0001193125-21-320115.txt : 20211104 0001193125-21-320115.hdr.sgml : 20211104 20211104160224 ACCESSION NUMBER: 0001193125-21-320115 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211104 ITEM INFORMATION: Other Events FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hudson Pacific Properties, Inc. CENTRAL INDEX KEY: 0001482512 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 271430478 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34789 FILM NUMBER: 211379825 BUSINESS ADDRESS: STREET 1: 11601 WILSHIRE BLVD. STREET 2: NINTH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: (310) 445-5700 MAIL ADDRESS: STREET 1: 11601 WILSHIRE BLVD. STREET 2: NINTH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hudson Pacific Properties, L.P. CENTRAL INDEX KEY: 0001496264 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 800579682 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-202799-01 FILM NUMBER: 211379826 BUSINESS ADDRESS: STREET 1: 11601 WILSHIRE BLVD. STREET 2: SUITE 1600 CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: 310-445-5700 MAIL ADDRESS: STREET 1: 11601 WILSHIRE BLVD. STREET 2: SUITE 1600 CITY: LOS ANGELES STATE: CA ZIP: 90025 8-K 1 d41004d8k.htm 8-K 8-K
00014825120001496264false 0001482512 2021-11-04 2021-11-04 0001482512 hpp:HudsonPacificPropertiesLpMember 2021-11-04 2021-11-04
 
 
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 4, 2021
 
 
Hudson Pacific Properties, Inc.
Hudson Pacific Properties, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
 
Hudson Pacific Properties, Inc.
  
Maryland
  
001-34789
  
27-1430478
Hudson Pacific Properties, L.P.
  
Maryland
  
333-202799-01
  
80-0579682
   
(State or other jurisdiction
  
(Commission
  
(IRS Employer
   
of incorporation)
  
File Number)
  
Identification No.)
 
 
 
 
11601 Wilshire Blvd., Ninth Floor
Los Angeles, California
  
90025
(Address of Principal Executive Offices)
  
(Zip Code)
Registrant’s telephone number, including area code: (310)
445-5700
Not Applicable
(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:
 
☐
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))
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
 
 
 
 
Registrant
  
Title of each class
  
Trading Symbol(s)
  
Name of each exchange
on which registered
Hudson Pacific Properties, Inc.
  
Common Stock, $0.01 par value
  
HPP
  
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Hudson Pacific Properties, Inc.                                                                                             ☐
Hudson Pacific Properties, L.P.                                                                                             ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hudson Pacific Properties, Inc.                                                                                             ☐
Hudson Pacific Properties, L.P.                                                                                             ☐
 
 
 
ITEM 8.01. Other Events.
The following discussion provides information with respect to certain recent developments of Hudson Pacific Properties, Inc. (the “Company”). Unless otherwise expressly stated or the context otherwise requires, “we,” “us” and “our” refer collectively to the Company, Hudson Pacific Properties, L.P. (the “Operating Partnership”), a Maryland limited partnership of which the Company serves as the sole general partner, and the Company’s other subsidiaries.
We employ a conservative approach to development and redevelopment. Development and redevelopment projects have only represented approximately 18.0% of our capital allocation since our initial public offering in 2010 and estimated project costs as a percentage of our Company’s share of market capitalization have averaged approximately 8.0% over the preceding eight quarters. Estimated project costs are based on management estimates and exclude capitalized interest, personnel costs and operating expenses. Gross assets represents the sum of total assets calculated in accordance with United States generally accepted accounting principles, or GAAP, plus accumulated depreciation and amortization.
We also have a diverse concentration of tenants. The table below presents our top fifteen office tenants as of September 30, 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           
Company’s Share
(1)
  
Tenant
(2)
   
Total Occupied
Square Feet
     
Total
Occupied
Square Feet
     
Percent of Rentable
Square Feet
    
Annualized
Base Rent
(3)
     
Percent of
Annualized
Base Rent
  
Google, Inc.
      640,726        622,117        4.9 %    $ 48,521,102        8.6 % 
Netflix, Inc.
      722,305        368,376        2.9       24,035,884        4.2  
Nutanix, Inc.
      439,406        439,406        3.5       18,503,384        3.3  
Riot Games, Inc.
      284,037        284,037        2.2       17,864,002        3.2  
Amazon
      746,386        473,433        3.7       14,981,924        2.6  
Qualcomm
      376,817        376,817        3.0       14,940,041        2.6  
Salesforce.com
      265,394        265,394        2.1       14,287,683        2.5  
Square, Inc.
      469,056        257,981        2.0       13,267,953        2.3  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           
Company’s Share
(1)
  
Tenant
(2)
   
Total Occupied
Square Feet
     
Total
Occupied
Square Feet
     
Percent of Rentable
Square Feet
    
Annualized
Base Rent
(3)
     
Percent of
Annualized
Base Rent
  
Dell EMC Corporation
      311,795        311,795        2.5       12,430,309        2.2  
Uber Technologies, Inc.
      325,445        178,995        1.4       9,644,556        1.7  
NFL Enterprises
      167,606        167,606        1.3       8,447,342        1.5  
WeWork Companies, Inc
      330,921        159,456        1.3       7,956,673        1.4  
GitHub, Inc.
      92,450        92,450        0.7       6,751,168        1.2  
Weil, Gotshal & Manges LLP
      76,278        76,278        0.6       5,747,762        1.0  
PayPal Holdings, Inc.
      123,097        123,097        1.0       5,545,170        1.0  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
TOTAL
   
 
5,371,719
 
   
 
4,197,154
 
   
 
33.1
% 
  
$
222,924,953
 
   
 
39.3
% 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
 
(1)
Company’s Share is calculated as the total amounts on a consolidated basis, in accordance with GAAP (where applicable), plus our company’s share of the amount from our company’s unconsolidated joint ventures (calculated based upon our company’s percentage ownership interest), minus our company’s partners’ share of the amount from our company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Because we own some of our properties through significant joint ventures, we believe that presenting Company’s Share of certain measures provides investors with useful information regarding our financial condition and/or results of operations by accounting for our true economic interest in these joint ventures. In some cases, we exercise significant influence over, but do not control, the joint venture, in which case, GAAP requires us to account for the joint venture entity using the equity method of accounting, and we do not consolidate it for financial reporting purposes. In other cases, GAAP requires us to consolidate the joint venture even though our partner(s) owns a significant percentage interest.
(2)
Presented in order of Company’s Share of annualized base rent.
(3)
Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of September 30, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements.
The table below presents our office portfolio tenant industry diversification as of September 30, 2021
 
 
 
 
 
 
 
 
 
 
    
Company’s Share
(1)
  
Industry
   
Total Square Feet
(2)(3)
     
Annualized Base Rent as

Percent of Total
(4)
  
Technology
(5)
      4,156,879        39.3 % 
Media & Entertainment
(6)
      1,332,070        14.1  
Legal
      653,904        8.5  
Business Services
      885,931        8.3  
Financial Services
      813,792        7.8  
Retail
      946,666        5.8  
Other
      1,652,243        16.2  
    
 
 
     
 
 
  
TOTAL
   
 
10,441,485
 
   
 
100.0
% 
    
 
 
     
 
 
  
 
(1)
Company’s Share is calculated as the total amounts on a consolidated basis, in accordance with GAAP (where applicable), plus our company’s share of the amount from our company’s unconsolidated joint ventures (calculated based upon our company’s percentage ownership interest), minus our company’s partners’ share of the amount from our company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests).
(2)
Excludes signed leases not commenced.
(3)
Excludes 181,792 square feet occupied by Hudson Pacific Properties, Inc.
(4)
Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of September 30, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements.
(5)
Our diverse set of technology tenants largely consist of public and other well established companies. As a percentage of annualized base rent, the businesses of our technology tenants consist of online services (31%), software (28%), hardware & tech equipment (19%), business support services (12%) and other (10%). In addition, only 7% of annualized base rent of technology tenants as a percent of total annualized base rent of technology tenants are attributable to private companies in business for less than 10 years. Furthermore, only five tenants contribute more than 5% of annualized base rent of our technology tenants: Google, Nutanix, Qualcomm, Salesforce and Square, and over half of the annualized base rent of our technology tenants is comprised of tenants contributing less than 5% to the annualized base rent of our technology tenants.
(6)
As a percentage of annualized base rent, the businesses of our media & entertainment tenants consist of production & service (62%), gaming (29%), advertising & marketing (7%) and other (2%).
The table below presents certain information regarding our portfolio by market as of September 30, 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           
Company’s Share
(1)
  
Market
   
Total Square
Feet
(2)
     
Annualized
Base Rent
(3)
     
Annualized Rent as
of Percent of Total
  
Office:
                           
Silicon Valley
      6,438,644      $ 293,968,845        50.0 % 
Los Angeles
      4,877,066        102,842,644        17.4  
Seattle
      2,703,452        49,458,077        8.4  
San Francisco
      2,561,358        111,092,692        18.9  
Vancouver
      1,945,738        8,389,521        1.4  
Studio:
                           
Los Angeles
      1,465,403        22,669,820        3.9  
    
 
 
     
 
 
     
 
 
  
TOTAL
   
 
19,991,661
 
   
$
588,421,599
 
   
 
100.0
% 
    
 
 
     
 
 
     
 
 
  
 
(1)
Company’s Share is calculated as the total amounts on a consolidated basis, in accordance with GAAP (where applicable), plus our company’s share of the amount from our company’s unconsolidated joint ventures (calculated based upon our company’s percentage ownership interest), minus our company’s partners’ share of the amount from our company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests).
(2)
Includes land.
(3)
Annualized base rent for the office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of September 30, 2021, by (ii) 12. Annualized base rent for the studio properties reflects actual base rent for the 12 months ended September 30, 2021. Annualized base rent does not reflect tenant reimbursements.
The table below presents certain information regarding our stabilized and
in-service
office properties by market as of various acquisition dates and September 30, 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Market
   
Percent Leased at
Acquisition Date
    
Percent Leased at
September 30, 2021
(1)
    
Annualized Base
Rent
(2)
at
Acquisition Date per
square foot
     
Annualized
Base Rent at
September 30, 2021
per square foot
  
Office:
                                  
Silicon Valley
      85.7 %      87.5 %    $ 41.15      $ 56.95  
Seattle
      84.8       90.1       26.80        33.39  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Market
   
Percent Leased at
Acquisition Date
     
Percent Leased at
September 30, 2021
(1)
     
Annualized Base
Rent
(2)
at
Acquisition Date per
square foot
     
Annualized
Base Rent at
September 30, 2021
per square foot
  
San Francisco
      83.0        93.8        30.53        61.30  
Los Angeles
      37.7        94.6        35.40        56.13  
 
(1)
Does not include signed leases not commenced.
(2)
Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of September 30, 2021, by (ii) 12. Annualized base rent per square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced leases as of September 30, 2021. Annualized base rent does not reflect tenant reimbursements.
The following tables present and reconcile the Company’s Share of net debt and debt for the periods presented (in thousands).
 
 
 
Net Debt & Total Unsecured / Secured Debt ($ in Thousands)
 
 
 
Q2 2010
 
 
Q4 2010
 
 
Q4 2011
 
 
Q4 2012
 
 
Q4 2013
 
 
Q4 2014
 
 
Q4 2015
 
 
Q4 2016
 
 
Q4 2017
 
 
Q4 2018
 
 
Q4 2019
 
 
Q4 2020
 
 
Q3 2021
 
Total unsecured and secured debt, net
 
$
94,020
 
 
$
342,060
 
 
$
399,871
 
 
$
582,085
 
 
$
931,308
 
 
$
918,059
 
 
$
2,260,716
 
 
$
2,688,010
 
 
$
2,421,380
 
 
$
2,623,835
 
 
$
2,817,910
 
 
$
3,399,492
 
 
$
3,910,405
 
Unamortized deferred financing cost
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
19,039
 
 
19,829
 
 
 
17,209
 
 
 
15,898
 
 
 
26,235
 
 
 
31,599
 
 
 
32,480
 
Unamortized loan discount/ (premium), net
 
 
280
 
 
(643
) 
 
 
(1,965
) 
 
 
(1,201
) 
 
 
(5,320
) 
 
 
(3,056
) 
 
 
(1,310
) 
 
 
—  
 
 
 
722
 
 
 
648
 
 
 
1,314
 
 
1,185
 
 
1,088
Debt related to held for sale property
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
42,449
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Company’s share of unconsolidated joint venture debt
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
97,053
 
 
99,973
 
 
 
102,722
 
Partner’s share of consolidated debt
 
 
—  
 
 
 
(51,940
) 
 
 
—  
 
 
 
(2,257
) 
 
 
(76,139
) 
 
 
(75,747
) 
 
 
(75,330
) 
 
 
(121,050
) 
 
 
(45,450
) 
 
 
(45,450
) 
 
 
(46,862
) 
 
 
(654,403
) 
 
 
(780,945
) 
Total unsecured and secured debt
 
$
94,300
  
 
 
289,477
 
 
$
397,906
  
 
$
578,627
  
 
$
849,849
 
 
$
881,705
 
 
$
2,203,115
 
 
$
2,586,789
 
 
$
2,393,861
 
 
$
2,594,931
 
 
$
2,895,650
  
 
$
2,877,846
  
 
$
3,265,750
  
 
 
 
 
 
 
Q2 2010
 
 
Q4 2010
 
 
Q4 2011
 
 
Q4 2012
 
 
Q4 2013
 
 
Q4 2014
 
 
Q4 2015
 
 
Q4 2016
 
 
Q4 2017
 
 
Q4 2018
 
 
Q4 2019
 
 
Q4 2020
 
 
Q3 2021
 
Cash and cash equivalents
 
$
84,509
 
 
$
48,875
 
 
$
13,705
 
 
$
18,904
 
 
$
30,356
 
 
$
17,753
 
 
$
53,551
 
 
$
83,015
 
 
$
78,922
 
 
$
53,740
 
 
$
46,224
 
 
$
113,686
 
 
$
110,500
 
Company’s share of unconsolidated real estate entity cash and cash equivalents
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
2,690
 
 
 
(3,060
) 
 
 
(11,359
) 
Partner’s share of cash and cash equivalents
 
 
—  
 
 
 
(2,030
) 
 
 
—  
 
 
 
(1
) 
 
 
(1,865
) 
 
 
(1,664
) 
 
 
(3,251
) 
 
 
(9,285
) 
 
 
(1,594
) 
 
 
(7,659
) 
 
 
(8,846
) 
 
 
(17,002
)
 
 
(31,269
)
Company’s share of net debt
 
$
9,791
 
 
$
242,632
 
 
$
384,201
  
 
$
559,724
 
 
$
821,358
 
 
$
865,616
 
 
$
2,152,815
 
 
$
2,513,059
 
 
$
2,316,533
 
 
$
2,548,850
 
 
$
2,855,582
 
 
$
2,778,102
 
 
$
3,175,160
 
 
 
 
 
 
 
Q2 2010
 
 
Q4 2010
 
 
Q4 2011
 
 
Q4 2012
 
 
Q4 2013
 
 
Q4 2014
 
 
Q4 2015
 
 
Q4 2016
 
 
Q4 2017
 
 
Q4 2018
 
 
Q4 2019
 
 
Q4 2020
 
 
Q3 2021
 
Unsecured debt
 
 
—  
 
 
$
111,117
 
 
 
—  
 
 
$
55,000
 
 
$
155,000
 
 
$
280,000
 
 
$
1,555,000
 
 
$
2,025,000
 
 
$
1,975,000
 
 
$
2,275,000
 
 
$
2,475,000
 
 
$
1,925,000
 
 
$
2,225,000
 
Secured debt
 
$
94,300
 
 
 
178,360
 
 
 
397,906
 
 
 
523,627
 
 
 
694,849
 
 
 
601,705
 
 
 
648,115
 
 
 
561,789
 
 
 
418,861
 
 
 
319,931
 
 
 
420,650
 
 
 
952,846
 
 
 
1,040,750
 
Total company’s share of debt
 
$
94,300
 
 
$
289,477
 
 
$
397,906
 
 
$
578,627
 
 
$
849,849
 
 
$
881,705
 
 
$
2,203,115
 
 
$
2,586,789
 
 
$
2,393,861
 
 
$
2,594,931
 
 
$
2,895,650
 
 
$
2,877,846
 
 
$
3,265,750
 
 

The following table presents and reconciles the Company’s Share of gross assets for the periods presented (in thousands).
  
   
Gross Asset Value ($ in Thousands)
  
   
Q2 2010
    
Q4 2010
    
Q4 2011
    
Q4 2012
    
Q4 2013
    
Q4 2014
    
Q4 2015
    
Q4 2016
    
Q4 2017
    
Q4 2018
    
Q4 2019
    
Q4 2020
    
Q3 2021
  
Total Assets, net
   $ 621,780     $ 1,004,576     $ 1,152,791     $ 1,559,690     $ 2,131,274     $ 2,340,885     $ 6,254,035     $ 6,678,998     $ 6,622,070     $ 7,070,879     $ 7,466,568     $ 8,350,202     $ 8,803,997  
Accumulated depreciation
     21,442       27,113       53,329       85,184       116,342       134,657     269,074     419,368       533,498       695,631       898,279       1,102,748       1,285,137  
Accumulated depreciation related to held for sale
     —         —         —         —         —         7,904       3,650       4,582       15,913       —         —         —         —    
Partner’s share of gross assets
     —         (94,606 )      —         (3,897 )      (127,795 )      (128,740 )      (194,809 )      (289,075 )      (163,559 )      (406,815 )      (453,722 )      (1,421,834 )      (1,526,056 ) 
Company’s share of depreciation of the unconsolidated
     —         —         —         —         —         —         —         —         —         —         976       1,197       768  
Company’s Share of Gross Assets
  
$
643,222
 
  
$
937,083
 
  
$
1,206,120
 
  
$
1,640,977
 
  
$
2,119,821
 
  
$
2,354,706
 
  
$
6,331,950
 
  
$
6,813,873
 
  
$
7,007,922
 
  
$
7,359,695
 
  
$
7,912,101
 
  
$
8,032,313
 
  
$
8,563,846
 
 

The table below presents a reconciliation of net income to FFO (as defined below) for the years ended December 31, 2011 and 2020 (in thousands except per share data):
 
    
Year Ended December 31,
  
    
2011
    
2020
  
Net income
    $ (2,238 )    $ 16,430
Adjustments:
     
Depreciation and amortization—Consolidated
      44,660       299,682
Depreciation and amortization—Corporate-related
      —       (2,286 ) 
Depreciation and amortization—Company’s share from unconsolidated real estate investments
      —       5,605
Gain on sale of real estate
      —       —  
Impairment loss
      —       —
Unrealized loss on
non-real
estate investments
      —       2,463  
FFO attributable to
non-controlling
interests
      (1,297 )      (37,644 ) 
FFO attributable to preferred stock and units
      (8,108 )      (612 ) 
  
 
 
    
 
 
  
FFO to common stockholders and unitholders
   
$
33,017
 
  
$
283,638
 
  
 
 
    
 
 
  
Specified items impacting FFO:
     
Transaction-related expenses
      1,693       440
One-time
tax reassessment management cost
      —       5,500  
One-time
straight line rent reserve
      —       2,620  
One-time
prior period property tax adjustment
      —       (937 ) 
One-time
debt extinguishment cost
      —       2,654  
  
 
 
    
 
 
  
FFO (excluding specified items) to common stockholders and unitholders
   
$
34,710
 
  
$
293,915
 
  
 
 
    
 
 
  
Weighted average common stock/units outstanding—diluted
      32,004       154,084  
FFO per common stock/unit—diluted
      1.03       1.84  
FFO (excluding specified items) per common stock/unit—diluted
      1.08       1.91  
 
We calculate funds from operations, or FFO, in accordance with the White Paper issued in December 2018 on FFO approved by the Board of Governors of NAREIT. The White Paper defines FFO as net income or loss calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding gains and losses from sales of depreciable real estate, gains and losses from sale of certain real estate assets and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of
non-real
estate assets) and after adjustment for unconsolidated partnerships and joint ventures. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. In the December 2018 White Paper, NAREIT provided an option to include value changes in
mark-to-market
equity securities in the calculation of FFO. We elected this option retroactively during fourth quarter 2018. We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs.
 
Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating
results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees.
 
However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations.
Recent Developments
 
We are currently in negotiations to refinance our revolving credit facility to, among other things, increase the capacity under such facility. Our current expectation is that any refinancing transaction would likely close during the fourth quarter of 2021, although we cannot provide assurance that any refinancing transaction will occur on that timeline, or at all.
SIGNATURE
 
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.
 
Date: November 4, 2021
 
Hudson Pacific Properties, Inc.
By:  
/s/ Mark T. Lammas
 
Mark T. Lammas
 
President
 
Hudson Pacific Properties, L.P.
By:   Hudson Pacific Properties, Inc.
  Its General Partner
By:  
/s/ Mark T. Lammas
 
Mark T. Lammas
 
President
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