HUDSON PACIFIC PROPERTIES, INC.

THIRD QUARTER2016

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 Northern and Southern California and the Pacific Northwest; 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 Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on February 26, 2016. 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 Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on February 26, 2016.

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

TABLE OF CONTENTS

	Page
COMPANY BACKGROUND, RESEARCH COVERAGE AND CORPORATE DATA	3
CONSOLIDATED FINANCIAL RESULTS	6
Consolidated Balance Sheets	7
Consolidated Statements of Operations	8
Funds from Operations	9
Adjusted Funds from Operations	10
Debt Summary	11
PORTFOLIO DATA	13
In-Service Office Portfolio by Property	14
In-Service Office Portfolio Summary	16
Redevelopment, Development and Held-For-Sale Office Summary	17
Land Properties Summary	18
Media & Entertainment Portfolio Summary	19
Current Value Creation Development Projects	20
Same-store Analysis	22
Reconciliation of Same-store Property Net Operating Income to GAAP Net Income	24
Net Operating Income Detail	25
Office Portfolio Leasing Activity	26
Office Portfolio Commenced Leases with Non-Recurring, Up-Front Abatements	27
Quarterly Uncommenced / Backfill — Next Eight Quarters	28
Quarterly Office Lease Expirations — Next Eight Quarters	29
Office Lease Expirations — Annual	31
Fifteen Largest Office Tenants	32
Office Portfolio Diversification	33
DEFINITIONS	34

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

COMPANY BACKGROUND

CORPORATE 11601 Wilshire Boulevard, Ninth Floor, Los Angeles, California 90025 (310) 445-5700 www.hudsonpacificproperties.com
BOARD OF DIRECTORS
Victor J. Coleman		Theodore R. Antenucci	Frank Cohen
Chairman of the Board, Chief Executive Officer and President, Hudson Pacific Properties, Inc.		President and Chief Executive Officer, Catellus Development Corporation	Senior Managing Director, Blackstone Group, L.P.
Richard B. Fried		Jonathan M. Glaser	Robert L. Harris II
Managing Member, Farallon Capital Management, L.L.C.		Managing Member, JMG Capital Management LLC	Executive Chairman (retired), Acacia Research Corporation
Mark D. Linehan		Robert M. Moran, Jr.	Michael Nash
President and Chief Executive Officer, Wynmark Company		Co-founder and Co-owner, FJM Investments LLC	Senior Managing Director, Blackstone Group, L.P., Chief Investment Officer, Blackstone Real Estate Debt Strategies
		Barry A. Porter
		Managing General Partner, Clarity Partners L.P.
EXECUTIVE AND SENIOR MANAGEMENT
Victor J. Coleman		Mark T. Lammas	Christopher Barton
Chief Executive Officer and President		Chief Operating Officer and Chief Financial Officer and Treasurer	EVP, Development and Capital Investments
Alexander Vouvalides		Dale Shimoda	Kay L. Tidwell
Chief Investment Officer		EVP, Finance	EVP, General Counsel and Secretary
Arthur X. Suazo		Harout Diramerian	Steve Jaffe
EVP, Leasing		Chief Accounting Officer	Chief Risk Officer
Josh Hatfield		Drew Gordon	Gary Hansel
EVP, Operations		SVP, Northern California	SVP, Southern California
David Tye			Elva Hernandez
SVP, Pacific Northwest			VP, Controller
INVESTOR RELATIONS
	Laura Campbell VP, Head of Investor Relations lcampbell@hudsonppi.com

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

RESEARCH COVERAGE
EQUITY RESEARCH COVERAGE
James Feldman	Barry Oxford	Alexander Goldfarb
Bank of America Merrill Lynch	D.A. Davidson	Sandler O'Neill + Partners
(646) 855-5808	(212) 240-9871	(212) 466-7937
Ross Smotrich	Craig Mailman	Nick Yulico
Barclay Capital	KeyBanc Capital Markets	UBS Investment Bank
(212) 526-2306	(917) 368-2316	(212) 713-3402
Tom Catherwood	Richard Anderson	Blaine Heck
BTIG	Mizuho Securities	Wells Fargo Securities
(212) 738-6140	(212) 205-8445	(443) 263-6516
David Rodgers		Sumit Sharma
Robert W. Baird & Company		Morgan Stanley
(216) 737-7341		(212) 761-7567
RATING AGENCIES
Stephen Boyd	Alice Chung	Anita Ogbara
Fitch Ratings	Moody’s Investor Service	Standard & Poor’s
(212) 908-9153	(212) 553-2949	(212) 438-5077

4

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

CORPORATE DATA

(unaudited, in thousands, except number of properties, square feet and per share data)

Hudson Pacific Properties, Inc. (NYSE: HPP) (also referred to herein as the “Company,” “we,” “us,” “our,” or “our Company”) is a vertically integrated real estate company focused on acquiring, repositioning, developing and operating high-quality office and state-of-the-art media and entertainment properties in high-growth, high-barrier-to-entry submarkets throughout Northern and Southern California and the Pacific Northwest. Our Company invests across the risk-return spectrum, favoring opportunities where it can employ leasing, capital investment and management expertise to create additional value. This Supplemental Operating and Financial Data supplements the information provided in our reports filed with the Securities and Exchange Commission. We maintain a Web site at www.hudsonpacificproperties.com.

	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Number of office properties owned	52			51			53			54			53
Office properties square feet(1)	13,714,851			13,214,376			13,480,616			14,034,944			13,872,326
Stabilized office properties leased rate as of end of period(2)	96.5		%	96.5		%	95.8		%	95.3		%	94.5		%
In-Service office properties leased rate as of end of period(3)	90.7		%	91.1		%	90.7		%	90.1		%	89.5		%
Number of Media & Entertainment properties owned	2			2			2			2			2
Media & Entertainment square feet(1)	879,652			879,652			879,652			879,652			879,652
Media & Entertainment leased rate as of end of period(4)	87.1		%	85.3		%	81.6		%	78.5		%	76.8		%
Number of land assets owned	8			8			8			8			7
Land assets estimated square feet(5)	2,638,875			2,638,875			2,638,875			2,638,875			2,590,099
Market capitalization (in thousands):
Total debt(6)	$	2,427,440		$	2,358,029		$	2,097,539		$	2,278,445		$	2,086,589
Series A Preferred Units	$	10,177		$	10,177		$	10,177		$	10,177		$	10,177
Series B Preferred Stock	$	—		$	—		$	—		$	—		$	145,000
Common equity capitalization(7)	$	4,861,070		$	4,300,917		$	4,249,186		$	4,116,264		$	4,197,190
Total market capitalization	$	7,298,687		$	6,669,123		$	6,356,902		$	6,404,886		$	6,438,956
Debt/total market capitalization	33.3		%	35.4		%	33.0		%	35.6		%	32.4		%
Series A preferred units & debt/total market capitalization	33.4		%	35.5		%	33.2		%	35.7		%	32.6		%
Common stock data (NYSE:HPP)
Range of closing prices(8)	$ 34.33 - 29.03			$ 30.05 - 27.16			$ 22.97 - 29.35			$ 27.40 - 30.97			$ 27.70 - 31.68
Closing price at quarter end	$	32.87		$	29.18		$	28.92		$	28.14		$	28.79
Weighted average fully diluted common stock\units outstanding (in thousands)(9)	146,793			146,399			145,894			145,946			145,902
Shares of common stock\units outstanding at end of period (in thousands)(10)	147,888			147,393			146,522			146,278			145,786

__________________________

(1) Square footage for 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 re-measurement or re-leasing. Please refer to the footnote on page 19 regarding the re-measurement of the media properties.

(2) Stabilized office properties leased rate excludes the lease-up properties, redevelopment, development, properties held-for-sale, and land properties described on pages 15, 17 and 18.

(3) In-service office properties leased rate includes the stabilized office properties and lease-up properties described on pages 14 and 15.

(4) Percent occupied for media and entertainment properties is the average percent leased for the 12 months ended as of the quarter indicated.

(5) 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.

(6) Total debt excludes unamortized non-cash loan premium and deferred financing costs.

(7) Common equity capitalization represents the shares of common stock (including unvested restricted shares), OP units outstanding and dilutive shares multiplied by the closing price of our stock at the end of the period.

(8) For the quarter indicated.

(9) For the quarter indicated, diluted shares represent ownership in our Company through shares of common stock, OP Units and other convertible or exchangeable instruments. The weighted average fully diluted common stocks/units outstanding for the three-month periods ending September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015 includes an estimate for projected executive stock grants under our 2013, 2014, 2015 and 2016 outperformance programs based on the projected award potential of such programs as of end of such periods, as calculated in accordance with the Accounting Standards Codification 260 Earnings Per Share (the “Projected 2013/2014/2015/2016 OPP stock grants”).

(10) This amount represents fully diluted common stock and OP units (including unvested restricted stocks) as of the end of the quarter indicated. The shares of common stock\units outstanding does not include any Projected 2013/2014/2015/2016 OPP stock grants or projected performance-based awards under our special one-time retention award grants.

5

CONSOLIDATED FINANCIAL RESULTS

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

Consolidated Balance Sheets (in thousands, except share data)
	September 30, 2016			December 31, 2015
	(unaudited)
ASSETS
Total investment in real estate, net	$	5,734,304		$	5,390,458
Cash and cash equivalents	89,354			53,551
Restricted cash	22,103			18,010
Accounts receivable, net	9,621			21,048
Notes receivable, net	—			28,684
Straight-line rent receivables, net	78,282			59,408
Deferred leasing costs and lease intangible assets, net	289,682			314,483
Derivative assets	—			2,061
Goodwill	8,754			8,754
Prepaid expenses and other assets, net	40,227			27,278
Investment in unconsolidated entity	28,705			—
Assets associated with real estate held for sale	62,323			330,300
TOTAL ASSETS	$	6,363,355		$	6,254,035
LIABILITIES AND EQUITY
Notes payable, net	$	2,407,943		$	2,260,716
Accounts payable and accrued liabilities	132,140			82,405
Lease intangible liabilities, net	77,081			94,446
Security deposits	25,537			20,342
Prepaid rent	27,150			38,111
Derivative liabilities	22,413			2,010
Liabilities associated with real estate held for sale	14,542			16,791
TOTAL LIABILITIES	2,706,806			2,514,821
6.25% series A cumulative redeemable preferred units of the operating partnership	10,177			10,177
EQUITY
Hudson Pacific Properties, Inc. stockholders’ equity:
Common stock, $0.01 par value, 490,000,000 authorized, 118,746,571 shares and 89,153,780 shares outstanding at September 30, 2016 and December 31, 2015, respectively	1,187			891
Additional paid-in capital	2,589,424			1,710,979
Accumulated other comprehensive loss	(13,639		)	(1,081		)
Accumulated deficit	(39,427		)	(44,955		)
Total Hudson Pacific Properties, Inc. stockholders’ equity	2,537,545			1,665,834
Non-controlling interest—members in consolidated entities	268,604			262,625
Non-controlling interest—units in the operating partnership	840,223			1,800,578
TOTAL EQUITY	3,646,372			3,729,037
TOTAL LIABILITIES AND EQUITY	$	6,363,355		$	6,254,035

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

Consolidated Statements of Operations (Unaudited, in thousands, except share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
REVENUES
Office
Rental	$	123,919		$	114,693		$	358,193		$	276,321
Tenant recoveries	22,657			20,036			64,493			43,890
Parking and other	5,521			6,601			16,103			17,612
Total office revenues	152,097			141,330			438,789			337,823
Media & Entertainment
Rental	7,102			6,041			19,987			16,902
Tenant recoveries	243			212			655			705
Other property-related revenue	5,005			3,860			12,784			10,525
Other	136			113			226			244
Total Media & Entertainment revenues	12,486			10,226			33,652			28,376
TOTAL REVENUES	164,583			151,556			472,441			366,199
OPERATING EXPENSES
Office operating expenses	$	53,975		$	51,538		$	150,769		$	115,364
Media & Entertainment operating expenses	6,499			6,280			18,746			17,354
General and administrative	12,955			9,378			38,474			28,951
Depreciation and amortization	67,414			80,195			201,890			170,945
TOTAL OPERATING EXPENSES	140,843			147,391			409,879			332,614
INCOME FROM OPERATIONS	23,740			4,165			62,562			33,585
OTHER EXPENSE (INCOME)
Interest expense	19,910			14,461			54,775			34,067
Interest income	(130		)	(17		)	(216		)	(118		)
Unrealized (gain) loss on ineffective portion of derivative instruments	(879		)	—			1,630			—
Acquisition-related expenses (expense reimbursements)	315			(83		)	376			43,442
Other (income) expense	(693		)	3			(716		)	2
TOTAL OTHER EXPENSES	18,523			14,364			55,849			77,393
INCOME (LOSS) BEFORE GAINS ON SALE OF REAL ESTATE	5,217			(10,199		)	6,713			(43,808		)
Gains on sale of real estate	—			8,371			8,515			30,471
NET INCOME (LOSS)	$	5,217		$	(1,828	)	$	15,228		$	(13,337	)
Net income attributable to preferred stock and units	(159		)	(3,195		)	(477		)	(9,585		)
Net income attributable to participating securities	(196		)	(79		)	(589		)	(229		)
Net income attributable to non-controlling interest in consolidated real estate entities	(2,525		)	(1,273		)	(6,866		)	(4,668		)
Net (income) loss attributable to common units in the operating partnership	(490		)	2,470			(2,357		)	17,872
Net income (loss) attributable to Hudson Pacific Properties, Inc. common stockholders	$	1,847		$	(3,905	)	$	4,939		$	(9,947	)
Basic and diluted per share amounts:
Net income (loss) attributable to common stockholders’ per share—basic	$	0.02		$	(0.04	)	$	0.05		$	(0.12	)
Net income (loss) attributable to common stockholders’ per share—diluted	$	0.02		$	(0.04	)	0.05			(0.12		)
Weighted average shares of common stock outstanding—basic	115,083,622			88,984,236			99,862,583			84,894,863
Weighted average shares of common stock outstanding—diluted	116,262,622			88,984,236			100,979,583			84,894,863
Dividends declared per share of common stock	$	0.200		$	0.125		$	0.600		$	0.375

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

FUNDS FROM OPERATIONS (Unaudited, in thousands, except per share data)
Quarter To Date	Three Months Ended
Funds From Operations (“FFO”)(1)	September 30,   2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Net income (loss)	$	5,217		$	4,035		$	5,976		$	(2,745	)	$	(1,828	)
Adjustments:
Depreciation and amortization of real estate assets	66,965			65,655			67,905			73,876			79,940
Gain from sale of real estate	—			(2,163		)	(6,352		)	—			(8,371		)
FFO attributable to non-controlling interests	(4,902		)	(4,510		)	(4,162		)	(3,696		)	(3,494		)
Net income attributable to preferred stock and units	(159		)	(159		)	(159		)	(2,520		)	(3,195		)
FFO to common stockholders and unitholders	67,121			62,858			63,208			64,915			63,052
Specified items impacting FFO:
Acquisition-related (expense reimbursements) expenses	315			61			—			(106		)	(83		)
FFO (excluding specified items) to common stockholders and unitholders	$	67,436		$	62,919		$	63,208		$	64,809		$	62,969
Weighted average common stock/units outstanding—diluted	146,793			146,399			145,894			145,946			145,902
FFO per common stock/unit—diluted	$	0.46		$	0.43		$	0.43		$	0.44		$	0.43
FFO (excluding specified items) per common stock/unit—diluted	$	0.46		$	0.43		$	0.43		$	0.44		$	0.43
Year To Date	Nine Months Ended			Six Months Ended			Three Months Ended			Twelve Months Ended			Nine Months Ended
Funds From Operations (“FFO”)(1)	September 30,   2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Net income (loss)	$	15,228		$	10,011		$	5,976		$	(16,082	)	$	(13,337	)
Adjustments:
Depreciation and amortization of real estate assets	200,525			133,560			67,905			244,182			170,306
Gain from sale of real estate	(8,515		)	(8,515		)	(6,352		)	(30,471		)	(30,471		)
FFO attributable to non-controlling interest	(13,574		)	(8,672		)	(4,162		)	(14,216		)	(10,520		)
Net income attributable to preferred stock and units	(477		)	(318		)	(159		)	(12,105		)	(9,585		)
FFO to common stockholders and unitholders	193,187			126,066			63,208			171,308			106,393
Specified items impacting FFO:
Acquisition-related expenses	376			61			—			43,336			43,442
FFO (excluding specified items) to common stockholders and unitholders	$	193,563		$	126,127		$	63,208		$	214,644		$	149,835
Weighted average common stock/units outstanding—diluted	146,668			146,350			145,894			129,590			124,052
FFO per common stock/unit—diluted	$	1.32		$	0.86		$	0.43		$	1.32		$	0.86
FFO (excluding specified items) per common stock/unit—diluted	$	1.32		$	0.86		$	0.43		$	1.66		$	1.21

______________________________

(1) See page 34 for Management’s Statements on FFO and AFFO.

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

ADJUSTED FUNDS FROM OPERATIONS (Unaudited, in thousands, except per share data)
Quarter To Date	Three Months Ended
Adjusted Funds From Operations (“AFFO”)(1)	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
FFO	$	67,121		$	62,858		$	63,208		$	64,915		$	63,052
Adjustments:
Straight-line rents, net	(7,510		)	(4,979		)	(4,790		)	(5,053		)	(8,903		)
Amortization of above-market and below-market leases, net	(4,347		)	(4,298		)	(4,697		)	(6,158		)	(3,750		)
Amortization of above-market and below-market ground leases, net	534			535			535			958			515
Amortization of lease incentive costs	303			268			269			94			89
Amortization of deferred financing costs and loan premium, net	1,128			1,558			1,015			2,546			1,154
Unrealized (gain) loss on ineffective portion of derivative instrument	(879		)	384			2,125			—			—
Recurring capital expenditures, tenant improvements and lease commissions	(22,903		)	(24,099		)	(20,217		)	(5,727		)	(8,598		)
Non-cash compensation expense	3,288			3,301			3,342			2,235			2,034
AFFO	$	36,735		$	35,528		$	40,790		$	53,810		$	45,593
Dividends paid to common stock and unitholders	$	29,350		$	29,317		$	29,802		$	29,138		$	18,226
AFFO payout ratio	79.9		%	82.5		%	73.1		%	54.1		%	40.0		%
Year To Date	Nine Months Ended			Six Months Ended			Three Months Ended			Twelve Months Ended			Nine Months Ended
Adjusted Funds From Operations (“AFFO”)(1)	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
FFO	$	193,187		$	126,066		$	63,208		$	171,308		$	106,393
Adjustments:
Straight-line rents, net	(17,279		)	(9,769		)	(4,790		)	(27,925		)	(22,872		)
Amortization of above-market and below-market leases, net	(13,342		)	(8,995		)	(4,697		)	(21,457		)	(15,299		)
Amortization of above-market and below-market ground leases, net	1,604			1,070			535			2,050			1,092
Amortization of lease incentive costs	840			537			269			358			264
Amortization of deferred financing costs and loan premium, net	3,701			2,573			1,015			5,903			3,357
Unrealized loss on ineffective portion of derivative instrument	1,630			2,509			2,125			—			—
Recurring capital expenditures, tenant improvements and lease commissions	(67,219		)	(44,316		)	(20,217		)	(33,817		)	(28,090		)
Non-cash compensation expense	9,931			6,643			3,342			8,421			6,186
AFFO	$	113,053		$	76,318		$	40,790		$	104,841		$	51,031
Dividends paid to common stock and unitholders	$	88,469		$	59,119		$	29,802		$	75,875		$	46,737
AFFO payout ratio	78.3		%	77.5		%	73.1		%	72.4		%	91.6		%

_____________________________

(1) See page 34 for Management’s Statements on FFO and AFFO.

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

DEBT SUMMARY

(Tabular amounts in thousands)

The following table sets forth information with respect to our outstanding indebtedness as of September 30, 2016 and December 31, 2015, excluding net deferred financing costs related to our unsecured revolving credit facility and undrawn term loans.

	September 30, 2016					December 31, 2015
	Principal Amount		Deferred Financing Costs, net			Principal Amount		Unamortized Loan Premium and Deferred Financing Costs, net				Interest Rate(1)	Contractual Maturity Date		Annual Debt Service(2)		Balance at Maturity
Unsecured Loans
Unsecured Revolving Credit Facility(3)	$	120,000	$	—		$	230,000	$	—			LIBOR+ 1.15% to 1.85%	4/1/2019	(4)	$	—	$	120,000
5-Year Term Loan due April 2020(3)(5)	450,000		(3,783		)	550,000		(5,571		)		LIBOR+ 1.30% to 2.20%	4/1/2020		—		450,000
5-Year Term Loan due November 2020(3)	175,000		(793		)	—		—				LIBOR +1.30% to 2.20%	11/17/2020		—		175,000
7-Year Term Loan due April 2022(3)(6)	350,000		(2,372		)	350,000		(2,656		)		LIBOR+ 1.60% to 2.55%	4/1/2022		11,760		350,000
7-Year Term Loan due November 2022(3)(7)	125,000		(970		)	—		—				LIBOR + 1.60% to 2.55%	11/17/2022		3,788		125,000
Series A Notes	110,000		(970		)	110,000		(1,011		)		4.34%	1/2/2023		4,774		110,000
Series E Notes	50,000		(311		)	—		—				3.66%	9/15/2023		1,830		50,000
Series B Notes	259,000		(2,335		)	259,000		(2,378		)		4.69%	12/16/2025		12,147		259,000
Series D Notes	150,000		(922		)	—		—				3.98%	7/6/2026		5,970		150,000
Series C Notes	56,000		(552		)	56,000		(509		)		4.79%	12/16/2027		2,682		56,000
Total Unsecured Loans	1,845,000		(13,008		)	1,555,000		(12,125		)					42,951		1,845,000
Mortgage Loans
Mortgage Loan secured by Rincon Center(8)	100,886		(236		)	102,309		(355		)		5.13%	5/1/2018		7,195		97,854
Mortgage Loan secured by Sunset Gower/Sunset Bronson(9)	5,001		(1,712		)	115,001		(2,232		)		LIBOR+2.25%	3/4/2019	(4)	—		5,001
Mortgage Loan secured by Met Park North(10)	64,500		(426		)	64,500		(509		)		LIBOR+1.55%	8/1/2020		2,393		64,500
Mortgage Loan secured by 10950 Washington(8)	28,053		(371		)	28,407		(421		)		5.32%	3/11/2022		2,003		24,981
Mortgage Loan secured by Pinnacle I(11)(12)	129,000		(618		)	129,000		(694		)		3.95%	11/7/2022		5,172		117,190
Mortgage Loan secured by Element L.A.	168,000		(2,387		)	168,000		(2,584		)		4.59%	11/6/2025		7,716		168,000
Mortgage Loan secured by Pinnacle II(12)	87,000		(739		)	86,228		1,310			(13)	4.30%	6/11/2026		3,741		87,000
Mortgage Loan secured by 901 Market	—		—			30,000		(119		)		N/A	N/A		—		N/A
Total Mortgage Loans(14)	582,440		(6,489		)	723,445		(5,604		)					28,220		564,526
Total	$	2,427,440	$	(19,497	)	$	2,278,445	$	(17,729	)					$	71,171	$	2,409,526

_________________

(1) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rates are as of September 30, 2016, which may be different than the interest rates as of December 31, 2015 for corresponding indebtedness.

(2) Annual debt service includes principal payments based on amortization schedule and annual interest payments of fixed rate loans and variable rate loans with effective fixed rate as a result of interest rate contracts on the full principal balance. In instances where interest is paid based on a LIBOR margin, we used the current margin based on the leverage ratio as of September 30, 2016. Amount doesn't include interest payment of variable rate loans that are partially effectively fixed through interest rate contracts.

(3) The Company has the option to make an irrevocable election to change the interest rate depending on the Company’s credit rating. As of September 30, 2016, no such election had been made.

(4) The maturity date may be extended once for an additional one-year term.

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Third Quarter 2016 Supplemental Operating and Financial Data

(5) Effective May 1, 2015, $300.0 million of the term loan has been effectively fixed at 2.66% to 3.56% per annum through the use of an interest rate swap. In July 2016, the Company amended this interest rate swap to add a 0.00% floor to one-month LIBOR, and then de-designated the original swap and designated the amended swap as a hedge in order to minimize the ineffective portion of the original derivative related to this loan. Therefore, the effective interest rate with respect to $300.0 million of the term loan increased to a range of 2.75% to 3.65% per annum.

(6) Effective May 1, 2015, the outstanding balance of the term loan has been effectively fixed at 3.21% to 4.16% per annum through the use of an interest rate swap. In July 2016, the Company amended this interest rate swap to add a 0.00% floor to one-month LIBOR, and then de-designated the original swap and designated the amended swap as a hedge in order to minimize the ineffective portion of the original derivative related to this loan. Therefore, the effective interest rate increased to a range of 3.36% to 4.31% per annum.

(7) Effective June 1, 2016, the outstanding balance of the term loan has been effectively fixed at 3.03% to 3.98% per annum through the use of an interest rate swap.

(8) Monthly debt service includes annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity.

(9) Through February 11, 2016, interest on $92.0 million of the outstanding loan balance was effectively capped at 5.97% and 4.25% on $50.0 million and $42.0 million, respectively, of the loan through the use of two interest rate caps. These interest rate caps were not renewed after maturity.

(10) This loan bears interest only. Interest on the full loan amount has been effectively fixed at 3.71% per annum through use of an interest rate swap.

(11) This loan bears interest only for the first five years. Beginning with the payment due December 6, 2017, monthly debt service will include annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity.

(12) The Company owns approximately 65% of the ownership interests in the joint venture that owns the Pinnacle I and II properties.

(13) Represents unamortized premium amount of the non-cash mark-to-market adjustment.

(14) Total mortgage loans do not include the balance related to a loan entered on October 7, 2016 for $101.0 million with a fixed interest rate of 3.38% per annum. This loan has a 10 year maturity with an option to extend an additional two years at a higher interest rate, and was entered into in conjunction with the acquisition of Hill7 office development through a joint venture with Canadian Pension Plan Investment Board. The Company owns 55% of the ownership interest in the joint venture.

12

PORTFOLIO DATA

13

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

IN-SERVICE OFFICE PORTFOLIO BY PROPERTY(1)
Location	Submarket	Square Feet(2)	Percent Occupied(3)		Percent Leased(3)		Annualized Base Rent(4)		Annualized Base Rent Per Square Foot(4)
SAME-STORE(5)
Greater Seattle, Washington
Northview(6)	Lynnwood	182,009	84.4	%	84.4	%	$	3,289,139	$	21.40
Met Park North(6)	Lake Union	190,748	95.7		95.7		5,054,577		27.68
Merrill Place(6)	Pioneer Square	163,768	86.7		87.8		3,918,053		27.59
505 First Avenue(6)	Pioneer Square	288,140	97.4		97.4		6,072,945		21.64
83 King Street(6)	Pioneer Square	184,083	90.0		90.0		4,579,854		27.66
Subtotal		1,008,748	91.7	%	91.8	%	$	22,914,568	$	24.78
San Francisco Bay Area, California
1455 Market Street(6)	San Francisco	1,025,833	98.8	%	99.3	%	$	34,488,628	$	34.03
222 Kearny Street(6)	San Francisco	148,797	84.6		91.4		6,771,681		53.77
275 Brannan Street(6)	San Francisco	54,673	100.0		100.0		3,166,361		57.91
625 Second Street(6)	San Francisco	138,080	87.8		99.4		6,456,016		53.27
875 Howard Street(6)	San Francisco	230,443	99.4		99.4		5,970,644		26.07
901 Market Street	San Francisco	206,218	100.0		100.0		9,815,977		47.60
Rincon Center(6)	San Francisco	580,850	88.3		92.7		22,509,779		43.87
Towers at Shore Center	Redwood Shores	334,483	83.1		87.1		15,303,999		55.06
3400 Hillview	Palo Alto	207,857	100.0		100.0		12,946,581		62.29
Clocktower Square	Palo Alto	100,344	71.0		71.0		5,141,844		72.18
Foothill Research	Palo Alto	195,376	100.0		100.0		12,495,934		63.96
Campus Center	Silicon Valley	471,580	100.0		100.0		15,279,192		32.40
1740 Technology	North San Jose	206,876	99.3		99.3		7,143,617		34.76
Concourse	North San Jose	944,386	95.8		96.0		27,702,335		30.63
Skyport Plaza	North San Jose	418,086	99.1		99.1		13,463,271		32.48
Subtotal		5,263,882	95.2	%	96.6	%	$	198,655,859	$	39.63
Los Angeles, California
Pinnacle I(6)	Burbank	393,777	95.1	%	98.3	%	$	15,524,657	$	41.48
Pinnacle II(6)	Burbank	230,000	100.0		100.0		9,099,401		39.56
6922 Hollywood(6)	Hollywood	205,523	86.1		87.7		7,917,312		44.76
Technicolor Building(6)	Hollywood	114,958	100.0		100.0		5,043,851		43.88
3401 Exposition(6)	West Los Angeles	63,376	100.0		100.0		2,702,871		42.65
10900 Washington(6)	West Los Angeles	9,919	100.0		100.0		403,505		40.68
10950 Washington(6)	West Los Angeles	159,024	100.0		100.0		6,414,707		40.34
604 Arizona(6)	West Los Angeles	44,260	100.0		100.0		1,944,237		43.93
9300 Wilshire(6)	West Los Angeles	61,224	85.1		85.1		2,369,525		45.48
Element LA	West Los Angeles	284,037	100.0		100.0		15,409,645		54.25
Del Amo Office Building(6)	Torrance	113,000	100.0		100.0		3,327,208		29.44
Subtotal		1,679,098	96.6	%	97.5	%	$	70,156,919	$	43.26
Total Same-store		7,951,728	95.1	%	96.2	%	$	291,727,346	$	38.60

14

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

IN-SERVICE OFFICE PORTFOLIO BY PROPERTY(1)
NON-SAME-STORE
San Francisco Bay Area, California
Skyway Landing	Redwood Shores	247,173	93.5	%	99.8	%	$	9,824,162	$	42.50
Lockheed	Palo Alto	42,899	100.0		100.0		2,923,996		68.16
2180 Sand Hill Road	Palo Alto	45,613	97.2		97.2		4,037,173		91.09
Embarcadero Place	Palo Alto	197,402	98.8		98.8		8,324,725		42.67
Page Mill Center	Palo Alto	176,245	99.9		99.9		11,703,718		66.45
Total Non-same-store		709,332	97.2	%	99.4	%	$	36,813,774	$	53.38
Total Stabilized		8,661,060	95.2	%	96.5	%	$	328,541,120	$	39.83
LEASE-UP
San Francisco Bay Area, California
Peninsula Office Park	San Mateo	510,789	74.9	%	74.9	%	$	16,826,577	$	44.01
Metro Center	Foster City	730,215	63.1		66.1		20,760,312		45.06
333 Twin Dolphin Plaza	Redwood Shores	182,789	73.3		80.3		6,814,995		50.85
555 Twin Dolphin Plaza	Redwood Shores	198,936	87.1		91.2		8,394,594		48.44
Shorebreeze	Redwood Shores	230,932	66.8		69.2		7,909,624		51.25
Palo Alto Square	Palo Alto	328,251	87.7		95.6		21,515,750		74.78
Techmart Commerce	Silicon Valley	284,440	76.4		77.2		8,542,825		39.33
Gateway	North San Jose	609,093	77.9		79.1		13,862,205		29.21
Metro Plaza	North San Jose	456,921	79.6		79.6		11,531,491		31.71
Subtotal		3,532,366	75.0	%	77.3	%	$	116,158,373	$	43.87
Los Angeles, California
11601 Wilshire	West Los Angeles	500,475	81.9	%	84.8	%	$	15,413,694	$	37.61
Subtotal		500,475	81.9	%	84.8	%	$	15,413,694	$	37.61
Total Lease-up		4,032,841	75.8	%	78.3	%	$	131,572,067	$	43.03
TOTAL IN-SERVICE		12,693,901	89.1	%	90.7	%	$	460,113,187	$	40.70

___________________________

(1) Our in-service portfolio excludes the redevelopment, development, properties held-for-sale and land properties described on pages 17 and 18. As of September 30, 2016, we had two office development properties under construction, five office redevelopment properties under construction, one property held-for-sale and eight land properties (see pages 17 and 18). We define lease-up properties as properties we recently purchased, developed, or redeveloped that have not yet reached 92.0% occupancy and are within one year following purchase and cessation of major construction activities, as applicable.

(2) 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 re-measurement or re-leasing.

(3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of September 30, 2016, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases.

(4) 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)) under commenced leases as of September 30, 2016, 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, 2016. Annualized base rent does not reflect tenant reimbursements.

(5) Defined as all of the properties owned and included in our stabilized portfolio as of July 1, 2015 and still owned and included in the stabilized portfolio as of September 30, 2016.

(6) These properties are included in same-store for the nine months ended September 30, 2016 and are defined as all of the properties owned and included in our stabilized portfolio as of January 1, 2015 and still owned and included in the stabilized portfolio as of September 30, 2016.

15

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

IN-SERVICE OFFICE PORTFOLIO SUMMARY(1)
			Occupied Square Feet	Percent Occupied(3)		Leased Square Feet	Percent Leased(3)		Annualized Base Rent(4)		Annualized Base Rent Per Square Foot(4)
Location	Properties	Square Feet(2)
STABILIZED
Greater Seattle, Washington
Lynnwood	1	182,009	153,692	84.4	%	153,692	84.4	%	$	3,289,139	$	21.40
Lake Union	1	190,748	182,590	95.7		182,590	95.7		5,054,577		27.68
Pioneer Square	3	635,991	588,252	92.5		590,088	92.8		14,570,852		24.77
Subtotal	5	1,008,748	924,534	91.7	%	926,370	91.8	%	$	22,914,568	$	24.78
San Francisco Bay Area, California
San Francisco	7	2,384,894	2,263,690	94.9	%	2,320,583	97.3	%	$	89,179,086	$	39.40
Redwood Shores	2	581,656	509,147	87.5		537,906	92.5		25,128,161		49.35
Palo Alto	7	965,736	932,931	96.6		932,931	96.6		57,573,972		61.71
Silicon Valley	1	471,580	471,580	100.0		471,580	100.0		15,279,192		32.40
North San Jose	3	1,569,348	1,524,524	97.1		1,526,966	97.3		48,309,224		31.69
Subtotal	20	5,973,214	5,701,872	95.5	%	5,789,966	96.9	%	$	235,469,634	$	41.30
Los Angeles, California
Burbank	2	623,777	604,310	96.9	%	617,113	98.9	%	$	24,624,058	$	40.75
Hollywood	2	320,481	291,840	91.1		295,113	92.1		12,961,164		44.41
West Los Angeles	6	621,840	612,720	98.5		612,720	98.5		29,244,490		47.73
Torrance	1	113,000	113,000	100.0		113,000	100.0		3,327,208		29.44
Subtotal	11	1,679,098	1,621,870	96.6	%	1,637,946	97.5	%	$	70,156,920	$	43.26
Total Stabilized	36	8,661,060	8,248,276	95.2	%	8,354,282	96.5	%	$	328,541,122	$	39.83
LEASE-UP
San Francisco Bay Area, California
San Mateo	1	510,789	382,326	74.9	%	382,326	74.9	%	$	16,826,577	$	44.01
Foster City	1	730,215	460,755	63.1		483,020	66.1		20,760,312		45.06
Redwood Shores	3	612,657	461,648	75.4		488,067	79.7		23,119,214		50.08
Palo Alto	1	328,251	287,719	87.7		313,799	95.6		21,515,750		74.78
Silicon Valley	1	284,440	217,224	76.4		219,583	77.2		8,542,825		39.33
North San Jose	2	1,066,014	838,224	78.6		845,271	79.3		25,393,696		30.29
Subtotal	9	3,532,366	2,647,896	75.0	%	2,732,066	77.3	%	$	116,158,373	$	43.87
Los Angeles, California
West Los Angeles	1	500,475	409,809	81.9	%	424,619	84.8	%	$	15,413,694	$	37.61
Subtotal	1	500,475	409,809	81.9	%	424,619	84.8	%	$	15,413,694	$	37.61
Total Lease-up	10	4,032,841	3,057,705	75.8	%	3,156,685	78.3	%	$	131,572,067	$	43.03
TOTAL IN-SERVICE	46	12,693,901	11,305,981	89.1	%	11,510,967	90.7	%	460,113,189		$	40.70

___________________________

Refer to footnotes on page 15.

16

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

REDEVELOPMENT, DEVELOPMENT AND HELD-FOR-SALE OFFICE SUMMARY⁽¹⁾ 

		Estimated Square Feet(2)	Occupied Square Feet	Percent Occupied(3)		Leased Square Feet	Percent Leased(3)		Annualized Base Rent(4)		Annualized Base Rent Per Square Foot(4)
Location	Submarket
REDEVELOPMENT
Greater Seattle, Washington
Merrill Place Theater Building	Pioneer Square	29,385	—	—	%	—	—	%	$	—	$	—
Subtotal		29,385	—	—	%	—	—	%	$	—	$	—
San Francisco Bay Area, California
875 Howard (1st Floor)	San Francisco	55,827	—	—	%	—	—	%	—		—
Subtotal		55,827	—	—	%	—	—	%	$	—	$	—
Los Angeles, California
3402 Pico (Existing Office)	West Los Angeles	50,687	—	—	%	—	—	%	—		—
4th & Traction	Downtown Los Angeles	120,937	—	—	%	—	—	%	—		—
405 Mateo	Downtown Los Angeles	83,285	—	—	%	—	—	%	—		—
Subtotal		254,909	—	—	%	—	—	%	$	—	$	—
Total Redevelopment		340,121	—	—	%	—	—	%	$	—	$	—
DEVELOPMENT
Greater Seattle, Washington
Merrill Place—450 Alaskan Way	Pioneer Square	166,800	—	—	%	91,357	54.8	%	—		$	—
Subtotal		166,800	—	—	%	91,357	54.8	%	$	—	$	—
Los Angeles, California
Icon—Building I Tower	Hollywood	323,273	—	—	%	323,273	100.0	%	$	—	$	—
Icon—Building II	Hollywood	90,000	—	—	%	—	—	%	—		—
Total Icon		413,273	—	—	%	323,273	78.2	%	$	—	$	—
Total Development		580,073	—	—	%	414,630	71.5	%	$	—	$	—
HELD FOR SALE
12655 Jefferson(5)	West Los Angeles	100,756	100,756	100.0	%	100,756	100.0	%	$	5,346,534	$	53.06
Total Held For Sale		100,756	100,756	100.0	%	100,756	100.0	%	$	5,346,534	$	53.06
TOTAL		1,020,950	100,756	9.9	%	515,386	50.5	%	$	5,346,534	$	53.06

______________________________

(1) Excludes in-service properties and land assets (see pages 14, 15 and 18).

(2) Square footages have 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 re-measurement or re-leasing.

(3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of September 30, 2016, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases.

(4) 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)) under commenced leases as of September 30, 2016, 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 lease as of September 30, 2016. Annualized base rent does not reflect tenant reimbursements.

(5) Base rent abatements associated with 12655 Jefferson are disclosed on page 27.

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

LAND PROPERTIES SUMMARY

Location	Submarket	Square Feet(1)	Percent of Total
San Francisco Bay Area, California
Skyport Plaza	North San Jose	350,000	13.2	%
Campus Center	Silicon Valley	946,350	35.9
Subtotal		1,296,350	49.1	%
Los Angeles, California
Epic (Sunset Bronson—Lot A)	Hollywood	300,000	11.4	%
Sunset Bronson—Lot D(2)	Hollywood	19,816	0.8
Sunset Gower— Redevelopment	Hollywood	423,396	16.0
Element LA	West Los Angeles	500,000	18.9
3402 Pico (Future Office)	West Los Angeles	99,313	3.8
3402 Pico (Residential)(3)	West Los Angeles	TBD	—
Subtotal		1,342,525	50.9	%
TOTAL		2,638,875	100.0	%

______________________________

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

(2) Square footage for Sunset Bronson Lot D represents management’s estimate of developable square feet for 33 residential units.

(3) Management estimates that 3402 Pico (Residential) could be improved with up to four residential units.

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

MEDIA & ENTERTAINMENT PORTFOLIO SUMMARY

Property	Square Feet(1)	Percent of Total		Percent Leased(2)		Annual Base Rent(3)		Annual Base Rent Per Leased Square Foot(4)
Sunset Gower	571,626	65.0	%	87.4	%	$	16,192,873	$	32.40
Sunset Bronson	308,026	35.0		86.6		8,875,233		33.26
TOTAL	879,652	100.0	%	87.1	%	$	25,068,106	$	32.70

______________________________

(1) Prior to the three-month period ended December 31, 2015, occupancy trends for the media and entertainment portfolio were calculated using the gross square footage as determined in connection with the acquisitions of the Sunset Gower Studios and Sunset Bronson Studios properties in 2007 and 2008, respectively. However, since these acquisitions, certain space has been either reconfigured to improve its use or characterized as structural vacancy. During the fourth quarter of 2015, we reexamined the history of space utilization at both media and entertainment properties, adjusting the segment’s occupancy trends to reflect the utilization of certain production support space and building management uses as occupancy and to eliminate structurally vacant space (e.g., electrical plant, utility areas and covered pathways) from the available square footage. The revised methodology is more in keeping with that used to calculate occupancy in the office portfolio and, for consistency, has been used to recalculate historic occupancy for the media and entertainment portfolio. For the 12 months ended September 30, 2016, the average leased percentage for the media and entertainment properties increased to 87.1% from 76.8% for the same period a year ago. By way of comparison, under the prior methodology, the reported average percent leased for the 12 months ended September 30, 2015 was 71.9%.

(2) Percent leased for media and entertainment properties is the average percent leased for the 12 months ended September 30, 2016.

(3) Annual base rent for media and entertainment properties reflects actual base rent for the 12 months ended September 30, 2016, 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) the average square footage under lease during the 12 months ended September 30, 2016.

19

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

CURRENT VALUE CREATION DEVELOPMENT PROJECTS

(Unaudited, in thousands, except square feet)

Estimated Construction Period

Project Costs(1)

City

Start Date

Estimated Completion Date

Estimated Stabilization Date(2)

Estimated Rentable Square Feet(3)

Total %Leased

Project Costs as of 9/30/16

Total Estimated Project Costs

Estimated Initial Stabilized Yield on Project Costs(4)

UNDER CONSTRUCTION

Greater Seattle, Washington

Merrill Place (450 Alaskan Way)

Seattle

Q1-2016

Q4-2017

Q1-2018

166,800

54.8%

$23,359

(5)

$92,855

(5)

6.7%

Los Angeles, California

Icon—Building I Tower(6)

Hollywood

Q4-2014

Q4-2016

Q2-2017

323,273

100.0%

N/A

N/A

N/A

Icon—Building II

Hollywood

Q1-2016

Q3-2017

Q3-2018

90,000

—%

N/A

N/A

N/A

Total Icon

413,273

78.2%

(7

)

$119,096

$200,728

8.8%

12655 Jefferson(8)

Playa Del Rey

Q2-2015

Q3-2016

Q3-2016

100,756

100.0%

56,569

61,012

7.2%

3402 Pico (Existing Office)

Santa Monica

Q3-2015

Q1-2017

TBD

50,687

—%

18,292

(8)

24,519

(8)

9.2%

4th & Traction

Los Angeles

Q4-2015

Q2-2017

Q2-2018

120,937

—%

61,830

(9)

95,486

(9)

6.3%

Total Under Construction

852,453

$279,146

$474,600

FUTURE DEVELOPMENT PIPELINE

Greater Seattle, Washington

Merrill Place Theater Building

Seattle

TBD

TBD

TBD

29,385

N/A

N/A

TBD

TBD

San Francisco Bay Area, California

Skyport Plaza

North San Jose

TBD

TBD

TBD

350,000

N/A

$10,871

(10)

TBD

TBD

Campus Center

Milpitas

TBD

TBD

TBD

946,350

N/A

7,472

(11)

TBD

TBD

Los Angeles, California

Sunset Bronson—Lot D

Hollywood

TBD

TBD

TBD

19,816

N/A

N/A

TBD

TBD

Epic (Sunset Bronson—Lot A)

Hollywood

TBD

TBD

TBD

300,000

N/A

$3,158

(12)

TBD

TBD

Sunset Gower—Redevelopment

Hollywood

TBD

TBD

TBD

423,396

N/A

N/A

TBD

TBD

Element LA

Los Angeles

TBD

TBD

TBD

500,000

N/A

N/A

TBD

TBD

3402 Pico (Future Office)(13)

Santa Monica

TBD

TBD

TBD

99,313

N/A

N/A

TBD

TBD

3402 (Residential)

Santa Monica

TBD

TBD

TBD

N/A

N/A

N/A

TBD

TBD

Total 3402 Pico Future Development

99,313

N/A

$6,411

(14)

TBD

TBD

405 Mateo

Los Angeles

TBD

TBD

TBD

83,285

N/A

$41,188

(15)

TBD

TBD

Total Future Development Pipeline

2,751,545

__________________________

(1) Project costs exclude interest costs capitalized in accordance with Accounting Standards Codification (“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.

(2) Based on management’s estimate of stabilized occupancy (92.0%).

(3) 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 re-measurement or re-leasing.

20

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

(4) Estimated initial stabilized yield on project costs is calculated as the quotient of the estimated amounts of NOI and our investment in the property once the project has reached stabilized occupancy (92%) and initial rental concessions, if any, have elapsed. Our estimated initial stabilized yield excludes the impact of leverage. Our cash rents related to our value-creation projects are expected to increase over time and our average cash yields are expected, in general, to be greater than our estimated initial stabilized yields on a cash basis. Our estimates for initial cash yields, and total costs at completion, represent our initial estimates at the commencement of the project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected project yields or costs. We caution you not to place undue reliance on the estimated initial stabilized yields because they are based solely on our estimates, using data available to us throughout 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 initial stabilized yields will be consistent with the estimated initial stabilized yields set forth herein.

(5) Project Costs as of September 30, 2016 and Total Estimated Project Costs for Merrill Place (450 Alaskan Way) include $7.0 million for management’s estimate of allocated land and acquisition costs.

(6) The Icon development consists of a 14-story office tower (Icon—Building 1 Tower), a five-story mid-rise office building (Icon—Building II), and 1,635-stall parking structure. The parking structure was completed within the fourth quarter of 2015. The estimated completion and stabilization dates for each of the buildings is reflected in the table above. Since the costs of the parking structure and certain other development costs are attributable to both buildings, estimated project costs and stabilized yield on project costs are shown on a combined basis for the entire Icon development. Total Estimated Project Costs for Icon exclude land.

(7) Netflix, Inc. is anticipated to commence 273,749 square feet January 2017 and 49,524 square feet June 2017.

(8) Base rent abatements associated with 12655 Jefferson are disclosed on page 27.

(9) Project Costs as of September 30, 2016 and Total Estimated Project Costs for 3402 Pico (Existing Office) include approximately $12.634 million for management’s estimate of allocated land (including existing 50,687-square-foot building) and acquisition costs. Not included in the cost for 3402 Pico (Existing Office) is $5.966 million for management’s estimate of allocated land value for 3402 Pico Future Development.

(10) Project Costs as of September 30, 2016 and Total Estimated Project Costs for 4th & Traction include approximately $49.402 million of initial acquisition cost for existing 120,937-square-foot building.

(11) Project Costs as of September 30, 2016 for Skyport Plaza include approximately $10.5 million for management’s estimate of allocated land and acquisition costs.

(12) Project Costs as of September 30, 2016 for Campus Center include approximately $7.0 million for management’s estimate of allocated land and acquisition costs.

(13) Project Costs as of September 30, 2016 for Epic (Sunset Bronson—Lot A) exclude land.

(14) Estimated rentable square feet for 3402 Pico (Future Office) does not include a 50,687-square-foot existing vacant building.

(15) Project Costs as of September 30, 2016 for 3402 Pico Future Development include approximately $5.966 million for management’s estimate of allocated land value.

(16) Project Costs as of September 30, 2016 for 405 Mateo include approximately $40.0 million of initial acquisition costs for the existing 83,285-square-foot building.

21

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

SAME-STORE ANALYSIS⁽¹⁾

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

	Three Months Ended September 30,								Nine Months Ended September 30,
	2016			2015			% change		2016			2015			% change
Same-store office statistics(2)
Number of properties	31			31					21			21
Rentable square feet	7,951,728			7,951,728					4,582,485			4,582,485
Ending % leased	96.2		%	95.5		%	0.7	%	95.9		%	93.9		%	2.1	%
Ending % occupied	95.1		%	94.9		%	0.2	%	94.3		%	93.0		%	1.4	%
Average % occupied for the period	94.7		%	95.2		%	(0.5	)%	91.9		%	92.8		%	(1.0	)%
Same-store media statistics(3)
Number of properties	2			2					2			2
Rentable square feet	879,652			879,652					879,652			879,652
Average % occupied for the period	87.1		%	76.8		%	13.4	%	87.1		%	76.8		%	13.4	%
SAME-STORE ANALYSIS—GAAP BASIS
	Three Months Ended September 30,								Nine Months Ended September 30,
	2016			2015			% change		2016			2015			% change
Same-store net operating income—GAAP basis
Total office revenues	$	97,505		$	91,425		6.7	%	$	156,163		$	145,383		7.4	%
Total media revenues	12,486			10,226			22.1		33,652			28,376			18.6
Total revenues	$	109,991		$	101,651		8.2	%	$	189,815		$	173,759		9.2	%
Total office expense	$	31,696		$	31,301		1.3	%	$	54,089		$	52,136		3.7	%
Total media expense	6,499			6,280			3.5		18,746			17,354			8.0
Total property expense	$	38,195		$	37,581		1.6	%	$	72,835		$	69,490		4.8	%
Same-store office net operating income—GAAP basis	$	65,809		$	60,124		9.5	%	$	102,074		$	93,247		9.5	%
NOI Margin	67.5		%	65.8		%	2.6	%	65.4		%	64.1		%	2.0	%
Same-store media net operating income—GAAP basis	$	5,987		$	3,946		51.7	%	$	14,906		$	11,022		35.2	%
NOI Margin	47.9		%	38.6		%	24.1	%	44.3		%	38.8		%	14.2	%
Same-store total property net operating income—GAAP basis	$	71,796		$	64,070		12.1	%	$	116,980		$	104,269		12.2	%
NOI Margin	65.3		%	63.0		%	3.7	%	61.6		%	60.0		%	2.7	%

22

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

SAME-STORE ANALYSIS⁽¹⁾ —CONTINUED

(Unaudited, tabular amounts in thousands)

SAME-STORE ANALYSIS—CASH BASIS
	Three Months Ended September 30,								Nine Months Ended September 30,
	2016			2015			% change		2016			2015			% change
Same-store net operating income—Cash basis
Total office revenues	$	91,984		$	86,444		6.4	%	$	147,444		$	138,619		6.4	%
Total media revenues	12,282			9,808			25.2		33,126			27,099			22.2
Total revenues	$	104,266		$	96,252		8.3	%	$	180,570		$	165,718		9.0	%
Total office expense	$	31,207		$	30,814		1.3	%	$	53,903		$	51,951		3.8	%
Total media expense	6,499			6,280			3.5		18,746			17,354			8.0
Total property expense	$	37,706		$	37,094		1.6	%	$	72,649		$	69,305		4.8	%
Same-store office net operating income—Cash basis	$	60,777		$	55,630		9.3	%	$	93,541		$	86,668		7.9	%
NOI Margin	66.1		%	64.4		%	2.6	%	63.4		%	62.5		%	1.4	%
Same-store media net operating income—Cash basis	$	5,783		$	3,528		63.9	%	$	14,380		$	9,745		47.6	%
NOI Margin	47.1		%	36.0		%	30.8	%	43.4		%	36.0		%	20.6	%
Same-store total property net operating income—Cash basis	$	66,560		$	59,158		12.5	%	$	107,921		$	96,413		11.9	%
NOI Margin	63.8		%	61.5		%	3.7	%	59.8		%	58.2		%	2.7	%

______________________________

(1) Same-store for the three months ended September 30, 2016 is defined as all of the properties owned and included in our stabilized portfolio as of July 1, 2015 and still owned and included in the stabilized portfolio as of September 30, 2016. Same-store for the nine months ended September 30, 2016 is defined as all of the properties owned and included in our stabilized portfolio as of January 1, 2015 and still owned and included in the stabilized portfolio as of September 30, 2016.

(2) See page 14 for same-store office properties.

(3) See page 19 for same-store media properties.

23

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

RECONCILIATION OF SAME-STORE PROPERTY NET OPERATING INCOME TO GAAP NET INCOME

(Unaudited, in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Reconciliation to net income
Same-store office revenues—Cash basis	$	91,984		$	86,444		$	147,444		$	138,619
GAAP adjustments to office revenues—Cash basis	5,521			4,981			8,719			6,764
Same-store office revenues—GAAP basis	$	97,505		$	91,425		$	156,163		$	145,383
Same-store media revenues—Cash basis	$	12,282		$	9,808		$	33,126		$	27,099
GAAP adjustments to media revenues—Cash basis	204			418			526			1,277
Same-store media revenues—GAAP basis	$	12,486		$	10,226		$	33,652		$	28,376
Same-store property revenues—GAAP basis	$	109,991		$	101,651		$	189,815		$	173,759
Same-store office expenses—Cash basis	$	31,207		$	30,814		$	53,903		$	51,951
GAAP adjustments to office expenses—Cash basis	489			487			186			185
Same-store office expenses—GAAP basis	$	31,696		$	31,301		$	54,089		$	52,136
Same-store media expenses—Cash basis	$	6,499		$	6,280		$	18,746		$	17,354
Same-store media expenses—GAAP basis	$	6,499		$	6,280		$	18,746		$	17,354
Same-store property expenses—GAAP basis	$	38,195		$	37,581		$	72,835		$	69,490
Same-store net operating income—GAAP basis	$	71,796		$	64,070		$	116,980		$	104,269
Non-same-store GAAP net operating income	32,313			29,668			185,946			129,212
General and administrative	(12,955		)	(9,378		)	(38,474		)	(28,951		)
Depreciation and amortization	(67,414		)	(80,195		)	(201,890		)	(170,945		)
Income from operations	$	23,740		$	4,165		$	62,562		$	33,585
Interest expense	(19,910		)	(14,461		)	(54,775		)	(34,067		)
Interest income	130			17			216			118
Unrealized (gain) loss on ineffective portion of derivative instruments	879			—			(1,630		)	—
Acquisition-related (expenses) expense reimbursements	(315		)	83			(376		)	(43,442		)
Other income (expense)	693			(3		)	716			(2		)
Gains on sale of real estate	—			8,371			8,515			30,471
Net income (loss)	$	5,217		$	(1,828	)	$	15,228		$	(13,337	)

24

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

NET OPERATING INCOME DETAIL Three Months Ended September 30, 2016 (Unaudited, in thousands)
	Same-store Office Properties(1)			Non-same-store Office Properties(2)			Development/Redevelopment(3)			Lease-Up Properties(4)			Held-for-Sale(3)			Media & Entertainment(5)			Total Properties
Revenue
Rents
Cash	$	71,384		$	7,807		$	—		$	31,944		$	371		$	6,898		$	118,404
GAAP Revenue	5,828			1,920			—			4,355			288			204			12,595
Total Rents	$	77,212		$	9,727		$	—		$	36,299		$	659		$	7,102		$	130,999
Tenant Reimbursements	$	16,036		$	2,623		$	—		$	3,996		$	—		$	243		$	22,898
Parking and Other	4,257			5			26			1,043			48			5,141			10,520
Total Revenue	$	97,505		$	12,355		$	26		$	41,338		$	707		$	12,486		$	164,417
Property operating expenses	31,696			3,814			—			17,972			135			6,499			60,116
Property GAAP Net Operating Income	$	65,809		$	8,541		$	26		$	23,366		$	572		$	5,987		$	104,301
Square Feet	7,951,728			709,332			920,194			4,032,841			100,756			879,652			14,594,503
Ending % Leased	96.2		%	99.4		%	45.1		%	78.3		%	100.0		%	87.1		%	87.7		%
Ending % Occupied	95.1		%	97.2		%	—		%	75.8		%	100.0		%	87.1		%	83.4		%
NOI Margin	67.5		%	69.1		%	100.0		%	56.5		%	80.9		%	47.9		%	63.4		%
Property GAAP Net Operating Income	$	65,809		$	8,541		$	26		$	23,366		$	572		$	5,987		$	104,301
Less : GAAP Revenue	(5,828		)	(1,920		)	—			(4,355		)	(288		)	(204		)	(12,595		)
Add : GAAP Expense	489			29			—			17			—			—			535
Property Cash Net Operating Income	$	60,470		$	6,650		$	26		$	19,028		$	284		$	5,783		$	92,241
Net Income Reconciliation	Q3-2016
Property GAAP Net Operating Income	$	104,301
Disposed Asset	(314		)
Other Income/Inter-Company Eliminations	122
Total GAAP Net Operating Income	$	104,109
General and administrative	(12,955		)
Depreciation and amortization	(67,414		)	(1) See page 14 for same-store office properties for the three months ended September 30, 2016.
Income from operations	$	23,740		(2) See page 15 for non-same-store properties.
Interest expense	(19,910		)	(3) See page 17 for redevelopment, development and held-for-sale properties.
Interest income	130			(4) See page 15 for lease-up properties.
Unrealized gain on ineffective portion of derivative instruments	879			(5) See page 19 for same-store media properties.
Acquisition-related expenses	(315		)
Other income	693
Net Income	$	5,217

25

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

OFFICE PORTFOLIO LEASING ACTIVITY

	Three Months Ended   September 30, 2016			Nine Months Ended   September 30, 2016
Total Gross Leasing Activity
Rentable square feet	563,348			2,350,149
Gross New Leasing Activity
Rentable square feet	199,580			1,036,293
New cash rate	$	49.21		$	51.19
Gross Renewal Leasing Activity
Rentable square feet	363,768			1,313,856
Renewal cash rate	$	43.04		$	42.44
Total Leases Expired and Terminated
Contractual (scheduled) expiration (square feet)	176,693			549,550
Early termination (square feet)	22,650			148,590
Total	199,343			698,140
Net Absorption
Leased rentable square feet	237			338,153
Cash Rent Growth(1)
Expiring rate	$	35.63		$	30.85
New/renewal rate	$	42.91		$	44.46
Change	20.4		%	44.1		%
Straight-Line Rent Growth(2)
Expiring Rate	$	34.04		$	29.31
New/renewal rate	$	44.13		$	44.64
Change	29.6		%	52.3		%
Weighted Average Lease Terms
New (in months)	62.0			91.1
Renewal (in months)	50.7			58.4

Tenant Improvements and Leasing Commissions(3)	Lease Transaction Costs Per Square Foot
	Three Months Ended   September 30, 2016				Nine Months Ended   September 30, 2016
	Total		Annual		Total		Annual
New leases	$	45.27	$	8.77	$	66.40	$	8.75
Renewal leases	$	24.09	$	5.70	$	19.41	$	3.99
Blended	$	31.59	$	6.93	$	40.13	$	6.61

______________________________

(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.

26

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

OFFICE PORTFOLIO COMMENCED LEASES WITH NON-RECURRING, UP-FRONT ABATEMENTS(1)
Location	Submarket	Square Feet	Lease Start Date	Rent Start Date	Starting Base Rents(2)		Lease Expiration Date
San Francisco Bay Area, California
Skyport Plaza(3)	North San Jose	365,502	5/4/2016	9/1/2016	$	34.20	7/31/2022
Embarcadero Place	Palo Alto	36,594	6/1/2016	10/1/2016	44.64		5/31/2020
Lockheed	Palo Alto	42,899	6/1/2016	9/1/2016	68.16		5/31/2021
Page Mill Center	Palo Alto	22,392	6/1/2016	10/1/2016	75.60		5/31/2023
Embarcadero Place	Palo Alto	11,802	6/30/2016	1/1/2017	45.00		12/31/2026
Skyport Plaza	North San Jose	11,315	8/1/2016	11/1/2016	34.20		7/31/2022
Los Angeles, California
12655 Jefferson(4)	West Los Angeles	82,889	9/1/2016	9/1/2016	52.80		8/31/2028

______________________________

(1) Consists of leases for more than 10,000 square feet that commenced on or prior to September 30, 2016, with three or more months of up-front free rent resulting in a rent start date after the commencement of the three-month period ending September 30, 2016.

(2) Stated per leased square foot. Calculated by dividing the product of (i) monthly base rental payments (defined as cash base rents (before abatements)) as of the lease commencement date, and (ii) 12, by (iii) the leased square footage. For commenced leases, calculated by dividing the product of (i) monthly base rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2016, and (ii) 12, by (iii) leased square footage. Base rents do not include tenant reimbursements.

(3) Effective May 4, 2016, the terms of the existing lease with Qualcomm at Skyport Plaza was extended to July 31, 2022 with rent abatement during the five months of June, July and August of 2016 and January and February of 2017.

(4) Tenant is credited with the payment of monthly base rent for the second, third, fourth, fifth and sixth months following the Rent Commencement Date.

27

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

QUARTERLY UNCOMMENCED — NEXT EIGHT QUARTERS(1)
	Q4 2016			Q1 2017				Q2 2017				Q3 2017			Q4 2017				Q1 2018			Q2 2018			Q3 2018
Location	SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)			SF	Starting Rent/sf(2)			SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)			SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)
Greater Seattle, Washington
Pioneer Square	1,836	$	29.00	—	$	—		—	$	—		—	$	—	91,357	$	38.00	(3)	—	$	—	—	$	—	—	$	—
Subtotal	1,836	$	29.00	—	$	—		—	$	—		—	$	—	91,357	$	38.00		—	$	—	—	$	—	—	$	—
San Francisco Bay Area, California
San Francisco	46,284	$	69.86	10,609	$	57.84		—	$	—		—	$	—	—	$	—		—	$	—	—	$	—	—	$	—
Foster City	22,265	69.69		—	—			—	—			—	—		—	—			—	—		—	—		—	—
Redwood Shores	55,178	58.11		—	—			—	—			—	—		—	—			—	—		—	—		—	—
Palo Alto	26,080	85.20		—	—			—	—			—	—		—	—			—	$	—	—	—		—	—
Silicon Valley	2,359	46.80		—	—			—	—			—	—		—	—			—	—		—	—		—	—
North San Jose	7,047	30.06		2,442	40.68			—	—			—	—		—	—			—	$	—	—	—		—	—
Subtotal	159,213	$	66.17	13,051	$	54.63		—	$	—		—	$	—	—	$	—		—	$	—	—	$	—	—	$	—
Los Angeles, California
Burbank	12,803	$	42.00	—	$	—		—	$	—		—	$	—	—	$	—		—	$	—	—	$	—	—	$	—
Hollywood	3,273	36.66		273,749	54.00		(4)	49,524	58.20		(4)	—	—		—	—			—	—		—	—		—	—
West Los Angeles	4,857	53.28		9,953	51.60			—	—			—	—		—	—			—	—		—	—		—	—
Subtotal	20,933	$	43.78	283,702	$	53.92		49,524	$	58.20		—	$	—	—	$	—		—	$	—	—	$	—	—	$	—
Total Uncommenced	181,982	$	63.22	296,753	$	53.95		49,524	$	58.20		—	$	—	91,357	$	38.00		—	$	—	—	$	—	—	$	—

QUARTERLY BACKFILLS — NEXT EIGHT QUARTERS(5)
	Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017			Q1 2018			Q2 2018			Q3 2018
Location	SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)		SF	Starting Rent/sf(2)
San Francisco Bay Area, California
San Francisco	5,306	$	69.00	—	$	—	39,494	$	69.48	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—
Redwood Shores	1,052	57.60		—	—		—	—		—	—		—	—		—	—		—	—		—	—
North San Jose	6,215	32.23		5,034	37.80		20,262	39.74		—	—		—	—		—	—		19,027	39.36		—	—
Total Backfills	12,573	$	49.87	5,034	$	37.80	59,756	$	59.40	—	$	—	—	$	—	—	$	—	19,027	$	39.36	—	$	—
Total Uncommenced & Backfills	194,555	$	62.36	301,787	$	53.68	109,280	$	58.86	—	$	—	91,357	$	38.00	—	$	—	19,027	$	39.36	—	$	—

_____________________

(1) Consists of uncommenced leases, defined as new leases with respect to vacant space, executed on or prior to September 30, 2016 but with commencement dates after September 30, 2016 and within the next eight quarters. This table omits submarkets without any uncommenced leases over the next eight quarters.

(2) Calculated by dividing the product of (i) monthly base rental payments (defined as cash base rents (before abatements)) as of the lease commencement date, and (ii) 12, by (iii) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any.

(3) Saltchuk Resources, Inc. is anticipated to commence on November 1, 2017.

(4) Netflix, Inc. is anticipated to commence 273,749 square feet January 2017 and 49,524 square feet June 2017.

(5) Consists of backfill leases, defined as new leases with respect to occupied space, executed on or prior to September 30, 2016 but with commencement dates after September 30, 2016 and within the next eight quarters. This table omits submarkets without any backfill leases over the next eight quarters.

28

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

QUARTERLY OFFICE LEASE EXPIRATIONS — NEXT EIGHT QUARTERS(1)
	Q4 2016(2)				Q1 2017				Q2 2017				Q3 2017					Q4 2017					Q1 2018				Q2 2018				Q3 2018
Location	Expiring SF(3)		Rent/sf(4)		Expiring SF(3)		Rent/sf(4)		Expiring SF(3)		Rent/sf(4)		Expiring SF(3)		Rent/sf(4)			Expiring SF(3)		Rent/sf(4)			Expiring SF(3)		Rent/sf(4)		Expiring SF(3)		Rent/sf(4)		Expiring SF(3)		Rent/sf(4)
Greater Seattle, Washington
Lake Union	600		$	43.70	—		$	—	—		$	—	—		$	—		—		$	—		—		$	—	—		$	—	—		$	—
Lynnwood	—		—		—		—		—		—		—		—			6,049		20.50			2,343		20.76		1,756		20.50		—		—
Pioneer Square	929		25.67		—		—		—		—		—		—			3,260		33.00			—		—		2,624		30.80		—		—
Subtotal	1,529		$	32.75	—		$	—	—		$	—	—		$	—		9,309		$	24.88		2,343		$	20.76	4,380		$	26.67	—		$	—
San Francisco Bay Area, California
Foster City	14,926		$	50.99	39,294		$	39.48	7,868		$	53.94	5,577		$	56.96		27,659		$	51.54		11,507		$	44.67	12,806		$	55.89	2,366		$	39.85
Palo Alto	61,092		54.08		67,653		76.29		28,138		67.22		2,199		90.00			121,754		72.55		(7)	37,393		78.98		12,637		95.60		26,411		32.19
Redwood Shores	24,997		36.09		33,140		44.19		27,809		50.35		57,436		41.73			60,057		56.40			98,806		43.96		58,068		53.44		35,508		60.04
San Francisco	6,847		19.37		86,144		39.76		26,144		34.92		141,490		46.74		(5)	183,037		11.42		(8)	20,842		47.43		6,794		39.25		35,439		53.58
North San Jose	65,625		32.68		70,115		27.11		93,267		30.88		105,622		30.42		(6)	122,992		29.62		(9)	70,551		30.25		59,113		33.17		79,111		33.03
San Mateo	9,583		41.46		7,182		46.84		28,656		44.30		7,576		43.92			15,661		36.70			31,865		39.57		14,846		54.33		9,164		43.51
Silicon Valley	13,530		39.08		—		—		1,093		36.92		33,396		32.98			13,018		41.52			4,876		44.78		19,691		40.31		1,098		51.14
Subtotal	196,600		$	41.56	303,528		$	45.59	212,975		$	41.41	353,296		$	40.11		544,178		$	37.66		275,840		$	45.00	183,955		$	48.13	189,097		$	42.53
Los Angeles, California
Burbank	9,005		$	44.50	—		$	—	—		$	—	—		$	—		8,257		$	39.00		3,413		$	45.89	—		$	—	—		$	—
Downtown Los Angeles	—		—		—		—		—		—		—		—			—		—			—		—		—		—		—		—
Hollywood	—		—		—		—		2,664		—		—		—			—		—			10,000		50.50		—		—		87,272		42.17
Torrance	—		—		—		—		—		—		—		—			—		—			—		—		—		—		—		—
West Los Angeles	194		50.97		5,345		40.58		29,284		46.03		12,720		48.11			15,068		45.38			14,595		41.35		5,878		50.54		—		—
Subtotal	9,199		$	44.64	5,345		$	40.58	31,948		$	42.19	12,720		$	48.11		23,325		$	43.12		28,008		$	45.17	5,878		$	50.54	87,272		$	42.17
TOTAL	207,328		$	41.63	308,873		$	45.51	244,923		$	41.51	366,016		$	40.39		576,812		$	37.68		306,191		$	44.83	194,213		$	47.72	276,369		$	42.42
Expirations as % of In-Service Portfolio	1.6	%			2.4	%			1.9	%			2.9	%				4.5	%				2.4	%			1.5	%			2.2	%

______________________

(1) The following schedule does not reflect 54,646 square feet that expired on September 30, 2016.

(2) Q4 2016 expiring square footage does not include 48,505 square feet of month-to-month leases.

(3) Includes leases that expire on the last day of the quarter.

(4) Calculated by dividing the product of (i) monthly base rental payments (defined as cash base rents (before abatements)) as of the lease expiration date, and (ii) 12, by (iii) the leased square footage. Base rents do not include tenant reimbursements.

(5) The total expiring square footage consists of: (i) AIG, Inc. at Rincon Center for 132,600 square feet; (ii) Globant at 875 Howard for 5,931 square feet; and (iii) Sorabol at Rincon Center for 2,959 square feet.

(6) The top three expiring tenants based on annual base rent by property and square footage: (i) NTT America, Inc. at Concourse for 28,930 square feet; (ii) Mega Chips Technology at Gateway Center for 23,146 square feet; and (iii) Massachusetts Mutual Life Insurance Co. at Metro Plaza for 11,147 square feet.

(7) The top three expiring tenants based on annual base rent by property and square footage: (i) Robert Bosch, LLC at Foothill Research for 72,417 square feet; (ii) K&L Gates LLP at Clocktower Square for 28,305 square feet; and (iii) Zoox at 2180 Sandhill for 18,773 square feet.

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Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

(8) The total expiring square footage consists of: (i) Bank of America at 1455 Market for 180,529 square feet; (ii) Rickey L. Liu at Rincon Center for 1,271 square feet; and (iii) Pepe’s Taqueria at Rincon Center for 1,237 square feet.

(9) The top three expiring tenants based on annual base rent by property and square footage: (i) Haynes and Boone, LLP at Gateway Center for 23,233 square feet; (ii) Murata Electronics North America at Metro Plaza for 18,782 square feet; and (iii) Hensel Phelps Construction at Concourse for 13,688 square feet.

30

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

OFFICE LEASE EXPIRATIONS—ANNUAL

Year of Lease Expiration	Square Footage of Expiring Leases	Percentage of Office Portfolio Square Feet		Annualized Base Rent(1)		Percentage of Office Portfolio Annualized Base Rent		Annualized Base Rent Per Square Foot(2)		Annualized Base Rent Per Square Foot at Expiration(3)
Vacant	1,688,498	12.4	%
2016	261,974	1.9		$	10,724,465	2.2	%	$	40.94	$	41.05
2017	1,496,624	11.0		59,915,160		12.0		40.03		40.58
2018	1,206,452	8.8		47,035,582		9.4		38.99		41.24
2019	2,382,202	17.4		92,763,079		18.6		38.94		43.39
2020	1,015,903	7.4		45,747,225		9.2		45.03		50.21
2021	1,497,074	11.0		59,831,194		12.0		39.97		45.86
2022	773,782	5.7		31,631,826		6.4		40.88		50.01
2023	751,884	5.5		27,505,171		5.5		36.58		43.84
2024	357,749	2.6		15,371,537		3.1		42.97		53.46
2025	542,608	4.0		27,439,706		5.5		50.57		63.39
Thereafter	919,791	6.7		46,256,253		9.3		50.29		69.38
Building management use	152,189	1.1		—		—		—		—
Signed leases not commenced(4)	619,616	4.5		33,892,542		6.8		54.70		70.62
Total/Weighted Average	13,666,346	100.0	%	$	498,113,741	100.0	%	$	41.59	$	48.17

______________________________

(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)) as of September 30, 2016, by (ii) 12. Annualized base rent does not reflect tenant reimbursements.

(2) Annualized base rent per square foot for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements)) under commenced leases, divided by (ii) square footage under commenced leases as of September 30, 2016.

(3) Annualized base rent per square foot at expiration for all lease expiration years use is calculated as (i) base rental payments (defined as cash base rents (before abatements)) under commenced leases, divided by (ii) square footage under commenced lease as of September 30, 2016.

(4) Annualized base rent per leased square foot and annualized base rent per square foot at expiration for signed leases not commenced, reflects uncommenced leases on space not occupied as of September 30, 2016 and is calculated as (i) base rental payments (defined as cash base rents (before abatements)) under uncommenced leases for vacant space as of September 30, 2016, divided by (ii) square footage under uncommenced leases as of September 30, 2016.

31

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

FIFTEEN LARGEST OFFICE TENANTS

Tenant	Property	Number of Leases	Number of Properties	Lease Expiration	Total Leased Square Feet	Percent of Rentable Square Feet	Annualized Base Rent(1)		Percent of Annualized Base Rent
Google, Inc.(2)	Various	2	2	Various	305,729	2.2%	$	19,176,525	4.1%
Uber Technologies, Inc.(3)	Various	2	2	Various	330,334	2.4	15,658,782		3.4
Riot Games, Inc.(4)	Various	2	2	Various	286,629	2.1	15,557,389		3.3
Cisco Systems, Inc.(5)	Various	2	2	Various	474,576	3.5	15,377,341		3.3
Qualcomm	Skyport Plaza	2	1	7/31/2022	376,817	2.7	12,887,141		2.8
Square, Inc.	1455 Market Street	2	1	9/27/2023	334,284	2.4	11,272,726		2.4
Salesforce.com(6)	Rincon Center	1	1	Various	237,567	1.7	10,997,367		2.4
Stanford(7)	Various	3	2	Various	132,496	1.0	9,235,901		2.0
Warner Bros. Entertainment	Pinnacle II	1	1	12/31/2021	230,000	1.7	9,099,401		2.0
Warner Music Group	Pinnacle I	1	1	12/31/2019	195,166	1.4	8,169,569		1.8
NetSuite, Inc.(8)	Peninsula Office Park	1	1	Various	166,667	1.2	7,785,316		1.7
EMC Corporation(9)	Various	3	2	Various	294,756	2.1	7,636,953		1.6
NFL Enterprises(10)	Various	2	2	6/30/2019	167,605	1.2	6,818,212		1.5
GSA(11)	Various	5	5	Various	202,097	1.5	6,346,903		1.4
AIG, Inc.	Rincon Center	1	1	7/31/2017	132,600	1.0	6,232,200		1.3
TOTAL		30	26		3,867,323	28.1%	$	162,251,726	35.0%

______________________________

(1) Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) under commenced leases as of September 30, 2016, by (ii) 12. Annualized base rent does not reflect tenant reimbursements.

(2) Google, Inc. expirations by property and square footage: (i) 207,857 square feet at 3400 Hillview expiring on November 30, 2021 and (ii) 97,872 square feet at Foothill Research Center expiring on February 28, 2025.

(3) Uber Technologies, Inc. expirations by property and square footage: (i) 20,246 square feet at Skyway Landing expiring March 31, 2017 and (ii) 310,088 square feet at 1455 Market expiring on February 28, 2025.

(4) Riot Games, Inc. expirations by property and square footage: (i) 2,592 square feet at Shorebreeze Center expiring on November 30, 2017 and (ii) 284,037 square feet at Element LA expiring on March 31, 2030. This tenant may elect to exercise their early termination right at Element LA with respect to 284,037 square feet effective March 31, 2025.

(5) Cisco Systems, Inc. expirations by property and square footage: (i) 2,996 square feet at Concourse expiring March 31, 2018 and (ii) 471,580 square feet at Campus Center expiring on December 31, 2019. This tenant may elect to exercise their early termination right at Campus Center with respect to 471,850 square feet effective December 31, 2017.

(6) Salesforce.com is expected to take possession of an additional 4,144 square feet during the second quarter of 2017. Expirations by square footage: (i) 78,872 square feet expiring on July 31, 2025; (ii) 59,689 square feet expiring on April 30, 2027; (iii) 93,028 square feet expiring on October, 31, 2028; and (iv) 5,978 square feet of month-to-month storage space. This tenant may elect to exercise their early termination right with respect to 74,966 square feet between August 1, 2021 and September 30, 2021.

(7) Stanford Expirations by property and square footage: (i) Stanford Healthcare 63,201 square feet at Page Mill Center expiring June 30, 2019; (ii) Stanford University 26,080 square feet at Palo Alto Square expiring on December 31, 2019; and (iii) Board of Trustees Stanford 43,215 square feet at Page Mill Center expiring December 31, 2022.

(8) NetSuite, Inc. expirations by square footage: (i) 38,194 square feet expiring on August 31, 2019 and (ii) 128,473 square feet expiring May 31, 2022.

(9) EMC expirations by property and square footage: (i) 66,510 square feet at 875 Howard Street expiring on June 30, 2019; (ii) 185,292 square feet at 505 First expiring on October 18, 2021; and (iii) 42,954 square feet at 505 First expiring on December 31, 2023.

(10) NFL Enterprises by property and square footage: (i) 157,686 square feet at 10950 Washington and (ii) 9,919 square feet at 10900 Washington.

(11) GSA expirations by property and square footage: (i) 71,729 square feet at 1455 Market Street expiring on February 19, 2019; (ii) 28,993 square feet at Northview expiring on April 4, 2020;

(iii) 33,582 square feet at Rincon Center expiring May 31, 2020; (iv) 49,405 square feet at 901 Market Street expiring on July 31, 2021; and (v) 18,388 square feet at Concourse expiring on May 7, 2024.

32

Hudson Pacific Properties, Inc.

Third Quarter 2016 Supplemental Operating and Financial Data

OFFICE PORTFOLIO DIVERSIFICATION

Industry	Total Square Feet(1)	Annualized Rent as of Percent of Total
Business Services	1,034,951	8.8	%
Educational	100,454	1.1
Financial Services	911,111	7.0
Insurance	366,881	3.1
Legal	705,580	8.6
Media & Entertainment	1,437,097	13.6
Other	702,140	5.6
Real Estate	88,774	0.9
Retail	592,801	4.0
Technology	4,834,694	42.2
Advertising	125,220	0.9
Government	301,228	2.0
Healthcare	205,806	2.2
TOTAL	11,406,737	100.0	%

______________________________

(1) Does not include signed leases not commenced.

33

Hudson Pacific Properties, Inc.

Third Quarter 2016 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 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 lease intangible assets and liabilities and amortization of loan discounts/premium. 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.

Net Operating Income (NOI): We evaluate performance based upon property net operating income (“NOI”) from continuing operations. NOI is not a measure of operating results or cash flows from operating activities 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 define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI excludes corporate general and administrative expenses, depreciation and amortization, impairments, gain/loss on sale of real estate, interest expense, acquisition-related expenses and other non-operating items. NOI on a cash basis is NOI on a GAAP basis, adjusted to exclude the effect of straight-line rent and 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.

34