8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15 (d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

November 9, 2010

Hudson Pacific Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-34789	27-1430478
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification Number)

11601 Wilshire Blvd., Suite 1600 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 or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 — Financial Information

Item 2.02 Results of Operations and Financial Condition.

On November 9, 2010, Hudson Pacific Properties, Inc. (the “Company,” “we,” “us,” or “our”) issued a press release regarding our third quarter 2010 financial results. A copy of the press release is furnished herewith as Exhibit 99.1, which is incorporated herein by reference.

Also on November 9, 2010, we made available on our website (www.hudsonpacificproperties.com) certain supplemental information concerning our financial results and operations for the third quarter ended September 30, 2010. A copy of the supplemental information is furnished herewith as Exhibit 99.2, which is incorporated herein by reference.

Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Section 7 — Regulation FD

Item 7.01 Regulation FD Disclosure.

As discussed in Item 2.02 above, we issued a press release regarding our third quarter 2010 financial results and made available on our website certain supplemental information relating to the third quarter 2010 financial results.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Section 9 — Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of businesses acquired: None.

(b) Pro forma financial information: None.

(c) Shell company transactions: None.

(d) Exhibits:

The following exhibits are furnished with this Current Report on Form 8-K:

Exhibit No.	Description
99.1**	Press release dated November 9, 2010 regarding third quarter 2010 earnings.
99.2**	Supplemental Operating and Financial Data for the quarter ended September 30, 2010.

** Furnished herewith.

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 hereunto duly authorized.

	HUDSON PACIFIC PROPERTIES, INC.
Date: November 9, 2010	By:	/S/    MARK T. LAMMAS
		Mark T. Lammas
		Chief Financial Officer

EX-99.1

EXHIBIT 99.1

Hudson Pacific Properties, Inc. Announces Third Quarter 2010

Financial Results

Los Angeles, CA, November 9, 2010 – Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced financial results for the third quarter ended September 30, 2010.

Financial Results

For the third quarter of 2010, the Company reported a net loss attributable to shareholders of $0.2 million, or $(0.01) per diluted share, compared to net income attributable to common shareholders of $0.1 million for the third quarter of 2009. Net loss attributable to shareholders for the first nine months of 2010 was $2.1 million, compared to net income attributable to common shareholders of $0.2 million in the first nine months of 2009.

Funds From Operations (FFO) for the three months ended September 30, 2010 totaled $4.1 million, or $0.17 per diluted share.

“We entered the third quarter in a strong strategic position as we further deployed the net proceeds of our initial public offering to acquire new properties,” said Mr. Victor J. Coleman, Chairman and Chief Executive Officer of the Company. “We were able to capitalize on many of the opportunities we are seeing while still maintaining capital flexibility and a low level of leverage. With more than $120 million of property acquisitions already announced or completed, we are on our way toward building a solid portfolio of quality assets.”

Combined Operating Results For The Three Months Ended September 30, 2010

Total revenue during the quarter increased 51.5% to $17.5 million from $11.6 million a year ago. The increase in total revenue was attributed to a $4.0 million increase in rental revenue to $11.8 million and a $1.4 million increase in other property-related revenue to $4.2 million.

Total operating expenses increased 65.3% to $15.5 million from $9.4 million a year ago. The increase in total operating expenses was primarily the result of a $2.4 million increase in general and administrative expenses, a $1.3 million increase in office operating expenses and a $0.9 million increase in media and entertainment operating expenses.

Income from operations was $2.0 million, compared to income from operations of $2.2 million a year ago.

Interest expense during the third quarter declined 20.0% from the same period of 2009 to $1.8 million.

Segment Operating Results For the Three Months Ended September 30, 2010

Office Properties

Total revenue at the Company’s office properties increased 120.6% to $7.6 million from $3.5 million in the third quarter of 2009. The increase was primarily the result of a $3.6 million increase in rental revenue to $6.5 million, which was largely attributable to improved occupancy and contributions from office properties acquired in connection with the Company’s initial public offering and acquired during the third quarter of 2010.

Office property operating expenses increased 83.2% to $2.8 million from $1.5 million a year ago.

At September 30, 2010, the Company’s office portfolio was 86.3% leased and 81.6% occupied. During the quarter, the Company renewed leases totaling 16,037 square feet.

Media and Entertainment Properties

Total revenue at the Company’s media and entertainment properties increased 22.0% to $9.9 million from $8.1 million in the third quarter of 2009. The increase was primarily the result of a $1.4 million increase in other property-related revenue.

Total media and entertainment expenses were $6.0 million, compared to $5.1 million in the same period a year ago.

As of September 30, 2010, the trailing 12-month occupancy for the Company’s media and entertainment portfolio reached 69.0%. For the month of September 2010, the media and entertainment portfolio was 76.5% leased.

Combined Operating Results For The Nine Months Ended September 30, 2010

For the first nine months of 2010, total revenue was $39.6 million, an increase of 16.6% from $33.9 million in the same period the prior year. Total operating expenses were $33.2 million, compared to $27.1 million in the same period a year ago. As a result, income from operations was $6.3 million, compared to income from operations of $6.8 million during the first nine months of 2009. Acquisition-related expense during the first nine months of 2010 was $2.7 million, with no comparable expense for the same period a year ago. The increase was primarily due to one-time transaction costs relating to the Company’s acquisition of properties in connection with its IPO and related formation transactions and properties acquired during the third quarter of 2010. Interest expense during the first nine months of 2010 declined 7.5% to $6.2 million from $6.7 million in the same period of 2009.

Balance Sheet

At September 30, 2010, the Company had real estate assets of $515.8 million, in addition to cash and cash equivalents of $40.7 million. At September 30, 2010, the Company had availability of approximately $75.0 million on its $200 million secured credit facility, which as of September 30, 2010 remained undrawn.

Acquisitions

On August 16, 2010, the Company acquired the 113,000 square foot, Del Amo office building (through the assumption of a ground lease) for a contract price of $27.5 million. On August 24, 2010, the Company acquired the 61,224 square foot, 9300 Wilshire Boulevard office building (through the assumption of a ground lease) for a contract price of $15.0 million. These acquisitions were funded with proceeds from the Company’s recently completed initial public offering, private placement, and formation transactions. The results of operations for each of these acquisitions are included in the Company’s financial results from the date of acquisition.

On October 6, 2010, the Company became obligated under a definitive purchase agreement to acquire an office building located at 10950 Washington Boulevard in Culver City, California (“10950 Washington”), for a contract price of $46.0 million. The purchase remains subject to closing costs and prorations and the assumption of a $30.0 million loan. The Company expects to fund the estimated $16.0 million balance of the purchase price with available cash or borrowings under its revolving credit facility. The closing of the acquisition is expected to take place by December 30, 2010, once all necessary approvals for the loan assumption have been received, though the Company cannot be assured the acquisition will be consummated on the anticipated schedule or at all.

On October 8, 2010, the Company acquired two office buildings comprising 144,440 square feet, located at 222 Kearny Street and 180 Sutter Street in San Francisco, California (collectively, “222 Kearny”), for a contract price of $34.9 million. The purchase price was funded with available cash and $34.5 million of borrowings under the revolving credit facility. A portion of the 222 Kearny Street building sits on a ground lease.

Dividend

During the third quarter of 2010, the Company’s Board of Directors declared two dividends on its common stock of $0.0021 per share for the period from June 29, 2010, to June 30, 2010, and $0.095 per share for the third quarter of 2010. Both dividends were paid on October 15, 2010, to stockholders of record on September 30, 2010.

Outlook

The Company is providing full year 2011 FFO guidance in the range of $0.82 to $0.86 per diluted share. This guidance includes the impact from the Del Amo office property, 9300 Wilshire property, 222 Kearny property, and 10950 Washington Boulevard office property acquisitions, including borrowings under our secured credit facility related thereto. Except as noted, this guidance excludes any impact from future acquisitions, dispositions, equity purchases, debt financings or repayments, recapitalizations, or similar matters.

Supplemental Information

Supplemental financial information regarding the Company’s third quarter 2010 results may be found in the Investor Relations section of the Company’s Web site at www.hudsonpacificproperties.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.

Conference Call

The Company will host a conference call at 10 a.m. PST / 1 p.m. EST on Wednesday, November 10, 2010, to discuss results for the third quarter of 2010. To participate in the event by telephone, please dial (877) 941-2322 five to 10 minutes prior to the start time (to allow time for registration) and use conference ID 4374293. International callers should dial (480) 629-9715 and use the same conference ID number. A digital replay of the conference call will be available beginning November 10, 2010, at 1 p.m. PST / 4 p.m. EST, through November 17, 2010, at 8:59 p.m. PST / 11:59 p.m. EST. To access the replay, dial (877) 870-5176 (U.S.), and use conference ID 4374293. International callers should dial (858) 384-5517 and enter the same conference ID number. The call will also be broadcast live over the Internet and can be accessed on the Investor Relations section of the Company’s Web site at www.hudsonpacificproperties.com. To listen to the live webcast, please visit the site at least 15 minutes prior to the start of the call in order to register, download and install any necessary audio software. A replay of the call will also be available for 90 days on the Company’s Web site.

Use of Non-GAAP Information

We calculate funds from operations before non-controlling interest (FFO) in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT). FFO represents net income (loss), computed in accordance with accounting principles generally accepted in the United States of America (GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate depreciation and amortization (excluding amortization of above (below) market rents for acquisition properties and amortization of deferred financing costs and debt discounts) and after adjustments for unconsolidated partnerships and joint ventures. We use FFO as a supplemental performance measure because, in excluding real estate depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that results from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

About Hudson Pacific Properties

Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California. The Company’s strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets including Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. Its portfolio includes 10 properties totaling approximately 2.2 million square feet and four development properties supporting approximately 1.4 million square feet, strategically located in many of the Company’s target markets. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust, or REIT, for federal income tax purposes, commencing with the taxable year ending December 31, 2010. Hudson Pacific Properties is a component of the Russell 2000^® and the Russell 3000^® indices. For additional information, visit www.hudsonpacificproperties.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and

unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s final prospectus dated June 23, 2010, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

Investor Contact:

Hudson Pacific Properties, Inc.

Mark Lammas

Chief Financial Officer

(310) 445-5700

Addo Communications, Inc.

Andrew Blazier

(310) 829-5400

andrewb@addocommunications.com

Media Contact:

Casey & Sayre

Karen Diehl

(310) 473-8090

kdiehl@cswpr.com

(FINANCIAL TABLES FOLLOW)

Hudson Pacific Properties, Inc.

Combined Balance Sheets

As of September 30, 2010 and December 31, 2009

(Unaudited and in thousands, except share data)

	September 30, 2010			December 31, 2009
ASSETS
REAL ESTATE ASSETS
Land	$	204,213			193,042
Building and improvements		296,713			206,715
Tenant improvements		21,118			14,344
Furniture and fixtures		11,919			11,097
Property under development		6,071			4,148
Total real estate held for investment		540,034			429,346
Accumulated depreciation and amortization		(24,222	)		(16,868	)
Investment in real estate, net		515,812			412,478
Cash and cash equivalents		40,741			3,694
Restricted cash		2,217			4,231
Accounts receivable, net of allowance of $216 and $308		3,346			1,273
Straight-line rent receivables		5,745			2,935
Deferred leasing costs and lease intangibles, net		39,317			18,727
Deferred finance costs, net		3,532			668
Goodwill		8,754			—
Prepaid expenses and other assets		4,451			4,228
TOTAL ASSETS	$	623,915			448,234
LIABILITIES AND EQUITY
Notes payable	$	94,069		$	189,518
Accounts payable and accrued liabilities		10,746			6,026
Below-market leases		12,014			11,636
Security deposits		4,275			2,939
Prepaid rent		8,839			11,102
Interest rate contracts		112			425
TOTAL LIABILITIES		130,055			221,646
6.25% Series A Cumulative Redeemable Preferred units of the Operating Partnership		12,670			—
EQUITY
Members’ equity		—			223,240
Hudson Pacific Properties, Inc. stockholders’ equity:
Common stock, $0.01 par value 490,000,000 authorized, 22,211,799 outstanding at September 30, 2010		222			—
Additional paid-in capital		416,624			—
Accumulated other comprehensive loss		(30	)		—
Accumulated deficit		(1,948	)		—
Total Hudson Pacific Properties, Inc. stockholders’ equity		414,868			223,240
Non-controlling interests:
Members in consolidated real estate entities		—			3,348
Unitholders in the Operating Partnership		66,322			—
		66,322			3,348
TOTAL EQUITY		481,190			226,588
TOTAL LIABILITIES AND EQUITY	$	623,915			448,234

Hudson Pacific Properties, Inc.

Combined Statements of Operations

(Unaudited and in thousands, except share and per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
REVENUES
Office
Rental	$	6,521		$	2,900		$	12,786		$	8,349
Tenant recoveries		1,001			423			1,915			1,435
Other		97			131			125			152
Total office revenues		7,619			3,454			14,826			9,936
Media & Entertainment
Rental		5,246			4,915			15,453			15,300
Tenant recoveries		363			348			1,179			1,225
Other property-related revenue		4,194			2,824			7,996			7,402
Other		83			15			96			57
Total media & entertainment revenue		9,886			8,102			24,724			23,984
Total revenues		17,505			11,556			39,550			33,920
OPERATING EXPENSES
Office operating expenses		2,822			1,540			5,650			4,328
Media & entertainment operating expenses		5,959			5,093			15,194			14,451
General and administrative		2,379			—			2,379			—
Depreciation and amortization		4,317			2,729			9,985			8,334
Total operating expenses		15,477			9,362			33,208			27,113
Income from operations	$	2,028		$	2,194		$	6,342		$	6,807
OTHER EXPENSE (INCOME)
Interest expense		1,784			2,231			6,196			6,702
Interest income		(31	)		(4	)		(37	)		(9	)
Unrealized (gain) loss of interest rate contracts		—			(104	)		(347	)		(208	)
Acquisition-related expenses		256			—			2,689			—
Other		(8	)		(26	)		(8	)		97
	$	2,001		$	2,097		$	8,493		$	6,582
Net income (loss)	$	27		$	97		$	(2,151	)	$	225
Less: Net income attributable to preferred non-controlling partnership interest		(195	)		—			(199	)		—
Less: Net income attributable to restricted shares		(25	)		—			(25	)		—
Add: Net (income) loss attributable to non-controlling members in consolidated real estate entities		—			(2	)		32			(4	)
Add: Net loss attributable to unitholders in the Operating Partnership		21			—			277			—
(Loss) income attributable to Hudson Pacific Properties, Inc. shareholders’ / controlling member’s equity	$	(172	)	$	95		$	(2,066	)	$	221
Net (loss) attributable to shareholders’ per share-basic and diluted	$	(0.01	)		—			—			—
Weighted average shares of common stock outstanding-basic and diluted		21,946,508			—			—			—
Dividend declared per common share	$	0.0971			—		$	0.0971			—

Hudson Pacific Properties, Inc.

Funds From Operations

(Unaudited and in thousands, except per share amounts)

	Three Months Ended
	September 30,
	2010
Reconciliation of Net Income (Loss) to Funds From Operations (FFO):
Net income	$	27
Add (deduct):
Depreciation and amortization of real estate assets		4,317
Net income attributable to preferred non-controlling partnership interest		(195	)
FFO		4,149
Weighted-average common shares / units outstanding — diluted		24,823
FFO per common share / unit — diluted	$	0.17

EX-99.2

EXHIBIT 99.2

HUDSON PACIFIC PROPERTIES, INC.

THIRD QUARTER 2010

Supplemental Operating and Financial Data

This Supplemental Operating and Financial Data 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 and real estate developments in Southern and Northern California; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non-renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully integrate pending and recent acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount of insurance; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers; changes in real estate and zoning laws and increases in real property tax rates; the consequences of any possible future terrorist attacks; and other risks and uncertainties detailed in our Prospectus filed with the Securities and Exchange Commission. You are cautioned that the information contained herein speaks only as of the date hereof and Hudson Pacific Properties, Inc. assumes no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise. For a discussion of important risks related to Hudson Pacific Properties, Inc.’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 Hudson Pacific Properties, Inc.’s Prospectus dated June 23, 2010. In light of these risks and uncertainties, any forward-looking events described herein or in Hudson Pacific Properties, Inc.’s November 2010 conference call may not occur.

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

TABLE OF CONTENTS

	PAGE
COMPANY BACKGROUND AND CORPORATE DATA	3-4
CONSOLIDATED FINANCIAL RESULTS
Balance Sheets	6
Quarterly Operating Results	7
Funds from Operations and Adjusted Funds from Operations	8
Same Property Statistical and Financial Data
Reconciliation of Same Property NOI to GAAP Net Income (Loss)
Debt Summary	9
PORTFOLIO DATA
Office Portfolio Summary, Occupancy, and In-place Rents	11
Media & Entertainment Portfolio Summary, Occupancy, and In-place Rents	12
Ten Largest Office Tenants	13
Office Portfolio Leasing Activity	14
Office Lease Expirations – Annual	15
Quarterly Office Lease Expirations – Next Four Quarters	16
Office Portfolio Diversification	17
DEFINITIONS	18

2

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

COMPANY BACKGROUND

CORPORATE 11601 Wilshire Boulevard, Suite 1600, Santa Monica, California 90025 (310) 445-5700
BOARD OF DIRECTORS
Victor J. Coleman	Mark Burnett	Mark D. Linehan
Chairman of the Board and Chief Executive Officer, Hudson Pacific Properties, Inc	Independent Television Series Producer	President and Chief Executive Officer, Wynmark Company
Howard S. Stern	Richard B. Fried	Robert M. Moran, Jr.
President, Hudson Pacific Properties, Inc.	Managing Member, Farallon Capital Management, L.L.C.	Co-founder and Co-owner, FJM Investments LLC
Theodore R. Antenucci	Jonathan M. Glaser	Barry A. Porter
President and Chief Investment Officer, Prologis	Managing Member, JMG Capital Management LLC	Managing General Partner, Clarity Partners L.P.
EXECUTIVE AND SENIOR MANAGEMENT
Victor J. Coleman	Howard S. Stern	Mark T. Lammas
Chief Executive Officer	President	Chief Financial Officer
Christopher Barton	Dale Shimoda	Alexander Vouvalides
EVP, Operations and Development	EVP, Finance	VP, Asset Management
Harout Diramerian	Elva Hernandez
Chief Accounting Officer	Operational Controller
INVESTOR RELATIONS

Addo Communications

Andrew Blazier

(310) 829-5400

Email Contact:  andrewb@addocommunications.com

Please visit our corporate website at:  www.hudsonpacificproperties.com

3

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

CORPORATE DATA

(unaudited, $ in thousands)

Hudson Pacific Properties. (NYSE: HPP) is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties in select growth markets primarily in Northern and Southern California. Our investment strategy is focused on high barrier-to-entry, in-fill locations with favorable, long-term supply demand characteristics. These markets include Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay, which we refer to as our target markets.

This Supplemental Operating and Financial Data supplements the information provided in our reports filed with the Securities and Exchange Commission. We maintain a website at www.hudsonpacificproperties.com.

Number of office properties owned		7
Office properties square feet (in thousands)		1,233
Office properties leased rate as of September 30, 2010 (1)		86.3	%
Office properties occupied rate as of September 30, 2010 (2)		81.6	%
Number of media & entertainment properties owned		2
Media & entertainment square feet (in thousands)		857
Media & entertainment occupied rate as of September 30, 2010 (3)		69.0	%
Number of land assets owned		4
Land assets square feet (in thousands) (4)		1,447
Market capitalization (in thousands):
Total debt (5)		94,300
Series A Preferred Units		12,670
Common equity capitalization (6)		406,348
Total market capitalization		513,123
Debt/total market capitalization (7)		20.8	%
Common stock data (NYSE:HPP):
Range of closing prices (8)	$	15.86 - $17.00
Closing price at quarter end		$16.37
Weighted average fully diluted shares outstanding (in thousands) (9)		24,823
Shares of common stock outstanding on September 30, 2010 (in thousands) (10)		22,212

(1) Does not include square footage leased for building management use.

(2) Represents percent leased less signed leases not yet commenced.

(3) Percent occupied for media and entertainment properties is the average percent occupied for the 12 months ended September 30, 2010.

(4) Square footage for land assets represents management’s estimate of developable square feet, the majority of which remains subject to receipt of entitlement approvals that have not yet been obtained.

(5) Total debt excludes non-cash loan premium.

(6) Common equity capitalization represents the total number of shares of common stock and OP units outstanding multiplied by the closing price of our stock at the end of the period.

(7) For purposes of this item, the series A preferred units are included as debt.

(8) For the quarter ended September 30, 2010.

(9) For the quarter ended September 30, 2010. Diluted shares represent ownership in our company through shares of common stock, OP Units and other convertible instruments.

(10) This amount represents undiluted shares (including unvested restricted shares), and does not include OP units and other convertible equity instruments.

4

CONSOLIDATED FINANCIAL RESULTS

5

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

BALANCE SHEETS

(unaudited, $ in thousands, except share data)

	September 30, 2010			December 31, 2009
ASSET
Investment in real estate, net	$	515,812		$	412,478
Cash and cash equivalents		40,741			3,694
Restricted cash		2,217			4,231
Accounts receivable, net		3,346			1,273
Straight-line rent receivables		5,745			2,935
Deferred leasing costs and lease intangibles, net		39,317			18,727
Deferred finance costs, net		3,532			668
Goodwill		8,754			—
Prepaid expenses and other assets		4,451			4,228
TOTAL ASSETS	$	623,915		$	448,234
LIABILITIES AND EQUITY
Notes payable	$	94,069		$	189,518
Accounts payable and accrued liabilities		10,746			6,026
Below-market leases		12,014			11,636
Security deposits		4,275			2,939
Prepaid rent		8,839			11,102
Interest rate contracts		112			425
TOTAL LIABILITIES		130,055			221,646
6.25% Series A Cumulative Redeemable Preferred units of the Operating Partnership		12,670			—
EQUITY
Members’ equity		—			223,240
Hudson Pacific Properties, Inc. stockholder’s equity:
Common Stock, $0.01 par value 490,000,000 authorized, 22,211,817 outstanding at September 30, 2010		222			—
APIC		416,624			—
Accumulated other comprehensive loss		(30	)		—
Accumulated deficit		(1,948	)		—
Total Stockholder’s Equity		414,868			223,240
Non-controlling interest:
Members in consolidated real estate entities		—			3,348
Unitholders in the Operating Partnership		66,322			—
		66,322			3,348
TOTAL EQUITY		483,275			226,588
TOTAL LIABILITIES AND EQUITY	$	623,915		$	448,234

6

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

QUARTERLY OPERATING RESULTS

(unaudited, $ in thousands, except share and per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
REVENUES
Office
Rental	$	6,521		$	2,900		$	12,786		$	8,349
Tenant recoveries		1,001			423			1,915			1,435
Other		97			131			125			152
Total office revenues		7,619			3,454			14,826			9,936
Media & Entertainment
Rental		5,246			4,915			15,453			15,300
Tenant Recoveries		363			348			1,179			1,225
Other property-related revenue		4,194			2,824			7,996			7,402
Other		83			15			96			57
Total media & entertainment revenue		9,886			8,102			24,724			23,984
Total revenues		17,505			11,556			39,550			33,920
OPERATING EXPENSES
Office operating expenses		2,822			1,540			5,650			4,328
Media & entertainment operating expenses		5,959			5,093			15,194			14,451
General and administrative		2,379			—			2,379			—
Depreciation and amortization		4,317			2,729			9,985			8,334
Total operating expenses		15,477			9,362			33,208			27,113
Income from operations	$	2,028		$	2,194		$	6,342		$	6,807
OTHER EXPENSE (INCOME)
Interest expense		1,784			2,231			6,196			6,702
Interest income		(31	)		(4	)		(37	)		(9	)
Unrealized (gain) of interest rate contracts		—			(104	)		(347	)		(208	)
Acquisition-related expenses		256			—			2,689			—
Other		(8	)		(26	)		(8	)		97
		2,001			2,097			8,493			6,582
Net income (loss)	$	27		$	97		$	(2,151	)	$	225
Less: Net income attributable to preferred non-controlling partnership interest		(195	)		—			(199	)		—
Less: Net income attributable to restricted shares		(25	)		—			(25	)		—
Add: Net loss (income) attributable to non-controlling members in consolidated real estate entities		—			(2	)		32			(4	)
Add: Net loss attributable to Unitholders in the Operating Partnership		21			—			277			—
(Loss) income attributable to Hudson Pacific Properties, Inc. shareholders’ / controlling member’s equity	$	(172	)	$	95		$	(2,066	)	$	221
Net (loss) attributable to shareholders’ per share – basic and diluted	$	(0.01	)		—			—			—
Weighted average shares of common stock outstanding – basic and diluted		21,946,508			—			—			—
Dividend declared per common share	$	0.0971		$	—		$	0.0971			—

7

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

(unaudited, $ in thousands, except per share amounts)

	Three Months  Ended September 30, 2010
Funds From Operation (FFO) (1)
Net income	$	27
Adjustments:
Depreciation and amortization of real estate assets		4,317
Net income attributable to preferred non-controlling partnership interest		(195	)
FFO	$	4,149
Weighted average common shares/units outstanding - diluted		24,823
FFO per common share/unit - diluted	$	0.17
Adjusted Funds From Operations (AFFO) (1)
FFO	$	4,149
Adjustments:
Straight-line rent adjustment		(1,472	)
Amortization of prepaid rent, net (2)		251
Amortization of acquired above and below market leases, net		(130	)
Amortization of below market ground lease		15
Amortization of lease buy-out cost		133
Amortization of deferred financing costs and loan premium		369
Recurring capital expenditures, tenant improvements and leasing commissions		(812	)
Non-cash compensation expense		376
AFFO	$	2,879
AFFO per common share/unit - diluted	$	0.12
Dividends per share declared	$	0.095
AFFO payout ratio		81.9	%

(1) See page 18 for Management Statements on Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

(2) Represents the difference between rental revenue recognize in accordance with accounting principles generally accepted in the United States (GAAP) based on the amortization of the prepaid rent liability relating to the KTLA lease at our Sunset Bronson property compared to scheduled cash rents received in connection with such prepayment.

8

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

DEBT SUMMARY

As of September 30, 2010

(unaudited, $ in thousands)

The following table sets forth information with respect to our outstanding indebtedness as of September 30, 2010.

Debt	Outstanding			Interest Rate (1)		Annual Debt Service		Maturity Date		Balance at Maturity
Mortgage loan secured by Sunset Bronson	$	37,000			LIBOR+3.65%	$	1,651		04/30/11	$	37,000
Mortgage loan secured by First Financial		43,000			5.34%		2,328		12/01/11		43,000
Mortgage loan secured by Tierrasanta		14,300			5.62%		815		12/01/11		14,300
Secured Revolving Credit Facility (2)		—			LIBOR+3.25%-4.00%		0		06/29/13
Subtotal		94,300
Unamortized Loan Premium (3)		(231	)
Total		94,069

(1) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. The indebtedness encumbering the Sunset Bronson property is floating rate indebtedness. We entered into a secured interest rate contract with respect to $37.0 notional principal amount of indebtedness that went effective upon the closing of the IPO and related formation transaction on June 29, 2010 and swapped one-month LIBOR to a fixed rate of 0.75%.

(2) We entered into a $200.0 million secured revolving credit facility with a group of lenders for which an affiliate of Barclays Capital Inc. acts as administrative agent and joint lead arranger and affiliates of Merrill Lynch, Pierce, Fenner & Smith Incorporated act as syndication agent and joint lead arranger. The facility bears interest at a rate per annum equal to LIBOR plus 325 basis points to 400 basis points, depending on our leverage ratio, provided that LIBOR is subject to a floor of 1.50%. The secured revolving credit facility contains an accordion feature that allows us to increase the availability by $50.0 million, to $250.0 million, under specified circumstances. As of September 30, 2010 the balance of this facility was zero.

(3) Represents non-cash mark-to-market adjustment on variable rate debt associated with the First Financial and Tierrasanta loans.

9

PORTFOLIO DATA

10

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

OFFICE PORTFOLIO SUMMARY, OCCUPANCY, AND IN-PLACE RENTS

As of September 30, 2010

County	Number of Properties		Square Feet (1)		Percent of Total			Percent Occupied (2)			Annualized Base Rent (3)		Annualized Base Rent Per Leased Square Foot (4)
San Francisco		1		286,270		23.2	%		44.6	%	$	1,613,081	$	12.62
Los Angeles		4		508,865		41.2	%		92.3	%		15,657,075		33.35
Orange County		1		333,922		27.1	%		92.4	%		7,720,361		25.02
San Diego		1		104,234		8.5	%		96.8	%		1,576,460		15.62
		7		1,233,291		100.0	%		81.6	%	$	26,566,977	$	26.39

(1) Square footage for office properties has been determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to remeasurement or releasing.

(2) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of September 30, 2010, divided by (ii) total square feet, expressed as a percentage.

(3) Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2010, by (ii) 12.

(4) Annualized base rent per leased square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under lease as of September 30, 2010.

11

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

MEDIA & ENTERTAINMENT PORTFOLIO SUMMARY, OCCUPANCY, AND IN-PLACE RENTS

As of September 30, 2010

Property	Square Feet (1)		Percent of Total			Percent Occupied (2)			Annual Base Rent (3)		Annual Base Rent Per Leased Square Foot (4)
Sunset Gower		543,709		63.4	%		67.9	%	$	11,235,379	$	30.45
Sunset Bronson		313,723		36.6	%		71.0	%		9,018,143		40.48
		857,432		100.0	%		69.0	%	$	20,253,521	$	34.23

(1) Square footage for media and entertainment properties has been determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to remeasurement or releasing.

(2) Percent occupied for media and entertainment properties is the average percent occupied for the 12 months ended September 30, 2010.

(3) Annual base rent for media and entertainment properties reflects actual base rent for the 12 months ended September 30, 2010, excluding tenant reimbursements.

(4) Annual base rent per leased square foot for the media and entertainment properties is calculated as (i) annual base rent divided by (ii) square footage under lease as of September 30, 2010.

12

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

TEN LARGEST OFFICE TENANTS ⁽¹⁾

As of September 30, 2010

Tenant	Number of Leases		Number of Properties		Lease Expiration		Total Leased Square Feet		Percent of Rentable Square Feet			Annualized Base Rent (2)		Percent of Annualized Base Rent
Technicolor Creative Services USA, Inc.		1		1		5/31/20		114,958		9.3	%	$	4,103,173		15.4	%
Saatchi & Saatchi North America, Inc.		1		1		12/31/19		113,000		9.2	%		3,069,070		11.6	%
Kondaur Capital Corp.		1		1		3/31/13		122,425		9.9	%		2,938,200		11.1	%
Pepperdine University		1		1		1/31/19		35,351		2.9	%		1,367,659		5.1	%
Carat USA, Inc.		1		1		3/31/17		33,291		2.7	%		998,730		3.8	%
Medical Specialties		1		1		1/31/17		29,369		2.4	%		704,856		2.7	%
Walsworth, Franklin, Bevins		1		1		12/31/19		28,141		2.3	%		675,384		2.5	%
Master Halco		1		1		2/28/19		19,876		1.6	%		663,302		2.5	%
Burlington Coat Factory		1		1		12/31/13		94,505		7.7	%		614,351		2.3	%
Liberty Mutual Insurance		1		1		8/31/11		18,550		1.5	%		513,835		1.9	%
Total		10		10				609,466		49.4	%	$	15,648,561		58.9	%

(1) Top Ten Largest Office Tenants is determined by Annualized Base Rental Income as of September 30, 2010.

(2) Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2010, by (ii) 12.

13

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

OFFICE PORTFOLIO LEASING ACTIVITY

As of September 30, 2010

Total Gross Leasing Activity
Rentable square feet		16,037
Number of leases		3
Gross New Leasing Activity
Rentable square feet		—
New cash rate		—
Number of leases		—
Gross Renewal Leasing Activity
Rentable square feet		16,037
Renewal cash rate	$	20.21
Number of leases		3
Net Absorption
Leased rentable square feet		(10,755	)
Cash Rent Growth (1)
Expiring Rate	$	20.64
New/Renewal Rate	$	20.21
Change		(2.1	%)
Straight-Line Rent Growth (2)
Expiring Rate	$	19.41
New/Renewal Rate	$	20.59
Change		6.1	%
Weighted Average Lease Terms
New (in months)		—
Renewal (in months)		14

Tenant Improvements and Leasing Commissions (3)	Total Lease Transaction Costs Per Square Foot		Annual Lease Transaction Costs Per Square Foot
New leases	$	—	$	—
Renewal leases	$	4.46	$	3.75
Blended	$	4.46	$	3.75

(1) Represents a comparison between initial stabilized cash rents on new and renewal leases as compared to the expiring cash rents in the same space. New leases are only included if the same space was leased within the previous 12 months.

(2) 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.

(3) Represents per square foot weighted average lease transaction costs based on the lease executed in the current quarter in our properties.

14

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

OFFICE LEASE EXPIRATIONS – ANNUAL

As of September 30, 2010

Year of Lease Expiration	Number of Leases Expiring		Square Footage of Expiring Leases		Percent of Office Portfolio Square Feet			Annualized Base Rent (1)		Percentage of Office Portfolio Annualized Base Rent			Annualized Base Rent Per Leased Square Foot (2)		Annualized Base Rent Per Lease Square Foot at Expiration (3)
Available		—		169,539		13.7	%	$	—		—	%	$	—	$	—
2010		5		14,701		1.2	%		249,224		0.9			16.95		16.95
2011		20		86,635		7.0	%		2,299,637		8.3			26.54		26.78
2012		14		56,776		4.6	%		1,664,270		6.0			29.31		32.38
2013		19		255,529		20.7	%		4,996,403		18.0			19.55		20.63
2014		11		84,502		6.9	%		2,042,991		7.4			24.18		26.77
2015		7		22,282		1.8	%		830,112		3.0			37.25		41.40
2016		6		60,173		4.9	%		1,747,444		6.3			29.04		34.08
2017		4		68,679		5.6	%		1,992,073		7.2			29.01		34.09
2018		1		23,208		1.9	%		423,631		1.5			18.25		23.22
2019		5		214,718		17.4	%		6,218,018		22.5			28.96		34.58
Thereafter		1		114,958		9.3	%		4,103,173		14.8			35.69		48.65
Building management use		2		4,521		0.4	%		0		0.0			—		—
Signed leases not commenced		2		57,070		4.6	%		1,135,183		4.1			19.89		39.50
Total/Weighted Average		97		1,233,291		100.0	%	$	27,702,159		100.0	%	$	26.04	$	31.08

(1) Rent data for our office properties is presented on an annualized basis without regard to cancellation options. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2010, by (ii) 12.

(2) Annualized base rent per leased square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under lease as of September 30, 2010

(3) Annualized base rent per leased square foot at expiration for the office properties is calculated as (i) annualized base rent at expiration divided by (ii) square footage under lease as of September 30, 2010.

15

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

QUARTERLY OFFICE LEASE EXPIRATIONS – NEXT FOUR QUARTERS

As of September 30, 2010

County		Q4 2010		Q1 2011		Q2 2011		Q3 2011
San Francisco	Expiring SF		—		—		—		—
	Rent per SF (1)		—		—		—		—
Los Angeles	Expiring SF		—		7,537		7,656		2,707
	Rent per SF (1)		—	$	36.72	$	34.46	$	38.76
Orange	Expiring SF		—		3,517		5,615		33,482
	Rent per SF (1)		—	$	23.67	$	26.77	$	27.28
San Diego	Expiring SF		8,690		—		8,305		—
	Rent per SF (1)	$	12.85		—		15.28		—

(1) Rent per square foot data for our office properties is comprised of annualized basis rent at expirations divided by square feet. Annualized base rent for office properties is calculated by multiplying (i) base rental payments at expirations (defined as cash base rents (before abatements)) for the month ended September 30, 2010, by (ii) 12.

16

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

OFFICE PORTFOLIO DIVERSIFICATION

As of September 30, 2010

Industry	Number of Leases (1)		Annualized Rent as of Percent of Total
Advertising		2		11.8	%
Business Services		11		4.5	%
Educational		1		5.1	%
Financial Services		21		24.6	%
Healthcare		7		3.3	%
Insurance		3		4.2	%
Legal		18		9.0	%
Media & Entertainment		6		21.7	%
Other		8		5.5	%
Real Estate		5		3.8	%
Retail		5		3.3	%
Technology		8		3.2	%
Total		95		100.0	%

(1) Does not included signed leases not commenced.

17

Hudson Pacific Properties, Inc.

Third Quarter 2010 Supplemental Operating and Financial Data

DEFINITIONS

Funds From Operations (FFO): We calculate funds from operations before non-controlling interest (FFO) in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT). FFO represents net income (loss), computed in accordance with accounting principles generally accepted in the United States of America (GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate depreciation and amortization (excluding amortization of above (below) market rents for acquisition properties and amortization of deferred financing costs and debt discounts) and after adjustments for unconsolidated partnerships and joint ventures. We use FFO as a supplemental performance measure because, in excluding real estate depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that results from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non-cash compensation expense, and amortization of deferred financing costs and loan premium, subtracting recurring capital expenditures, 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 straight-line rents, amortization of lease buy-out costs, and amortization of above (below) market rents for acquisition properties. We also add to FFO the difference between rental revenue recognize in accordance with accounting principles generally accepted in the United States (GAAP) based on the amortization of the prepaid rent liability relating to the KTLA lease at our Sunset Bronson property compared to scheduled cash rents received in connection with such prepayment. AFFO is not intended to represent cash flow for the period, and it only provides an additional perspective on our ability to fund cash needs and make distributions to shareholders by adjusting the effect of the non-cash items included in FFO, as well as recurring capital expenditures and leasing costs. 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.

18