facility(2) 295,000 295,000 SOFR + 1.15% to 1.60% 12/21/26 3.95% Registered senior notes 400,000 400,000 3.95% 11/1/27 Series C notes 56,000 56,000 4.79% 12/16/27 5.95% Registered senior notes 350,000 350,000 5.95% 2/15/28 4.65% Registered senior notes 500,000 500,000 4.65% 4/1/29 3.25% Registered senior notes 400,000 400,000 3.25% 1/15/30 Total unsecured debt 2,410,000 2,410,000 SECURED DEBT Element LA 168,000 168,000 4.59% 11/6/25 1918 Eighth 314,300 172,865 SOFR + 1.40% 12/18/25 Hollywood Media Portfolio 1,100,000 561,000 SOFR + 1.10% 8/9/26 Acquired Hollywood Media Portfolio debt (30,233) (30,233) SOFR + 2.11% 8/9/26 Hollywood Media Portfolio, net 1,069,767 530,767 Sunset Glenoaks Studios(2) 88,583 44,292 SOFR + 3.10% 1/9/27 Hill7 101,000 55,550 3.38% 11/6/28 Total secured debt 1,741,650 971,474 Total unsecured and secured debt $ 4,151,650 $ 3,381,474 Consolidated joint venture partner debt $ 66,136 $ — 4.50% 10/9/32 UNCONSOLIDATED DEBT Bentall Centre(2) 476,619 95,324 CORRA + 2.30% 7/1/27 Sunset Pier 94 Studios(2) 100 26 SOFR + 4.75% 9/9/28 Total unconsolidated debt $ 476,719 $ 95,350 Note: Definitions for commonly used terms on pages 27-29. (1) Maturity dates include the effect of extension options, which are subject to certain criteria and/or lender discretion. (2) As of September 30, 2024, we had undrawn capacity of $605.0 million on our unsecured revolving credit facility, $2.6 million on our Bentall Centre loan, $6.0 million on our Sunset Glenoaks Studios loan and $46.8 million on our Sunset Pier 94 Studios loan (amounts at HPP’s share). (3) See pages 31-32 for non-GAAP reconciliations. DEBT METRICS Total unsecured and secured debt $ 4,151,650 Less: Consolidated cash and cash equivalents (90,692) Consolidated debt, net $ 4,060,958 Less: Partners' share of consolidated unsecured and secured debt (770,176) Add: HPP's share of unconsolidated real estate entities' debt 95,350 Add: Partners' share of consolidated cash and cash equivalents 23,604 Less: HPP's share of unconsolidated real estate entities' cash and cash equivalents (1,607) HPP's share of debt, net $ 3,408,129 HPP's share of debt, net/HPP's share of undepreciated book value(3) 37.4 % Consolidated debt, net/cash adjusted EBITDAre for selected ratios(3) 10.8x HPP's share of debt, net/HPP's share of cash adjusted EBITDAre for selected ratios(3) 10.9x
Page 14 of 32 Debt Maturities, Composition & Hedging Instruments(1) Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Effective Interest Rate Years to Maturity HPP’s share of secured and unsecured debt Unsecured $2,410,000 69.3 % 4.7% 3.4 Secured 1,066,824 30.7 4.9 1.8 Total $3,476,824 100.0 % 4.8% 2.9 HPP’s share of fixed, capped, and floating rate debt Fixed(2) $3,137,506 90.2 % 4.6% 3.0 Capped 44,292 1.3 7.6 2.3 Floating 295,026 8.5 6.6 2.2 Total $3,476,824 100.0 % 4.8% 2.9 GAAP effective rate 4.9% Debt Maturity Schedule $259,000 $445,000 $456,000 $350,000 $500,000 $400,000 $— $340,865 $530,767 $139,616 $55,576 Secured Unsecured 2024 2025 2026 2027 2028 2029 2030 + $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 Note: Definitions for commonly used terms on pages 27-29. (1) Reflects HPP’s share of principal amortization and maturities based on contractual maturity dates, including impact of extension options, and excluding unamortized deferred financing costs, loan discounts/premiums, and consolidated joint venture partners’ debt. (2) Fixed rate debt includes debt subject to interest rate swaps. HEDGING INSTRUMENTS Underlying Debt Instrument HPP Notional Amount Effective Date Maturity Date Strike/Swap Rate Underlying Index Interest rate swaps 1918 Eighth $172,865 2/1/23 10/18/25 3.75% SOFR Hollywood Media Portfolio, net $351,186 8/15/23 6/15/26 3.31% SOFR Bentall Centre $95,324 11/1/23 7/1/27 4.36% CORRA Hollywood Media Portfolio $180,000 2/9/24 8/9/26 4.13% SOFR Interest rate caps Sunset Glenoaks Studios $50,300 8/15/22 1/9/25 4.50% SOFR
Page 15 of 32 Debt Covenant Compliance(1) Covenant Actual Performance Unsecured revolving credit facility and term loans Total liabilities to total asset value(2) ≤ 65% 48.7% Unsecured indebtedness to unencumbered asset value(2) ≤ 65% 45.3% Adjusted EBITDA to fixed charges ≥ 1.5x 1.7x Secured indebtedness to total asset value ≤ 45% 21.2% Unencumbered NOI to unsecured interest expense ≥ 2.0x 2.3x Private Placement (Series B, C, and D Notes) Total liabilities to total asset value ≤ 60% 52.7% Unsecured indebtedness to unencumbered asset value(2) ≤ 65% 55.8% Adjusted EBITDA to fixed charges ≥ 1.5x 1.7x Secured indebtedness to total asset value ≤ 45% 22.9% Unencumbered NOI to unsecured interest expense ≥ 2.0x 2.3x Unsecured registered senior notes Debt to total assets ≤ 60% 44.0% Total unencumbered assets to unsecured debt ≥ 150% 263.2% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 1.7x Secured debt to total assets ≤ 45% 19.0% (1) Covenants and actual performance reflect most restrictive terms and definitions of latest amended and restated credit agreement or indentures governing unsecured registered senior notes in accordance with our financial results as of September 30, 2024, at which time the operating partnership was in compliance. (2) Based on the provisions of the fourth quarter 2023 amendment to the unsecured revolving credit facility, the total leverage and the unsecured leverage thresholds have been extended from 60% to 65% through December 31, 2024 (or until such time as the private placement covenant calculations are amended to reflect the recent adjustments to the credit facility covenants, if sooner).
Page 16 of 32 Existing Portfolio Summary Unaudited, in thousands, except per share data Three Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 Number of office properties owned 46 46 46 46 48 In-service office square feet 13,684,033 13,858,966 13,852,533 13,853,005 14,437,595 In-service office % leased 80.0 % 80.0 % 80.5 % 81.9 % 83.1 % In-service office % occupied 79.1 % 78.7 % 79.0 % 80.8 % 81.3 % Number of studio properties owned 5 5 5 5 5 In-service studio square feet(1) 1,452,168 1,232,462 1,231,278 1,231,278 1,231,335 In-service studio % leased 73.8 % 76.1 % 76.9 % 80.4 % 83.5 % HPP's Share ABR % by Industry 36.0% 16.3%8.5% 7.6% 7.6% 5.7% 18.3% Technology Media & Entertainment Legal Retail Business Services Financial Services Other YTD HPP's Share NOI % by Region 40.2% 22.1% 17.4% 17.2% 3.1% Silicon Valley San Francisco Los Angeles Seattle Vancouver HPP's Share Tech ABR % by Public/ Private Tenants & Age 82.1% 10.1% 7.8% Public Private > 10 Yrs. Private < 10 Yrs. YTD HPP's Share NOI % Office vs. Studio 100.0% Office Studio Note: Definitions for commonly used terms on pages 27-29. (1) See page 20 for a list of in-service studio properties. (2) See page 30 for non-GAAP reconciliations. (3) Includes the in-service population of office and studio properties. (4) Reflects status of tenant or tenant's parent entity. There can be no assurance that tenant's parent entity will satisfy lease and other obligations upon default. (2) (4)(3)
Page 17 of 32 Office Properties by Location Note: Definitions for commonly used terms on pages 27-29. (1) Excludes 246,742 square feet taken off-line for change of use and/or significant capital repositioning. Foothill Research Center located in Palo Alto submarket classified as held-for-sale as of September 30, 2024. Properties Square Feet % Occupied % Leased Annualized Base Rent HPP’s Share Annualized Base Rent Annualized Base Rent Per Square Foot Los Angeles, California Hollywood 5 967,194 100.0 % 100.0 % $ 66,839,973 $ 34,088,387 $ 69.11 West Los Angeles 2 783,435 94.5 94.5 42,386,983 42,386,983 57.23 Downtown Los Angeles 2 234,664 86.4 86.4 9,861,754 9,861,754 48.61 Subtotal 9 1,985,293 96.2 96.2 119,088,710 86,337,124 62.33 San Francisco Bay Area, California North San Jose 5 2,642,413 57.5 58.6 71,999,311 71,999,311 47.40 San Francisco 7 2,427,109 75.0 75.1 118,671,223 108,144,165 65.18 Palo Alto 6 951,146 87.4 87.4 69,497,262 69,497,262 83.57 Redwood Shores 4 950,017 77.5 79.4 50,021,432 50,021,432 67.97 Foster City 1 724,381 85.4 85.7 38,692,824 38,692,824 62.56 Santa Clara 1 284,903 70.2 73.3 10,080,869 10,080,869 50.40 Subtotal 24 7,979,969 71.7 72.5 358,962,921 348,435,863 62.69 Seattle, Washington Denny Triangle 4 1,339,621 99.9 100.0 55,897,686 37,050,303 41.78 Pioneer Square 5 845,658 59.0 62.5 20,527,458 20,527,458 41.16 Subtotal 9 2,185,279 84.0 85.5 76,425,144 57,577,761 41.61 Vancouver, British Columbia Downtown Vancouver 1 1,533,492 88.4 90.1 42,079,348 8,415,870 31.05 Subtotal 1 1,533,492 88.4 90.1 42,079,348 8,415,870 31.05 TOTAL IN-SERVICE OFFICE(1) 43 13,684,033 79.1 % 80.0 % $ 596,556,123 $ 500,766,618 $ 55.09
Page 18 of 32 Office Properties Occupancy Detail Submarket Square Feet % Occupied % Leased Los Angeles, California ICON Hollywood 326,792 100.0 100.0 EPIC Hollywood 301,127 100.0 100.0 Harlow Hollywood 129,931 100.0 100.0 6040 Sunset Hollywood 114,958 100.0 100.0 CUE Hollywood 94,386 100.0 100.0 11601 Wilshire West Los Angeles 499,398 91.4 91.4 Element LA West Los Angeles 284,037 100.0 100.0 Fourth & Traction Downtown Los Angeles 131,701 100.0 100.0 Maxwell Downtown Los Angeles 102,963 69.1 69.1 San Francisco Bay Area, California Concourse North San Jose 941,512 64.6 67.7 Gateway North San Jose 609,539 68.4 68.4 Metro Plaza North San Jose 457,040 55.2 55.2 Skyport Plaza North San Jose 418,465 6.1 6.1 1740 Technology North San Jose 215,857 100.0 100.0 1455 Market San Francisco 1,038,134 60.4 60.4 Rincon Center San Francisco 531,517 97.8 97.8 Ferry Building San Francisco 266,402 97.7 98.9 901 Market San Francisco 204,381 54.6 54.6 875 Howard San Francisco 191,201 100.0 100.0 625 Second San Francisco 138,354 38.7 38.7 275 Brannan San Francisco 57,120 100.0 100.0 Palo Alto Square Palo Alto 317,848 91.5 91.5 3400 Hillview Palo Alto 207,857 100.0 100.0 Page Mill Hill Palo Alto 181,965 58.2 58.2 Clocktower Square Palo Alto 100,655 100.0 100.0 Page Mill Center Palo Alto 96,062 82.7 82.7 3176 Porter Palo Alto 46,759 100.0 100.0 Towers at Shore Center Redwood Shores 335,005 84.3 85.0 Shorebreeze Redwood Shores 230,931 75.1 77.7 555 Twin Dolphin Redwood Shores 201,009 73.2 76.7 333 Twin Dolphin Redwood Shores 183,072 72.7 74.2 Metro Center Foster City 724,381 85.4 85.7 Techmart Santa Clara 284,903 70.2 73.3 Seattle, Washington 1918 Eighth Denny Triangle 667,724 100.0 100.0 Hill7 Denny Triangle 285,310 99.6 100.0 5th & Bell Denny Triangle 197,136 100.0 100.0 Met Park North Denny Triangle 189,451 99.7 99.7 505 First Pioneer Square 291,286 19.5 19.5 83 King Pioneer Square 186,366 76.8 76.8 450 Alaskan Pioneer Square 171,594 100.0 100.0 411 First Pioneer Square 164,799 77.1 95.3 95 Jackson Pioneer Square 31,613 — — Vancouver, British Columbia Bentall Centre Downtown Vancouver 1,533,492 88.4 90.1 TOTAL IN-SERVICE OFFICE 13,684,033 79.1 % 80.0 % Note: Definitions for commonly used terms on pages 27-29.
Page 19 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Google, Inc. expirations: (i) 182,672 square feet in February 2025 at Foothill Research Center (held-for-sale), (ii) 208,843 square feet at Rincon Center in February 2028, (iii) 207,857 square feet at 3400 Hillview in November 2028 (early termination right between November 2025-February 2027) and (iv) 41,354 square feet at Ferry Building in October 2029. (2) Amazon expirations: (i) 139,824 square feet at Met Park North in December 2024, (ii) 659,150 square feet at 1918 Eighth in September 2030 and (iii) 191,814 square feet at 5th & Bell in May 2031. (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) Salesforce.com expirations: (i) 83,016 square feet in July 2025, (ii) 83,372 square feet in April 2027 and (iii) 99,006 square feet in October 2028. Salesforce.com subleased 259,416 square feet at Rincon Center to Twilio Inc. in 2018 and in 2020 began paying us 50% of cash rents received pursuant to the sublease, or an average of $340,000 per month with annual growth thereafter, in addition to contractual base rent. (5) Dell EMC Corporation expirations: (i) 83,549 square feet at 875 Howard in June 2026 and (ii) 46,472 square feet at 505 First in January 2027. (6) City and County of San Francisco expirations: (i) 4,100 square feet at 1455 Market in December 2024, (ii) 24,474 square feet at 1455 Market in June 2025, (iii) 39,573 square feet at 1455 Market in September 2033, (iv) 157,154 square feet at 1455 Market in April 2045 and (v) 706 square feet at Ferry Building in April 2067. (7) GitHub Inc. expirations: (i) 35,330 square feet at 625 Second in December 2024 and (ii) 57,120 square feet at 275 Brannan in June 2030. (8) PayPal, Inc. has an early termination right at Fourth & Traction in July 2026. (9) Bank of America expirations: (i) 68,991 square feet at 1455 Market in December 2024, (ii) 5,598 square feet at Palo Alto Square in March 2026, (iii) 122 square feet at Ferry Building in September 2026 and (iv) 6,188 square feet at Bentall Centre in January 2027. (10) TDK Corporation of America/Invensense expirations at Concourse: (i) 86,534 square feet in April 2025 and (ii) 52,802 square feet in April 2033. HPP’s Share # of Properties Lease Expiration Occupied Square Feet Annualized Base Rent % of Annualized Base Rent 1 Google, Inc. 4 2025-2029 640,726 (1) $ 52,945,408 10.3% 2 Amazon 3 2024-2031 990,788 (2) 28,606,067 5.5 3 Netflix, Inc. 3 2031 722,305 (3) 26,274,579 5.1 4 Riot Games, Inc. 1 2030 284,037 19,520,478 3.8 5 Uber Technologies, Inc. 1 2025 325,445 19,169,077 3.7 6 Salesforce.com 1 2025-2028 265,394 (4) 15,184,006 2.9 7 Nutanix, Inc. 1 2030 215,857 11,680,792 2.3 8 Dell EMC Corporation 2 2026-2027 130,021 (5) 9,033,014 1.8 9 City and County of San Francisco 2 2024-2067 226,007 (6) 9,009,759 1.7 10 Coupa Software, Inc. 1 2033 100,654 7,841,953 1.5 11 GitHub, Inc. 2 2024-2030 92,450 (7) 7,298,651 1.4 12 PayPal, Inc. 1 2030 131,701 (8) 6,359,052 1.2 13 Weil, Gotshal & Manges LLP 1 2026 76,278 6,280,735 1.2 14 Bank of America 4 2024-2027 80,899 (9) 5,543,925 1.1 15 TDK Corporation of America/Invensense 1 2025-2033 139,336 (10) 5,367,223 1.0 TOTAL 4,421,898 $ 230,114,719 44.5% 15 Largest Office Tenants
Page 20 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Two stages comprising 21,295 square feet were permanently taken out of service in the third quarter to provide for additional parking. (2) Trailing 12-month annualized base rent and occupancy will be available one year following construction completion in second quarter 2025. (3) Excludes 25,244 square feet taken off-line for change of use and/or significant capital repositioning. STUDIO PROPERITES Owned/ Leased Submarket # of Stages Square Feet Stage % Leased Total % Leased Annualized Base Rent HPP’s Share Annualized Base Rent Annualized Base Rent Per Square Foot Los Angeles, California Sunset Gower Studios Owned Hollywood 12 559,141 100.0 % 82.0 % $ 22,950,634 $ 11,704,823 $ 50.10 Sunset Bronson Studios Owned Hollywood 9 310,563 100.0 94.8 13,032,068 6,646,354 44.30 Sunset Las Palmas Studios(1) Owned Hollywood 11 341,464 29.8 42.7 6,640,541 3,386,676 43.46 Sunset Glenoaks Studios(2) Owned Sun Valley 7 241,000 N/A N/A N/A N/A N/A TOTAL IN-SERVICE STUDIO 39 1,452,168 (3) 75.9 % 73.8 % $ 42,623,243 $ 21,737,853 $ 47.11 Quixote Studios Various Various 27 668,914 33.4% 28.9% $10,942,784 $10,942,784 $ 64.93 Studio Properties & Services STUDIO NOI DETAIL ($ in thousands) Revenue Categories Quarter to Date Rental Studio Ancillary Pro Supplies Transportation Location Total Studio Revenues Total Studio Expenses Total Studio NOI In-Service Studio $10,404 $4,616 N/A N/A N/A $15,020 $10,418 $4,602 Quixote Studios & Services 3,315 5,562 2,162 6,322 1,070 18,431 24,921 (6,490) TOTAL $13,719 $10,178 $2,162 $6,322 $1,070 $33,451 $35,339 $(1,888)
Page 21 of 32 Office Leasing Activity Dollars reflected are per square foot Three Months Ended 9/30/24 Nine Months Ended 9/30/24 Gross leasing activity New cash rate $51.55 $45.37 Renewal cash rate $47.92 $54.58 New square feet leased 302,121 951,236 Renewal square feet leased 237,151 636,182 Total square feet leased 539,272 1,587,418 Leases expired and terminated Contractual expiration square feet 270,085 939,346 Early termination square feet 9,388 317,286 Total square feet expired/terminated 279,473 1,256,632 GAAP rent expiring rate $54.04 $49.80 GAAP rent new/renewal rate $47.80 $49.41 % change in GAAP rent (11.5) % (0.8) % Cash rent expiring rate $58.66 $56.01 Cash rent new/renewal rate $50.83 $49.77 % change in cash rent (13.3) % (11.2) % Tenant improvements & leasing commissions (total / annual) New leases $90.13 / $12.68 $70.34 / $8.33 Renewal leases $19.58 / $3.78 $31.62 / $6.89 Blended $57.82 / $9.28 $55.08 / $7.95 Net effective rent New leases $50.86 $45.11 Renewal leases $50.04 $54.75 Blended $50.49 $48.91 Weighted average lease term (in months) New leases 85.3 101.3 Renewal leases 62.2 55.1 Blended 74.7 83.1 Note: Definitions for commonly used terms on pages 27-29.
Page 22 of 32 Expiring Office Leases Summary HPP’s Share # of Leases Expiring Square Feet Expiring (1) Square Footage of Expiring Leases (1) Annualized Base Rent % of Office Annualized Base Rent Annualized Base Rent Per Square Foot Annualized Base Rent at Expiration Annualized Base Rent Per Square Foot at Expiration Vacant 3,538,608 3,415,539 Q3-2024 13 46,209 22,476 1,008,633 0.2 44.88 1,008,630 44.88 Q4-2024 66 670,296 613,033 29,519,806 5.7 48.15 28,583,539 46.63 Total 2024 79 716,505 635,509 30,528,439 5.9 48.04 29,592,169 46.56 2025(2) 180 1,853,979 1,607,823 95,593,831 18.4 59.46 94,496,057 58.77 2026 124 793,765 734,608 46,060,058 8.9 62.70 48,541,784 66.08 2027 133 1,169,825 1,015,989 62,051,566 11.9 61.08 66,222,036 65.18 2028 82 1,272,326 1,068,699 75,457,743 14.5 70.61 82,431,459 77.13 2029 67 661,479 523,232 34,293,584 6.6 65.54 38,569,764 73.71 2030 37 1,681,773 1,329,895 74,825,609 14.4 56.26 84,264,131 63.36 2031 25 1,138,767 703,270 43,160,311 8.3 61.37 53,846,150 76.57 2032 11 252,080 150,144 8,900,585 1.7 59.28 11,063,587 73.69 2033 16 543,784 435,673 23,493,815 4.5 53.93 29,475,754 67.66 Thereafter 34 653,142 462,646 21,134,104 4.1 45.68 31,261,368 67.57 Building management use 56 266,093 238,109 — — — — — Signed leases not commenced 28 119,669 96,936 4,189,422 0.8 43.22 4,885,780 50.40 TOTAL/ WEIGHTED AVERAGE 872 14,661,795 12,418,072 $ 519,689,067 100.0 % $ 57.73 $ 574,650,039 $ 63.83 Note: Definitions for commonly used terms on pages 27-29. (1) Total expiring square footage does not include month-to-month leases. (2) The 2025 expiring square footage includes 182,672 square feet related to the Google, Inc. lease at Foothill Research Center, which is classified as held-for-sale as of September 30, 2024.
Page 23 of 32 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters Q4 2024 Q1 2025 Q2 2025 Q3 2025 Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Uncommenced Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California 27,475 59.25 5,379 66.60 29,357 33.00 — — Seattle, Washington 30,690 37.53 1,218 20.00 — — — — Vancouver, British Columbia 15,403 29.46 3,459 26.65 6,688 30.35 — — TOTAL 73,568 $ 43.95 10,056 $ 47.21 36,045 $ 32.51 — $ — Backfilled Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California 28,256 50.25 8,633 42.00 — — — — Seattle, Washington 4,084 33.17 6,372 39.00 — — — — Vancouver, British Columbia 22,593 37.55 1,890 24.43 — — — — TOTAL 54,933 $ 43.75 16,895 $ 38.90 — $ — — $ — Expiring Office Leases(1) Los Angeles, California 36,955 $ 26.31 4,898 $ — 11,346 $ 60.67 10,163 $ 72.85 San Francisco Bay Area, California 343,983 53.28 (2) 641,306 63.18 (3) 233,639 48.67 (4) 288,652 65.41 (5) Seattle, Washington 224,897 40.59 (6) 65,507 48.80 (7) 172,444 46.45 (8) 3,320 — Vancouver, British Columbia 64,461 14.52 51,280 13.24 76,983 29.83 30,056 33.26 TOTAL 670,296 $ 43.81 762,991 $ 58.18 494,412 $ 45.24 332,191 $ 62.07 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Uncommenced Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California — — — — — — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia — — — — — — — — TOTAL — $ — — $ — — $ — — $ — Backfilled Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California — — — — — — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia — — — — — — — — TOTAL — $ — — $ — — $ — — $ — Expiring Office Leases(1) Los Angeles, California 29,747 $ 59.45 57,560 $ 63.64 5,197 $ 71.18 9,807 $ 64.56 San Francisco Bay Area, California 179,885 64.34 133,632 70.10 163,280 73.24 (9) 188,209 67.51 (10) Seattle, Washington 5,495 29.57 46,237 25.77 — — 1,861 41.80 Vancouver, British Columbia 49,258 37.30 34,576 29.83 10,794 26.21 15,816 34.24 TOTAL 264,385 $ 58.03 272,005 $ 56.08 179,271 $ 70.35 215,693 $ 64.71
Page 24 of 32 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters (continued) Note: Definitions for commonly used terms on pages 27-29. (1) Excludes building management offices with various expiration dates. (2) Includes Bank of America at 1455 Market for 68,991 square feet in December 2024. (3) Includes Uber Technologies, Inc. for 325,445 square feet at 1455 Market and Google, Inc. for 182,672 square feet at Foothill Research Center (held-for-sale) both in February 2025. (4) Includes TDK Corporation of America/Invensense at Concourse for 86,534 square feet in April 2025. (5) Includes Salesforce.com at Rincon Center for 83,016 square feet in July 2025. (6) Includes Amazon at Met Park North for 139,824 square feet and RealSelf, Inc. at 83 King for 74,700 square feet both in December 2024. (7) Includes WeWork Companies Inc. at Hill7 for 54,336 square feet in February 2025. (8) Includes HBO Code Labs, Inc. at Hill7 for 112,222 square feet in May 2025. (9) Includes Dell EMC Corporation at 875 Howard for 83,549 square feet in June 2026. (10) Includes Weil, Gotshal & Manges LLP at Towers at Shore Center for 76,278 square feet in August 2026.
Page 25 of 32 In Process & Future Development Pipeline(1) Unaudited, in thousands, except square feet Note: Definitions for commonly used terms on pages 27-29. (1) Represents 100% share of consolidated and unconsolidated joint ventures. See page 26 for HPP’s share of joint venture properties. (2) Based on issuance of building permit or equivalent. (3) Based on receipt of temporary certificate of occupancy or equivalent. (4) Includes land and acquisition costs for Sunset Pier 94 Studios for $41.7 million. (5) Trailing 12-month leased percentage for Sunset Pier 94 Studios will be disclosed one year following completion. (6) Includes land and acquisition costs for Sunset Las Palmas Studios—Development for $20.8 million and Sunset Waltham Cross Studios for $174.0 million. (7) Pending entitlement to develop approximately 500 residential units. IN PROCESS DEVELOPMENT Under Construction Submarket Start Date(2) Estimated Completion Date(3) Estimated Stabilization Date Estimated Square Feet % Leased Project Costs as of 9/30/24(4) Total Estimated Project Costs(4) Estimated Stabilized Yield New York, New York Sunset Pier 94 Studios(5) Manhattan Q3-2023 Q4-2025 Q3-2026 232,000 —% $ 160,040 $305,000- $325,000 7.7%-8.2% TOTAL 232,000 $ 160,040 FUTURE DEVELOPMENT PIPELINE Type Submarket Estimated Square Feet Project Costs as of 9/30/24(6) Los Angeles, California Sunset Las Palmas Studios—Development Studio Hollywood 617,581 $ 29,048 Sunset Gower Studios—Development Office/Studio Hollywood 478,845 $ 7,889 Sunset Bronson Studios Lot D—Development Residential Hollywood 33 units/19,816 $ — Element LA—Development Office West Los Angeles 500,000 $ — 10900-10950 Washington(7) Residential West Los Angeles N/A $ 801 Vancouver, British Columbia Burrard Exchange Office Downtown Vancouver 450,000 $ 7,478 Greater London, United Kingdom Sunset Waltham Cross Studios Studio Broxbourne 1,167,347 $ 297,643 TOTAL 3,233,589 $ 342,859 Recently Completed Submarket Completion Date Estimated Stabilization Date Estimated Square Feet % Occupied % Leased Seattle, Washington Washington 1000 Denny Triangle Q2-2024 Q3-2026 546,000 0.5% 0.6% TOTAL 546,000
Page 26 of 32 Consolidated & Unconsolidated Ventures Venture Partner Submarket Square Feet(1) HPP Ownership % CONSOLIDATED VENTURES Los Angeles, California(2) Sunset Gower Studios Blackstone Hollywood 1,044,636 51.0 % Sunset Las Palmas Studios Blackstone Hollywood 977,639 51.0 % Sunset Bronson Studios Blackstone Hollywood 330,379 51.0 % ICON Blackstone Hollywood 326,792 51.0 % EPIC Blackstone Hollywood 301,127 51.0 % Harlow Blackstone Hollywood 129,931 51.0 % 6040 Sunset Blackstone Hollywood 114,958 51.0 % CUE Blackstone Hollywood 94,386 51.0 % Sunset Glenoaks Studios Blackstone Sun Valley 241,000 50.0 % San Francisco, California Ferry Building Allianz San Francisco 266,402 55.0 % Seattle, Washington 1918 Eighth CPPIB Denny Triangle 667,724 55.0 % Hill7 CPPIB Denny Triangle 285,310 55.0 % UNCONSOLIDATED VENTURES New York, New York Sunset Pier 94 Studios Blackstone/Vornado Manhattan 232,000 25.6 % Vancouver, British Columbia Bentall Centre(3) Blackstone Downtown Vancouver 1,983,492 20.0 % Greater London, United Kingdom Sunset Waltham Cross Studios(3) Blackstone Broxbourne 1,167,347 35.0 % (1) Inclusive of estimated developable square feet. (2) With the exception of Sunset Glenoaks Studios, Los Angeles properties owned jointly with Blackstone collectively referred to as the Hollywood Media Portfolio. (3) Dollar amounts in this document shown in USD using the applicable foreign currency exchange rates as of September 30, 2024.
Page 27 of 32 Definitions Adjusted EBITDAre: Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share of interest and depreciation from unconsolidated real estate entities and further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that Adjusted EBITDAre is useful because it allows investors and management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. Adjusted EBITDAre is not a measurement of financial performance under GAAP and should not be considered as an alternative to income attributable to common shareholders, as an indicator of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited. Adjusted Funds from Operations (“AFFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO (excluding specified items) HPP’s share of non-cash compensation expense and amortization of deferred financing costs, and subtracting recurring capital expenditures related to HPP’s share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of HPP’s share of straight-line rents, amortization of lease buy-out costs, amortization of above- and below-market lease intangible assets and liabilities, amortization of above- and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Annualized Base Rent (“ABR”): For office properties, calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of September 30, 2024 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of September 30, 2024. 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 September 30, 2024. 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 September 30, 2024. For studio properties, ABR reflects actual base rent for the 12 months ended September 30, 2024, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of September 30, 2024. Average Percent Occupied: For same-store office properties, represents the average percent occupied during the three months ended September 30, 2024. For same-store studio properties, represents the average percent leased for the 12 months ended September 30, 2024. Backfilled Office Leases: Defined as new leases with respect to occupied space executed on or prior to September 30, 2024, but with commencement dates after September 30, 2024, and within the next eight quarters. Cash Rent Growth: Initial stabilized cash rents on new and renewal leases compared to expiring cash rents in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. Consolidated Debt: Consolidated unsecured and secured debt. Consolidated Debt, Net: Similar to consolidated debt, less consolidated cash and cash equivalents. Consolidated Unsecured and Secured Debt: Excludes joint venture partner debt, unamortized deferred financing costs and unamortized loan discounts/premiums related to our registered senior debt. Includes full amount of debt related to the Hill7, Hollywood Media Portfolio, 1918 Eighth and Sunset Glenoaks Studios joint ventures. Diluted Shares: Represents an estimate of the total shares and units, including those issuable under our 2022 and 2023 Performance Stock Unit (“PSU”) Plans as of quarter end, based on the projected award potential of such programs as of the end of such periods, calculated in accordance with Accounting Standards Codification (“ASC”) 260, Earnings Per Share. Effective Interest Rate: Interest rate with respect to indebtedness calculated based on a 360-day year for actual days elapsed. Debt with a variable interest rate component reflects SOFR or CORRA as of September 30, 2024, except to the extent that such debt is subject to a rate which has been fixed pursuant to a swap is above the capped rate, in which case the rate is calculated based on the swapped or capped rate, as applicable. Page 14 details our interest rate hedging instruments. We have an option to make an irrevocable election to change the interest rate depending on our credit rating or a specified base rate plus an applicable margin. As of September 30, 2024, no such election had been made.
Page 28 of 32 Definitions (continued) Estimated Stabilized Yield: Calculated as the quotient of estimated NOI and our investment in a property once project stabilizes and initial rental concessions, if any, have elapsed, excluding the impact of leverage. Cash rents related to development and redevelopment projects are expected to increase over time and average cash yields are expected to be greater than estimated initial stabilized yields. Our estimates for cash yields and total costs at completion represent our current estimates, which may be updated upon project completion or sooner, if there are significant changes to expected yields or costs. We caution against placing undue reliance on the estimated stabilized yields which are based solely on our estimates, using data available to us during the development process. The amount of total investment required to reach stabilized occupancy may differ substantially from our estimates due to various factors. We can provide no assurance that the actual stabilized yields will be consistent with the estimated stabilized yields set forth herein. Estimated Project Costs: Estimated project costs exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. Estimated Square Feet: 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. Estimated Stabilization Date: Based on management’s estimate of stabilized occupancy (92.0%). Occupancy for stabilization purposes defined as the commencement of cash rental payments. Funds from Operations (“FFO”): We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. 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 the HPP’s share of real estate-related depreciation and amortization, excluding amortization of deferred financing costs and depreciation of non-real estate assets. The calculation of FFO includes the HPP’s share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. FFO is a non-GAAP financial measure we believe 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. GAAP Effective Rate: Similar to effective interest rate except it includes the amortization of deferred financing costs and loan discounts/ premiums. HPP’s Share: Non-GAAP financial measures 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. HPP’s Share of Debt: Similar to consolidated debt except it includes HPP’s share of unconsolidated joint venture debt and excludes partners’ share of consolidated joint venture partner debt.
Page 29 of 32 In-Service Properties: Owned properties, excluding repositioning, redevelopment, development and held for sale properties. Studio development properties are incorporated into the in-service portfolio the earlier of one year following completion or the project’s estimated stabilization date. Office development properties are incorporated into the in-service portfolio the earlier of 92% occupancy or the project’s estimated stabilization date. Net Effective Rent: Weighted average straight-line annual cash rent, net of annualized tenant improvements and lease commissions. Triple net (NNN) and modified gross base rents are adjusted to include estimated annual expenses consistent with those included in comparable full service gross base rents. Net Operating Income (“NOI”): We evaluate performance based upon property NOI from continuing operations. 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 income from continuing operations, 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 income from continuing operations. 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, transaction-related expenses and other non-operating items. We define NOI as operating revenues (rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (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. Operating Partnership: The Company conducts all of its operations through the Operating Partnership, Hudson Pacific Properties, L.P., and serves as its sole general partner. As of September 30, 2024, the Company owned 95.2% of the ownership interest in the Operating Partnership, including unvested restricted units. Outstanding Balance: Outstanding debt balances including partners’ share of consolidated entities and excludes unamortized deferred financing costs and loan discounts/premiums. Percent Occupied/Leased: For office properties, calculated as (i) square footage under commenced leases as of September 30, 2024, divided by (ii) total square feet, expressed as a percentage, whereas percent leased includes uncommenced leases. For studio properties, percent leased reflects the average percent leased for the 12 months ended September 30, 2024. Project Costs: Exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. Same-Store Office: Same-store office for the three months ended September 30, 2024 defined as all properties owned and included in our stabilized office portfolio as of July 1, 2023 and still owned and included in the stabilized office portfolio as of September 30, 2024. Same- store office for the nine months ended September 30, 2024 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2023 and still owned and included in the stabilized office portfolio as of September 30, 2024. Same-Store Studio: Same-store studio for the three months ended September 30, 2024 defined as all properties owned and included in our stabilized studio portfolio as of July 1, 2023 and still owned and included in the stabilized studio portfolio as of September 30, 2024. Same- store studio for the nine months ended September 30, 2024 defined as all properties owned and included in our stabilized studio portfolio as of January 1, 2023 and still owned and included in the stabilized studio portfolio as of September 30, 2024. Straight-Line Rent Growth: Represents a comparison between initial straight-line rents on new and renewal leases as compared to the straight-line rents on expiring leases in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. Uncommenced Office Leases: Defined as new leases with respect to vacant space executed on or prior to September 30, 2024, but with commencement dates after September 30, 2024 and within the next eight quarters. Definitions (continued)
Page 30 of 32 Non-GAAP Reconciliations Unaudited, in thousands RECONCILIATION OF NET LOSS TO NOI Three Months Ended Nine Months Ended 9/30/24 9/30/23 9/30/24 9/30/23 Net loss $ (107,013) $ (35,752) $ (207,925) $ (82,046) Adjustments: Loss from unconsolidated real estate entities 3,219 759 6,443 2,219 Fee income (1,437) (340) (3,933) (5,026) Interest expense 45,005 53,581 133,253 162,036 Interest income (542) (800) (1,975) (1,407) Management services reimbursement income—unconsolidated real estate entities (989) (1,015) (3,187) (3,138) Management services expense—unconsolidated real estate entities 989 1,015 3,187 3,138 Transaction-related expenses 269 — 2,306 (1,344) Unrealized loss on non-real estate investments 1,081 2,265 3,024 2,269 Gain on sale of real estate — (16,108) — (23,154) Impairment loss 36,543 — 36,543 — Gain on extinguishment of debt — — — (10,000) Other expense (income) 28 (5) (1,449) (139) Income tax provision (benefit) 2,183 (425) 2,693 715 General and administrative 19,544 17,512 59,959 55,177 Depreciation and amortization 86,672 98,580 265,324 294,654 NOI $ 85,552 $ 119,267 $ 294,263 $ 393,954 Add: HPP’s share of NOI from unconsolidated real estate entities 2,462 2,766 8,267 8,307 Less: NOI attributable to non-controlling interests 11,634 23,628 46,018 75,385 HPP’s share of NOI $ 76,380 $ 98,405 $ 256,512 $ 326,876 NOI Detail Same-store office cash revenues $ 161,711 $ 176,830 $ 485,880 $ 526,224 Straight-line rent (10,578) (3,632) (14,757) (3,494) Amortization of above/below-market leases, net 1,050 1,359 3,437 4,266 Amortization of lease incentive costs (417) (91) (713) (286) Same-store office revenues 151,766 174,466 473,847 526,710 Same-store studios cash revenues 14,959 14,053 54,292 53,110 Straight-line rent (181) 316 118 1,227 Amortization of lease incentive costs (9) (9) (28) (28) Same-store studio revenues 14,769 14,360 54,382 54,309 Same-store revenues 166,535 188,826 528,229 581,019 Same-store office cash expenses 70,043 68,766 201,274 197,222 Straight-line rent 371 376 1,119 1,189 Non-cash compensation expense 16 35 50 105 Amortization of above/below-market ground leases, net 628 628 1,884 1,884 Same-store office expenses 71,058 69,805 204,327 200,400 Same-store studio cash expenses 9,770 8,879 33,851 30,194 Non-cash compensation expense 43 114 134 339 Same-store studio expenses 9,813 8,993 33,985 30,533 Same-store expenses 80,871 78,798 238,312 230,933 Same-store NOI 85,664 110,028 289,917 350,086 Non-same-store NOI (112) 9,239 4,346 43,868 NOI $ 85,552 $ 119,267 $ 294,263 $ 393,954
Page 31 of 32 Non-GAAP Reconciliations (continued) Unaudited, in thousands RECONCILIATIONS OF NET LOSS TO ADJUSTED EBITDARE (ANNUALIZED) AND TOTAL UNSECURED AND SECURED DEBT TO CONSOLIDATED DEBT, NET AND HPP’S SHARE OF DEBT, NET Three Months Ended 9/30/24 9/30/23 Net loss $ (107,013) $ (35,752) Interest income—consolidated (542) (800) Interest expense—consolidated 45,005 53,581 Depreciation and amortization—consolidated 86,672 98,580 EBITDA 24,122 115,609 Unconsolidated real estate entities depreciation and amortization 1,231 1,165 Unconsolidated real estate entities interest expense 3,857 1,788 EBITDAre 29,210 118,562 Impairment loss 36,543 — Unrealized loss on non-real estate investments 1,081 2,265 Gain on sale of real estate — (16,108) Other expense (income) 28 (5) Transaction-related expenses 269 — Non-cash compensation expense 5,960 5,522 Straight-line rent receivables, net 11,838 4,200 Non-cash amortization of above/below-market leases, net (1,195) (1,525) Non-cash amortization of above/below-market ground leases, net 662 687 Amortization of lease incentive costs 518 289 Income tax provision (benefit) 2,183 (425) Adjusted EBITDAre 87,097 113,462 Studio cash NOI 892 3,025 Office adjusted EBITDAre 87,989 116,487 x Annualization factor 4 4 Annualized office adjusted EBITDAre 351,956 465,948 Trailing 12-month studio cash NOI(1) 25,736 29,444 Cash adjusted EBTIDAre for selected ratios 377,692 495,392 Less: Partners’ share of cash adjusted EBITDAre (65,434) (96,187) HPP’s share of cash adjusted EBITDAre $ 312,258 $ 399,205 Total consolidated unsecured and secured debt 4,151,650 4,433,118 Less: Consolidated cash and cash equivalents (90,692) (75,040) Consolidated debt, net $ 4,060,958 $ 4,358,078 Less: Partners’ share of debt, net (652,829) (659,238) HPP’s share of debt, net $ 3,408,129 $ 3,698,840 Consolidated debt, net/cash adjusted EBITDAre for selected ratios 10.8x 8.8x HPP’s share of debt, net/HPP’s share of cash adjusted EBITDAre for selected ratios 10.9x 9.3x (1) Trailing 12-month studio cash NOI for the calculation of cash adjusted EBITDAre for the three months ended September 30, 2024 includes the studio cash NOI contribution from In-Service Studio but excludes Quixote Studios & Services.
Page 32 of 32 Non-GAAP Reconciliations (continued) Unaudited, in thousands RECONCILIATIONS OF TOTAL ASSETS TO HPP’S SHARE OF UNDEPRECIATED BOOK VALUE AND TOTAL UNSECURED AND SECURED DEBT TO HPP’S SHARE OF DEBT, NET 9/30/24 9/30/23 Total assets $ 8,317,392 $ 8,986,802 Add: Accumulated depreciation 1,885,536 1,779,599 Add: Accumulated amortization 192,653 206,284 Less: Partners’ share of consolidated undepreciated book value (1,395,140) (1,545,375) Less: Investment in unconsolidated real estate entities (227,418) (236,248) Add: HPP’s share of unconsolidated undepreciated book value 338,178 390,229 HPP’s share of undepreciated book value $ 9,111,201 $ 9,581,291 Total consolidated unsecured and secured debt $ 4,151,650 $ 4,433,118 Less: Consolidated cash and cash equivalents (90,692) (75,040) Consolidated debt, net $ 4,060,958 $ 4,358,078 Less: Partners’ share of debt, net (652,829) (659,238) HPP’s share of debt, net $ 3,408,129 $ 3,698,840 HPP’s share of debt, net/HPP’s share of undepreciated book value 37.4 % 38.6 %