Page 2 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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, Western Canada and Greater London; 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 56. 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 54 Definitions and Reconciliations 55 Definitions 56 Reconciliation of Net Income to Net Operating Income 58 Reconciliation of Net Income to Company's Share of Net Operating Income 59 Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) 60 Company Outlook 61 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Acquisitions • Acquired through a 35/65 Hudson Pacific/Blackstone joint venture a 91- acre studio development site 17 miles north of London for £120 million • Acquired Zio Studio Services and Star Waggons, two studio transportation and logistics services companies, for a combined $222 million Development • Unveiled plans to develop through a 50/50 joint venture with Blackstone a fully entitled, 241,000 square-foot, seven-stage studio facility in Sun Valley • Submitted plans for approval to build a 450,000 square-foot hybrid mass timber office tower called Burrard Exchange at Bentall Centre in Vancouver Financings • Refinanced the Hollywood Media Portfolio loan with a $1.1 billion loan bearing interest at LIBOR plus 1.17% per annum with a two-year term and three one-year extensions • Purchased $209.8 million of the new Hollywood Media Portfolio loan, which bears interest at LIBOR plus 1.55% per annum Dividend • Declared and paid a quarterly dividend of $0.25 per share on common stock Post-Quarter Highlights • Recognized by GRESB with Green Star and 5-Star ratings, and as an Office Sector Leader for the Americas, ranking first in that category for the Development Benchmark Guidance • Narrowed full-year and provided fourth quarter 2021 FFO guidance of $1.95 to $1.99 per diluted share, excluding specified items, and $0.48 to $0.50 per diluted share, excluding specified items, respectively Executive Summary Hudson Pacific Properties acquires, redevelops and develops creative office and studio properties in global epicenters of innovation, media and technology. 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 over 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 Third Quarter 2020) • Net loss attributable to common stockholders of $9.3 million ($0.06 per diluted share) compared to net loss attributable to common stockholders of $5.4 million ($0.04 per diluted share) • FFO, excluding specified items, of $77.3 million ($0.50 per diluted share) compared to $66.0 million ($0.43 per diluted share) • Total revenue increased 16.0% to $227.6 million Office Highlights • Executed 53 new and renewal leases totaling 318,428 square feet, with GAAP and cash rent growth of 8.3% and 5.1%, respectively • Stabilized and in-service office portfolios were 92.1% and 91.2% leased, respectively • Net operating income and cash net operating income for the consolidated 45 same-store properties increased 5.1% and 10.8%, respectively Studio Highlights • Trailing 12-month occupancy for the three same-store studio properties was 87.6% • Net operating income and cash net operating income for the three same- store studio properties increased 49.8% and 45.5%, respectively Conference Call Information: Wednesday, October 27, 2021 at 11:00 AM PST / 2:00 PM EST (844) 200-6205 (U.S.) | (929) 526-1599 (International) | Passcode: 811347
Page 5 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Corporate Data(1) Unaudited, in thousands, except per share data September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Number of office properties owned 53 53 53 53 52 Office square feet(2) 15,571,852 15,584,647 15,583,010 15,550,750 14,870,607 Same-store office square feet(2)(3) 12,890,572 12,661,812 12,628,002 12,619,891 11,781,358 Same-store office leased rate as of end of period(3) 91.7 % 92.4 % 92.3 % 94.3 % 94.4 % Stabilized office square feet(2)(4) 13,558,781 13,560,853 13,571,956 13,574,582 12,909,362 Stabilized office leased rate as of end of period(4) 92.1 % 92.7 % 92.7 % 94.5 % 94.5 % In-service office square feet(2)(5) 14,597,763 14,610,559 14,491,731 14,530,261 13,865,041 In-service office leased rate as of end of period(5) 91.2 % 91.4 % 91.7 % 93.5 % 93.5 % Number of studio properties owned 3 3 3 3 3 Same-store studio square feet(2)(6) 1,205,809 1,224,403 1,224,403 1,224,403 1,224,403 Same-store studio leased rate as of end of period(7) 87.6 % 88.0 % 89.6 % 90.2 % 91.3 % Non-same-store studio square feet(2)(8) 18,594 N/A N/A N/A N/A Non-same-store studio leased rate as of end of period N/A N/A N/A N/A N/A Number of land properties owned 9 8 8 8 7 Land properties estimated square feet(9) 3,195,406 3,195,406 3,187,261 3,187,261 2,736,825 Total portfolio square feet 19,991,661 20,004,456 19,994,674 19,962,414 18,831,835 Company’s share of debt, net(10)(11) $ 3,184,975 $ 2,863,638 $ 2,826,943 $ 2,787,917 $ 2,341,602 Company’s share of market capitalization(10)(11) $ 7,366,931 $ 7,283,915 $ 7,106,345 $ 6,593,530 $ 6,081,014 Adjusted EBITDAre (annualized) / Consolidated debt, net(11) 7.7x 7.1x 7.3x 7.5x 6.4x Company’s share of debt, net/Company’s share of market capitalization(10)(11) 43.2 % 39.3 % 39.8 % 42.3 % 38.5 % Share data: FFO(11), excluding specific items, per common stock/unit—diluted(12) $ 0.50 $ 0.49 $ 0.48 $ 0.44 $ 0.43 Range of closing prices(12) $ 25.70 - 28.37 $ 26.45 - 30.28 $ 22.89 - 28.43 $ 19.26 - 27.96 $ 21.25 - 25.32 Closing price at quarter end $ 26.27 $ 27.82 $ 27.13 $ 24.02 $ 21.93 Weighted average fully diluted common stock/units outstanding(11) 154,027 152,683 152,504 152,576 154,774 Shares of common stock/units outstanding at end of period(11) 155,743 155,543 153,979 154,283 154,767 (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 July 1, 2020 and still owned and included in our office portfolio as of September 30, 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 July 1, 2020 and still owned and included in our studio portfolio as of September 30, 2021. (7) Percent leased for same-store studio is the average percent leased for the 12 months ended as of the quarter indicated. (8) Non-same store studio includes 18,594 square feet located at Sunset Las Palmas Studios that was taken off-line during third quarter 2021. (9) 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. (10) See capital structure on page 23 for additional detail. (11) See definitions starting on page 56. (12) For the quarter indicated.
Page 6 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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, Business Development — Studios Shawn McGarry Senior Vice President, Northern California Anne Mehrtens Senior Vice President, Sunset Studios — Southern California 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 Barry A. Porter Managing General Partner, Clarity Partners L.P. Andrea Wong President (retired), International Production, Sony Pictures Television
Page 8 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Equity Research Coverage BMO Capital Markets John Kim (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 Caitlin Burrows (212) 902-4736 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 Haendel St. Juste (212) 205-7860 Morgan Stanley Ronald Kamdem (212) 296-8319 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 Wolfe Research Andrew Rosivach (646) 582-9250 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 | Third Quarter 2021 Financial Information
Page 10 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Consolidated Balance Sheets In thousands, except share data September 30, 2021 (Unaudited) December 31, 2020 ASSETS Investment in real estate, net $ 7,161,354 $ 7,112,269 Non-real estate property, plant and equipment, net 60,318 8,444 Cash and cash equivalents 110,500 113,686 Restricted cash 109,737 35,854 Accounts receivable, net 24,730 22,105 Straight-line rent receivables, net 241,281 225,685 Deferred leasing costs and intangible assets, net 335,619 285,836 U.S. Government securities 130,103 135,115 Operating lease right-of-use assets 273,997 264,880 Prepaid expenses and other assets, net 98,693 55,469 Investment in unconsolidated real estate entities 152,516 82,105 Goodwill 105,149 8,754 TOTAL ASSETS $ 8,803,997 $ 8,350,202 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,910,405 $ 3,399,492 In-substance defeased debt 129,105 131,707 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 307,091 235,860 Operating lease liabilities 280,210 270,014 Intangible liabilities, net 40,257 49,144 Security deposits and prepaid rent 79,250 92,180 Total liabilities 4,812,454 4,244,533 Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 129,348 127,874 Equity Hudson Pacific Properties, Inc. stockholders’ equity Common stock, $0.01 par value, 490,000,000 authorized, 152,320,252 shares and 151,401,365 shares outstanding at September 30, 2021 and December 31, 2020, respectively 1,523 1,514 Additional paid-in capital 3,389,693 3,469,758 Accumulated other comprehensive loss (4,448) (8,133) Total Hudson Pacific Properties, Inc. stockholders’ equity 3,386,768 3,463,139 Non-controlling interest—members in consolidated real estate entities 417,255 467,009 Non-controlling interest—units in the operating partnership 48,357 37,832 Total equity 3,852,380 3,967,980 TOTAL LIABILITIES AND EQUITY $ 8,803,997 $ 8,350,202
Page 11 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Consolidated Statements of Operations Unaudited, in thousands, except share data Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 REVENUES Office Rental $ 197,941 $ 178,256 $ 580,354 $ 540,023 Service and other revenues 3,925 2,460 9,358 11,428 Total office revenues 201,866 180,716 589,712 551,451 Studio Rental 12,768 11,724 36,472 36,767 Service and other revenues 12,998 3,845 30,169 12,904 Total studio revenues 25,766 15,569 66,641 49,671 Total revenues 227,632 196,285 656,353 601,122 OPERATING EXPENSES Office operating expenses 71,865 66,075 207,538 194,546 Studio operating expenses 12,044 9,034 35,963 27,635 General and administrative 18,288 17,428 53,846 53,943 Depreciation and amortization 88,568 75,052 255,507 222,331 Total operating expenses 190,765 167,589 552,854 498,455 OTHER INCOME (EXPENSE) Income (loss) from unconsolidated real estate entities 566 (105) 1,671 69 Fee income 678 575 2,323 1,741 Interest expense (30,825) (29,838) (91,800) (84,185) Interest income 934 1,056 2,868 3,129 Management services reimbursement income—unconsolidated real estate entities 253 — 879 — Management services expense—unconsolidated real estate entities (253) — (879) — Transaction-related expenses (6,300) (181) (7,364) (440) Unrealized gain (loss) on non-real estate investments 827 513 11,620 (2,335) Impairment loss (2,762) — (2,762) — Loss on extinguishment of debt (6,249) (2,654) (6,249) (2,654) Other income (expense) 82 576 (1,547) 1,606 Total other expense (43,049) (30,058) (91,240) (83,069) Net (loss) income (6,182) (1,362) 12,259 19,598 Net income attributable to preferred units (153) (153) (459) (459) Net income attributable to participating securities (276) (109) (830) (321) Net income attributable to non-controlling interest in consolidated real estate entities (3,585) (5,170) (15,764) (12,577) Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 816 1,304 2,780 2,707 Net loss (income) attributable to non-controlling interest in the operating partnership 85 54 16 (89) NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,295) $ (5,436) $ (1,998) $ 8,859 BASIC AND DILUTED PER SHARE AMOUNTS Net (loss) income attributable to common stockholders—basic $ (0.06) $ (0.04) (0.01) 0.06 Net (loss) income attributable to common stockholders—diluted $ (0.06) $ (0.04) (0.01) 0.06 Weighted average shares of common stock outstanding—basic 152,320,252 153,196,007 151,443,305 153,643,278 Weighted average shares of common stock outstanding—diluted 152,320,252 153,196,007 151,443,305 156,030,815
Page 12 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Funds from Operations(1) Unaudited, in thousands, except per share data Three Months Ended Quarter To Date September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 NET (LOSS) INCOME $ (6,182) $ 7,030 $ 11,411 $ (3,168) $ (1,362) Adjustments: Depreciation and amortization—Consolidated 88,568 84,178 82,761 77,351 75,052 Depreciation and amortization—Non-real estate assets (2,221) (590) (577) (566) (581) Depreciation and amortization—Company’s share from unconsolidated real estate entities 1,462 1,550 1,511 1,424 1,445 Impairment loss 2,762 — — — — Unrealized (gain) loss on non-real estate investments (827) (5,018) (5,775) 128 (513) Tax impact of unrealized gain on non-real estate investment — 1,876 — — — FFO attributable to non-controlling interests (14,288) (15,839) (16,717) (13,025) (10,725) FFO attributable to preferred units (153) (153) (153) (153) (153) FFO to common stockholders and unitholders 69,121 73,034 72,461 61,991 63,163 Specified items impacting FFO: Transaction-related expenses 6,300 1,064 — — 181 One-time tax reassessment management cost — — — 5,500 — One-time prior period net property tax adjustment (1,346) 335 1,050 (702) — One-time debt extinguishment cost—Company’s share 3,187 — — — 2,654 FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 77,262 $ 74,433 $ 73,511 $ 66,789 $ 65,998 Weighted average common stock/units outstanding—diluted 154,027 152,683 152,504 152,576 154,774 FFO per common stock/unit—diluted $ 0.45 $ 0.48 $ 0.48 $ 0.41 $ 0.41 FFO (excluding specified items) per common stock/unit—diluted $ 0.50 $ 0.49 $ 0.48 $ 0.44 $ 0.43
Page 13 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (1) See definitions starting on page 56. Nine Months Ended Six Months Ended Three Months Ended Twelve Months Ended Nine Months Ended Year To Date September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 NET INCOME $ 12,259 $ 18,441 $ 11,411 $ 16,430 $ 19,598 Adjustments: Depreciation and amortization—Consolidated 255,507 166,939 82,761 299,682 222,331 Depreciation and amortization—Non-real estate assets (3,388) (1,167) (577) (2,286) (1,720) Depreciation and amortization—Company’s share from unconsolidated real estate entities 4,523 3,061 1,511 5,605 4,181 Impairment loss 2,762 — — — — Unrealized (gain) loss on non-real estate investments (11,620) (10,793) (5,775) 2,463 2,335 Tax impact of unrealized gain on non-real estate investment 1,876 1,876 — — — FFO attributable to non-controlling interests (46,731) (32,462) (16,717) (37,644) (24,619) FFO attributable to preferred units (459) (306) (153) (612) (459) FFO to common stockholders and unitholders 214,729 145,589 72,461 283,638 221,647 Specified items impacting FFO: Transaction-related expenses 7,364 1,064 — 440 440 One-time tax reassessment management cost — — — 5,500 — One-time straight-line rent reserve — — — 2,620 2,620 One-time prior period net property tax adjustment 26 1,372 1,050 (937) — One-time debt extinguishment cost—Company’s share 3,187 — — 2,654 2,654 FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 225,306 $ 148,025 $ 73,511 $ 293,915 $ 227,361 Weighted average common stock/units outstanding—diluted 153,379 152,675 152,504 154,084 155,422 FFO per common stock/unit—diluted $ 1.40 $ 0.95 $ 0.48 $ 1.84 $ 1.43 FFO (excluding specified items) per common stock/unit—diluted $ 1.47 $ 0.97 $ 0.48 $ 1.91 $ 1.46 Funds from Operations(1) (continued) Unaudited, in thousands, except per share data
Page 14 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Adjusted Funds from Operations(1) Unaudited, in thousands Three Months Ended Quarter To Date September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 FFO $ 69,121 $ 73,034 $ 72,461 $ 61,991 $ 63,163 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (3,592) (6,811) (8,708) (806) (5,230) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 804 804 826 826 827 Amortization of deferred financing costs and loan discounts/ premiums, net 1,845 1,717 1,714 1,639 4,361 Non-cash compensation expense 5,840 6,340 3,538 8,314 4,791 Recurring capital expenditures, tenant improvements and lease commissions (15,894) (15,580) (18,022) (20,149) (19,922) AFFO $ 58,124 $ 59,504 $ 51,809 $ 51,815 $ 47,990 Dividends paid to common stock and unitholders $ 38,745 $ 38,742 $ 38,426 $ 38,370 $ 38,853 AFFO payout ratio 66.7 % 65.1 % 74.2 % 74.1 % 81.0 % Nine Months Ended Six Months Ended Three Months Ended Twelve Months Ended Nine Months Ended Year To Date September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 FFO $ 214,729 $ 145,589 $ 72,461 $ 283,638 $ 221,647 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (19,111) (15,519) (8,708) (36,250) (35,444) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 2,434 1,630 826 3,305 2,479 Amortization of deferred financing costs and loan discounts/ premiums, net 5,276 3,431 1,714 8,564 6,925 Non-cash compensation expense 15,718 9,878 3,538 22,723 14,409 Recurring capital expenditures, tenant improvements and lease commissions (49,496) (33,602) (18,022) (85,195) (65,046) AFFO $ 169,550 $ 111,407 $ 51,809 $ 196,785 $ 144,970 Dividends paid to common stock and unitholders $ 115,913 $ 77,168 $ 38,426 $ 154,996 $ 116,626 AFFO payout ratio 68.4 % 69.3 % 74.2 % 78.8 % 80.4 % (1) See definitions starting on page 56.
Page 15 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, Nine Months Ended September 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME(6) Total office revenues $ 176,885 $ 169,246 4.5 % $ 505,548 $ 504,336 0.2 % Total studio revenues 18,751 15,569 20.4 59,626 49,671 20.0 Same-store revenues 195,636 184,815 5.9 565,174 554,007 2.0 Total office expenses 62,866 60,783 3.4 177,321 (7) 173,434 2.2 Total studio expenses 8,959 (8) 9,034 (0.8) 32,877 (9) 27,635 19.0 Same-store expenses 71,825 69,817 2.9 210,198 201,069 4.5 Same-store office net operating income 114,019 108,463 5.1 328,227 330,902 (0.8) NOI margin 64.5 % 64.1 % 0.4 64.9 % 65.6 % (0.7) Same-store studio net operating income 9,792 6,535 49.8 26,749 22,036 21.4 NOI margin 52.2 % 42.0 % 10.2 44.9 % 44.4 % 0.5 TOTAL SAME-STORE NET OPERATING INCOME $ 123,811 $ 114,998 7.7 % $ 354,976 $ 352,938 0.6 % NOI margin 63.3 % 62.2 % 1.1 62.8 % 63.7 % (0.9) SAME-STORE STATISTICS Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 % change 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 45 45 43 43 Rentable square feet 11,394,834 11,394,834 11,118,990 11,118,990 Ending % leased 91.0 % 94.2 % (3.2) % 91.1 % 94.1 % (3.0) % Ending % occupied 90.4 % 93.3 % (2.9) % 90.5 % 93.2 % (2.7) % Average % occupied for the period 90.3 % 93.4 % (3.1) % 90.9 % 94.3 % (3.4) % SAME-STORE STUDIO STATISTICS(4) Number of properties 3 3 3 3 Rentable square feet 1,205,809 1,205,809 1,205,809 1,205,809 Average % occupied for the period(5) 87.6 % 91.1 % (3.5) 87.6 % 91.1 % (3.5)
Page 16 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, 2021 defined as all properties owned and included in our stabilized office portfolio as of July 1, 2020 and still owned and included in the stabilized office portfolio as of September 30, 2021. Same-store office for the nine months ended September 30, 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 September 30, 2021. (3) See pages 27 and 28 for same-store office properties. (4) Same-store studio for the three months ended September 30, 2021 defined as all properties owned and included in our studio portfolio as of July 1, 2020 and still owned and included in our studio portfolio as of September 30, 2021. Same-store studio for the nine months ended September 30, 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 September 30, 2021. (5) Percent occupied for same-store studio is the average percent occupied for the 12 months ended as of the periods indicated. (6) See page 58 for the reconciliation of net (loss) income to net operating income (NOI). (7) Same-store office expenses for the nine months ended September 30, 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 nine months ended September 30, 2021 would have been (0.5)% and 5.7%, respectively. (8) Same-store studio expenses for the three months ended September 30, 2021 included a one-time prior year property tax reduction of $1.4 million at Sunset Las Palmas 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 September 30, 2021 would have been 27.9% and 22.8%, respectively. (9) Same-store studio expenses for the nine months ended September 30, 2021 included one-time property tax increases of $0.4 million resulting from reassessments at Sunset Gower and Sunset Bronson Studios and a one-time prior year property tax reduction of $1.4 million at Sunset Las Palmas Studios. Adjusted for these items, the consolidated same-store studio net operating income and consolidated same store studio net operating income (cash basis) for the nine months ended September 30, 2021 would have been 16.9% and 19.6%, respectively. SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 174,540 $ 161,484 8.1 % $ 489,553 $ 469,409 4.3 % Total studio cash revenues 18,070 15,323 17.9 58,764 48,612 20.9 Same-store cash revenues 192,610 176,807 8.9 548,317 518,021 5.8 Total office cash expenses 61,944 59,827 3.5 174,515 (7) 170,575 2.3 Total studio cash expenses 8,879 (8) 9,004 (1.4) 32,640 (9) 27,605 18.2 Same-store cash expenses 70,823 68,831 2.9 207,155 198,180 4.5 Same-store office net operating income (cash basis) 112,596 101,657 10.8 315,038 298,834 5.4 NOI margin 64.5 % 63.0 % 1.5 64.4 % 63.7 % 0.7 Same-store studio net operating income (cash basis) 9,191 6,319 45.5 26,124 21,007 24.4 NOI margin 50.9 % 41.2 % 9.7 44.5 % 43.2 % 1.3 SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 121,787 $ 107,976 12.8 % $ 341,162 $ 319,841 6.7 % NOI margin 63.2 % 61.1 % 2.1 62.2 % 61.7 % 0.5
Page 17 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, Nine Months Ended September 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME(4) Total office revenues $ 148,735 $ 144,400 3.0 % $ 428,008 $ 427,728 0.1 % Same-store revenues 148,735 144,400 3.0 428,008 427,728 0.1 Total office expenses 53,671 52,469 2.3 149,982 150,019 0.0 % Same-store expenses 53,671 52,469 2.3 149,982 150,019 0.0 % TOTAL SAME-STORE NET OPERATING INCOME $ 95,064 $ 91,931 3.4 % $ 278,026 $ 277,709 0.1 % NOI margin 63.9 % 63.7 % 0.2 65.0 % 64.9 % 0.1 SAME-STORE STATISTICS Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 % change 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 42 42 40 40 Rentable square feet 10,130,807 10,130,807 9,866,191 9,866,191 Ending % leased 90.1 % 93.4 % (3.3) % 90.2 % 93.3 % (3.1) % Ending % occupied 89.3 % 92.4 % (3.1) % 89.4 % 92.2 % (2.8) % Average % occupied for the period 90.2 % 93.2 % (3.0) % 90.9 % 93.7 % (2.8) % SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 148,763 $ 141,401 5.2 % $ 416,218 $ 411,739 1.1 % Same-store cash revenues 148,763 141,401 5.2 416,218 411,739 1.1 Total office cash expenses 52,868 51,644 2.4 147,553 147,546 0.0 % Same-store cash expenses 52,868 51,644 2.4 147,553 147,546 0.0 % SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 95,895 $ 89,757 6.8 % $ 268,665 $ 264,193 1.7 % NOI margin 64.5 % 63.5 % 1.0 64.5 % 64.2 % 0.3
Page 18 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 and nine months ended September 30, 2021. Included as part of the Company’s Share of same-store population for the three months and nine months ended September 30, 2021 is our unconsolidated joint venture, Bentall Centre, that was acquired during second quarter 2019. (2) Same-store office for the three months ended September 30, 2021 defined as the Company’s Share of all properties owned and included in our stabilized office portfolio as of July 1, 2020 and still owned and included in the stabilized office portfolio as of September 30, 2021. Same-store office for the nine months ended September 30, 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 September 30, 2021. (3) See pages 27 and 28 for same-store office properties. (4) See page 59 for the reconciliation of net (loss) income to net operating income (NOI).
Page 19 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Net Operating Income (NOI) Detail Three Months Ended September 30, 2021 | Unaudited, in thousands Same-Store Office(1) Same-Store Studio(2) Non-Same- Store Office(3) Non-Same- Store Studio(4) Repositioning/ Redevelopment /Development(5) Lease-Up(3) Total REVENUE Cash rent $ 142,660 $ 11,683 $ 6,937 $ 148 $ — $ 10,753 $ 172,181 Cash tenant recoveries 28,281 256 3,494 — — 1,467 33,498 Straight-line rent 683 690 678 — — 431 2,482 Amortization of above-market and below-market leases, net 2,106 — 889 — — 29 3,024 Amortization of lease incentive costs (444) (9) — — — (23) (476) Total rental revenue 173,286 12,620 11,998 148 — 12,657 210,709 Service and other revenues 3,599 6,131 254 6,867 — 72 16,923 Total revenue 176,885 18,751 12,252 7,015 — 12,729 227,632 OPERATING EXPENSES Property operating expenses 61,944 8,879 3,002 3,085 3 5,991 82,904 Straight-line rent 325 — — — — — 325 Non-cash portion of interest expense 11 80 — — 1 92 Amortization of above-market and below-market ground leases, net 586 — — — — 2 588 Total operating expenses 62,866 8,959 3,002 3,085 3 5,994 83,909 TOTAL CONSOLIDATED NOI(6) $ 114,019 $ 9,792 $ 9,250 $ 3,930 $ (3) $ 6,735 $ 143,723 COMPANY’S SHARE OF NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 3,139 (7) — — — 3,139 TOTAL NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 13,548 (8) 3,893 (9) 3,981 (10) — — 175 (11) 21,597 Square feet(12) 11,394,834 1,205,809 668,209 18,594 974,089 1,038,982 15,300,517 Ending % leased 91.0 % 87.6 % 99.6 % — % 60.0 % 78.7 % 88.2 % Ending % occupied 90.4 % 87.6 % 99.6 % — % — % 78.7 % 83.9 % NOI margin 64.5 % 52.2 % 75.5 % 56.0 % — % 52.9 % 63.1 % RECONCILIATION TO CASH NOI TOTAL NOI $ 114,019 $ 9,792 $ 9,250 $ 3,930 $ (3) $ 6,735 $ 143,723 Straight-line rent, net (358) (690) (678) — — (431) (2,157) Non-cash portion of interest expense 11 80 — — 1 92 Amortization of above-market and below-market leases, net (2,106) — (889) — — (29) (3,024) Amortization of lease incentive costs 444 9 — — — 23 476 Amortization of above-market and below-market ground leases, net 586 — — — — 2 588 TOTAL CONSOLIDATED CASH NOI $ 112,596 $ 9,191 $ 7,683 $ 3,930 $ (3) $ 6,301 $ 139,698 COMPANY’S SHARE OF CASH NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 2,077 (7) — — — 2,077 TOTAL CASH NOI ATTRIBUTABLE TO NON- CONTROLLING INTERESTS 13,321 (8) 3,658 (9) 3,982 (10) — — (287) (11) 20,674
Page 20 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (1) See pages 27 and 28 for same-store office for the three months ended September 30, 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) Non-same store studio includes 18,594 square feet located at Sunset Las Palmas Studios that was taken off-line during third quarter 2021. Also included as part of non-same store studio are the net operating income results for Star Waggons and Zio Studio Service, both of which were acquired during third quarter 2021. (5) See page 34 for repositioning, redevelopment, development and held for sale properties. (6) See page 58 and 59 for all non-GAAP NOI reconciliations. (7) 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. (8) 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 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. (9) 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. (10) We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (11) We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. (12) 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Debt Summary As of September 30, 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 $ 300,000 LIBOR + 1.05% to 1.50% 3/13/2022 $ — $ 300,000 $ 600,000 $ 300,000 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)(6) $ 1,100,000 LIBOR + 1.17% 8/9/2023 $ — $ 1,100,000 $ 561,000 $ — Acquired Hollywood Media Portfolio debt(5) (209,814) LIBOR + 1.55% 8/9/2023 — (209,814) (209,814) — Hollywood Media Portfolio, net 890,186 — 890,186 351,186 — 10950 Washington(7) 25,247 5.32% 3/11/2022 2,003 24,981 25,247 — One Westside and 10850 Pico 220,240 LIBOR + 1.70% 12/18/2023 — 220,240 165,180 194,360 Element LA 168,000 4.59% 11/6/2025 7,716 168,000 168,000 — 1918 Eighth(8) 314,300 LIBOR + 1.70% 12/18/2025 — 314,300 172,865 — Hill7(9) 101,000 3.38% 11/6/2028 3,414 101,000 55,550 — TOTAL $ 1,718,973 $ 13,133 $ 1,718,707 $ 938,028 $ 194,360
Page 22 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Debt Summary (continued) As of September 30, 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(10) $ 129,105 4.47% 10/1/2022 $ 9,391 $ 125,489 $ 96,829 Joint venture debt(11) $ 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(12) $ 513,608 CDOR + 1.75% 7/1/2024 $ — $ 513,608 $ 102,722 (1) See definitions starting on page 56. (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 September 30, 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 $1.1 billion 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 purchased bonds comprising the loan in the amount of $209.8 million. (6) The effective interest rate on the loan is LIBOR + 1.17% until August 9, 2022, at which time the effective interest rate will decrease to LIBOR + 0.99%. (7) Monthly debt service includes debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity. (8) 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. (9) 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. (10) 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 debt amortization payments based on a 10-year amortization schedule with a balloon payment at maturity. (11) 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. (12) 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 September 30, 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Capital Structure As of September 30, 2021 | Unaudited, in thousands, except share data and percentages Shares/Units Aggregate Principal Amount or $ Equivalent Unsecured revolving credit facility $ 300,000 Unsecured private placement 625,000 Unsecured registered senior notes 1,300,000 Secured debt 1,718,973 Total Consolidated unsecured and secured debt(1) $ 3,943,973 Add: Series A preferred units 392,598 9,815 Total Consolidated debt(1) $ 3,953,788 Less: Cash and cash equivalents (110,500) Total Consolidated debt, net(1) $ 3,843,288 Add: Company’s share of unconsolidated real estate entity debt(2) 102,722 Less: Partners’ share of consolidated debt(3) (780,945) Less: Company’s share of unconsolidated real estate entities’ cash and cash equivalents (11,359) Add: Partners’ share of cash and cash equivalents 31,269 Company’s share of debt, net(1) $ 3,184,975 EQUITY Common stock 152,320,252 $ 4,001,453 Operating partnership units 1,381,624 36,295 Restricted stock and units 1,102,676 28,967 Dilutive shares(1) 938,386 24,651 TOTAL EQUITY 155,742,938 $ 4,091,366 (4) CONSOLIDATED MARKET CAPITALIZATION(1) $ 8,045,154 COMPANY’S SHARE OF MARKET CAPITALIZATION(1) $ 7,366,931 CONSOLIDATED DEBT, NET/CONSOLIDATED MARKET CAPITALIZATION 47.8 % COMPANY’S SHARE OF DEBT, NET/COMPANY’S SHARE OF MARKET CAPITALIZATION 43.2 % (1) See definitions starting on page 56. (2) Amount is calculated based on our percentage ownership interest in the unconsolidated joint venture entity. The amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of September 30, 2021. (3) Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. (4) Amount is calculated based on September 30, 2021 closing price of $26.27 per share of common stock.
Page 24 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Interest Rate(4) Years to Maturity COMPANY’S SHARE OF SECURED AND UNSECURED DEBT(1) Unsecured debt $2,225,000 68.1% 3.8% 5.4 Secured debt(5) 1,040,750 31.9% 2.2% 3.0 TOTAL $3,265,750 100.0% 4.6 COMPANY’S SHARE OF FLOATING AND FIXED-RATE DEBT Floating-rate debt $740,767 22.7% 1.8% 2.0 Fixed-rate debt(5)(6) 2,524,983 77.3% 3.7% 5.4 TOTAL $3,265,750 100.0% 4.6 Weighted average stated interest rate(4) 3.3% GAAP effective rate including unamortized deferred financing costs and loan discounts/premiums(7) 3.6% DEBT COVENANT COMPLIANCE Covenant Actual Performance UNSECURED REVOLVING CREDIT FACILITY, TERM LOAN AND PRIVATE PLACEMENT(8) Total liabilities to total asset value ≤ 60% 41.6% Unsecured indebtedness to unencumbered asset value ≤ 60% 39.0% Adjusted EBITDA to fixed charges ≥ 1.5x 3.6x Secured indebtedness to total asset value ≤ 45% 18.9% Unencumbered NOI to unsecured interest expense ≥ 2.0x 3.5x UNSECURED REGISTERED SENIOR NOTES(9) Debt to total assets ≤ 60% 44.0% Total unencumbered assets to unsecured debt ≥ 150% 268.3% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 4.3x Secured debt to total assets ≤ 45% 19.8%
Page 25 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, 2021. (2) We have the option to extend the initial maturity date with respect to the unsecured revolving credit facility for an additional one-year term. (3) Includes $351.2 million related to the Hollywood Media Portfolio loan maturing August 9, 2023. This loan has an initial term of two years from the first payment date with three one-year extension options, subject to certain requirements. (4) Rates as of September 30, 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 September 30, 2021. (5) During third quarter 2021 we refinanced the Hollywood Media Portfolio loan for $1.1 billion including a bond purchase for $209.8 million. We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. The interest rate on a portion of the outstanding loan balance has been effectively fixed through the use of interest rate swaps under the first payments approach. As of September 30, 2021, the LIBOR component of the interest rate was fixed at 1.76% with respect to $350.0 million and 1.43% with respect to $125.0 million of the loan secured by the Hollywood Media Portfolio, respectively. (6) Includes instruments of fixed-rate debt and effective fixed-rate debt as a result of derivative instruments on the full principal balance. (7) Rates are as of September 30, 2021 and include deferred financing costs and loan discounts/premiums. (8) 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 September 30, 2021. As of September 30, 2021, the operating partnership was in compliance with both the prior amended and restated credit agreements and the Facility. (9) 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 September 30, 2021. As of September 30, 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 | Third Quarter 2021 Operational and Portfolio Information
Page 27 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 1,495,738 96.5 % 97.1 % $ 41,947,606 $ 29.05 Subtotal 1,495,738 96.5 97.1 41,947,606 29.05 Greater Seattle, Washington Northview Center Lynnwood 179,985 68.4 69.5 2,911,942 23.64 Met Park North Denny Triangle 189,511 100.0 100.0 5,550,455 29.29 Hill7(7) Denny Triangle 285,310 99.1 99.1 11,370,031 40.23 450 Alaskan Pioneer Square 170,974 95.4 95.4 6,765,187 41.48 411 First Pioneer Square 163,601 64.2 65.2 3,972,299 37.83 505 First Pioneer Square 288,009 84.2 84.2 6,293,884 25.96 83 King Pioneer Square 183,784 78.1 78.1 6,254,869 43.57 Subtotal 1,461,174 85.5 85.7 43,118,667 34.51 San Francisco Bay Area, California 1455 Market(7) San Francisco 1,036,430 96.8 96.8 53,428,163 53.27 275 Brannan San Francisco 57,120 100.0 100.0 4,786,113 83.79 625 Second San Francisco 138,354 51.1 51.1 4,829,819 68.33 875 Howard San Francisco 285,706 97.9 97.9 15,106,726 54.02 901 Market San Francisco 206,697 88.3 88.3 12,610,010 69.13 Rincon Center(8) San Francisco 533,700 97.3 97.3 32,688,557 62.95 Ferry Building(7) San Francisco 266,446 93.1 95.8 21,247,232 85.62 Towers at Shore Center Redwood Shores 334,701 89.4 93.1 21,492,172 71.86 Shorebreeze Redwood Shores 230,931 83.9 84.5 12,951,521 66.83 Skyway Landing Redwood Shores 246,997 74.9 76.3 10,849,835 58.62 555 Twin Dolphin Redwood Shores 200,851 80.9 82.2 10,231,886 62.97 Palo Alto Square(9) Palo Alto 317,899 86.7 86.7 26,007,119 94.40 3176 Porter Palo Alto 42,899 100.0 100.0 3,346,122 78.00 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 8,886,250 88.28 Foothill Research Center Palo Alto 195,385 100.0 100.0 14,720,201 75.34 Page Mill Center(10) Palo Alto 94,539 82.4 82.4 6,236,184 80.01 Page Mill Hill Palo Alto 178,200 84.1 89.4 11,884,150 79.34 Gateway North San Jose 610,850 83.1 83.1 21,899,453 43.13 1740 Technology North San Jose 206,710 99.6 99.6 8,855,060 43.02 Concourse North San Jose 945,407 88.5 89.0 34,139,787 40.79 Metro Plaza(11) North San Jose 409,686 87.4 87.4 15,626,628 43.65 Skyport Plaza North San Jose 418,667 96.1 96.1 15,858,698 39.42 Techmart Santa Clara 284,497 74.7 74.7 10,466,199 49.24 Subtotal 7,551,184 89.7 90.3 393,156,491 58.04
Page 28 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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) Los Angeles, California 6922 Hollywood Hollywood 205,035 71.8 71.8 7,598,093 51.61 6040 Sunset(12) Hollywood 114,958 100.0 100.0 6,607,096 57.47 ICON(12) Hollywood 326,792 100.0 100.0 20,052,743 61.36 CUE(12) Hollywood 94,386 100.0 100.0 5,865,056 62.14 EPIC(12) Hollywood 301,127 100.0 100.0 21,211,386 70.44 Fourth & Traction Downtown Los Angeles 131,701 93.5 100.0 5,545,170 45.05 Maxwell Downtown Los Angeles 102,963 100.0 100.0 4,752,505 46.16 604 Arizona West Los Angeles 44,260 100.0 100.0 3,238,742 73.18 3401 Exposition West Los Angeles 63,376 100.0 100.0 3,133,368 49.44 10850 Pico(13) West Los Angeles 44,913 100.0 100.0 1,940,536 43.21 10900 Washington West Los Angeles 9,919 100.0 100.0 499,918 50.40 10950 Washington West Los Angeles 159,198 100.0 100.0 7,947,425 49.92 11601 Wilshire West Los Angeles 499,811 91.4 96.3 21,453,405 46.98 Element LA West Los Angeles 284,037 100.0 100.0 17,864,002 62.89 Subtotal 2,382,476 95.4 96.8 127,709,445 56.19 Total same-store 12,890,572 91.1 91.7 605,932,209 51.61 NON-SAME-STORE Greater Seattle, Washington 1918 Eighth(7) Denny Triangle 668,209 99.6 99.6 20,828,953 31.29 Subtotal 668,209 99.6 99.6 20,828,953 31.29 Total non-same-store 668,209 99.6 99.6 20,828,953 31.29 Total Stabilized 13,558,781 91.5 92.1 626,761,162 50.52 Company’s Share of Total Stabilized 10,925,328 90.1 90.8 518,293,696 52.67 LEASE-UP San Francisco Bay Area, California Metro Center Foster City 725,932 79.8 79.8 35,137,690 60.63 333 Twin Dolphin Redwood Shores 183,119 91.8 91.8 10,371,284 61.71 Subtotal 909,051 82.2 82.2 45,508,974 60.87 Los Angeles, California Harlow(12) Hollywood 129,931 54.1 54.1 3,821,784 54.38 Subtotal 129,931 54.1 54.1 3,821,784 54.38 Total lease-up 1,038,982 78.7 78.7 49,330,758 60.31
Page 29 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, 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 September 30, 2021, by (ii) 12. Annualized base rent per square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced leases as of September 30, 2021. Annualized base rent does not reflect tenant reimbursements. (5) Defined as all properties owned and included in our stabilized office portfolio as of July 1, 2020 and still owned and included in the stabilized office portfolio as of September 30, 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 September 30, 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 fourth quarter 2020. (9) 12,740 square feet at Palo Alto Square was taken off-line for repositioning as of second quarter 2021. (10) 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. (11) 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. (12) We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE, EPIC and Harlow. (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 49,894 square feet of existing leases that have been amended or signed as of third 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 $51.32. (15) Included as part of the Company’s share of total in-service occupied and leased square footage is 36,655 square feet of existing leases that have been amended or signed as of third 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 $53.44. 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) TOTAL IN-SERVICE 14,597,763 90.6 % 91.2 % $ 676,091,920 $ 51.13 (14) COMPANY’S SHARE OF TOTAL IN-SERVICE 11,900,644 89.3 % 89.9 % $ 565,751,780 $ 53.26 (15)
Page 30 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, 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 1,495,738 1,444,049 96.5 % 1,452,467 97.1 % $ 41,947,606 $ 29.05 Subtotal 1 1,495,738 1,444,049 96.5 1,452,467 97.1 41,947,606 29.05 Greater Seattle, Washington Lynnwood 1 179,985 123,180 68.4 125,083 69.5 2,911,942 23.64 Denny Triangle 3 1,143,030 1,137,757 99.5 1,137,757 99.5 37,749,439 33.18 Pioneer Square 4 806,368 654,117 81.1 655,716 81.3 23,286,239 35.60 Subtotal 8 2,129,383 1,915,054 89.9 1,918,556 90.1 63,947,620 33.39 San Francisco Bay Area, California San Francisco 7 2,524,453 2,360,428 93.5 2,367,496 93.8 144,696,620 61.30 Redwood Shores 4 1,013,480 840,445 82.9 860,456 84.9 55,525,414 66.07 Palo Alto 7 1,137,434 1,050,007 92.3 1,059,582 93.2 86,088,632 81.99 North San Jose 5 2,591,320 2,310,834 89.2 2,315,599 89.4 96,379,626 41.71 Santa Clara 1 284,497 212,553 74.7 212,553 74.7 10,466,199 49.24 Subtotal 24 7,551,184 6,774,267 89.7 6,815,686 90.3 393,156,491 58.04 Los Angeles, California Hollywood 5 1,042,298 984,497 94.5 984,497 94.5 61,334,374 62.30 West Los Angeles 7 1,105,514 1,062,347 96.1 1,086,826 98.3 56,077,396 52.79 Downtown Los Angeles 2 234,664 226,060 96.3 234,664 100.0 10,297,675 45.55 Subtotal 14 2,382,476 2,272,904 95.4 2,305,987 96.8 127,709,445 56.19 Total Stabilized 47 13,558,781 12,406,274 91.5 12,492,696 92.1 626,761,162 50.52 Company's Share of Total Stabilized 47 10,925,328 9,839,787 90.1 9,916,294 90.8 518,293,696 52.67
Page 31 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 1 725,932 579,573 79.8 579,573 79.8 35,137,690 60.63 Redwood Shores 1 183,119 168,074 91.8 168,074 91.8 10,371,284 61.71 Subtotal 2 909,051 747,647 82.2 747,647 82.2 45,508,974 60.87 Los Angeles, California Hollywood 1 129,931 70,285 54.1 70,285 54.1 3,821,784 54.38 Subtotal 1 129,931 70,285 54.1 70,285 54.1 3,821,784 54.38 Total lease-up 3 1,038,982 817,932 78.7 817,932 78.7 49,330,758 60.31 TOTAL IN-SERVICE 50 14,597,763 13,224,206 90.6 % $ 13,310,628 91.2 % $ 676,091,920 $ 51.13 (6) COMPANY'S SHARE OF TOTAL IN-SERVICE 50 11,900,644 10,623,279 89.3 % $ 10,699,786 89.9 % $ 565,751,780 $ 53.26 (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 49,894 square feet of existing leases that have been amended or signed as of third 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 $51.32. (7) Included as part of the Company’s share of total in-service occupied and leased square footage is 36,655 square feet of existing leases that have been amended or signed as of third 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 $53.44.
Page 32 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 September 30, 2021. (2) Percent leased for same-store studio is the average percent leased for the 12 months ended September 30, 2021. (3) Annual base rent for same-store studio reflects actual base rent for the 12 months ended September 30, 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 September 30, 2021. (5) Non-same store studio includes 18,594 square feet located at Sunset Las Palmas Studios that was taken off-line during third quarter 2021. (6) 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 % 86.9 % $ 18,905,720 $ 40.93 Sunset Bronson Studios 308,026 25.2 94.9 11,629,202 39.79 Sunset Las Palmas Studios 366,027 29.9 85.0 13,822,133 45.43 Total same-store studio(1) 1,205,809 98.5 % 87.6 % (2) $ 44,357,055 (3) $ 41.99 (4) Sunset Las Palmas Studios 18,594 1.5 % — % 93,572 Total non-same-store studio(5) 18,594 1.5 % — % $ 93,572 TOTAL STUDIO 1,224,403 100.0 % COMPANY'S SHARE OF TOTAL STUDIO(6) 624,446 Studio Properties
Page 33 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 35% of the of the ownership interest in the unconsolidated joint venture that owns Sunset Waltham Cross Studios—Development. (3) We own 20% of the ownership interest in the unconsolidated joint venture that owns Burrard Exchange. The construction of Burrard Exchange may require the demolition of certain retail square footage. (4) The final purchase of Washington 1000 is pending as of September 30, 2021. Square footage represents condominium rights to build a fully entitled 16-story office tower. (5) Square footage for Sunset Bronson Studios Lot D—Development represents management’s estimate of developable square footage for 33 residential units. (6) 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. (7) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (8) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios—Development. Submarket Square Feet(1) Percent of Total Greater London, UK Sunset Waltham Cross Studios—Development(2) Broxbourne TBD N/A Subtotal TBD N/A Vancouver, British Columbia Burrard Exchange(3) Downtown Vancouver 450,000 14.1 % Subtotal 450,000 14.1 % Greater Seattle, Washington Washington 1000(4) Denny Triangle 538,164 16.8 % Subtotal 538,164 16.8 % 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(5)(6) Hollywood 19,816 0.6 % Sunset Gower Studios—Development(6)(7) Hollywood 478,845 15.0 % Sunset Las Palmas Studios—Development(6) Hollywood 617,581 19.3 % Sunset Glenoaks Studios—Development(8) Los Angeles 241,000 7.5 % Element LA West Los Angeles 500,000 15.7 % Subtotal 1,857,242 58.1 % TOTAL LAND 3,195,406 100.0 % COMPANY’S SHARE OF TOTAL LAND 2,167,947
Page 34 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 35,905 — — % — — % — $ — Subtotal 35,905 — — — — — — San Francisco Bay Area, California Rincon Center(7) San Francisco 36,905 — — — — — — Page Mill Center(8) Palo Alto 79,056 — — — — — — Palo Alto Square(9) Palo Alto 12,740 — — — — — — Metro Plaza(10) North San Jose 61,066 — — — — — — Subtotal 189,767 — — — — — — Los Angeles, California 10850 Pico(11) West Los Angeles 51,417 — — — — — — Subtotal 51,417 — — — — — — Total repositioning 277,089 — — — — — — REDEVELOPMENT Los Angeles, California One Westside West Los Angeles 584,000 — — 584,000 (12) 100.0 — — Del Amo(13) Torrance 113,000 — — — — — — Total redevelopment 697,000 — — 584,000 83.8 — — TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD FOR SALE 974,089 — — % 584,000 60.0 % $ — $ — COMPANY’S SHARE OF TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD FOR SALE 815,234 — — % 438,000 53.7 % $ — $ — (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. (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. (3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of September 30, 2021, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases.
Page 35 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (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 September 30, 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 September 30, 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) 35,905 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 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) 12,740 square feet at Palo Alto Square was taken off-line for repositioning as of second quarter 2021 following the termination of Century Theaters, Inc. as we evaluate the change of use for the space. (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 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. (12) 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. (13) 113,000 square feet at Del Amo was taken off-line for redevelopment as of first quarter 2020. Repositioning, Redevelopment, Development and Held For Sale Properties(1) (continued)
Page 36 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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. (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)). 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 9/30/21 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) $ 387,972 (8) $500,000- $550,000 (8) 7.50%-8.00% (8) Total under construction 584,000 $ 387,972 FUTURE DEVELOPMENT PIPELINE Washington 1000 Denny Triangle TBD TBD TBD 538,164 N/A $ 30,204 (9) $340,000- $360,000 (9) 7.50%-8.00% Burrard Exchange(10) Downtown Vancouver TBD TBD TBD 450,000 N/A $ 2,957 TBD TBD Element LA—Development West Los Angeles TBD TBD TBD 500,000 N/A N/A TBD TBD Sunset Glenoaks Studios — Development(11) Los Angeles Q4-2021 Q3-2023 Q2-2024 241,000 N/A $ 31,130 (12) $170,000- $190,000 (12) 7.75%-8.25% Sunset Bronson Studios Lot D—Development(13) Hollywood TBD TBD TBD 19,816 N/A N/A TBD TBD Sunset Gower Studios— Development(13)(14) Hollywood TBD TBD TBD 478,845 N/A $ 7,610 TBD TBD Sunset Las Palmas Studios—Development(13) Hollywood TBD TBD TBD 617,581 N/A $ 23,055 (15) TBD TBD Sunset Waltham Cross Studios— Development(16) Broxbourne TBD TBD TBD TBD N/A $ 177,826 (16) TBD TBD Cloud10 North San Jose TBD TBD TBD 350,000 N/A $ 12,885 (17) TBD TBD Total future development 3,195,406 TOTAL 3,779,406
Page 37 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (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. (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 September 30, 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 September 30, 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. 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 land and acquisition costs. As of September 30, 2021 we have incurred $30.2 million of project costs with the remaining $55.8 million of 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 Burrard Exchange. Amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of September 30, 2021. (11) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios—Development. (12) Total estimated project costs for Sunset Glenoaks Studios—Development include $28.8 million for land and acquisition costs. (13) 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. (14) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (15) Project costs as of September 30, 2021 for Sunset Las Palmas Studios—Development include $20.8 million for management’s estimate of allocated land and acquisition costs. (16) We own 35% of the ownership interest in the unconsolidated joint venture that owns Sunset Waltham Cross Studios—Development. Project costs as of September 30, 2021 for Sunset Waltham Cross Studios—Development include $177.8 million for land and acquisition costs. Amounts reflected have been converted from GBP to USD using the foreign currency exchange rate as of September 30, 2021. (17) Project costs as of September 30, 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 Burrard Exchange Vancouver (Downtown) 450,000(1) SF | Completion TBD Single or Multi-Tenant Sunset Glenoaks Studios | Development Los Angeles (Los Angeles) 241,000(1) SF | Completion 3Q23 Single or Multi-Tenant
Page 39 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 4,727,061 37.2 % 4,156,879 39.3 % Media and Entertainment 1,848,111 16.4 1,332,070 14.1 Legal 714,614 7.4 653,904 8.5 Business Services 1,145,868 (5) 8.5 885,931 (6) 8.3 Financial Services 1,131,478 8.3 813,792 7.8 Other 826,220 6.3 648,573 6.6 Retail 1,265,777 (7) 6.4 946,666 (8) 5.8 Real Estate 490,828 3.0 258,236 2.3 Healthcare 216,520 1.9 206,244 2.3 Insurance 243,788 1.6 188,272 1.7 Educational 137,326 1.2 132,371 1.4 Government 213,252 1.2 162,891 1.2 Advertising 60,075 0.6 55,656 0.7 TOTAL 13,020,918 100.0 % 10,441,485 100.0 % (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 203,288 square feet occupied by the Company. (4) Excludes 181,792 square feet occupied by the Company. (5) Includes 500,136 square feet occupied by co-working tenants (represents 3.6% of total annualized base rent). (6) Includes 308,063 square feet occupied by co-working tenants (represents 2.8% of the Company’s Share of total annualized base rent). (7) Includes 434,554 square feet of storefront retail (represents 2.1% of total annualized base rent). (8) Includes 388,396 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 1,088,327 29.6 % 982,831 31.1 % Software 1,278,635 25.8 1,221,355 27.8 Computer hardware and technology equipment 1,091,620 17.5 1,056,723 19.2 Business support services 705,763 15.1 491,522 12.1 Other 419,605 8.8 268,820 6.3 Biotechnology, healthcare and medical research 101,014 2.5 101,014 2.8 Telecommunications and networking 42,097 0.7 34,614 0.7 TOTAL 4,727,061 100.0 % 4,156,879 100.0 % 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 1,337,247 72.1 % 842,048 62.2 % Gaming 361,056 21.1 351,274 28.9 Advertising and marketing 104,321 4.9 104,321 6.9 Other 45,487 1.9 34,427 2.0 TOTAL 1,848,111 100.0 % 1,332,070 100.0 %
Page 40 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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% $ 48,521,102 8.6% Aa2 AA+ $ 1,779.8 2 Netflix, Inc. Various 9/30/2031 722,305 (5) 368,376 2.9 24,035,884 4.2 Ba1 BB+ 270.1 3 Nutanix, Inc. Various 5/31/2024 439,406 (6) 439,406 3.5 18,503,384 3.3 8.1 4 Riot Games, Inc. Element LA 3/31/2030 284,037 (7) 284,037 2.2 17,864,002 3.2 5 Amazon Various Various 746,386 (8) 473,433 3.7 14,981,924 2.6 A1 AA 1,663.7 6 Qualcomm Skyport Plaza 7/31/2022 376,817 376,817 3.0 14,940,041 2.6 A2 A- 145.5 7 Salesforce.com Rincon Center Various 265,394 (9) 265,394 2.1 14,287,683 2.5 A2 A+ 265.5 8 Square, Inc. 1455 Market(10) 9/27/2023 469,056 257,981 2.0 13,267,953 2.3 110.3 9 Dell EMC Corporation Various Various 311,795 (11) 311,795 2.5 12,430,309 2.2 10 Uber Technologies, Inc. 1455 Market(10) 2/28/2025 325,445 178,995 1.4 9,644,556 1.7 B2 B 84.4 11 NFL Enterprises Various 12/31/2022 167,606 (12) 167,606 1.3 8,447,342 1.5 12 WeWork Companies, Inc. Various Various 330,921 (13) 159,456 1.3 7,956,673 1.4 13 Github, Inc. Various 6/30/2025 92,450 (14) 92,450 0.7 6,751,168 1.2 14 Weil, Gotshal & Manges LLP Towers at Shore Center 8/31/2026 76,278 76,278 0.6 5,747,762 1.0 15 Paypal, Inc. Fourth & Traction 5/31/2030 123,097 (15) 123,097 1.0 5,545,170 1.0 A3 A- 305.8 TOTAL 5,371,719 4,197,238 33.1% $ 222,924,953 39.3% (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 September 30, 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 September 30, 2021. (3) Credit rating and market capitalization data provided by Bloomberg as of September 30, 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 at least 12 months prior to the early termination date. 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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) Amazon expirations by square footage and property: (i) 139,824 square feet at Met Park North expiring on November 30, 2023 and (ii) 606,562 square feet at 1918 Eighth expiring on September 30, 2030. We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (9) 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. (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) 138,820 square feet at 505 First expiring on October 18, 2021, (ii) 42,954 square feet at 505 First expiring on December 31, 2023, (iii) 83,549 square feet at 875 Howard expiring on June 30, 2026 and (iv) 46,472 square feet at 505 First expiring on January 31, 2027. Dell EMC Corporation may elect to exercise its early termination right 505 First for 46,472 square feet effective January 31, 2025 by delivering written notice on or before January 31, 2024. (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 elected to exercise its early termination right for the entire premises effective December 31, 2022. (13) 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) 51,205 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. (14) 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. (15) Paypal, Inc. may elect to exercise its early termination right for the entire premises effective July 17, 2026 by delivering written notice on or before July 17, 2025. Fifteen Largest Office Tenants (continued)
Page 42 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Office Property Leasing Activity(1) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Total gross leasing activity Rentable square feet(2) 318,428 1,352,978 Gross new leasing activity Rentable square feet 130,515 443,221 New cash rate(3) $52.67 $53.65 Gross renewal leasing activity Rentable square feet 187,913 909,757 Renewal cash rate(4) $51.32 $55.90 Total leases expired and terminated Contractual (scheduled) expiration 158,259 417,398 Early termination 91,107 313,742 Total 249,366 731,140 Net absorption Leased rentable square feet (118,851) (287,919) Cash rent growth(5) Expiring rate $47.93 $51.41 New/renewal rate(6) $50.39 $54.52 Change(5) 5.1 % 6.1 % Straight-line rent growth(7) Expiring rate $42.83 $47.17 New/renewal rate(6) $46.40 $53.54 Change(7) 8.3 % 13.5 % Weighted average lease terms New (in months) 75.8 88.0 Renewal (in months) 35.4 47.1 Blended 51.4 59.6 TENANT IMPROVEMENTS AND LEASING COMMISSIONS(8) Per Square Foot Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Total Annual Total Annual New leases $91.88 $14.54 $83.35 $11.37 Renewal leases $21.49 $7.28 $15.79 $4.03 Blended $49.34 $11.52 $36.56 $7.36 NET EFFECTIVE RENT(9) Per Square Foot Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Total Total New leases $33.74 $37.31 Renewal leases $41.65 $49.19 Blended $38.52 $45.54
Page 43 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (1) Represents 100% share of consolidated and unconsolidated joint ventures. (2) Includes square footage related to the Company’s management office totaling 4,197 and 50,610 square feet for the three and nine months ended September 30, 2021. The three months and nine months ended September 30, 2021 excludes 1,500 and 5,329 square feet, respectively, 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 8,664 and 10,674 square feet related to tenants paying percentage rent in lieu of base rent for the three and nine months ended September 30, 2021, respectively. (4) Excludes the impact of 3,442 and 13,885 square feet related to tenants paying percentage rent in lieu of base rent for the three and nine months ended September 30, 2021, respectively. (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 and nine months ended September 30, 2021 are calculated using the weighted average starting rates for 47,025 and 182,905 square feet of new leases, respectively. 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 17,830 8/1/2021 9/1/2022 $ 30.75 8/31/2028 Bentall Centre(3) Downtown Vancouver 5,418 8/1/2021 10/1/2021 $ 29.18 8/31/2026 Bentall Centre(3) Downtown Vancouver 2,012 8/31/2021 5/1/2022 $ 29.18 11/30/2028 Bentall Centre(3) Downtown Vancouver 6,112 9/1/2021 4/1/2022 $ 29.18 12/31/2026 Bentall Centre(3) Downtown Vancouver 4,972 9/1/2021 3/1/2022 $ 27.99 2/28/2030 Bentall Centre(3) Downtown Vancouver 3,889 9/1/2021 1/1/2022 $ 28.39 12/31/2027 Bentall Centre(3) Downtown Vancouver 2,876 9/1/2021 4/1/2022 $ 37.46 10/31/2028 Greater Seattle, Washington 1918 Eighth(4) 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 1918 Eighth(4) Denny Triangle 35,524 8/2/2021 12/25/2021 $ 47.38 9/30/2030 Northview Center Lynnwood 7,452 8/9/2021 8/9/2021 (5) $ 19.75 8/31/2031 San Francisco Bay Area, California 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 Concourse North San Jose 2,841 5/21/2021 7/22/2021 $ 48.96 10/31/2024 Towers at Shore Center Redwood Shores 6,368 6/1/2021 9/1/2021 $ 75.00 5/31/2023 Shorebreeze Redwood Shores 3,407 6/1/2021 8/1/2021 $ 61.20 5/31/2026 Palo Alto Square Palo Alto 3,835 6/1/2021 10/1/2021 $ 96.24 5/31/2031 Concourse North San Jose 7,243 6/30/2021 6/30/2021 (6) $ 46.80 12/31/2024 Concourse North San Jose 1,983 6/30/2021 6/30/2021 (7) $ 50.40 12/31/2026 Concourse North San Jose 1,682 7/1/2021 8/1/2021 $ 48.00 7/31/2022 Techmart Santa Clara 3,334 7/10/2021 7/10/2021 (8) $ 53.40 11/9/2024 Shorebreeze Redwood Shores 1,936 7/16/2021 7/16/2021 (9) $ 60.00 7/31/2023 555 Twin Dolphin Redwood Shores 3,019 8/1/2021 10/1/2021 $ 61.80 7/31/2023 Shorebreeze Redwood Shores 2,710 8/1/2021 11/1/2021 $ 61.80 7/31/2023 Gateway North San Jose 8,633 8/1/2021 10/1/2021 $ 45.00 12/31/2024 Concourse North San Jose 3,293 8/1/2021 10/1/2021 $ 46.80 7/31/2022 Techmart Santa Clara 1,223 8/1/2021 10/1/2021 $ 52.80 9/30/2022
Page 45 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) continued (1) Consists of leases that commenced on or prior to September 30, 2021 with up-front free rent resulting in a rent start date after the commencement of the three-month period ending September 30, 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 September 30, 2021. (4) We own 55% in the consolidated joint venture that owns 1918 Eighth. (5) Subsequent to the rent start date, monthly base rent abated for the one-month period September 2021. (6) Subsequent to the rent start date, monthly base rent abated for the six-month period July 2021 through December 2021. (7) Subsequent to the rent start date, monthly base rent abated for the two-month period July 2021 through August 2021. (8) Subsequent to the rent start date, monthly base rent abated for the three-month period August 2021 through October 2021. (9) Subsequent to the rent start date, monthly base rent abated for the one-month period August 2021. (10) We own 51% in the consolidated joint venture that owns Harlow. (11) Subsequent to the rent start date, monthly base rent abated for the four-month period July 2021 to October 2021. Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date San Francisco Bay Area, California (cont.) Shorebreeze Redwood Shores 5,962 9/1/2021 10/1/2021 $ 64.20 8/31/2022 Shorebreeze Redwood Shores 2,396 9/1/2021 12/1/2021 $ 63.60 11/30/2024 Gateway North San Jose 10,602 9/1/2021 11/1/2021 $ 48.10 8/31/2025 Gateway North San Jose 5,241 9/1/2021 10/1/2021 $ 46.20 8/31/2024 Techmart Santa Clara 2,288 9/1/2021 11/1/2021 $ 55.80 8/31/2022 Techmart Santa Clara 2,167 9/1/2021 10/1/2021 $ 51.00 10/31/2022 Los Angeles, California Harlow(10) Hollywood 56,480 4/1/2021 4/1/2022 $ 61.80 3/31/2033 Harlow(10) Hollywood 13,805 4/1/2021 4/1/2022 $ 24.00 3/31/2033 Maxwell Los Angeles 19,564 9/6/2021 4/1/2022 $ 48.00 9/30/2027 Maxwell Los Angeles 29,441 7/27/2021 4/1/2022 $ 46.20 10/31/2032 11601 Wilshire West Los Angeles 4,192 6/4/2021 6/4/2021 (11) $ 66.00 12/31/2028
Page 46 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) (1) Consists of uncommenced leases, defined as new leases with respect to vacant space executed on or prior to September 30, 2021, but with commencement dates after September 30, 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 fourth quarter 2022 and the second quarter 2023 through the third 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 September 30, 2021. (5) Management office to be occupied by the Company. Company’s Share Q4 2021 Q1 2022 Q4 2021 Q1 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) 3,084 $ 32.26 5,334 $ — (5) 617 $ 32.26 1,067 $ — (5) Subtotal 3,084 32.26 5,334 — 617 32.26 1,067 — Greater Seattle, Washington Lynnwood 1,903 20.50 — — 1,903 20.50 — — Pioneer Square 1,599 45.50 — — 1,599 45.50 — — Subtotal 3,502 31.92 — — 3,502 31.92 — — San Francisco Bay Area, California San Francisco 7,068 102.38 — — 3,887 102.38 — — Redwood Shores 18,529 57.07 1,482 72.00 18,529 57.07 1,482 72.00 Palo Alto 9,575 78.00 — — 9,575 78.00 — — North San Jose 4,765 48.00 — — 4,765 48.00 — — Subtotal 39,937 69.03 1,482 72.00 36,756 66.14 1,482 72.00 Los Angeles, California West Los Angeles — — 584,000 62.01 — — 438,000 62.01 Subtotal — — 584,000 62.01 — — 438,000 62.01 TOTAL UNCOMMENCED 46,523 $ 63.80 590,816 $ 61.48 40,875 $ 62.70 440,549 $ 61.89
Page 47 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) (continued) Company’s Share Q2 2022 Q1 2023 Q2 2022 Q1 2023 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Los Angeles, California Downtown Los Angeles 8,604 31.88 — — 8,604 31.88 — — West Los Angeles 4,139 — (4) 20,340 — (4) 4,139 — (4) 20,340 — (4) Subtotal 12,743 21.52 20,340 — 12,743 21.52 20,340 — TOTAL UNCOMMENCED 12,743 $ 21.52 20,340 $ — 12,743 $ 21.52 20,340 $ — For footnotes (1), (2), and (3) above refer to the descriptions on page 46. (4) Management office to be occupied by the Company.
Page 48 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) Company’s Share Q4 2021 Q1 2022 Q4 2021 Q1 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 Redwood Shores 3,470 $ 74.40 — $ — 3,470 $ 74.40 — $ — North San Jose — — 2,979 48.60 — — 2,979 48.60 Subtotal 3,470 74.40 2,979 48.60 3,470 74.40 2,979 48.60 TOTAL BACKFILLED 3,470 74.40 2,979 48.60 3,470 74.40 2,979 48.60 TOTAL UNCOMMENCED AND BACKFILLED 49,993 $ 64.53 593,795 $ 61.41 44,345 $ 63.61 443,528 $ 61.80 (1) Consists of backfilled leases, defined as new leases with respect to occupied space executed on or prior to September 30, 2021, but with commencement dates after September 30, 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 2022 through fourth quarter 2022 and second quarter 2023 through third 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 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) (continued) Company’s Share Q2 2022 Q1 2023 Q2 2022 Q1 2023 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) — $ — 4,114 $ 44.95 — $ — 823 $ 44.95 Subtotal — — 4,114 44.95 — — 823 44.95 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 4,114 44.95 6,413 44.30 823 44.95 TOTAL UNCOMMENCED AND BACKFILLED 19,156 $ 29.15 24,454 $ 7.56 19,156 $ 29.15 21,163 $ 1.75 For footnotes (1), (2) and (3) above refer to the descriptions on page 48. (4) Starting rental rates have been converted from CAD to USD using the foreign currency exchange rate as of September 30, 2021.
Page 50 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) Company’s Share Q4 2021(2) Q1 2022 Q2 2022 Q3 2022 Q4 2021(3) Q1 2022 Q2 2022 Q3 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) 17,178 $ 17.84 36,174 $ 27.40 55,447 $ 27.97 (7) 50,906 $ 26.64 (8) 3,436 $17.84 7,235 $ 27.40 11,089 $ 27.97 10,181 $ 26.64 Subtotal 17,178 17.84 36,174 27.40 55,447 27.97 50,906 26.64 3,436 17.84 7,235 27.40 11,089 27.97 10,181 26.64 Greater Seattle, Washington Denny Triangle 2,958 — (9) — — 1,194 — (9) — — 1,627 — — — 657 — — — Lynnwood — — 2,842 22.81 21,563 21.64 — — — — 2,842 22.81 21,563 21.64 — — Pioneer Square 148,256 25.12 (10) 15,144 19.26 8,063 42.60 — — 148,256 25.12 15,144 19.26 8,063 42.60 — — Subtotal 151,214 24.62 17,986 19.82 30,820 26.28 — — 149,883 24.84 17,986 19.82 30,283 26.75 — — San Francisco Bay Area, California Foster City 14,999 72.41 7,012 76.54 53,877 73.09 (11) 4,482 66.83 14,999 72.41 7,012 76.54 53,877 73.09 4,482 66.83 Palo Alto 13,065 98.77 — — 36,803 75.65 6,289 102.89 13,065 98.77 — — 36,803 75.65 6,289 102.89 Redwood Shores 10,322 68.81 46,366 64.62 30,526 59.41 102,284 59.00 (12) 10,322 68.81 46,366 64.62 30,526 59.41 102,284 59.00 San Francisco 8,636 19.69 109,775 8.07 (13) 2,739 71.34 21,772 61.85 4,750 19.69 109,046 7.28 2,506 59.67 20,019 62.28 North San Jose 47,015 41.61 99,063 44.35 (14) 103,418 39.24 (15) 443,258 41.42 (16) 47,015 41.61 99,063 44.35 103,418 39.24 443,258 41.42 Santa Clara 11,613 53.81 22,151 51.70 6,773 35.90 27,686 55.84 11,613 53.81 22,151 51.70 6,773 35.90 27,686 55.84 Subtotal 105,650 55.26 284,367 35.02 234,136 55.66 605,771 46.61 101,764 56.62 283,638 34.78 233,903 55.52 604,018 46.58 Los Angeles, California Hollywood — — — — 3,273 56.05 — — — — — — 3,273 56.05 — — West Los Angeles 2,458 56.52 6,250 61.31 12,820 19.77 48,807 19.55 2,458 56.52 6,250 61.31 12,345 20.53 38,054 20.88 Subtotal 2,458 56.52 6,250 61.31 16,093 27.15 48,807 19.55 2,458 56.52 6,250 61.31 15,618 27.97 38,054 20.88 TOTAL 276,500 $ 36.19 344,777 $ 33.90 336,496 $ 47.04 705,484 $ 43.30 257,540 $ 37.61 315,109 $34.28 290,894 $ 50.00 652,253 $ 44.77 Expirations as % of Total In-Service Portfolio 1.9% 2.4% 2.3% 4.8% 2.2% 2.6% 2.4% 5.5%
Page 51 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) (continued) (1) This does not reflect 65,374 square feet, of which 63,370 square feet represents the Company’s Share, that expired on September 30, 2021. This table omits submarkets without any expirations over the next eight quarters. (2) Fourth quarter 2021 expiring square footage representing 100% share of joint ventures does not include 21,505 square feet of month-to-month leases. (3) Fourth quarter 2021 expiring square footage representing the Company’s Share of joint ventures does not include 13,375 square feet of month-to-month leases. Company’s Share Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q1 2023 Q2 2023 Q3 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) 60,608 $ 28.63 (17) 92,545 $ 29.82 (18) 61,049 $ 31.05 (19) 30,528 $ 14.18 12,122 $28.63 18,509 $29.82 12,210 $31.05 6,106 $ 14.18 Subtotal 60,608 28.63 92,545 29.82 61,049 31.05 30,528 14.18 12,122 28.63 18,509 29.82 12,210 31.05 6,106 14.18 Greater Seattle, Washington Denny Triangle 51,909 31.08 (20) 656 34.18 2,486 32.72 — — 28,550 31.08 656 34.18 2,486 32.72 — — Lynnwood — — — — 19,583 23.20 5,487 23.33 — — — — 19,583 23.20 5,487 23.33 Pioneer Square 924 33.44 — — — — — — 924 33.44 — — — — — — Subtotal 52,833 31.12 656 34.18 22,069 24.28 5,487 23.33 29,474 31.15 656 34.18 22,069 24.28 5,487 23.33 San Francisco Bay Area, California Foster City 42,542 71.96 28,706 47.50 3,502 72.26 10,694 72.16 42,542 71.96 28,706 47.50 3,502 72.26 10,694 72.16 Palo Alto 78,519 86.05 (21) — — 39,616 97.10 69,388 81.31 (22) 78,519 86.05 — — 39,616 97.10 69,388 81.31 Redwood Shores 108,117 64.87 (23) 41,799 68.67 76,198 66.44 (24) 30,724 69.66 108,117 64.87 41,799 68.67 76,198 66.44 30,724 69.66 San Francisco 2,982 48.92 515 202.59 1,592 — (25) 511,580 52.76 (26) 1,640 48.92 283 202.59 876 — 281,369 52.76 North San Jose 66,108 45.40 (27) 103,701 39.61 (28) 63,733 48.34 (29) 29,316 51.34 66,108 45.40 103,701 39.61 63,733 48.34 29,316 51.34 Santa Clara 17,044 53.85 16,015 56.41 887 62.29 — — 17,044 53.85 16,015 56.41 887 62.29 — — Subtotal 315,312 66.27 190,736 49.02 185,528 66.29 651,702 56.85 313,970 66.35 190,504 48.83 184,812 66.55 421,491 59.09 Los Angeles, California Hollywood 10,429 63.14 — — — — — — 10,429 63.14 — — — — — — West Los Angeles 197,324 53.50 (30) 10,557 65.69 9,960 66.53 23,674 60.28 197,324 53.50 10,557 65.69 9,960 66.53 23,674 60.28 Subtotal 207,753 53.99 10,557 65.69 9,960 66.53 23,674 60.28 207,753 53.99 10,557 65.69 9,960 66.53 23,674 60.28 TOTAL 636,506 $ 55.76 294,494 $ 43.55 278,606 $ 55.25 711,391 $ 54.88 563,319 $59.14 220,226 $48.00 229,050 $60.58 456,758 $ 58.12 Expirations as % of Total In-Service Portfolio 4.4% 2.0% 1.9% 4.9% 4.7% 1.9% 1.9% 3.8%
Page 52 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (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. (6) Expiring rental rates have been converted from CAD to USD using the foreign currency exchange rate as of September 30, 2021. (7) 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. (8) 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. (9) Total expiring square footage consists of space occupied by the Company’s management office. (10) Total expiring square footage consists of: (i) Dell EMC Corporation at 505 First for 138,820 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. (11) 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. (12) Top three expiring tenants by square footage: (i) Ernst & Young U.S. LLP at Shorebreeze for 20,253 square feet, (ii) McKool Smith a Professional Corporation at Shorebreeze for 13,529 square feet, and (iii) Hudson Pacific Properties management office at 333 Twin Dolphin for 12,651 square feet. (13) Top three expiring tenants by square footage: (i) Burlington Coat Factory at 875 Howard for 94,505 square feet, (ii) Yank Sing at Rincon Center for 13,651 square feet, and (iii) Blue Bottle Cafe at Ferry Building for 552 square feet. (14) 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. (15) Top three expiring tenants by square footage: (i) Fenwick & West LLP at Metro Plaza for 18,428 square feet, (ii) GEO Semiconductor, Inc. at Metro Plaza for 13,027 square feet, and (iii) Hudson Pacific Properties management office at Gateway for 12,223 square feet. (16) Top three expiring tenants by square footage: (i) Qualcomm at Skyport Plaza for 376,817 square feet, (ii) Sima Technologies, Inc. at Concourse for 9,034 square feet, and (iii) Silicon Valley Leadership Group at Gateway for 8,193 square feet. (17) Top three expiring tenants at Bentall Centre by square footage: (i) Nexii Building Solutions Inc. for 15,500 square feet, (ii) Robert Half Inc. for 10,301 square feet, and (iii) Shank Management LTD for 9,866 square feet. (18) Top three expiring tenants at Bentall Centre by square footage: (i) Blake Services Inc. for 63,292 square feet, (ii) Adera Development Corporation for 8,662 square feet, and (iii) Joey’s Restaurant for 8,401 square feet. (19) Top three expiring tenants at Bentall Centre by square footage: (i) Bentall Green Oak LP for 37,474 square feet, (ii) Sabina Gold Silver Corporation for 10,605 square feet, and (iii) Coeur Silvertip Holdings LTD for 3,010 square feet. (20) Total expiring square footage consists of KPMG, LLP at 1918 Eighth for 51,909 square feet. (21) 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. (22) Total expiring square footage consists of: (i) Gibson, Dunn & Crutcher, LLP at Page Mill Hill for 48,771 square feet, and (ii) Luminar Technologies, Inc. at Page Mill Hill for 20,617 square feet. (23) 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. (24) Top three expiring tenants by square footage: (i) MarkLogic Corporation at Skyway Landing for 40,268 square feet, (ii) Zum Services, Inc. at Shorebreeze for 20,198 square feet, and (iii) Kartos Therapeutics, Inc. at Shorebreeze for 7,464 square feet. (25) Total expiring square footage consists of space occupied by Red Bay Coffee Company Inc. at Ferry Building. Red Bay Coffee Company Inc. pays percentage rent in an amount equal to 6.0% of gross sales with respect to the first twelve full calendar months of the lease term, and 8.0% of gross sales with respect to the thirteenth month through the remainder of the lease term in lieu of paying monthly base rent. (26) Top three expiring tenants by square footage: (i) Square, Inc. at 1455 Market for 469,056 square feet, (ii) City and County of SF/DOE/MTA at 1455 Market for 39,573 square feet, and (iii) Cholita Linda, LLC at Ferry Building for 1,380 square feet. (27) 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. Expiring Office Leases—Next Eight Quarters(1) (continued)
Page 53 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 (28) Top three expiring tenants by square footage: (i) Globallogic, Inc. at Concourse for 28,930 square feet, (ii) New York Life Insurance at Concourse for 28,489 square feet, and (iii) Sensiba San Filippo LLP at Metro Plaza for 12,611 square feet. (29) Top three expiring tenants by square footage: (i) Amkor Technology, Inc. at Metro Plaza for 21,942 square feet, (ii) Dexerials America Corporation at Gateway for 7,872 square feet, and (iii) Principal Life Insurance Company at Gateway for 7,359 square feet. (30) Top three expiring tenants by square footage: (i) NFL Enterprises at 10950 Washington for 157,687 square feet, (ii) Wells Fargo Bank at 11601 Wilshire for 20,443 square feet, and (iii) NFL Enterprises at 10900 Washington for 9,919 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)
Page 54 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 1,677,224 1,578,093 12.4 % 2021 57 317,909 300,074 2.4 $ 11,530,771 1.9 % $ 38.43 $ 11,593,213 $ 38.63 2022 210 1,969,803 1,769,126 14.0 87,022,935 14.7 49.19 87,861,146 49.66 2023 137 1,656,849 1,256,924 9.9 63,631,039 10.7 50.62 66,827,970 53.17 2024 151 1,985,871 1,752,692 13.8 92,313,923 15.5 52.67 100,115,442 57.12 2025 90 1,642,571 1,327,198 10.4 78,749,513 13.2 59.34 87,114,647 65.64 2026 54 713,964 614,792 4.8 37,542,210 6.3 61.06 42,815,378 69.64 2027 44 667,651 557,632 4.4 30,737,806 5.2 55.12 36,728,818 65.87 2028 32 967,007 867,175 6.8 58,567,263 9.8 67.54 70,473,542 81.27 2029 18 325,666 230,563 1.8 17,432,194 2.9 75.61 21,016,891 91.15 2030 14 1,300,155 934,005 7.4 42,861,551 7.2 45.89 57,588,879 61.66 Thereafter 29 1,451,967 817,931 6.4 44,910,618 7.5 54.91 61,673,394 75.40 Building management use(6) 44 203,288 181,792 1.4 — — — — — Signed leases not commenced(7) 21 670,422 514,507 4.1 30,104,098 5.1 58.51 44,321,407 86.14 TOTAL/WEIGHTED AVERAGE 901 15,550,347 12,702,504 100.0 % $ 595,403,921 100.0 % $ 53.52 (8) $ 688,130,727 $ 61.86 (9) (1) Total expiring square footage does not include 21,505 square feet of month-to-month leases. (2) Total expiring square footage does not include 13,375 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2021, divided by (ii) square footage under uncommenced leases as of September 30, 2021. (8) Included as part of the Company’s share of total expiring square footage is 36,655 square feet of existing leases that have been amended or signed as of third 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 $53.70. (9) Included as part of the Company’s share of total expiring square footage is 16,986 square feet of existing leases that have been amended or signed as of third 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 $61.95.
Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Definitions and Reconciliations
Page 56 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 interests), 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 57 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third 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 our 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 58 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Reconciliation of Net Income to Net Operating Income Unaudited, in thousands Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net (loss) income $ (6,182) $ (1,362) $ 12,259 $ 19,598 Adjustments: (Income) loss from unconsolidated real estate entities (566) 105 (1,671) (69) Fee income (678) (575) (2,323) (1,741) Interest expense 30,825 29,838 91,800 84,185 Interest income (934) (1,056) (2,868) (3,129) Management services reimbursement income - unconsolidated joint ventures (253) — (879) — Management services expense - unconsolidated joint ventures 253 — 879 — Transaction-related expenses 6,300 181 7,364 440 Unrealized (gain) loss on non-real estate investments (827) (513) (11,620) 2,335 Impairment loss 2,762 — 2,762 — Loss on extinguisment of debt 6,249 2,654 6,249 2,654 Other (income) expense (82) (576) 1,547 (1,606) General and administrative 18,288 17,428 53,846 53,943 Depreciation and amortization 88,568 75,052 255,507 222,331 Net Operating Income $ 143,723 $ 121,176 $ 412,852 $ 378,941 Net Operating Income Breakdown Same-Store Office cash revenues $ 174,540 $ 161,484 $ 489,553 $ 469,409 Straight-line rent 683 5,788 11,733 29,320 Amortization of above-market and below-market leases, net 2,106 2,414 5,592 6,953 Amortization of lease incentive costs (444) (440) (1,330) (1,346) Same-Store Office revenues 176,885 169,246 505,548 504,336 Same-Store Studios cash revenues 18,070 15,323 58,764 48,612 Straight-line rent 690 255 890 1,087 Amortization of above-market and below-market leases, net — (6) — (6) Amortization of lease incentive costs (9) (3) (28) (22) Same-Store Studio revenues 18,751 15,569 59,626 49,671 Same-Store property revenues 195,636 184,815 565,174 554,007 Same-Store Office cash expenses 61,944 59,827 174,515 170,575 Straight-line rent 325 366 1,016 1,097 Non-cash portion of interest expense 11 4 32 4 Amortization of above-market and below-market ground leases, net 586 586 1,758 1,758 Same-Store Office expenses 62,866 60,783 177,321 173,434 Same-Store Studio cash expenses 8,879 9,004 32,640 27,605 Non-cash portion of interest expense 80 30 237 30 Same-Store Studio expenses 8,959 9,034 32,877 27,635 Same-Store property expenses 71,825 69,817 210,198 201,069 Same-Store net operating income 123,811 114,998 354,976 352,938 Non-Same-Store net operating income 19,912 6,178 57,876 26,003 Net Operating Income $ 143,723 $ 121,176 $ 412,852 $ 378,941
Page 59 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Reconciliation of Net Income to Company’s Share of Net Operating Income Unaudited, in thousands Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net (loss) income $ (6,182) $ (1,362) $ 12,259 $ 19,598 Adjustments: Income from unconsolidated real estate entities (566) 105 (1,671) (69) Fee income (678) (575) (2,323) (1,741) Interest expense 30,825 29,838 91,800 84,185 Interest income (934) (1,056) (2,868) (3,129) Management services reimbursement income - unconsolidated joint ventures (253) — (879) — Management services expense - unconsolidated joint ventures 253 — 879 — Transaction-related expenses 6,300 181 7,364 440 Unrealized (gain) loss on non-real estate investments (827) (513) (11,620) 2,335 Impairment loss 2,762 — 2,762 — Loss on extinguishment of debt 6,249 2,654 6,249 2,654 Other (income) expense (82) (576) 1,547 (1,606) General and administrative 18,288 17,428 53,846 53,943 Depreciation and amortization 88,568 75,052 255,507 222,331 Company's Share of NOI from unconsolidated real estate entities 3,139 2,602 9,263 7,915 Net Operating Income Partner's Share (21,597) (13,296) (62,536) (28,265) Net Operating Income Company's Share $ 125,265 $ 110,482 $ 359,579 $ 358,591 Net Operating Income Breakdown Same-Store Office cash revenues $ 148,763 $ 141,401 $ 416,218 $ 411,739 Straight-line rent (1,841) 847 6,996 9,789 Amortization of above-market and below-market leases, net 2,233 2,568 6,056 7,473 Amortization of lease incentive costs (420) (416) (1,262) (1,273) Same-Store Office revenues Company’s Share 148,735 144,400 428,008 427,728 Same-Store property revenues Company’s Share 148,735 144,400 428,008 427,728 Same-Store Office cash expenses 52,868 51,644 147,553 147,546 Straight-line rent 227 249 702 746 Amortization of above-market and below-market ground leases, net 576 576 1,727 1,727 Same-Store Office expenses Company’s Share 53,671 52,469 149,982 150,019 Same-Store property expenses Company’s Share 53,671 52,469 149,982 150,019 Same-Store net operating income Company’s Share 95,064 91,931 278,026 277,709 Non-Same-Store net operating income Company’s Share 30,201 18,551 81,553 80,882 Net Operating Income Company’s Share $ 125,265 $ 110,482 $ 359,579 $ 358,591
Page 60 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Three Months Ended Quarter To Date September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Net (loss) income $ (6,182) $ 7,030 $ 11,411 $ (3,168) $ (1,362) Interest income—Consolidated (934) (937) (997) (960) (1,056) Interest expense—Consolidated 30,825 30,689 30,286 29,638 29,838 Depreciation and amortization—Consolidated 88,568 84,178 82,761 77,351 75,052 EBITDA 112,277 120,960 123,461 102,861 102,472 Unconsolidated real estate entities depreciation and amortization 1,462 1,550 1,511 1,424 1,445 Unconsolidated real estate entities interest expense 613 640 604 605 630 EBITDAre 114,352 123,150 125,576 104,890 104,547 Impairment loss 2,762 — — — — Unrealized (gain) loss on non-real estate investments (827) (5,018) (5,775) 128 (513) Other (income) expense (82) 1,177 452 1,058 (576) Transaction-related expenses 6,300 1,064 — — 181 Non-cash compensation expense 5,840 6,340 3,538 8,314 4,791 Straight-line rent receivables, net (2,157) (5,657) (6,765) 1,191 (4,681) Non-cash amortization of above-market and below-market leases, net (3,023) (2,739) (2,519) (2,178) (2,449) Non-cash amortization of above-market and below-market ground leases, net 588 588 588 588 588 Amortization of lease incentive costs 476 475 475 477 466 Loss on extinguishment of debt 6,249 — — — 2,654 Adjusted EBITDAre 130,478 119,380 115,570 114,468 105,008 One-time prior period net property tax adjustment (1,433) 369 1,050 (613) — Adjusted EBITDAre (excluding specified items) 129,045 119,749 116,620 113,855 105,008 Studio cash NOI (13,121) (7,354) (9,579) (9,623) (6,319) Office property adjusted EBITDAre 115,924 112,395 107,041 104,232 98,689 x Annualization factor 4 4 4 4 4 Annualized office property adjusted EBITDAre 463,696 449,580 428,164 416,928 394,756 Trailing 12-mo studio cash NOI(1) 36,530 31,161 29,124 28,447 30,704 Adjusted EBITDAre (Annualized) $ 500,226 $ 480,741 $ 457,288 $ 445,375 $ 425,460 Total Consolidated unsecured and secured debt 3,943,973 3,518,813 3,485,093 3,432,276 3,087,168 Less: Consolidated cash and cash equivalents (110,500) (110,978) (134,278) (113,686) (365,294) Consolidated debt, net(2) $ 3,833,473 $ 3,407,835 $ 3,350,815 $ 3,318,590 $ 2,721,874 Adjusted EBITDAre (annualized) / Consolidated debt, net 7.7x 7.1x 7.3x 7.5x 6.4x Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) Unaudited, in thousands (1) Trailing 12-month studio cash NOI does not include the estimated annual NOI contribution from Zio Studio Services and Star Waggons, which were acquired in August 2021. Including the estimated annual NOI contribution from these entities, Adjusted EBITDAre (Annualized) to Consolidated debt, net for the three months ended September 30, 2021 is 7.2x. (2) Excluding Series A preferred units.
Page 61 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 Current Guidance Full Year 2021 Metric Low High FFO per share $1.95 $1.99 Growth in same-store office property cash NOI(1)(2)(3) 3.75% 4.75% Growth in same-store studio property cash NOI(1)(2)(4) 12.00% 13.00% GAAP non-cash revenue (straight-line rent and above/below-market rents)(5) $21,500 $31,500 GAAP non-cash expense (straight-line rent expense and above/below-market ground rent) $(3,750) $(3,750) General and administrative expenses(6) $(69,000) $(73,000) Interest expense(7) $(121,500) $(124,500) Interest income $3,700 $3,800 Corporate-related depreciation and amortization $(7,750) $(7,850) FFO from unconsolidated joint ventures $7,500 $8,500 FFO attributable to non-controlling interests $(62,500) $(66,500) Weighted average common stock/units outstanding—diluted(8) 153,000 154,000 Company Outlook Unaudited, in thousands (1) Same-store for the full year 2021 is defined as the 43 office properties or three studio properties, as applicable, owned and included in the Company's stabilized portfolio as of January 1, 2020, and anticipated to still be owned and included in the stabilized portfolio through December 31, 2021. (2) Please see non-GAAP information below for definition of cash NOI. (3) This estimate excludes approximately $1.0 million of a one-time, prior-period supplemental property tax expense related to ICON and CUE. Please see the Same-Store Analysis in the Company’s Second Quarter 2021 Supplemental Operating and Financial Information report for further detail regarding these reimbursements. (4) This estimate excludes approximately $0.4 million of one-time, prior period supplemental property tax expenses related to Sunset Bronson and Sunset Gower. The estimate also excludes approximately $1.4 million of a one-time prior-period supplemental property tax reimbursement related to Sunset Las Palmas. Please see the Same-Store Analysis in the Company’s First, Second and Third Quarter 2021 Supplemental Operating and Financial Information reports for further detail regarding these expenses and reimbursements. (5) Includes non-cash straight-line rent associated with the studio and office properties. (6) Includes non-cash compensation expense, which the Company estimates at $21,000 in 2021. (7) Includes amortization of deferred financing costs and loan discounts/premiums, which the Company estimates at $10,500 in 2021. (8) Diluted shares represent ownership in the Company through shares of common stock, OP Units and other convertible or exchangeable instruments. The weighted average fully diluted common stock/units outstanding for 2021 includes an estimate for the dilution impact of stock grants to the Company's executives under its 2019, 2020 and 2021 long-term incentive programs. This estimate is based on the projected award potential of such programs as of the end of the most recently completed quarter, as calculated in accordance with the ASC 260, Earnings Per Share.
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