Page 2 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Forward-Looking Statements This Supplemental Information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally; adverse economic and real estate developments in Northern and Southern California, the Pacific Northwest and Western Canada; 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; and the consequences of any possible future terrorist attacks. These factors are not exhaustive. 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 filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Hudson Pacific Properties, Inc. from time to time with the SEC. 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. Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “we,” “us,” or “our.” Non-GAAP Measures This Supplemental Information includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental Information. Definitions of these non-GAAP financial measures can be found in the Definitions section of this Supplemental starting on page 55. The Company also presents the “Company’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures, and in some cases the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the joint venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.
Page 3 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Table of Contents Page Executive Summary, Corporate Data, Executive Management, Board of Directors, Equity Research Coverage, and Rating Agencies 4 Financial Information 9 Consolidated Balance Sheets 10 Consolidated Statements of Operations 11 Funds from Operations 12 Adjusted Funds from Operations 14 Same-Store Property Performance—Consolidated 15 Same-Store Property Performance—Company's Share 17 Net Operating Income (NOI) Detail 19 Debt Summary 21 Capital Structure 23 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance 24 Operational and Portfolio Information 26 In-Service Office Properties 27 In-Service Office Properties by Location 30 Studio Properties 32 Land Properties 33 Repositioning, Redevelopment, Development and Held For Sale Properties 34 Under Construction and Future Development Projects 36 Recently Completed, Under Construction and Planned Project Images 38 Office Tenant Industry Diversification 39 Fifteen Largest Office Tenants 40 Office Property Leasing Activity 42 Commenced Office Leases with Non-Recurring Upfront Abatements 44 Uncommenced Office Leases—Next Eight Quarters 46 Backfilled Office Leases—Next Eight Quarters 48 Expiring Office Leases—Next Eight Quarters 50 Expiring Office Leases—Annual 53 Definitions and Reconciliations 54 Definitions 55 Reconciliation of Net Income to Net Operating Income 57 Reconciliation of Net Income to Company's Share of Net Operating Income 58 Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) 59 Corporate Headquarters: 11601 Wilshire Boulevard, 9th Floor, Los Angeles, CA 90025 (310) 445-5700 Website: HudsonPacificProperties.com Investor Relations: Laura Campbell Executive Vice President, Investor Relations and Marketing (310) 622-1702 NYSE Trading Symbol: HPP
Page 4 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Executive Summary Hudson Pacific Properties acquires, redevelops and develops creative office and studio properties in the West Coast tech and media epicenters of Los Angeles, Silicon Valley, San Francisco, Seattle and Vancouver. We are the leading publicly traded owner of office space in Silicon Valley, one of the largest independent owners/operators of studios in Los Angeles, and our portfolio totals nearly 20 million square feet, including land for development, in our core markets. Our top-tier assets combined with our leasing and management expertise have enabled us to cultivate a tenant base of premier blue-chip and growth companies, like Google and Netflix. Our strategic focus is value creation through less capital- and time-intensive repositionings and redevelopments, although our deep in-house expertise allows us to execute on a full range of opportunities—from incremental lease-up to cutting-edge new construction. Financials (Compared to First Quarter 2020) • Net income attributable to common stockholders of $5.0 million ($0.03 per diluted share) compared to net income to common stockholders of $10.8 million ($0.07 per diluted share) • FFO, excluding specified items, of $73.5 million ($0.48 per diluted share) compared to $84.6 million ($0.54 per diluted share) • Total revenue increased 3.3% to $213.1 million Office Highlights • Executed 42 new and renewal leases totaling 524,353 square feet, with GAAP and cash rent growth of 12.2% and 2.4%, respectively • Stabilized and in-service office portfolios were 92.7% and 91.7% leased, respectively • Net operating income and cash net operating income for the consolidated 43 same-store properties decreased 3.7% and increased 2.6%, respectively Studio Highlights • Trailing 12-month occupancy for the three same-store studio properties was 89.6% • Net operating income and cash net operating income for the three same- store studio properties increased 4.1% and 6.4%, respectively Balance Sheet • Investment grade credit rated with $1.0 billion of total liquidity and no material maturities until 2023 Dividend • Declared and paid a quarterly dividend of $0.25 per share on common stock Capital Transactions • Repurchased 0.6 million shares of common stock ESG Leadership • Pledged $20 million over five years in impact investments and philanthropic donations to support innovative and holistic solutions to homelessness within the Company’s core markets COVID-19 Update • Collected 98% of first quarter contractual rents, specifically 99% of office, 100% of studio and 54% of storefront retail rents • Collected 99% of previously deferred rents owed first quarter Post-Quarter Highlights • Executed a 46,472-square-foot renewal lease with Dell EMC Corporation commencing October 2021 through January 2027 • Published 2020 Corporate Responsibility Report, which details the Company's accomplishments across its Better BlueprintTM focus areas of Sustainability, Health and Equity FFO Guidance • Provided second quarter 2021 guidance in the range of $0.46 to $0.48 per diluted share, excluding specified items Conference Call Information: Thursday, May 6, 2021 at 11:00 AM PST / 2:00 PM EST (877) 407-0784 (U.S.) | (201) 689-8560 (International)
Page 5 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Corporate Data(1) Unaudited, in thousands, except per share data March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Number of office properties owned 53 53 52 52 52 Office square feet(2) 15,583,010 15,550,750 14,870,607 14,856,553 14,851,524 Same-store office square feet(2)(3) 12,628,002 12,619,891 11,781,358 10,207,076 10,211,724 Same-store office leased rate as of end of period(3) 92.3 % 94.3 % 94.4 % 94.5 % 95.3 % Stabilized office square feet(2)(4) 13,571,956 13,574,582 12,909,362 12,924,852 12,689,728 Stabilized office leased rate as of end of period(4) 92.7 % 94.5 % 94.5 % 95.1 % 95.9 % In-service office square feet(2)(5) 14,491,731 14,530,261 13,865,041 13,880,531 13,876,339 In-service office leased rate as of end of period(5) 91.7 % 93.5 % 93.5 % 94.0 % 94.8 % Number of studio properties owned 3 3 3 3 3 Same-store studio square feet(2)(6) 1,224,403 1,224,403 1,224,403 1,224,403 1,224,403 Same-store studio leased rate as of end of period(7) 89.6 % 90.2 % 91.3 % 92.7 % 92.4 % Number of land properties owned 8 8 7 7 7 Land properties estimated square feet(8) 3,187,261 3,187,261 2,736,825 2,681,376 2,681,376 Total portfolio square feet 19,994,674 19,962,414 18,831,835 18,762,332 18,757,303 Company’s share of debt, net(9)(10) $ 2,826,943 $ 2,787,917 $ 2,341,602 $ 3,009,488 $ 2,928,874 Company’s share of market capitalization(9)(10) $ 7,106,345 $ 6,593,530 $ 6,081,014 $ 6,948,827 $ 6,928,704 Adjusted EBITDAre (annualized) / Consolidated debt, net(10) 7.3x 7.4x 6.4x 7.0x 6.8x Company’s share of debt, net/Company’s share of market capitalization(9)(10) 39.8 % 42.3 % 38.5 % 43.3 % 42.3 % Share data: FFO(10), excluding specific items, per common stock/unit—diluted(11) $ 0.48 $ 0.44 $ 0.43 $ 0.50 $ 0.54 Range of closing prices(11) $ 22.89 - 28.43 $ 19.26 - 27.96 $ 21.25 - 25.32 $ 19.89 - 29.27 $ 16.78 - 38.70 Closing price at quarter end $ 27.13 $ 24.02 $ 21.93 $ 25.16 $ 25.36 Weighted average fully diluted common stock/units outstanding(10) 152,504 152,576 154,774 155,013 157,501 Shares of common stock/units outstanding at end of period(10) 153,979 154,283 154,767 156,572 157,722 (1) Represents 100% share of consolidated and unconsolidated joint ventures, except with respect to the Company’s Share of debt, net, market capitalization, and the quotient of those amounts. (2) Property square footage 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) Same-store office defined as all properties owned and included in our office portfolio as of January 1, 2020 and still owned and included in our office portfolio as of March 31, 2021. (4) Stabilized office square feet and leased rate excludes the lease-up, land, repositioning, redevelopment, development and held for sale properties described on pages 28, 33 and 34. (5) In-service office square feet and leased rate includes the stabilized office and lease-up properties described on pages 27 and 28. (6) Same-store studio defined as all properties owned and included in our studio portfolio as of January 1, 2020 and still owned and included in our studio portfolio as of March 31, 2021. (7) Percent leased for same-store studio is the average percent leased for the 12 months ended as of the quarter indicated. (8) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to receipt of entitlement approvals not yet obtained. Includes the pending purchase of Washington 1000. (9) See capital structure on page 23 for additional detail. (10) See definitions starting on page 55. (11) For the quarter indicated.
Page 6 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Andy Wattula Executive Vice President, Pacific Northwest/ Canada Office Operations Nader Shah Senior Vice President, Construction and Development Natalie Teear Senior Vice President, Innovation, Sustainability and Social Impact Derric Dubourdieu Senior Vice President, Leasing Gary Hansel Senior Vice President, Southern California Bill Humphrey Senior Vice President, Sunset Studios Shawn McGarry Senior Vice President, Northern Operations Anne Mehrtens Senior Vice President, Studio Operations Jeff Stotland Senior Vice President, Global Studios Chuck We Senior Vice President, Western Canada Ken Young Senior Vice President, Leasing Executive Management Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Harout Diramerian Chief Financial Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Christopher Barton Executive Vice President, Development and Capital Investments Laura Campbell Executive Vice President, Investor Relations and Marketing Steve Jaffe Executive Vice President, Business Affairs Andrea Rupp Executive Vice President, Human Resources Dale Shimoda Executive Vice President, Finance Arthur X. Suazo Executive Vice President, Leasing Drew B. Gordon Executive Vice President, California Office Operations Our Executive Management is comprised of highly seasoned, approachable experts who embrace innovation and always think outside the box. Together, they have decades of experience leading successful publicly traded companies. They have bought, sold, operated, built and re-built real estate properties across cycles and in every major West Coast market, and in the process cultivated unparalleled industry relationships. Our culture starts at the top—a collaborative, entrepreneurial spirit, combined with integrity and a deep sense of fiduciary responsibility.
Page 7 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Board of Directors Our accomplished Directors are committed to sound corporate governance, and ensuring full compliance and accountability to shareholders in accordance with all laws and regulations. We believe that dedication to these principles and the highest ethical standards is essential to both short- and long-term value creation and preservation. We also recognize and embrace board diversity in all its facets—skills, experience, gender, ethnicity, race—as essential to maintaining our competitive advantage and attaining our strategic objectives. Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Executive Officer, Catellus Development Corporation Karen Brodkin Executive Vice President, Content Strategy and Development, Endeavor Richard B. Fried Managing Member, Farallon Capital Management, L.L.C. Jonathan M. Glaser Managing Member, JMG Capital Management LLC Robert L. Harris II Executive Chairman (retired), Acacia Research Corporation Christy Haubegger Executive Vice President and Chief Enterprise Inclusion Officer, WarnerMedia Mark D. Linehan President and Chief Executive Officer, Wynmark Company Robert M. Moran, Jr. Co-Founder and Co-Owner, FJM Investments LLC Barry A. Porter Managing General Partner, Clarity Partners L.P. Andrea Wong President (retired), International Production, Sony Pictures Television
Page 8 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Equity Research Coverage BMO Capital Markets Frank Lee | John Kim (415) 591-2129 | (212) 885-4115 BofA Securities James Feldman (646) 855-5808 BTIG Tom Catherwood (212) 738-6140 Citigroup Global Markets Michael Bilerman | Emmanuel Korchman (212) 816-1383 | (212) 816-1382 Goldman Sachs Richard Skidmore (801) 741-5459 Green Street Advisors Daniel Ismail (949) 640-8780 Jefferies LLC Peter Abramowitz (212) 336-7241 KeyBanc Capital Markets Craig Mailman (917) 368-2316 Mizuho Securities Omotayo Okusanya (646) 949-9672 Morgan Stanley Vikram Malhotra (212) 761-7567 Piper Sandler & Company Alexander Goldfarb (212) 466-7937 Robert W. Baird & Company David Rodgers (216) 737-7341 Scotiabank Nicholas Yulico (212) 225-6904 SMBC Nikko Securities Richard Anderson (646) 521-2351 Wells Fargo Securities Blaine Heck (443) 263-2949 Fitch Ratings Stephen Boyd (212) 908-9153 Rating Agencies Moody’s Investor Service Alice Chung (212) 553-2949 Standard & Poor’s Fernanda Hernandez (212) 438-1347
Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Financial Information
Page 10 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Consolidated Balance Sheets In thousands, except share data March 31, 2021 (Unaudited) December 31, 2020 ASSETS Investment in real estate, net $ 7,141,026 $ 7,112,269 Cash and cash equivalents 134,278 113,686 Restricted cash 35,055 35,854 Accounts receivable, net 19,634 22,105 Straight-line rent receivables, net 232,817 225,685 Deferred leasing costs and lease intangible assets, net 280,679 285,836 U.S. Government securities 133,790 135,115 Operating lease right-of-use asset 263,691 264,880 Prepaid expenses and other assets, net 78,948 72,667 Investment in unconsolidated real estate entities 83,917 82,105 TOTAL ASSETS $ 8,403,835 $ 8,350,202 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,454,815 $ 3,399,492 In-substance defeased debt 130,828 131,707 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 271,426 235,860 Operating lease liability 269,191 270,014 Lease intangible liabilities, net 46,190 49,144 Security deposits and prepaid rent 90,533 92,180 Total liabilities 4,329,119 4,244,533 Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 128,661 127,874 Equity Hudson Pacific Properties, Inc. stockholders’ equity Common stock, $0.01 par value, 490,000,000 authorized, 150,760,631 shares and 151,401,365 shares outstanding at March 31, 2021 and December 31, 2020, respectively 1,508 1,514 Additional paid-in capital 3,423,699 3,469,758 Accumulated other comprehensive loss (5,327) (8,133) Total Hudson Pacific Properties, Inc. stockholders’ equity 3,419,880 3,463,139 Non-controlling interest—members in consolidated real estate entities 476,573 467,009 Non-controlling interest—units in the operating partnership 39,787 37,832 Total equity 3,936,240 3,967,980 TOTAL LIABILITIES AND EQUITY $ 8,403,835 $ 8,350,202
Page 11 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Consolidated Statements of Operations Unaudited, in thousands, except share data Three Months Ended March 31, 2021 2020 REVENUES Office Rental $ 189,861 $ 181,113 Service and other revenues 2,282 5,314 Total office revenues 192,143 186,427 Studio Rental 12,153 12,915 Service and other revenues 8,823 6,885 Total studio revenues 20,976 19,800 Total revenues 213,119 206,227 OPERATING EXPENSES Office operating expenses 66,562 63,860 Studio operating expenses 11,453 10,650 General and administrative 18,449 18,618 Depreciation and amortization 82,761 73,763 Total operating expenses 179,225 166,891 OTHER INCOME (EXPENSE) Income (loss) from unconsolidated real estate entities 635 (236) Fee income 848 610 Interest expense (30,286) (26,417) Interest income 997 1,025 Transaction-related expenses — (102) Unrealized gain (loss) on non-real estate investments 5,775 (581) Other (expense) income (452) 314 Total other expense (22,483) (25,387) Net income 11,411 13,949 Net income attributable to preferred units (153) (153) Net income attributable to participating securities (278) (29) Net income attributable to non-controlling interest in consolidated real estate entities (6,630) (3,517) Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 682 633 Net income attributable to non-controlling interest in the operating partnership (50) (106) NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 4,982 $ 10,777 BASIC AND DILUTED PER SHARE AMOUNTS Net income attributable to common stockholders—basic $ 0.03 $ 0.07 Net income attributable to common stockholders—diluted $ 0.03 $ 0.07 Weighted average shares of common stock outstanding—basic 150,823,605 154,432,602 Weighted average shares of common stock outstanding—diluted 151,141,079 158,109,912
Page 12 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Funds from Operations(1) Unaudited, in thousands, except per share data Three Months Ended Quarter To Date March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 NET INCOME (LOSS) $ 11,411 $ (3,168) $ (1,362) $ 7,011 $ 13,949 Adjustments: Depreciation and amortization—Consolidated 82,761 77,351 75,052 73,516 73,763 Depreciation and amortization—Corporate-related (577) (566) (581) (574) (565) Depreciation and amortization—Company’s Share from unconsolidated real estate entities 1,511 1,424 1,445 1,355 1,381 Unrealized (gain) loss on non-real estate investments (5,775) 128 (513) 2,267 581 FFO attributable to non-controlling interests (16,717) (13,025) (10,725) (6,801) (7,093) FFO attributable to preferred units (153) (153) (153) (153) (153) FFO to common stockholders and unitholders 72,461 61,991 63,163 76,621 81,863 Specified items impacting FFO: Transaction-related expenses — — 181 157 102 One-time tax reassessment management cost — 5,500 — — — One-time straight-line rent reserve — — — — 2,620 One-time prior period net property tax adjustment 1,050 (702) — — — One-time debt extinguishment cost — — 2,654 — — FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 73,511 $ 66,789 $ 65,998 $ 76,778 $ 84,585 Weighted average common stock/units outstanding—diluted 152,504 152,576 154,774 155,013 157,501 FFO per common stock/unit—diluted $ 0.48 $ 0.41 $ 0.41 $ 0.49 $ 0.52 FFO (excluding specified items) per common stock/unit—diluted $ 0.48 $ 0.44 $ 0.43 $ 0.50 $ 0.54
Page 13 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (1) See definitions starting on page 55. Three Months Ended Twelve Months Ended Nine Months Ended Six Months Ended Three Months Ended Year To Date March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 NET INCOME $ 11,411 $ 16,430 $ 19,598 $ 20,960 $ 13,949 Adjustments: Depreciation and amortization—Consolidated 82,761 299,682 222,331 147,279 73,763 Depreciation and amortization—Corporate-related (577) (2,286) (1,720) (1,139) (565) Depreciation and amortization—Company’s Share from unconsolidated real estate entity 1,511 5,605 4,181 2,736 1,381 Unrealized (gain) loss on non-real estate investments (5,775) 2,463 2,335 2,848 581 FFO attributable to non-controlling interests (16,717) (37,644) (24,619) (13,894) (7,093) FFO attributable to preferred units (153) (612) (459) (306) (153) FFO to common stockholders and unitholders 72,461 283,638 221,647 158,484 81,863 Specified items impacting FFO: Transaction-related expenses — 440 440 259 102 One-time tax reassessment management cost — 5,500 — — — One-time straight-line rent reserve — 2,620 2,620 2,620 2,620 One-time prior period net property tax adjustment 1,050 (937) — — — One-time debt extinguishment cost — 2,654 2,654 — — FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 73,511 $ 293,915 $ 227,361 $ 161,363 $ 84,585 Weighted average common stock/units outstanding—diluted 152,504 154,084 155,422 155,908 157,501 FFO per common stock/unit—diluted $ 0.48 $ 1.84 $ 1.43 $ 1.02 $ 0.52 FFO (excluding specified items) per common stock/unit—diluted $ 0.48 $ 1.91 $ 1.46 $ 1.03 $ 0.54 Funds from Operations (continued) Unaudited, in thousands, except per share data
Page 14 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Adjusted Funds from Operations(1) Unaudited, in thousands Three Months Ended Quarter To Date March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 FFO $ 72,461 $ 61,991 $ 63,163 $ 76,621 $ 81,863 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (8,708) (806) (5,230) (14,330) (15,884) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 826 826 827 826 826 Amortization of deferred financing costs and loan discounts/ premiums, net 1,714 1,639 4,361 1,281 1,283 Non-cash compensation expense 3,538 8,314 4,791 4,723 4,895 Recurring capital expenditures, tenant improvements and lease commissions (18,022) (20,149) (19,922) (20,980) (24,144) AFFO $ 51,809 $ 51,815 $ 47,990 $ 48,141 $ 48,839 Dividends paid to common stock and unitholders $ 38,426 $ 38,370 $ 38,853 $ 38,890 $ 38,883 AFFO payout ratio 74.2 % 74.1 % 81.0 % 80.8 % 79.6 % Three Months Ended Twelve Months Ended Nine Months Ended Six Months Ended Three Months Ended Year To Date March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 FFO $ 72,461 $ 283,638 $ 221,647 $ 158,484 $ 81,863 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (8,708) (36,250) (35,444) (30,214) (15,884) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 826 3,305 2,479 1,652 826 Amortization of deferred financing costs and loan discounts/ premiums, net 1,714 8,564 6,925 2,564 1,283 Non-cash compensation expense 3,538 22,723 14,409 9,618 4,895 Recurring capital expenditures, tenant improvements and lease commissions (18,022) (85,195) (65,046) (45,124) (24,144) AFFO $ 51,809 $ 196,785 $ 144,970 $ 96,980 $ 48,839 Dividends paid to common stock and unitholders $ 38,426 $ 154,996 $ 116,626 $ 77,773 $ 38,883 AFFO payout ratio 74.2 % 78.8 % 80.4 % 80.2 % 79.6 % (1) See definitions starting on page 55.
Page 15 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Same-Store Property Performance—Consolidated(1) Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS—NET OPERATING INCOME Three Months Ended March 31, 2021 2020 % change SAME-STORE NET OPERATING INCOME(6) Total office revenues $ 165,808 $ 169,880 (2.4) % Total studio revenues 20,976 19,800 5.9 Same-store revenues 186,784 189,680 (1.5) Total office expenses 57,024 (7) 56,916 0.2 Total studio expenses 11,453 (8) 10,650 7.5 Same-store expenses 68,477 67,566 1.3 Same-store office net operating income 108,784 112,964 (3.7) NOI margin 65.6 % 66.5 % (0.9) Same-store studio net operating income 9,523 9,150 4.1 NOI margin 45.4 % 46.2 % (0.8) TOTAL SAME-STORE NET OPERATING INCOME $ 118,307 $ 122,114 (3.1) % NOI margin 63.3 % 64.4 % (1.1) SAME-STORE STATISTICS Three Months Ended March 31, 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 43 43 Rentable square feet 11,137,781 11,137,781 Ending % leased 91.6 % 95.4 % (3.8) % Ending % occupied 91.1 % 95.0 % (3.9) % Average % occupied for the period 91.7 % 95.1 % (3.4) % SAME-STORE STUDIO STATISTICS(4) Number of properties 3 3 Rentable square feet 1,224,403 1,224,403 Average % occupied for the period(5) 89.6 % 92.4 % (2.2)
Page 16 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Same-Store Property Performance—Consolidated(1) (continued) Unaudited, in thousands, except number of properties and square feet (1) The consolidated same-store property performance excludes the impact of our unconsolidated joint venture, Bentall Centre. (2) Same-store office for the three months ended March 31, 2021 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2020 and still owned and included in the stabilized office portfolio as of March 31, 2021. (3) See pages 27 and 28 for same-store office properties. (4) Same-store studio for the three months ended March 31, 2021 defined as all properties owned and included in our studio portfolio as of January 1, 2020 and still owned and included in our studio portfolio as of March 31, 2021. (5) Percent occupied for same-store studio is the average percent occupied for the 12 months ended March 31, 2021. (6) See page 57 for the reconciliation of net income to net operating income (NOI). (7) Same-store office expenses for the three months ended March 31, 2021 included a one-time property tax increase of $1.0 million resulting from reassessments at ICON and CUE. Adjusted for this item, the consolidated same-store office net operating income and consolidated same store office net operating income (cash basis) for the three months ended March 31, 2021 would have been (2.9)% and 3.6%, respectively. (8) Same-store studio expenses for the three months ended March 31, 2021 included a one-time property tax increase of $0.1 million resulting from reassessments at Sunset Bronson Studios. Adjusted for this item, the consolidated same-store studio net operating income and consolidated same store studio net operating income (cash basis) for the three months ended March 31, 2021 would have been 5.2% and 7.5%, respectively. SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended March 31, 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 157,768 $ 155,069 1.7 % Total studio cash revenues 20,953 19,651 6.6 Same-store cash revenues 178,721 174,720 2.3 Total office cash expenses 56,062 (7) 55,964 0.2 Total studio cash expenses 11,374 (8) 10,650 6.8 Same-store cash expenses 67,436 66,614 1.2 Same-store office net operating income (cash basis) 101,706 99,105 2.6 NOI margin 64.5 % 63.9 % 0.6 Same-store studio net operating income (cash basis) 9,579 9,001 6.4 NOI margin 45.7 % 45.8 % (0.1) SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 111,285 $ 108,106 2.9 % NOI margin 62.3 % 61.9 % 0.4
Page 17 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Same-Store Property Performance—Company’s Share(1) Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS—NET OPERATING INCOME Three Months Ended March 31, 2021 2020 % change SAME-STORE NET OPERATING INCOME(4) Total office revenues $ 140,986 $ 143,974 (2.1) % Same-store revenues 140,986 143,974 (2.1) Total office expenses 47,805 49,251 (2.9) Same-store expenses 47,805 49,251 (2.9) TOTAL SAME-STORE NET OPERATING INCOME $ 93,181 $ 94,723 (1.6) % NOI margin 66.1 % 65.8 % 0.3 SAME-STORE STATISTICS Three Months Ended March 31, 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 40 40 Rentable square feet 9,883,825 9,883,825 Ending % leased 90.7 % 94.8 % (4.1) % Ending % occupied 90.1 % 94.1 % (4.0) % Average % occupied for the period 91.8 % 94.0 % (2.2) % SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended March 31, 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 133,849 $ 139,238 (3.9) % Same-store cash revenues 133,849 139,238 (3.9) Total office cash expenses 47,123 48,426 (2.7) Same-store cash expenses 47,123 48,426 (2.7) SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 86,726 $ 90,812 (4.5) % NOI margin 64.8 % 65.2 % (0.4)
Page 18 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Same-Store Property Performance—Company’s Share(1) (continued) Unaudited, in thousands, except number of properties and square feet (1) On July 30, 2020, funds affiliated with Blackstone Property Partners acquired a 49% interest in our three Hollywood studios (Sunset Gower, Sunset Bronson and Sunset Las Palmas Studios) and five office properties (6040 Sunset, ICON, CUE, EPIC and Harlow). We retained a 51% ownership stake. Based on the change in our ownership percentage, these properties have been omitted from the Company’s Share of same-store population for the three months ended March 31, 2021. Included as part of the Company’s Share of same-store population for the three months ended March 31, 2021 is our unconsolidated joint venture, Bentall Centre, that was acquired during second quarter 2019. (2) Same-store office for the three months ended March 31, 2021 defined as the Company’s Share of all properties owned and included in our stabilized office portfolio as of January 1, 2020 and still owned and included in the stabilized office portfolio as of March 31, 2021. (3) See pages 27 and 28 for same-store office properties. (4) See page 58 for the reconciliation of net income to net operating income (NOI).
Page 19 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Net Operating Income (NOI) Detail Three Months Ended March 31, 2021 | Unaudited, in thousands Same-Store Office Properties(1) Same-Store Studio Properties(2) Non-Same-Store Office Properties(3) Repositioning/ Redevelopment /Development Properties(4) Lease-Up Properties(3) Total Properties REVENUE Cash rent $ 131,237 $ 11,839 $ 10,149 $ — $ 10,418 $ 163,643 Cash tenant recoveries 24,454 291 3,024 — 1,427 29,196 Straight-line rent 6,647 32 637 — (185) 7,131 Amortization of above-market and below-market leases, net 1,836 — 654 — 29 2,519 Amortization of lease incentive costs (443) (9) — — (23) (475) Total rental revenue(5) 163,731 12,153 14,464 — 11,666 202,014 Service and other revenues 2,077 8,823 92 3 110 11,105 Total revenue 165,808 20,976 14,556 3 11,776 213,119 OPERATING EXPENSES Property operating expenses 56,062 11,374 4,295 23 5,217 76,971 Straight-line rent 366 — — — — 366 Non-cash portion of interest expense 10 79 — 1 — 90 Amortization of above-market and below-market ground leases, net 586 — — — 2 588 Total operating expenses 57,024 11,453 4,295 24 5,219 78,015 TOTAL CONSOLIDATED NOI(5) $ 108,784 $ 9,523 $ 10,261 $ (21) $ 6,557 $ 135,104 COMPANY’S SHARE OF NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 2,989 (6) — — 2,989 TOTAL NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 13,069 (7) 4,199 (8) 3,540 (9) (4) (10) — 20,804 Square feet(11) 11,137,781 1,224,403 943,954 1,091,279 919,775 15,317,192 Ending % leased 91.6 % 89.6 % 97.5 % 60.0 % 77.9 % 88.7 % Ending % occupied 91.1 % 89.6 % 97.0 % — % 77.9 % 84.1 % NOI margin 65.6 % 45.4 % 70.5 % (700.0) % 55.7 % 63.4 % RECONCILIATION TO CASH NOI TOTAL NOI $ 108,784 $ 9,523 $ 10,261 $ (21) $ 6,557 $ 135,104 Straight-line rent, net (6,281) (32) (637) — 185 (6,765) Non-cash portion of interest expense 10 79 — 1 — 90 Amortization of above-market and below-market leases, net (1,836) — (654) — (29) (2,519) Amortization of lease incentive costs 443 9 — — 23 475 Amortization of above-market and below-market ground leases, net 586 — — — 2 588 TOTAL CONSOLIDATED CASH NOI $ 101,706 $ 9,579 $ 8,970 $ (20) $ 6,738 $ 126,973 COMPANY’S SHARE OF CASH NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 1,863 (6) — — 1,863 TOTAL CASH NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 12,908 (7) 4,226 (8) 3,621 (9) (4) (10) — 20,751
Page 20 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (1) See pages 27 and 28 for same-store office for the three months ended March 31, 2021. The consolidated same-store property performance in this table excludes the impact of our unconsolidated joint venture, Bentall Centre. (2) Same-store studio includes Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (3) See page 28 for non-same-store office and lease-up properties. (4) See page 34 for repositioning, redevelopment, development and held for sale properties. (5) See page 57 and 58 for all non-GAAP NOI reconciliations. (6) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. The amounts reflected have been converted from Canadian Dollars (“CAD”) to United States Dollars (“USD”) using the average monthly foreign currency exchange rate for the period presented. (7) We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market, Hill7 and Ferry Building. We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE and EPIC. (8) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (9) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (10) We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (11) Represents 100% ownership of our consolidated portfolio. Excludes square footage related to our unconsolidated joint venture, Bentall Centre. Net Operating Income Detail (NOI) (continued)
Page 21 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Debt Summary As of March 31, 2021 | Unaudited, in thousands Unsecured revolving credit facility Principal Amount(1) Interest Rate(2)(3) Contractual Maturity Date(4) Annual Debt Service(1) Balance at Maturity Capacity Undrawn Capacity Unsecured revolving credit facility $ — LIBOR + 1.05% to 1.50% 3/13/2022 $ — $ — $ 600,000 $ 600,000 Unsecured private placement Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Series A notes $ 110,000 4.34% 1/2/2023 $ 4,774 $ 110,000 Series B notes 259,000 4.69% 12/16/2025 12,147 259,000 Series C notes 56,000 4.79% 12/16/2027 2,682 56,000 Series D notes 150,000 3.98% 7/6/2026 5,970 150,000 Series E notes 50,000 3.66% 9/15/2023 1,830 50,000 TOTAL $ 625,000 $ 27,403 $ 625,000 Unsecured registered senior notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Issue Price as Percentage of Par Effective Yield 3.95% Registered senior notes—October 2017 $ 400,000 3.95% 11/1/2027 $ 15,800 $ 400,000 99.815 % 3.97% 4.65% Registered senior notes—February 2019 500,000 4.65% 4/1/2029 23,250 500,000 100.427 % 4.61% 3.25% Registered senior notes—October 2019 400,000 3.25% 1/15/2030 13,000 400,000 99.268 % 3.46% TOTAL $ 1,300,000 $ 52,050 $ 1,300,000 Secured notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share Undrawn Capacity Hollywood Media Portfolio(5) $ 900,000 LIBOR + 2.15% 8/9/2022 $ — $ 900,000 $ 459,000 $ — Acquired Hollywood Media Portfolio debt(5) (107,814) LIBOR + 3.31% 8/9/2022 — (107,814) (107,814) — Hollywood Media Portfolio, net 792,186 — 792,186 351,186 — 10950 Washington(6) 25,558 5.32% 3/11/2022 2,003 24,981 25,558 — One Westside and 10850 Pico 159,049 LIBOR + 1.70% 12/18/2023 — 159,049 119,287 255,551 Element LA 168,000 4.59% 11/6/2025 7,716 168,000 168,000 — 1918 Eighth(7) 314,300 LIBOR + 1.70% 12/18/2025 — 314,300 172,865 — Hill7(8) 101,000 3.38% 11/6/2028 3,414 101,000 55,550 — TOTAL $ 1,560,093 $ 13,133 $ 1,559,516 $ 892,446 $ 255,551
Page 22 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Debt Summary (continued) As of March 31, 2021 | Unaudited, in thousands Other consolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share In-substance defeased debt(9) $ 130,828 4.47% 10/1/2022 $ 9,391 $ 125,489 $ 98,121 Joint venture debt(10) $ 66,136 4.50% 10/9/2028 $ 2,976 $ 66,136 $ — Unconsolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share Bentall Centre(11) $ 508,178 CDOR + 1.75% 7/1/2024 $ — $ 508,178 $ 101,636 (1) See definitions starting on page 55. (2) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. (3) We have an option to make an irrevocable election to change the interest rate depending on our credit rating or a specified base rate plus an applicable margin. As of March 31, 2021, no such election had been made. (4) The maturity date may be extended once for an additional one-year term. (5) We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. The joint venture holds a $900.0 million mortgage loan secured by the Hollywood Media Portfolio. This loan has an initial term of two years from the first payment date, with three one-year extension options, subject to certain requirements. The Company and Blackstone purchased bonds comprising the loan in the amounts of $107.8 million and $12.5 million, respectively. (6) Monthly debt service includes annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity. (7) We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. This loan has an initial interest rate of LIBOR plus 1.70% per annum and is interest-only through the five-year term. (8) We own 55% of the ownership interest in the consolidated joint venture that owns Hill7. This loan bears interest only at 3.38% until November 6, 2026, at which time the interest rate will increase and monthly debt service will include principal payments with a balloon payment at maturity. The balance at maturity above excludes principal amortization. (9) We own 75% of the ownership interest in the consolidated joint venture that owns One Westside and 10850 Pico. The joint venture has, in substance, defeased the debt by purchasing U.S. Government securities, which are intended to generate cash flows to fund loan obligations through the early prepayment date of the debt. Monthly debt service includes annual debt amortization payments based on a 10-year amortization schedule with a balloon payment at maturity. (10) This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), our partner in the joint venture that owns Ferry Building. The maturity date may be extended twice for an additional two-year term each. (11) We own 20% of the ownership interest in the unconsolidated real estate investment that owns Bentall Centre. The loan was transacted in CAD. The principal balance shown is in USD using the foreign currency exchange rate as of March 31, 2021. The interest on the full amount has been effectively capped at 5.25% per annum through the use of an interest rate cap.
Page 23 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Capital Structure As of March 31, 2021 | Unaudited, in thousands, except share data and percentages Shares/Units Aggregate Principal Amount or $ Equivalent Unsecured private placement $ 625,000 Unsecured registered senior notes 1,300,000 Secured debt 1,560,093 Total Consolidated unsecured and secured debt(1) $ 3,485,093 Add: Series A preferred units 392,598 9,815 Total Consolidated debt(1) $ 3,494,908 Less: Cash and cash equivalents (134,278) Total Consolidated debt, net(1) $ 3,360,630 Add: Company’s share of unconsolidated real estate entity debt(2) 101,636 Less: Partners’ share of consolidated debt(3) (667,647) Less: Company’s share of unconsolidated real estate entities’ cash and cash equivalents (2,956) Add: Partners’ share of cash and cash equivalents 35,280 Company’s share of debt, net(1) $ 2,826,943 EQUITY Common stock 150,760,631 $ 4,090,136 Operating partnership units 1,381,624 37,483 Restricted stock and units 1,110,124 30,118 Dilutive shares(1) 726,524 19,711 TOTAL EQUITY 153,978,903 $ 4,177,448 (4) CONSOLIDATED MARKET CAPITALIZATION(1) $ 7,672,356 COMPANY’S SHARE OF MARKET CAPITALIZATION(1) $ 7,106,345 CONSOLIDATED DEBT, NET/CONSOLIDATED MARKET CAPITALIZATION 43.8 % COMPANY’S SHARE OF DEBT, NET/COMPANY’S SHARE OF MARKET CAPITALIZATION 39.8 % (1) See definitions starting on page 55. (2) Amount is calculated based on our percentage ownership interest in our unconsolidated joint venture entities. The amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. (3) Amount is calculated based on the outside partners’ percentage ownership interests in the consolidated joint venture entities. (4) Amount is calculated based on March 31, 2021 closing price of $27.13 per share of common stock.
Page 24 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Interest Rate(3) Years to Maturity COMPANY’S SHARE OF SECURED AND UNSECURED DEBT(1) Unsecured debt $1,925,000 65.9% 4.1% 6.7 Secured debt(4) 994,082 34.1% 2.5% 3.2 TOTAL $2,919,082 100.0% 5.5 COMPANY’S SHARE OF FLOATING AND FIXED-RATE DEBT Floating-rate debt $393,788 13.5% 1.9% 3.7 Fixed-rate debt(4)(5) 2,525,294 86.5% 3.8% 5.7 TOTAL $2,919,082 100.0% 5.5 Weighted average stated interest rate(3) 3.6% GAAP effective rate including unamortized deferred financing costs and loan discounts/premiums(6) 3.9% DEBT COVENANT COMPLIANCE Covenant Actual Performance UNSECURED REVOLVING CREDIT FACILITY, TERM LOAN AND PRIVATE PLACEMENT(7) Total liabilities to total asset value ≤ 60% 38.2% Unsecured indebtedness to unencumbered asset value ≤ 60% 37.3% Adjusted EBITDA to fixed charges ≥ 1.5x 3.5x Secured indebtedness to total asset value ≤ 45% 18.0% Unencumbered NOI to unsecured interest expense ≥ 2.0x 3.5x UNSECURED REGISTERED SENIOR NOTES(8) Debt to total assets ≤ 60% 41.0% Total unencumbered assets to unsecured debt ≥ 150% 290.3% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 3.7x Secured debt to total assets ≤ 45% 19.0%
Page 25 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (1) Includes the Company’s Share of principal amortization and maturities, based on contractual maturity dates, excluding: (i) in-substance defeased debt related to One Westside and 10850 Pico, (ii) unamortized deferred financing costs and loan discounts/premiums, and (iii) debt due to Allianz, our partner in the joint venture that owns Ferry Building. The Bentall Centre loan was transacted in CAD; the amounts reflected are shown in USD using the foreign currency exchange rate as of March 31, 2021. (2) Includes $351.2 million related to the Hollywood Media Portfolio loan maturing August 8, 2022. This loan has an initial term of two years from the first payment date with three one-year extension options, subject to certain requirements. (3) Rates as of March 31, 2021 include fixed-rate loans and variable-rate loans with effective fixed-rate as a result of derivative instruments on the full principal balance. Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rate for the unsecured revolving credit facility includes the LIBOR rate as of March 31, 2021. (4) On July 30, 2020 we closed a $900.0 million mortgage loan secured by the Hollywood Media Portfolio. We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. In addition, we purchased $107.8 million in bonds making up the Hollywood Media Portfolio loan. We repaid Term Loans B ($350.0 million) and D ($125.0 million) and instead of terminating the interest rate swaps on these loans, the swaps were designated under a first payments approach within hedge accounting, rather than of a specific piece of debt. Therefore, the interest rate on $475.0 million of the outstanding balance has been effectively fixed through the use of interest rate swaps. As of March 31, 2021 fixed LIBOR was 1.76% with respect to $350.0 million and 1.43% with respect to $125.0 million of the Hollywood Media Portfolio loan, respectively. The interest on the full amount has been effectively capped at 3.50% per annum through the use of an interest rate cap. (5) Includes instruments of fixed-rate debt and effective fixed-rate debt as a result of derivative instruments on the full principal balance. (6) Rates are as of March 31, 2021 and include deferred financing costs and loan discounts/premiums. (7) In November 2015 and July 2016, the operating partnership entered into private placement of debt. In March 2018, the operating partnership entered into an amended and restated credit agreement (the “Facility”), which modified terms related to its unsecured revolving credit facility and term loans. The table summarizes the existing covenants of these agreements and their covenant levels, when considering the most restrictive terms. The covenant and actual performance metrics above represent terms and definitions reflected in the Facility based on the financial results as of March 31, 2021. As of March 31, 2021, the operating partnership was in compliance with both the prior amended and restated credit agreements and the Facility. (8) On October 2017, the operating partnership completed an underwritten public offering of senior notes (the “3.95% Senior Notes”). On February 27, 2019, the operating partnership completed an underwritten public offering of $350.0 million of 4.65% Senior Notes, which were issued at 98.663% of par. On June 14, 2019, the operating partnership completed an underwritten public offering of $150.0 million of additional 4.65% Senior Notes, which were issued at a premium at 103.544% of par. On October 3, 2019, the operating partnership completed an underwritten public offering of $400.0 million of 3.25% Senior Notes, which were issued at 99.268% of par. The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.95% Senior Notes, 4.65% Senior Notes and 3.25% Senior Notes based on the financial results as of March 31, 2021. As of March 31, 2021, the operating partnership was in compliance with such indentures. Unsecured and Secured Debt Maturities, Composition and Covenant Compliance (continued)
Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Operational and Portfolio Information
Page 27 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 In-Service Office Properties(1) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) SAME-STORE(5) Vancouver, British Columbia Bentall Centre(6) Downtown Vancouver 1,490,221 97.3 % 98.0 % $ 41,501,272 $ 28.63 Subtotal 1,490,221 97.3 98.0 41,501,272 28.63 Greater Seattle, Washington Northview Center Lynnwood 182,009 63.6 67.7 2,731,617 23.60 Met Park North Denny Triangle 189,511 100.0 100.0 5,526,546 29.16 Hill7(7) Denny Triangle 285,310 99.1 99.1 11,190,702 39.60 450 Alaskan Pioneer Square 170,974 95.4 95.4 6,700,074 41.08 411 First Pioneer Square 163,768 89.6 89.6 4,863,756 33.15 505 First Pioneer Square 288,009 84.2 84.2 6,245,054 25.76 83 King Pioneer Square 183,939 78.1 78.1 6,151,059 42.84 Subtotal 1,463,520 87.7 88.2 43,408,808 33.82 San Francisco Bay Area, California 1455 Market(7) San Francisco 1,034,977 96.9 96.9 52,572,786 52.41 275 Brannan San Francisco 57,120 100.0 100.0 4,646,712 81.35 625 Second San Francisco 138,094 51.2 51.2 4,772,584 67.52 875 Howard San Francisco 286,003 99.9 99.9 15,353,671 53.74 901 Market San Francisco 205,530 96.9 96.9 12,574,787 63.15 Rincon Center(8) San Francisco 539,461 96.4 96.4 32,482,514 62.44 Ferry Building(7) San Francisco 268,018 92.9 92.9 21,890,957 87.96 Towers at Shore Center Redwood Shores 334,483 91.1 91.1 22,035,647 72.31 Skyway Landing Redwood Shores 247,173 79.5 82.2 11,553,028 58.77 555 Twin Dolphin Redwood Shores 198,936 84.7 84.7 10,781,139 63.95 Palo Alto Square Palo Alto 333,254 87.0 87.0 26,430,172 91.18 3176 Porter Palo Alto 42,899 100.0 100.0 3,290,983 76.71 3400 Hillview Palo Alto 207,857 100.0 100.0 15,008,606 72.21 Clocktower Square Palo Alto 100,655 100.0 100.0 8,790,504 87.33 Foothill Research Center Palo Alto 195,385 100.0 100.0 14,501,815 74.22 Page Mill Center(9) Palo Alto 94,542 82.4 82.4 6,179,025 79.28 Page Mill Hill Palo Alto 182,676 82.0 82.0 11,704,588 78.14 Gateway North San Jose 609,093 86.2 86.2 22,270,211 42.40 1740 Technology North San Jose 206,879 99.5 99.5 8,597,223 41.76 Concourse North San Jose 944,386 89.1 90.3 33,856,905 40.24 Metro Plaza(10) North San Jose 408,594 89.4 89.4 15,715,112 43.01 Skyport Plaza North San Jose 418,086 96.2 96.2 15,256,242 37.92 Techmart Santa Clara 284,440 75.2 75.7 10,443,786 48.86 Subtotal 7,338,541 90.9 91.2 380,708,997 57.05 Los Angeles, California 6922 Hollywood Hollywood 202,528 69.6 69.6 7,622,265 54.07
Page 28 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 In-Service Office Properties(1) (continued) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) 6040 Sunset(11) Hollywood 114,958 100.0 100.0 6,414,656 55.80 ICON(11) Hollywood 326,792 100.0 100.0 19,955,849 61.07 CUE(11) Hollywood 94,386 100.0 100.0 5,696,484 60.35 EPIC(11) Hollywood 301,127 100.0 100.0 20,597,087 68.40 Fourth & Traction Downtown Los Angeles 131,701 93.5 100.0 5,383,660 43.74 Maxwell(12) Downtown Los Angeles 102,963 94.8 94.8 — (12) — 604 Arizona West Los Angeles 44,260 100.0 100.0 3,129,220 70.70 3401 Exposition West Los Angeles 63,376 100.0 100.0 3,042,105 48.00 10900 Washington West Los Angeles 9,919 100.0 100.0 448,736 45.24 10950 Washington West Los Angeles 159,198 100.0 100.0 7,133,760 44.81 11601 Wilshire West Los Angeles 500,475 86.2 88.9 20,349,436 47.19 Element LA West Los Angeles 284,037 100.0 100.0 17,343,691 61.06 Subtotal 2,335,720 93.8 94.8 117,116,949 53.46 Total same-store 12,628,002 91.8 92.3 582,736,026 50.25 NON-SAME-STORE Greater Seattle, Washington 1918 Eighth(7) Denny Triangle 668,109 99.6 99.6 20,568,380 30.90 Subtotal 668,109 99.6 99.6 20,568,380 30.90 San Francisco Bay Area, California Shorebreeze Redwood Shores 230,932 89.0 91.0 13,018,429 63.31 Subtotal 230,932 89.0 91.0 13,018,429 63.31 Los Angeles, California 10850 Pico(13) West Los Angeles 44,913 100.0 100.0 1,940,536 43.21 Subtotal 44,913 100.0 100.0 1,940,536 43.21 Total non-same-store 943,954 97.0 97.5 35,527,345 38.78 Total Stabilized 13,571,956 92.2 92.7 618,263,371 49.41 Company’s Share of Total Stabilized 10,942,907 90.9 91.4 510,971,550 51.39 LEASE-UP San Francisco Bay Area, California Metro Center Foster City 736,986 78.7 78.7 34,579,979 59.62 333 Twin Dolphin Redwood Shores 182,789 74.9 74.9 8,307,426 60.68 Subtotal 919,775 77.9 77.9 42,887,405 59.82 Total lease-up 919,775 77.9 77.9 42,887,405 59.82 TOTAL IN-SERVICE 14,491,731 91.3 91.7 661,150,776 49.97 (14) COMPANY’S SHARE OF TOTAL IN-SERVICE 11,862,682 89.9 % 90.3 % $ 553,858,955 $ 51.96 (15)
Page 29 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (1) In-service office excludes the land, repositioning, redevelopment, development and held for sale properties described on pages 33 and 34. We define lease-up properties as office properties that have not yet reached 92.0% occupancy since the date acquired or placed under redevelopment or development. (2) Square footage for office properties 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 March 31, 2021, 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 or deferments)) under commenced leases as of March 31, 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 March 31, 2021. Annualized base rent does not reflect tenant reimbursements. (5) Defined as all properties owned and included in our stabilized office portfolio as of January 1, 2020 and still owned and included in the stabilized office portfolio as of March 31, 2021. (6) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. (7) We own 55% of the ownership interest in the consolidated joint ventures that own Hill7, 1455 Market, Ferry Building and 1918 Eighth. (8) 20,047 square feet at Rincon Center was taken off-line for repositioning as of third quarter 2019. An additional 1,935 square feet was take off-line for repositioning as of third quarter 2020, and an additional 14,923 square feet was taken off-line for repositioning as of the fourth quarter 2020. (9) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was take off-line for repositioning as of third quarter 2020. (10) 17,624 square feet at Metro Plaza was taken off-line for repositioning as of fourth quarter 2019. An additional 30,851 square feet was taken off-line for repositioning as of first quarter 2020. The total repositioning space was re-measured during third quarter 2020 to 61,066 square feet. (11) We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE and EPIC. (12) WeWork Companies Inc. shall pay substitution rent in an amount equal to 70% of net revenues actually received during each full calendar month for the remainder of the lease term in lieu of paying monthly base rent. We reserve the option to terminate this lease in its entirety or as to a full floor of the premises at any time by providing a minimum 60 days’ written notice. (13) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. 40,337 square feet at 10850 Pico was taken off-line for repositioning as of first quarter 2020. An additional 10,737 square feet was taken off-line for repositioning as of first quarter 2021. The total repositioning space was re-measured during first quarter 2021 to 51,417 square feet. (14) Included as part of total in-service occupied and leased square footage is 143,350 square feet of existing leases that have been amended or signed as of first quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $50.52. (15) Included as part of the Company’s share of total in-service occupied and leased square footage is 134,302 square feet of existing leases that have been amended or signed as of first quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $52.62. In-Service Office Properties(1) (continued)
Page 30 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 In-Service Office Properties by Location(1) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 29. (5) Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. Properties 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) STABILIZED Vancouver, British Columbia Downtown Vancouver(5) 1 1,490,221 1,449,671 97.3 % 1,460,018 98.0 % $ 41,501,272 $ 28.63 Subtotal 1 1,490,221 1,449,671 97.3 1,460,018 98.0 41,501,272 28.63 Greater Seattle, Washington Lynnwood 1 182,009 115,728 63.6 123,180 67.7 2,731,617 23.60 Denny Triangle 3 1,142,930 1,137,657 99.5 1,137,657 99.5 37,285,628 32.77 Pioneer Square 4 806,690 695,824 86.3 695,824 86.3 23,959,943 34.43 Subtotal 8 2,131,629 1,949,209 91.4 1,956,661 91.8 63,977,188 32.82 San Francisco Bay Area, California San Francisco 7 2,529,203 2,384,765 94.3 2,384,765 94.3 144,294,011 60.51 Redwood Shores 4 1,011,524 875,527 86.6 886,644 87.7 57,388,243 65.55 Palo Alto 7 1,157,268 1,064,385 92.0 1,064,385 92.0 85,905,693 80.71 North San Jose 5 2,587,038 2,340,254 90.5 2,351,445 90.9 95,695,693 40.89 Santa Clara 1 284,440 213,762 75.2 215,338 75.7 10,443,786 48.86 Subtotal 24 7,569,473 6,878,693 90.9 6,902,577 91.2 393,727,426 57.24 Los Angeles, California Hollywood 5 1,039,791 978,240 94.1 978,240 94.1 60,286,341 61.63 West Los Angeles 7 1,106,178 1,036,918 93.7 1,050,752 95.0 53,387,484 51.49 Downtown Los Angeles 2 234,664 220,676 94.0 229,280 97.7 5,383,660 24.40 Subtotal 14 2,380,633 2,235,834 93.9 2,258,272 94.9 119,057,485 53.25 Total Stabilized 47 13,571,956 12,513,407 92.2 12,577,528 92.7 618,263,371 49.41 Company's Share of Total Stabilized 47 10,942,907 9,942,153 90.9 9,997,996 91.4 510,971,550 51.39
Page 31 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 In-Service Office Properties by Location(1) (continued) Properties 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) LEASE-UP San Francisco Bay Area, California Foster City 1 736,986 580,025 78.7 580,025 78.7 34,579,979 59.62 Redwood Shores 1 182,789 136,903 74.9 136,903 74.9 8,307,426 60.68 Subtotal 2 919,775 716,928 77.9 716,928 77.9 42,887,405 59.82 Total Lease-up 2 919,775 716,928 77.9 716,928 77.9 42,887,405 59.82 TOTAL IN-SERVICE 49 14,491,731 13,230,335 91.3 % 13,294,456 91.7 % $ 661,150,776 $ 49.97 (6) COMPANY'S SHARE OF TOTAL IN-SERVICE 49 11,862,682 10,659,081 89.9 % 10,714,924 90.3 % $ 553,858,955 $ 51.96 (7) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 29. (6) Included as part of total in-service occupied and leased square footage is 137,724 square feet of existing leases that have been amended or signed during third quarter 2020 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $50.50. (7) Included as part of the Company’s share of total in-service occupied and leased square footage is 128,676 square feet of existing leases that have been amended or signed during third quarter 2020 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $52.60.
Page 32 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (1) Same-store studio defined as all studios owned and included in our portfolio as of January 1, 2020 and still owned and included in our portfolio as of March 31, 2021. (2) Percent leased for same-store studio is the average percent leased for the 12 months ended March 31, 2021. (3) Annual base rent for same-store studio reflects actual base rent for the 12 months ended March 31, 2021, excluding tenant reimbursements. (4) Annual base rent per leased square foot for same-store studio calculated as (i) annual base rent divided by (ii) square footage under lease as of March 31, 2021. (5) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios. Square Feet Percent of Total Percent Leased Annual Base Rent Annual Base Rent Per Leased Square Foot Sunset Gower Studios 531,756 43.4 % 90.2 % $ 18,828,719 $ 39.24 Sunset Bronson Studios 308,026 25.2 98.9 12,533,629 41.12 Sunset Las Palmas Studios 384,621 31.4 81.3 13,058,248 42.52 Total same-store studio(1) 1,224,403 100.0 % 89.6 % (2) $ 44,420,596 (3) $ 40.48 (4) TOTAL STUDIO 1,224,403 100.0 % 89.6 % $ 44,420,596 $ 40.48 COMPANY'S SHARE OF TOTAL STUDIO(5) 624,446 89.6 % $ 22,654,504 $ 40.48 Studio Properties
Page 33 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Land Properties (1) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals that have not yet been obtained. (2) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. The construction of Bentall Centre—Development may require the demolition of certain retail square footage. (3) The final purchase of Washington 1000 is pending as of March 31, 2021. Square footage represents condominium rights to build a fully entitled 16-story office tower. (4) Square footage for Sunset Bronson Studios Lot D—Development represents management’s estimate of developable square footage for 33 residential units. (5) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (6) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (7) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset LA—Development. Submarket Square Feet(1) Percent of Total Vancouver, British Columbia Bentall Centre—Development(2) Downtown Vancouver 450,000 14.1 % Subtotal 450,000 14.1 % Greater Seattle, Washington Washington 1000(3) Denny Triangle 538,164 16.9 % Subtotal 538,164 16.9 % San Francisco Bay Area, California Cloud10 North San Jose 350,000 11.0 % Subtotal 350,000 11.0 % Los Angeles, California Sunset Bronson Studios Lot D—Development(4)(5) Hollywood 19,816 0.6 % Sunset Gower Studios—Development(5)(6) Hollywood 478,845 15.0 % Sunset Las Palmas Studios—Development(5) Hollywood 617,581 19.4 % Sunset LA—Development(7) Los Angeles 232,855 7.3 % Element LA West Los Angeles 500,000 15.7 % Subtotal 1,849,097 58.0 % TOTAL LAND 3,187,261 100.0 % COMPANY’S SHARE OF TOTAL LAND 2,163,875
Page 34 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Repositioning, Redevelopment, Development and Held For Sale Properties(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)Submarket REPOSITIONING(5) Greater Seattle, Washington 95 Jackson(6) Pioneer Square 35,904 — — % — — % — $ — Subtotal 35,904 — — — — — — San Francisco Bay Area, California Rincon Center(7) San Francisco 36,905 — — — — — — Page Mill Center(8) Palo Alto 79,056 — — — — — — Metro Plaza(9) North San Jose 61,066 — — — — — — Subtotal 177,027 — — — — — — Los Angeles, California 10850 Pico(10) West Los Angeles 51,417 — — — — — — Subtotal 51,417 — — — — — — Total repositioning 264,348 — — — — — — REDEVELOPMENT Los Angeles, California One Westside West Los Angeles 584,000 — — 584,000 (11) 100.0 — — Del Amo(12) Torrance 113,000 — — — — — — Total redevelopment 697,000 — — 584,000 83.8 — — DEVELOPMENT Los Angeles, California Harlow(13) Hollywood 129,931 — — 70,285 54.1 — — Total development 129,931 — — 70,285 54.1 — — TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD FOR SALE 1,091,279 — — % 654,285 60.0 % $ — $ — COMPANY’S SHARE OF TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD FOR SALE 868,759 — — % 473,845 54.5 % $ — $ — (1) Excludes in-service office and land properties with exception of land properties held for sale (see pages 27, 28 and 33). The timing of completion of our projects may be impacted by factors outside of our control, including government restrictions and/or social distancing requirements affecting construction projects due to the COVID-19 pandemic. (2) Square footage determined by management based upon estimated leasable square footage, 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.
Page 35 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of March 31, 2021, 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 or deferments)) under commenced leases as of March 31, 2021, by (ii) 12. Annualized base rent per square foot for office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced lease as of March 31, 2021. Annualized base rent does not reflect tenant reimbursements. (5) Reclassification of a portion of an asset for purposes of improving its quality and value through investment of significant capital, resulting in substantial down time in occupancy. (6) 35,904 square feet at 95 Jackson was taken off-line for repositioning as of first quarter 2021. (7) 20,047 square feet at Rincon Center was taken off-line for repositioning as of third quarter 2019. An additional 1,935 square feet was take off-line for repositioning as of third quarter 2020, and an additional 14,923 square feet was taken off-line for repositioning as of the fourth quarter 2020. (8) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was take off-line for repositioning as of third quarter 2020. (9) 17,624 square feet at Metro Plaza was taken off-line for repositioning as of fourth quarter 2019. An additional 30,851 square feet was taken off-line for repositioning as of first quarter 2020. The total repositioning space was re-measured during third quarter 2020 to 61,066 square feet. (10) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. 40,337 square feet at 10850 Pico was taken off-line for repositioning as of first quarter 2020. An additional 10,737 square feet was taken off-line for repositioning as of first quarter 2021. The total repositioning space was re-measured during first quarter 2021 to 51,417 square feet. (11) Google, Inc. signed a 584,000-square-foot lease for approximately 14.3 years. The entire premises is anticipated to be delivered for construction of tenant improvements to Google, Inc. during first quarter 2022. Monthly base rent payments are anticipated to commence during third quarter 2022 with base rent abatements from the second through ninth month following rent commencement. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (12) 113,000 square feet at Del Amo was taken off-line for redevelopment as of first quarter 2020. (13) We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. During first quarter 2021, in connection with the 70,285-square-foot lease signed with Company 3, the total building size for Harlow was remeasured to 129,931 square feet. Repositioning, Redevelopment, Development and Held For Sale Properties(1) (continued)
Page 36 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Under Construction and Future Development Projects Unaudited, in thousands, except square feet (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 issuance of building permit or equivalent. (3) Based on receipt of a temporary certificate of occupancy or equivalent. The timing of completion of our projects may be impacted by factors outside of our control, including government restrictions and/or social distancing requirements affecting construction projects due to the COVID-19 pandemic. (4) Based on management’s estimate of stabilized occupancy (92.0%). Occupancy for stabilization purposes defined as the commencement of base rental payments (defined as cash base rents (after abatements)). (5) Square footage for office properties determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained. Estimated Construction Period Project Costs(1) Submarket Start Date(2) Estimated Completion Date(3) Estimated Stabilization Date(4) Estimated Square Feet(5) Total % Leased Project Costs as of 3/31/21 Total Estimated Project Costs Estimated Initial Stabilized Yield on Project Costs(6) UNDER CONSTRUCTION One Westside West Los Angeles Q4-2019 Q1-2022 Q2-2023 584,000 100.0 % (7) $ 327,815 (8) $500,000-$550,000 (8) 7.50%-8.00% (8) Total under construction 584,000 $ 327,815 FUTURE DEVELOPMENT PIPELINE Washington 1000 Denny Triangle TBD TBD TBD 538,164 N/A $ 26,879 (9) $325,000- $350,000 (9) 6.75%-7.25% Bentall Centre—Development(10) Downtown Vancouver TBD TBD TBD 450,000 N/A N/A TBD TBD Element LA—Development West Los Angeles TBD TBD TBD 500,000 N/A N/A TBD TBD Sunset LA—Development(11) Los Angeles TBD TBD TBD 232,855 N/A $ 14,626 TBD TBD Sunset Bronson Studios Lot D—Development(12) Hollywood TBD TBD TBD 19,816 N/A N/A TBD TBD Sunset Gower Studios— Development(12)(13) Hollywood TBD TBD TBD 478,845 N/A $ 7,398 TBD TBD Sunset Las Palmas Studios—Development(12) Hollywood TBD TBD TBD 617,581 N/A $ 21,451 (14) TBD TBD Cloud10 North San Jose TBD TBD TBD 350,000 N/A $ 13,228 (15) TBD TBD Total future development 3,187,261 TOTAL 3,771,261
Page 37 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (6) Estimated initial stabilized yield on project costs calculated as the quotient of the estimated NOI and our investment in the property once the project has reached stabilization 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 current estimates, which may be updated upon completion of the project or sooner if there are significant changes to the expected project yields or costs. We caution against placing 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. (7) Google, Inc. signed a 584,000-square-foot lease for approximately 14.3 years anticipated to commence upon completion of construction and build-out of tenant improvements in 2022. Please see page 35 for description of rent phasing and abatements. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (8) On March 1, 2018, we entered into a joint venture with Macerich WSP, LLC (“Macerich”) to redevelop Westside Pavilion, a shopping mall in West Los Angeles, into 584,000 square feet of creative office space (now referred to as One Westside), while preserving 95,987 square feet of existing retail and entertainment space (now referred to as 10850 Pico). Total estimated projects costs for One Westside are in the range of $500.0 - $550.0 million, with each partner contributing its prorata share. Total estimated project costs, as well as project costs as of March 31, 2021 for One Westside include the $140.0 million purchase price paid by the joint venture in August 2018 for related existing buildings and land, and exclude an additional $50.0 million paid by the joint venture, which is allocated to the fully operational 10850 Pico. One Westside total estimated project costs and project costs as of March 31, 2021 are not prorated for the joint venture ownership and do not include: (i) operating results from March 1, 2018 through February 1, 2019, (ii) defeasance costs, and (iii) debt service associated with the defeased debt. Estimated yields at stabilization for One Westside will range between 7.50% - 8.00%. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (9) Total estimated project costs for Washington 1000 include $86.0 million for management’s estimate of allocated land and acquisition costs. As of March 31, 2021 we have incurred $26.9 million of project costs with the remaining $59.1 million of management’s estimate of allocated land and acquisition costs due upon the deliverance of the podium by the State of Washington, which is anticipated to occur during fourth quarter 2021. The Company could commence construction upon delivery of the podium. (10) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre—Development. (11) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset LA—Development. (12) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (13) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (14) Project costs as of March 31, 2021 for Sunset Las Palmas Studios—Development include $20.8 million for management’s estimate of allocated land and acquisition costs. (15) Project costs as of March 31, 2021 for Cloud10 include approximately $10.5 million for management’s estimate of allocated land and acquisition costs. Under Construction and Future Development Projects (continued)
Page 38 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Recently Completed, Under Construction and Planned Project Images Maxwell | Redevelopment Los Angeles (Arts District) 102,963 SF | Completed 1Q19 Multi-Tenant EPIC | Development Los Angeles (Hollywood) 301,127 SF | Completed 4Q19 Single Tenant (Netflix, Inc.) Harlow | Development Los Angeles (Hollywood) 129,931 SF | Completed 3Q20 Single or Multi-Tenant One Westside | Redevelopment Los Angeles (West Los Angeles) 584,000 SF | Completion 1Q22 Single Tenant (Google, Inc.) Cloud10 | Development Silicon Valley (North San Jose) 350,000(1) SF | Completion TBD Single Tenant (Build-to-Suit) Sunset Gower Studios | Development Los Angeles (Hollywood) 478,845(1) SF | Completion TBD Single or Multi-Tenant (1) Square footage for office properties determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained. Washington 1000 | Development Seattle (Denny Triangle) 538,164(1) SF | Completion TBD Single or Multi-Tenant Recently Completed Under Construction Planned Bentall Centre | Development Vancouver (Downtown) 450,000(1) SF | Completion TBD Single or Multi-Tenant
Page 39 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Office Tenant Industry Diversification(1) INDUSTRY DIVERSIFICATION Company’s Share Industry Square Feet(2)(3) Annualized Base Rent as Percent of Total Square Feet(2)(4) Annualized Base Rent as Percent of Total Technology 4,768,744 37.9 % 4,197,871 40.1 % Media and Entertainment 1,777,255 15.7 1,295,654 13.5 Legal 688,459 7.2 629,359 8.3 Business Services 1,218,996 (5) 8.4 951,074 (6) 8.2 Financial Services 1,157,000 8.4 821,474 7.8 Other 785,651 6.1 615,061 6.4 Retail 1,262,143 (7) 6.5 957,498 (8) 6.0 Real Estate 490,705 3.1 259,028 2.4 Healthcare 210,236 1.9 199,085 2.2 Insurance 247,957 1.7 192,711 1.7 Educational 144,969 1.3 140,014 1.5 Government 233,594 1.2 180,328 1.2 Advertising 60,075 0.6 55,656 0.7 TOTAL 13,045,784 100.0 % 10,494,813 100.0 % (1) Industries and sectors are determined by management using Thompson Reuters Business Classification and are presented in order of Company’s Share of annualized base rent. (2) Excludes signed leases not commenced. (3) Excludes 184,551 square feet occupied by the Company. (4) Excludes 164,267 square feet occupied by the Company. (5) Includes 543,757 square feet occupied by co-working tenants (represents 3.3% of total annualized base rent). (6) Includes 351,684 square feet occupied by co-working tenants (represents 2.4% of the Company’s Share of total annualized base rent). (7) Includes 427,372 square feet of storefront retail (represents 2.2% of total annualized base rent). (8) Includes 379,695 square feet of storefront retail (represents 2.2% of the Company’s Share of total annualized base rent). TECHNOLOGY DIVERSIFICATION Company’s Share Sector Square Feet(2) Annualized Base Rent as Percent of Total Square Feet(2) Annualized Base Rent as Percent of Total Online services 1,116,806 30.1 % 1,011,310 31.7 % Software 1,267,914 25.2 1,205,984 27.0 Computer hardware and technology equipment 1,102,043 17.6 1,067,146 19.2 Business support services 712,156 14.9 498,100 12.0 Other 411,595 8.6 264,584 6.2 Biotechnology, healthcare and medical research 107,013 2.6 107,013 2.9 Telecommunications and networking 51,217 1.0 43,734 1.0 TOTAL 4,768,744 100.0 % 4,197,871 100.0 % MEDIA AND ENTERTAINMENT DIVERSIFICATION Company’s Share Sector Square Feet(2) Annualized Base Rent as Percent of Total Square Feet(2) Annualized Base Rent as Percent of Total Entertainment production and service 1,247,398 70.3 % 786,639 60.0 % Gaming 361,056 22.0 351,274 29.9 Advertising and marketing 110,574 5.4 110,574 7.5 Other 58,227 2.3 47,167 2.6 TOTAL 1,777,255 100.0 % 1,295,654 100.0 %
Page 40 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Company’s Share Tenant(1) Property Lease Expiration Total Occupied Square Feet Total Occupied Square Feet Percent of Rentable Square Feet Annualized Base Rent(2) Percent of Annualized Base Rent Credit Rating(3) Market Capitalization (in billions)(3)Moody’s S&P 1 Google, Inc. Various Various 640,726 (4) 622,117 4.9% $ 48,315,895 8.7% Aa2 AA+ $ 1,392.6 2 Netflix, Inc. Various 9/30/2031 722,305 (5) 368,376 2.9 23,587,204 4.3 Ba3 BB+ 231.0 3 Nutanix, Inc. Various 5/31/2024 439,406 (6) 439,406 3.5 17,964,505 3.2 5.4 4 Riot Games, Inc. Element LA 3/31/2030 284,037 (7) 284,037 2.2 17,343,691 3.1 5 Qualcomm Skyport Plaza 7/31/2022 376,817 376,817 3.0 14,505,947 2.6 A2 A- 150.6 6 Salesforce.com Rincon Center Various 265,394 (8) 265,394 2.1 14,140,695 2.6 A2 A 195.1 7 Amazon Various Various 710,862 (9) 453,895 3.6 13,813,709 2.5 A2 AA- 1,558.1 8 Square, Inc. 1455 Market(10) 9/27/2023 469,056 257,981 2.0 12,973,776 2.3 103.2 9 Dell EMC Corporation Various Various 311,795 (11) 311,795 2.4 12,241,847 2.2 10 Uber Technologies, Inc. 1455 Market(10) 2/28/2025 325,445 178,995 1.4 9,579,294 1.7 B2 B 101.4 11 NFL Enterprises Various 12/31/2023 167,606 (12) 167,606 1.3 7,582,495 1.4 12 GitHub, Inc. Various 6/30/2025 92,450 (13) 92,450 0.7 6,554,532 1.2 13 Weil, Gotshal & Manges LLP Towers at Shore Center 8/31/2026 76,278 76,278 0.6 5,580,351 1.0 14 WeWork Companies Inc. Various Various 374,542 (14) 203,077 1.6 5,465,660 1.0 15 Regus Various Various 123,420 (15) 123,420 1.0 5,427,083 1.0 4.8 TOTAL 5,380,139 4,221,644 33.2% $ 215,076,684 38.8% (1) Presented in order of Company’s Share of annualized base rent. (2) 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 March 31, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. Annualized base rents related to Bentall Centre have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. (3) Credit rating and market capitalization data provided by Bloomberg as of March 31, 2021. (4) Google, Inc. expirations by square footage and property: (i) 182,672 square feet at Foothill Research Center expiring on February 28, 2025, (ii) 208,843 square feet at Rincon Center expiring on February 29, 2028, (iii) 207,857 square feet at 3400 Hillview expiring on November 30, 2028, and (iv) 41,354 square feet at Ferry Building expiring on October 31, 2029. We own 55% of the ownership interest in the consolidated joint venture that owns Ferry Building. Google, Inc. may elect to exercise its early termination right at Rincon Center for 166,460 square feet effective April 15, 2025 by delivering written notice on or before January 15, 2024. Google, Inc. may elect to exercise its early termination right at 3400 Hillview for 207,857 square feet effective no earlier than February 1, 2025 and no later than February 1, 2027 by delivering written notice on or before February 1, 2024. At One Westside, Google, Inc. is expected to take possession of an additional 584,000 square feet during first quarter 2022. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. Please see page 35 for description of rent phasing and abatements. (5) Netflix, Inc. expirations by square footage and property: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC, and (iii) 94,386 square feet at CUE. We own 51% of the ownership interest in the consolidated joint venture that owns ICON, EPIC and CUE. Fifteen Largest Office Tenants
Page 41 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (6) Nutanix, Inc. expirations by square footage and property: (i) 199,445 square feet at 1740 Technology, (ii) 131,351 square feet at Concourse, and (iii) 108,610 square feet at Metro Plaza. At 1740 Technology, Nutanix, Inc. is expected to take possession of an additional 6,413 square feet during second quarter 2022. All leases for Nutanix, Inc. will expire on May 31, 2024. (7) Riot Games, Inc. may elect to exercise its early termination right for the entire premises effective February 28, 2025 by delivering written notice on or before February 29, 2024. (8) Salesforce.com expirations by square footage: (i) 83,016 square feet expiring on July 31, 2025, (ii) 83,372 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. Salesforce.com subleased 259,416 square feet at Rincon Center to Twilio Inc. during third quarter 2018. Effective January 30, 2019, we entered into an agreement to reimburse Salesforce.com approximately $6.3 million for costs incurred in connection with the sublease. We are entitled to recoup this cost from amounts paid pursuant to the sublease commencing February 1, 2019, of which we have been fully reimbursed as of March 31, 2020. Thereafter, Salesforce.com has paid us 50% of any amounts received pursuant to the sublease, such that we began receiving an average of $340,000 per month of sublease cash rents starting June 2020, with annual growth thereafter. (9) Amazon expirations by square footage and property: (i) 139,824 square feet at Met Park North expiring on November 30, 2023 and (ii) 571,038 square feet at 1918 Eighth expiring on September 30, 2030. At 1918 Eighth, Amazon is expected to take possession of an additional 35,524 square feet during second quarter 2021. We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (10) We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market. (11) Dell EMC Corporation expirations by square footage and property: (i) 185,292 square feet at 505 First expiring on October 18, 2021, (ii) 42,954 square feet at 505 First expiring on December 31, 2023, and (iii) 83,549 square feet at 875 Howard expiring on June 30, 2026. Subsequent to March 31, 2021, Dell EMC Corporation signed an extension for 46,472 square feet at 505 First expiring on January 31, 2027. Effective as of the commencement of the renewal, Dell EMC Corporation will surrender 138,820 square feet, resulting in 89,426 square feet of on-going occupancy. (12) NFL Enterprises by square footage and property: (i) 157,687 square feet at 10950 Washington and (ii) 9,919 square feet at 10900 Washington. NFL Enterprises may elect to exercise its early termination right for the entire premises effective December 31, 2022 by delivering written notice on or before September 30, 2021. (13) GitHub Inc. expirations by square footage and property: (i) 57,120 square feet at 275 Brannan and (ii) 35,330 square feet at 625 Second. (14) WeWork Companies Inc. expirations by square footage and property: (i) 12,713 square feet at Foothill Research Center expiring June 30, 2022, (ii) 54,336 square feet at Hill7 expiring January 31, 2030, (iii) 94,826 square feet at Maxwell expiring June 30, 2031, (iv) 66,056 square feet at 1455 Market expiring October 31, 2031, and (v) 146,611 square feet at Bentall Centre expiring October 31, 2033. We own 55% of the ownership interest in the consolidated joint ventures that own Hill7 and 1455 Market, and 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. We entered into an agreement with WeWork Companies Inc. with respect to its lease at Maxwell stipulating that the tenant shall pay substitution rent in an amount equal to 70% of net revenues actually received during each full calendar month for the remainder of the lease term in lieu of paying monthly base rent. We reserve the option to terminate the Maxwell lease in its entirety or as to a full floor of the premises at any time by providing a minimum 60 days’ written notice. (15) Regus expirations by square footage and property: (i) 44,957 square feet at Gateway expiring on March 31, 2022, (ii) 20,059 square feet at 11601 Wilshire expiring on February 29, 2024, (iii) 27,369 square feet at Techmart expiring on April 30, 2025, (iv) 9,739 square feet at Palo Alto Square expiring on April 30, 2026, and (v) 21,296 square feet at 450 Alaskan expiring on October 31, 2030. Fifteen Largest Office Tenants (continued)
Page 42 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Office Property Leasing Activity(1) Three Months Ended March 31, 2021 Total gross leasing activity Rentable square feet(2) 524,353 Gross new leasing activity Rentable square feet 138,907 New cash rate(3) $48.33 Gross renewal leasing activity Rentable square feet 385,446 Renewal cash rate(4) $65.82 Total leases expired and terminated Contractual (scheduled) expiration 195,937 Early termination 144,868 Total 340,805 Net absorption Leased rentable square feet (201,898) Cash rent growth(5) Expiring rate $61.35 New/renewal rate(6) $62.84 Change(5) 2.4 % Straight-line rent growth(7) Expiring rate $57.20 New/renewal rate(6) $64.17 Change(7) 12.2 % Weighted average lease terms New (in months) 115.4 Renewal (in months) 66.3 Blended 79.5 TENANT IMPROVEMENTS AND LEASING COMMISSIONS(8) Per Square Foot Three Months Ended March 31, 2021 Total Annual New leases $92.76 $9.65 Renewal leases $14.74 $2.67 Blended $35.75 $5.39 NET EFFECTIVE RENT(9) Per Square Foot Three Months Ended March 31, 2021 Total New leases $34.22 Renewal leases $59.98 Blended $53.04
Page 43 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (1) Represents 100% share of consolidated and unconsolidated joint ventures. (2) Includes square footage related to the Company’s management office totaling 9,008 square feet for the three months ended March 31, 2021. Excludes 1,998 square feet of short-term temporary leases with no base rent, primarily utilized as swing spaces for tenants with pending move-in dates. (3) Excludes the impact of 517 square feet related to tenants paying percentage rent in lieu of base rent. (4) Excludes the impact of 1,014 square feet related to tenants paying percentage rent in lieu of base rent. (5) 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 twelve months. Excludes tenants paying percentage rent in lieu of base rent. (6) The new rates being compared to expiring rates for the three months ended March 31, 2021 are calculated using the weighted average starting rates for 53,509 square feet of new leases. The renewal rates are a weighted average calculation of the total executed renewals for the period indicated. (7) 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 twelve months. Excludes tenants paying percentage rent in lieu of base rent. (8) Represents per-square-foot weighted average lease transaction costs based on the leases executed in the current quarter. (9) Represents the weighted average initial annual cash rent, net of the annualized concessions (i.e. free rent), tenant improvements and lease commissions. Office Property Leasing Activity(1) (continued)
Page 44 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date Vancouver, British Columbia Bentall Centre(3) Downtown Vancouver 24,513 Various (4) 4/1/2021 $ 41.79 3/31/2031 Bentall Centre(3) Downtown Vancouver 1,667 10/1/2020 7/1/2021 $ 39.80 9/30/2025 Bentall Centre(3) Downtown Vancouver 950 12/1/2020 3/1/2021 $ 31.44 2/28/2026 Bentall Centre(3) Downtown Vancouver 7,228 3/1/2021 4/1/2021 $ 34.23 2/28/2026 Greater Seattle, Washington 1918 Eighth(5) Denny Triangle 9,945 1/1/2021 4/1/2023 $ 48.80 9/30/2030 411 First Pioneer Square 1,677 1/1/2021 1/1/2022 $ 31.00 12/31/2030 411 First Pioneer Square 2,118 1/22/2021 1/22/2021 (6) $ 48.50 7/31/2024 San Francisco Bay Area, California Metro Center Foster City 6,561 9/1/2020 2/1/2021 $ 72.00 12/31/2023 Rincon Center San Francisco 34,779 10/8/2020 4/8/2021 $ 85.00 2/29/2028 Towers at Shore Center Redwood Shores 7,049 12/1/2020 2/1/2021 $ 72.00 11/30/2025 Skyway Landing Redwood Shores 6,708 12/1/2020 3/1/2021 $ 57.00 11/30/2024 Concourse North San Jose 14,203 12/1/2020 3/1/2021 $ 49.20 2/28/2026 Gateway North San Jose 7,179 12/2/2020 12/2/2020 (7) $ 51.00 12/31/2030 Metro Center Foster City 2,250 12/12/2020 3/1/2021 $ 72.00 2/28/2022 Shorebreeze Redwood Shores 3,008 1/1/2021 3/1/2021 $ 64.20 5/31/2022 Towers at Shore Center Redwood Shores 2,019 1/1/2021 4/1/2021 $ 71.04 12/31/2021 Concourse North San Jose 10,940 1/1/2021 2/1/2021 $ 48.00 12/31/2025 Concourse North San Jose 2,496 1/1/2021 3/1/2021 $ 39.00 3/31/2026 Gateway North San Jose 5,279 1/1/2021 2/1/2021 $ 49.80 2/29/2024 Metro Plaza North San Jose 3,321 1/1/2021 2/1/2021 $ 47.40 2/28/2026 Clocktower Square Palo Alto 36,630 1/12/2021 10/1/2021 $ 84.60 6/30/2026 Concourse North San Jose 5,741 2/1/2021 8/1/2021 $ 46.80 7/31/2022 Gateway North San Jose 2,572 3/1/2021 4/1/2021 $ 48.00 6/30/2024 Techmart Santa Clara 2,289 3/1/2021 7/1/2021 $ 48.00 4/30/2024 Los Angeles, California EPIC(8) Hollywood 60,014 10/1/2019 3/30/2021 $ 68.40 9/30/2031
Page 45 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) continued (1) Consists of leases that commenced on or prior to March 31, 2021 with up-front free rent resulting in a rent start date after the commencement of the three-month period ending March 31, 2021. (2) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. (3) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Rental rates have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. (4) 16,513 square feet commenced October 1, 2020 and 8,000 square feet commenced December 1, 2020. (5) We own 55% in the consolidated joint venture that owns 1918 Eighth. (6) Subsequent to the rent start date, monthly base rent was abated for the one-month period February 2021. (7) Subsequent to the rent start date, monthly base rent was abated for the two-month period January 2021 through February 2021. (8) We own 51% in the consolidated joint venture that owns EPIC. During second quarter 2020, Netflix, Inc. entered into an agreement to increase its tenant improvement allowance by relinquishing the base rent abatements previously scheduled to occur after its rent start dates in 2020 and 2021.
Page 46 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) Company’s Share Q2 2021 Q3 2021 Q4 2021 Q2 2021 Q3 2021 Q4 2021 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) — $ — — $ — 5,334 $ — (5) — $ — — $ — 1,067 $ — Subtotal — — — — 5,334 — — — — — 1,067 — Greater Seattle, Washington Lynnwood — — 7,452 19.75 — — — — 7,452 19.75 — — Subtotal — — 7,452 19.75 — — — — 7,452 19.75 — — San Francisco Bay Area, California Redwood Shores 1,998 21.02 5,738 35.34 3,381 12.42 1,998 21.02 5,738 35.34 3,381 12.42 Santa Clara 1,576 57.00 — — — — 1,576 57.00 — — — — North San Jose 3,948 48.91 7,243 46.80 — — 3,948 48.91 7,243 46.80 — — Subtotal 7,522 43.20 12,981 41.73 3,381 12.42 7,522 43.20 12,981 41.73 3,381 12.42 Los Angeles, California Hollywood 70,285 54.38 — — — — 35,845 54.38 — — — — West Los Angeles 4,192 66.00 9,642 64.20 — — 4,192 66.00 9,642 64.20 — — Subtotal 74,477 55.03 9,642 64.20 — — 40,037 55.60 9,642 64.20 — — TOTAL UNCOMMENCED 81,999 $ 53.95 30,075 $ 43.49 8,715 $ 4.82 47,559 $ 53.64 30,075 $ 43.49 4,448 $ 9.44 (1) Consists of uncommenced leases, defined as new leases with respect to vacant space executed on or prior to March 31, 2021, but with commencement dates after March 31, 2021 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no uncommenced leases commencing in third quarter 2022 through first quarter 2023. (3) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any. (4) Starting rental rates have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. (5) Management office to be occupied by the Company.
Page 47 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) (continued) Company’s Share Q1 2022 Q2 2022 Q1 2022 Q2 2022 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 5,013 $ 49.36 — $ — 1,003 $ 49.36 — $ — Subtotal 5,013 49.36 — — 1,003 49.36 — — Los Angeles, California Downtown Los Angeles — — 8,604 31.88 — — 8,604 31.88 West Los Angeles 584,000 62.01 — — 438,000 62.01 — — Subtotal 584,000 62.01 8,604 31.88 438,000 62.01 8,604 31.88 TOTAL UNCOMMENCED 589,013 $ 61.90 8,604 $ 31.88 439,003 $ 61.98 8,604 $ 31.88 For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 46.
Page 48 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) Company’s Share Q2 2021 Q3 2021 Q4 2021 Q2 2021 Q3 2021 Q4 2021 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Greater Seattle, Washington Denny Triangle 35,524 $ 47.38 — $ — — $ — 19,538 $ 47.38 — $ — — $ — Subtotal 35,524 47.38 — — — — 19,538 47.38 — — — — San Francisco Bay Area, California San Francisco 1,944 112.00 — — — — 1,069 112.00 — — — — Subtotal 1,944 112.00 — — — — 1,069 112.00 — — — — TOTAL BACKFILLED 37,468 50.73 — — — — 20,607 50.73 — — — — TOTAL UNCOMMENCED AND BACKFILLED 119,467 $ 52.94 30,075 $ 43.49 8,715 $ 4.82 68,166 $ 52.76 30,075 $ 43.49 4,448 $ 9.44 (1) Consists of backfilled leases, defined as new leases with respect to occupied space executed on or prior to March 31, 2021, but with commencement dates after March 31, 2021 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no backfilled leases commencing in third quarter 2021 through first quarter 2022 and third quarter 2022 through first quarter 2023. (3) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any.
Page 49 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) (continued) Company’s Share Q1 2022 Q2 2022 Q1 2022 Q2 2022 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) San Francisco Bay Area, California North San Jose — $ — 6,413 $ 44.30 — $ — 6,413 $ 44.30 Subtotal — — 6,413 44.30 — — 6,413 44.30 TOTAL BACKFILLED — — 6,413 44.30 — — 6,413 44.30 TOTAL UNCOMMENCED AND BACKFILLED 589,013 $ 61.90 15,017 $ 37.18 439,003 $ 61.98 15,017 $ 37.18 For footnotes (1), (2) and (3) above refer to the descriptions on page 48.
Page 50 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) Company’s Share Q2 2021(2) Q3 2021 Q4 2021 Q1 2022 Q2 2021 (3) Q3 2021 Q4 2021 Q1 2022 Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Vancouver, British Columbia Downtown Vancouver(6) 18,333 $ 22.83 40,327 $ 14.20 78,094 $ 25.10 (7) 17,103 $ 33.31 3,667 $22.83 8,065 $ 14.20 15,619 $ 25.10 3,421 $ 33.31 Subtotal 18,333 22.83 40,327 14.20 78,094 25.10 17,103 33.31 3,667 22.83 8,065 14.20 15,619 25.10 3,421 33.31 Greater Seattle, Washington Denny Triangle 36,618 47.40 — — 2,958 — (8) — — 20,140 47.40 — — 1,627 — — — Lynnwood — — — — 9,570 20.00 2,842 22.81 — — — — 9,570 20.00 2,842 22.81 Pioneer Square 1,599 41.92 32,641 38.68 194,728 24.61 (9) 15,144 19.26 1,599 41.92 32,641 38.68 194,728 24.61 15,144 19.26 Subtotal 38,217 47.17 32,641 38.68 207,256 24.05 17,986 19.82 21,739 47.00 32,641 38.68 205,925 24.20 17,986 19.82 San Francisco Bay Area, California Foster City 4,137 — (8) 42,114 48.31 17,045 70.65 25,815 54.71 4,137 — 42,114 48.31 17,045 70.65 25,815 54.71 Palo Alto — — 24,264 59.93 18,191 100.31 18,631 94.74 — — 24,264 59.93 18,191 100.31 18,631 94.74 Redwood Shores 32,466 59.39 85,948 50.72 (10) 56,052 65.41 (11) 23,496 67.40 32,466 59.39 85,948 50.72 56,052 65.41 23,496 67.40 San Francisco 5,298 39.29 57,056 29.98 (12) 1,448 199.01 1,119 183.39 2,914 39.29 55,258 30.95 796 199.01 615 183.40 North San Jose 59,565 33.69 (13) 68,015 39.08 (14) 67,171 40.11 (15) 100,699 44.30 (16) 59,565 33.69 68,015 39.08 67,171 40.11 100,699 44.30 Santa Clara 12,072 45.03 15,497 55.16 12,711 53.97 24,294 52.20 12,072 45.03 15,497 55.16 12,711 53.97 24,294 52.20 Subtotal 113,538 41.28 292,894 44.63 172,618 60.04 194,054 55.12 111,154 41.32 291,096 44.90 171,966 59.51 193,550 54.78 Los Angeles, California West Los Angeles 1,899 — (8) 6,302 21.90 12,418 52.09 4,052 60.98 1,424 — 6,302 21.90 12,418 52.09 4,052 60.98 Subtotal 1,899 — 6,302 21.90 12,418 52.09 4,052 60.98 1,424 — 6,302 21.90 12,418 52.09 4,052 60.98 TOTAL 171,987 $ 40.17 372,164 $ 40.42 470,386 $ 38.17 233,195 $ 50.90 137,984 $ 41.30 338,104 $43.14 405,928 $ 40.05 219,009 $ 51.69 Expirations as % of Total In-Service Portfolio 1.2% 2.6% 3.2% 1.6% 1.2% 2.9% 3.4% 1.8%
Page 51 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) (continued) (1) This does not reflect 57,494 square feet, of which 57,494 square feet represents the Company’s Share, that expired on March 31, 2021. This table omits submarkets without any expirations over the next eight quarters. (2) Second quarter 2021 expiring square footage representing 100% share of joint ventures does not include 28,804 square feet of month-to-month leases. (3) Second quarter 2021 expiring square footage representing the Company’s Share of joint ventures does not include 17,139 square feet of month-to-month leases. (4) Includes leases that expire on the last day of the quarter. (5) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease expiration date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Company’s Share Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Vancouver, British Columbia Downtown Vancouver(6) 55,447 $ 28.23 (17) 58,212 $ 27.40 (18) 64,184 $ 28.25 (19) 138,255 $ 29.52 (20) 11,089 $28.23 11,642 $27.40 12,837 $28.25 27,651 $ 29.52 Subtotal 55,447 28.23 58,212 27.40 64,184 28.25 138,255 29.52 11,089 28.23 11,642 27.40 12,837 28.25 27,651 29.52 Greater Seattle, Washington Denny Triangle — — — — 51,909 31.41 (21) 656 34.13 — — — — 28,550 31.41 656 34.13 Lynnwood 21,563 21.64 — — — — — — 21,563 21.64 — — — — — — Pioneer Square 8,063 42.79 — — 924 42.08 — — 8,063 42.79 — — 924 42.08 — — Subtotal 29,626 27.39 — — 52,833 31.60 656 34.13 29,626 27.39 — — 29,474 31.74 656 34.13 San Francisco Bay Area, California Foster City 55,259 76.56 (22) 3,534 76.71 42,542 71.96 9,903 48.83 55,259 76.56 3,534 76.71 42,542 71.96 9,903 48.83 Palo Alto 36,803 75.65 6,289 102.89 78,519 86.05 (23) — — 36,803 75.65 6,289 102.89 78,519 86.05 — — Redwood Shores 33,494 69.39 55,731 69.24 (24) 101,860 64.29 (25) 41,799 68.67 33,494 69.39 55,731 69.24 101,860 64.29 41,799 68.67 San Francisco 2,222 42.09 20,104 66.09 2,982 48.92 1,895 55.06 2,222 42.09 18,411 66.75 1,640 48.92 1,042 55.06 North San Jose 78,905 45.01 (26) 438,283 41.36 (27) 63,218 45.33 (28) 74,771 41.52 (29) 78,905 45.01 438,283 41.36 63,218 45.33 74,771 41.52 Santa Clara 2,954 52.86 22,920 56.01 8,423 54.67 16,015 56.41 2,954 52.86 22,920 56.01 8,423 54.67 16,015 56.41 Subtotal 209,637 62.68 546,861 46.66 297,544 66.67 144,383 51.71 209,637 62.68 545,168 46.62 296,202 66.75 143,530 51.69 Los Angeles, California Hollywood 3,273 56.05 — — 10,429 63.14 — — 3,273 56.05 — — 10,429 63.14 — — West Los Angeles 5,901 64.08 47,900 47.12 29,718 62.48 10,557 65.69 5,901 64.08 37,147 47.70 29,718 62.48 10,557 65.69 Subtotal 9,174 61.21 47,900 47.12 40,147 62.65 10,557 65.69 9,174 61.21 37,147 47.70 40,147 62.65 10,557 65.69 TOTAL 303,884 $ 52.91 652,973 $ 44.98 454,708 $ 56.82 293,851 $ 41.73 259,526 $57.13 593,957 $46.31 378,660 $62.29 182,394 $ 49.08 Expirations as % of Total In-Service Portfolio 2.1% 4.5% 3.1% 2.0% 2.2% 5.0% 3.2% 1.5%
Page 52 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 (6) Expiring rental rates have been converted from CAD to USD using the foreign currency exchange rate as of March 31, 2021. (7) Top three expiring tenants at Bentall Centre by square footage: (i) Absolute Software Corporation for 46,585 square feet, (ii) Wesgroup Properties Ltd. for 16,686 square feet, and (iii) National Public Relations for 8,726 square feet. (8) Total expiring square footage consists of space occupied by the Company’s management office. (9) Total expiring square footage consists of : (i) Dell EMC Corporation at 505 First for 185,292 square feet, (ii) Armoire, Inc. at 505 First for 7,342 square feet, and (iii) Picket Houses, Inc. at 411 First for 2,094 square feet. Subsequent to March 31, 2021, Dell EMC Corporation signed an extension for 46,472 square feet at 505 First commencing October 2021 through January 2027. Effective as of the commencement of the renewal, Dell EMC Corporation will surrender 138,820 square feet. (10) Top three expiring tenants by square footage: (i) Ernst & Young U.S. LLP at Shorebreeze for 20,253 square feet, (ii) Hudson Pacific Properties management office at 333 Twin Dolphin for 12,651 square feet, and (iii) Thought Stream LLC at Skyway Landing for 8,820 square feet. (11) Top three expiring tenants by square footage: (i) Iovance Biotherapeutics at Skyway Landing for 29,165 square feet, (ii) PaxVax, Inc. at 555 Twin Dolphin for 8,114 square feet, and (iii) Colliers Parrish International, Inc. at Towers at Shore Center for 6,257 square feet. (12) Top three expiring tenants by square footage: (i) General Services Administration at 901 Market for 17,878 square feet, (ii) Yank Sing at Rincon Center for 13,651 square feet, and (iii) Hudson Pacific Properties management office at Rincon Center for 12,434 square feet. (13) Top three expiring tenants by square footage: (i) GEO Semiconductor, Inc. at Metro Plaza for 13,027 square feet, (ii) Hudson Pacific Properties management office at Gateway for 12,223 square feet, and (iii) CCS Associates, Inc. at Gateway for 8,151 square feet. (14) Top three expiring tenants by square footage: (i) Globallogic, Inc. at Concourse for 28,930 square feet, (ii) Skybox Security, Inc. at Gateway for 13,269 square feet, and (iii) Earth Networks at Gateway for 5,222 square feet. (15) Top three expiring tenants by square footage: (i) Level 3 Communications, LLC at Concourse for 13,258 square feet, (ii) Bay Microsystems, Inc. at Gateway for 12,096 square feet, and (iii) FICO at Metro Plaza for 9,244 square feet. (16) Top three expiring tenants by square footage: (i) Regus at Gateway for 44,957 square feet, (ii) Vital Connect, Inc. at Concourse for 19,296 square feet, and (iii) PNY Technologies, Inc. at Gateway for 7,211 square feet. (17) Top three expiring tenants at Bentall Centre by square footage: (i) B2Gold Corporation for 24,844 square feet, (ii) Business Development Bank of Canada for 23,054 square feet, and (iii) Calibre Mining Corporation for 2,928 square feet. (18) Top three expiring tenants at Bentall Centre by square footage: (i) Lysistrata Services LP for 23,957 square feet, (ii) LNG Canada Development Inc. for 6,362 square feet, and (iii) RCI Capital Group Inc. for 5,888 square feet. (19) Top three expiring tenants at Bentall Centre by square footage: (i) Omicron Consulting for 15,500 square feet, (ii) Robert Half Inc. for 10,301 square feet, and (iii) Shank Management LTD for 9,866 square feet. (20) Top three expiring tenants at Bentall Centre by square footage: (i) Blake Services Inc. for 63,292 square feet, (ii) Oracle Canada ULC for 24,806 square feet, and (iii) Thorsteinssons for 20,904 square feet. (21) Total expiring square footage consists of KPMG, LLP at 1918 Eighth for 51,909 square feet. (22) Top three expiring tenants by square footage: (i) Jefferies LLC at Metro Center for 14,562 square feet, (ii) Conversica, Inc. at Metro Center for 11,243 square feet, and (iii) Z&L Properties at Metro Center for 9,037 square feet. (23) Top three expiring tenants by square footage: (i) Stanford University at Page Mill Center for 43,215 square feet, (ii) Frank, Rimerman & Co. LLC at Page Mill Hill for 24,968 square feet, and (iii) K&L Gates LLP at Clocktower Square for 9,234 square feet. (24) Total expiring square footage consists of: (i) McKool Smith at Shorebreeze for 13,529 square feet, (ii) Coddington, Hicks & Danforth at 555 Twin Dolphin for 8,075 square feet, and (iii) Inflection.com, Inc. at 555 Twin Dolphin for 7,095 square feet. (25) Top three expiring tenants by square footage: (i) Auris Health, Inc. at Skyway Landing for 37,801 square feet, (ii) Auris Health, Inc. at 333 Twin Dolphin for 27,416 square feet, and (iii) Project Worldwide, Inc. at Skyway Landing for 19,467 square feet. (26) Top three expiring tenants by square footage: (i) Fenwick & West LLP at Metro Plaza for 18,428 square feet, (ii) PeerNova, Inc. at Gateway for 8,737 square feet, and (iii) CALPERS at Metro Plaza for 6,955 square feet. (27) Top three expiring tenants by square footage: (i) Qualcomm at Skyport Plaza for 376,817 square feet, (ii) Silicon Valley Leadership Group at Gateway for 8,193 square feet, and (iii) InnoGrit Corporation at Concourse for 7,281 square feet. (28) Top three expiring tenants by square footage: (i) Ooyala, Inc. at Gateway for 18,152 square feet, (ii) The Prudential Insurance Company at Concourse for 11,827 square feet, and (iii) Adara Networks, Inc. at Concourse for 7,647 square feet. (29) Top three expiring tenants by square footage: (i) New York Life Insurance at Concourse for 28,489 square feet, (ii) Sensiba San Filippo LLP at Metro Plaza for 12,611 square feet, and (iii) Massachusetts Mutual Life Insurance at Gateway for 8,086 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)
Page 53 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Expiring Office Leases—Annual Company’s Share Year of Lease Expiration Number of Leases Expiring Square Footage of Expiring Leases(1) Square Footage of Expiring Leases(2) Percent of Office Portfolio Square Feet Annualized Base Rent(3) Percentage of Office Portfolio Annualized Base Rent Annualized Base Rent Per Leased Square Foot(4) Annualized Base Rent at Expiration Annualized Base Rent Per Lease Square Foot at Expiration(5) Vacant 1,634,269 1,542,671 12.1 % 2021 143 1,009,585 881,205 6.9 $ 38,025,196 6.5 % $ 43.15 $ 38,577,908 $ 43.78 2022 192 1,635,752 1,442,144 11.3 73,754,204 12.6 51.14 77,241,235 53.56 2023 129 1,862,776 1,441,761 11.3 67,214,785 11.5 46.62 72,480,422 50.27 2024 129 1,830,459 1,633,249 12.9 85,241,847 14.6 52.19 93,812,364 57.44 2025 81 1,591,336 1,291,883 10.3 75,659,031 12.9 58.56 84,951,136 65.76 2026 47 690,027 600,363 4.7 36,327,417 6.2 60.51 42,093,544 70.11 2027 30 558,447 462,091 3.6 26,831,721 4.6 58.07 31,686,650 68.57 2028 25 933,098 850,664 6.7 56,699,563 9.7 66.65 68,860,782 80.95 2029 16 311,382 217,548 1.7 16,275,825 2.8 74.81 19,901,523 91.48 2030 13 1,259,659 913,472 7.2 41,083,273 7.0 44.97 56,383,634 61.72 Thereafter 20 1,334,459 743,294 5.8 36,072,610 6.2 48.53 50,235,780 67.59 Building management use(6) 35 184,551 164,267 1.3 — — — — — Signed leases not commenced(7) 16 718,406 529,689 4.2 31,384,924 5.4 59.25 46,419,287 87.63 TOTAL/WEIGHTED AVERAGE 876 15,554,206 12,714,301 100.0 % $ 584,570,396 100.0 % $ 52.33 (8) $ 682,644,265 $ 61.11 (9) (1) Total expiring square footage does not include 28,804 square feet of month-to-month leases. (2) Total expiring square footage does not include 17,139 square feet of month-to-month leases. (3) 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 multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) as of March 31, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. (4) 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 or deferments)) under commenced leases, divided by (ii) square footage under commenced leases as of March 31, 2021. (5) Annualized base rent per square foot at expiration for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced lease as of March 31, 2021. (6) Reflects management offices occupied by the Company with various expiration dates. (7) Annualized base rent per leased square foot and annualized base rent per square foot at expiration for signed leases not commenced reflects uncommenced leases for space not occupied as of March 31, 2021 and is calculated as (i) base rental payments (defined as cash base rents at expiration (before abatements or deferments)) under uncommenced leases for vacant space as of March 31, 2021, divided by (ii) square footage under uncommenced leases as of March 31, 2021. (8) Included as part of the Company’s share of total expiring square footage is 133,476 square feet of existing leases that have been amended or signed as of first quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the weighted average annualized base rent per square foot is $52.96. (9) Included as part of the Company’s share of total expiring square footage is 102,580 square feet of existing leases that have been amended or signed as of first quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the weighted average annualized base rent per square foot at expiration is $61.67.
Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Definitions and Reconciliations
Page 55 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Definitions Adjusted EBITDAre: Represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share of interest and depreciation from the unconsolidated real estate entities and further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that Adjusted EBITDAre is useful because it allows investors and management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. Adjusted EBITDAre is not a measurement of financial performance under GAAP and should not be considered as an alternative to income attributable to common shareholders, as an indicator of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited. Adjusted Funds from Operations (“AFFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non- cash compensation expense and the Company’s Share of amortization of deferred financing costs, and subtracting recurring capital expenditures related to the Company’s Share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of the Company’s Share of straight-line rents, amortization of lease buy-out costs, amortization of above-and below-market lease intangible assets and liabilities, amortization of above-and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. 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 derivative instruments 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 the current period. Amount does not include interest payment of variable rate loans that are partially effectively fixed through derivative instruments. Excludes amortization of deferred financing costs and loan discounts/premiums. Company’s Share: Non-GAAP financial measures calculated as the consolidated amount, in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. Company’s Share of Debt: Similar to Consolidated Debt except it includes the Company’s Share of unconsolidated joint venture debt and excludes partners’ share of consolidated joint venture partner debt. Company’s Share of Debt, Net: Similar to Company’s Share of Debt, except it includes the Company’s Share of unconsolidated joint venture cash and cash equivalents and excludes partners’ share of consolidated joint venture cash and cash equivalents. Company’s Share of Market Capitalization: Similar to Consolidated Market Capitalization except it includes the Company’s Share of Debt. Consolidated Debt: Equal to the sum of (i) Unsecured and Secured Debt and (ii) series A preferred units Consolidated Debt, Net: Similar to Consolidated debt, less consolidated cash and cash equivalents. Consolidated Market Capitalization: Equal to the sum of (i) Unsecured and Secured Debt, (ii) series A preferred units and (iii) common equity capitalization. Common equity capitalization represents the total Shares of Common Stock/Units Outstanding at End of Period multiplied by the closing price at quarter end. Consolidated Unsecured and Secured Debt: Excludes in-substance defeased debt related to our Hudson Pacific/Macerich joint venture and unamortized deferred financing costs and unamortized loan discounts/premiums related to our registered senior debt. The full amount of debt related to the Hill7, Hollywood Media Portfolio and 1918 Eighth joint ventures is included. The full amount of the construction loan related to our One Westside and 10850 Pico joint venture is included.
Page 56 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Funds from Operations (“FFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. The White Paper defines FFO as net income or loss calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus the Company’s Share of real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets). The calculation of FFO includes the Company’s Share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. 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. Net Operating Income (“NOI”): We evaluate performance based upon property NOI from continuing operations. NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to income from continuing operations, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses. Principal Amount: Outstanding debt balances including partner share of consolidated entities and excludes unamortized deferred financing costs and loan discounts/premiums. Shares of Common Stock/Units Outstanding at End of Period: Represents shares of common stock outstanding (including unvested restricted shares), OP units outstanding and an estimate for our dilutive Outperformance Programs (“OPPs,” or individually, “OPP”) and Performance Stock Units (“PSU”), including stock grants under our 2019 OPP, 2020 PSU and 2021 PSU Plans (collectively, the “Dilutive Shares”). Weighted Average Fully Diluted Common Stock/Units Outstanding: Includes an estimate for the dilution impact of stock grants to the Company's executives under its 2019 OPP, 2020 PSU and 2021 PSU Plans. This estimate is based on the projected award potential of such programs as of the end of such periods, as calculated in accordance with the ASC 260, Earnings Per Share. Definitions (continued)
Page 57 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Reconciliation of Net Income to Net Operating Income Unaudited, in thousands Three Months Ended March 31, 2021 2020 Net income $ 11,411 $ 13,949 Adjustments: (Income) loss from unconsolidated real estate entities (635) 236 Fee income (848) (610) Interest expense 30,286 26,417 Interest income (997) (1,025) Transaction-related expenses — 102 Unrealized (gain) loss on non-real estate investments (5,775) 581 Other expense (income) 452 (314) General and administrative 18,449 18,618 Depreciation and amortization 82,761 73,763 Net Operating Income $ 135,104 $ 131,717 Net Operating Income Breakdown Same-Store Office cash revenues $ 157,768 $ 155,069 Straight-line rent 6,647 12,914 Amortization of above-market and below-market leases, net 1,836 2,337 Amortization of lease incentive costs (443) (440) Same-Store Office revenues 165,808 169,880 Same-Store Studios cash revenues 20,953 19,651 Straight-line rent 32 158 Amortization of lease incentive costs (9) (9) Same-Store Studio revenues 20,976 19,800 Same-Store property revenues 186,784 189,680 Same-Store Office cash expenses 56,062 55,964 Straight-line rent 366 366 Non-cash portion of interest expense 10 — Amortization of above-market and below-market ground leases, net 586 586 Same-Store Office expenses 57,024 56,916 Same-Store Studio cash expenses 11,374 10,650 Non-cash portion of interest expense 79 — Same-Store Studio expenses 11,453 10,650 Same-Store property expenses 68,477 67,566 Same-Store net operating income 118,307 122,114 Non-Same-Store net operating income 16,797 9,603 Net Operating Income $ 135,104 $ 131,717
Page 58 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Reconciliation of Net Income to Company’s Share of Net Operating Income Unaudited, in thousands Three Months Ended March 31, 2021 2020 Net income $ 11,411 $ 13,949 Adjustments: (Income) loss from unconsolidated real estate entities (635) 236 Fee income (848) (610) Interest expense 30,286 26,417 Interest income (997) (1,025) Transaction-related expenses — 102 Unrealized (gain) loss on non-real estate investments (5,775) 581 Other expense (income) 452 (314) General and administrative 18,449 18,618 Depreciation and amortization 82,761 73,763 Company's Share of NOI from unconsolidated real estate entities 2,989 2,460 Net Operating Income Partner's Share (20,804) (7,622) Net Operating Income Company's Share $ 117,289 $ 126,555 Net Operating Income Breakdown Same-Store Office cash revenues $ 133,849 $ 139,238 Straight-line rent 5,559 2,626 Amortization of above-market and below-market leases, net 2,000 2,525 Amortization of lease incentive costs (422) (415) Same-Store Office revenues Company’s Share 140,986 143,974 Same-Store property revenues Company’s Share 140,986 143,974 Same-Store Office cash expenses 47,123 48,426 Straight-line rent 106 249 Amortization of above-market and below-market ground leases, net 576 576 Same-Store Office expenses Company’s Share 47,805 49,251 Same-Store property expenses Company’s Share 47,805 49,251 Same-Store net operating income Company’s Share 93,181 94,723 Non-Same-Store net operating income Company’s Share 24,108 31,832 Net Operating Income Company’s Share $ 117,289 $ 126,555
Page 59 of 59 Hudson Pacific Properties, Inc. Supplemental Information | First Quarter 2021 Three Months Ended Quarter To Date March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Net income (loss) $ 11,411 $ (3,168) $ (1,362) $ 7,011 $ 13,949 Interest income—Consolidated (997) (960) (1,056) (1,048) (1,025) Interest expense—Consolidated 30,286 29,638 32,492 27,930 26,417 Depreciation and amortization—Consolidated 82,761 77,351 75,052 73,516 73,763 EBITDA 123,461 102,861 105,126 107,409 113,104 Unconsolidated real estate entities depreciation and amortization 1,511 1,424 1,445 1,355 1,381 Unconsolidated real estate entities interest expense 604 605 630 630 930 EBITDAre 125,576 104,890 107,201 109,394 115,415 Unrealized (gain) loss on non-real estate investments (5,775) 128 (513) 2,267 581 Other expense (income) 452 1,058 (576) (716) (314) Transaction-related expenses — — 181 157 102 Non-cash compensation expense 3,538 8,314 4,791 4,723 4,895 Straight-line rent receivables, net (6,765) 1,191 (4,681) (12,062) (13,344) Non-cash amortization of above-market and below-market leases, net (2,519) (2,178) (2,449) (2,464) (2,544) Non-cash amortization of above-market and below-market ground leases, net 588 588 588 588 577 Amortization of lease incentive costs 475 477 466 499 472 Adjusted EBITDAre 115,570 114,468 105,008 102,386 105,840 One-time prior period net property tax adjustment 1,050 — — — — Adjusted EBITDAre (excluding specified items) 116,620 114,468 105,008 102,386 105,840 Studio cash NOI (9,579) (9,623) (6,319) (5,686) (9,001) Office property adjusted EBITDAre 107,041 104,845 98,689 96,700 96,839 x Annualization factor 4 4 4 4 4 Annualized office property adjusted EBITDAre 428,164 419,380 394,756 386,800 387,356 Trailing 12-mo studio cash NOI 31,306 30,629 30,704 34,943 37,017 Adjusted EBITDAre (Annualized) $ 459,470 $ 450,009 $ 425,460 $ 421,743 $ 424,373 Total Consolidated unsecured and secured debt 3,485,093 3,432,276 3,087,168 2,998,350 3,260,352 Less: Consolidated cash and cash equivalents (134,278) (113,686) (365,294) (45,052) (392,136) Consolidated debt, net(1) $ 3,350,815 $ 3,318,590 $ 2,721,874 $ 2,953,298 $ 2,868,216 Adjusted EBITDAre (annualized) / Consolidated debt, net 7.3x 7.4x 6.4x 7.0x 6.8x Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) Unaudited, in thousands (1) Excluding Series A preferred units.
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