THIRD QUARTER 2022
Page 2 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 54. 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 2022 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 Net Operating Income (NOI) Detail 18 Debt Summary 20 Capital Structure 22 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance 23 Operational and Portfolio Information 25 In-Service Office Properties 26 In-Service Office Properties by Location 29 Studio Properties / Production Services 31 Land Properties 33 Repositioning, Redevelopment, Development and Held For Sale Properties 34 Under Construction and Future Development Projects 36 Recently Completed and Under Construction 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 47 Backfilled Office Leases—Next Eight Quarters 48 Expiring Office Leases—Next Eight Quarters 49 Expiring Office Leases—Annual 52 Definitions and Reconciliations 53 Definitions 54 Reconciliation of Net Income to Net Operating Income 56 Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) 57 Company Outlook 58 Appendix 59 Total Portfolio Company’s Share 60 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters 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 2022 Acquisitions/Dispositions • Acquired Quixote, a leading provider of sound stages and production services, for $360 million before closing adjustments • Sold office properties Northview Center in Lynnwood, Washington and Del Amo in Torrance, California, generating $48.8 million of proceeds before closing adjustments • Subsequent to the quarter, sold 6922 Hollywood office property in Hollywood, California for $96.0 million before closing adjustments Capital Markets • Completed public offering of $350.0 million of senior unsecured green bonds at 5.950% due February 2028 Balance Sheet (As of September 30, 2022) • $866.7 million of liquidity • $3.7 billion of Company’s share of unsecured and secured debt and preferred units (net of cash and cash equivalents) • 91.1% fixed or hedged debt with weighted average maturity of 4.4 years including extensions • Subsequent to the quarter, $951.7 million of liquidity with 93.2% fixed or hedged debt, following use of $85.0 million of 6922 Hollywood sale proceeds to repay amounts outstanding on unsecured revolving credit facility Dividend • Declared and paid dividends on common stock of $0.25 per share and on 4.750% Series C cumulative preferred stock of $0.296875 per share ESG Leadership • Subsequent to the quarter, ranked #1 out of 96 companies in the Office, Americas peer group for GRESB's 2022 Real Estate Assessment, achieving Green Star designation and 5-star rating for fourth consecutive year 2022 Outlook • Narrowed full-year 2022 FFO guidance to $2.01 to $2.05 per diluted share, excluding specified items, from prior range of $2.00 to $2.06 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 21 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 often through less capital- and time-intensive repositionings and redevelopments, although our vertically integrated platform allows us to execute on a full range of opportunities—from incremental lease-up to cutting-edge new construction. Financials (Compared to Third Quarter 2021) • Total revenue increased 14.4% to $260.4 million • Net loss attributable to common stockholders of $17.3 million, or $0.12 per diluted share, compared to net loss of $9.3 million, or $0.06 per diluted share • FFO, excluding specified items, of $74.1 million, or $0.52 per diluted share, compared to $77.3 million, or $0.50 per diluted share • FFO of $64.4 million, or $0.45 per diluted share, compared to $69.1 million, or $0.45 per diluted share • AFFO of $55.8 million, or $0.39 per diluted share, compared to $68.5 million, or $0.44 per diluted share • Same-store property cash NOI of $122.7 million compared to 125.2 million Leasing • Executed 65 new and renewal leases totaling 381,364 square feet • GAAP and cash rents increased 8.7% and 3.4% respectively • In-service office portfolio ended the quarter at 87.8% occupied and 89.3% leased • Same-store studio portfolio was 84.4% occupied and leased over trailing 12- months Development • Tenant improvements ongoing at One Westside and Harlow office (re)developments with GAAP rents commenced and stabilization anticipated in second quarter 2023 and fourth quarter 2022, respectively • Under construction projects include Sunset Glenoaks, a 7-stage, 241,000- square-foot studio in Los Angeles delivering in second half of 2023, and Washington 1000, a 546,000-square-foot office in Seattle delivering in 2024 Conference Call Information: Thursday, November 3, 2022 at 11:00 AM PST / 2:00 PM EST (833) 470-1428 (U.S.) | (404) 975-4839 (International) | Passcode: 131380
Page 5 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Corporate Data(1) Unaudited, in thousands, except per share data September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Number of office properties owned 53 54 54 54 53 Office square feet(2) 16,053,482 15,792,253 15,774,989 15,769,031 15,571,852 Same-store office square feet(2)(3) 12,821,754 12,818,691 12,836,234 12,258,304 12,890,572 Same-store office leased rate as of end of period(3) 88.9 % 92.2 % 92.2 % 93.1 % 91.7 % Stabilized office square feet(2)(4) 13,922,342 13,912,876 13,747,301 13,707,649 13,558,781 Stabilized office leased rate as of end of period(4) 89.7 % 92.7 % 92.7 % 93.8 % 92.1 % In-service office square feet(2)(5) 14,647,281 14,639,067 14,656,497 14,746,779 14,597,763 In-service office leased rate as of end of period(5) 89.3 % 92.3 % 92.3 % 92.8 % 91.2 % Number of studio properties owned 5 4 4 4 3 Studio square feet owned(2) 1,532,260 1,496,698 1,465,403 1,465,403 1,224,403 Same-store studio square feet(2)(6) 1,230,454 1,230,454 1,205,809 1,205,809 1,205,809 Same-store studio leased rate as of end of period(7) 84.4 % 84.0 % 84.1 % 85.7 % 87.6 % Non-same-store studio square feet(2) 35,562 N/A N/A N/A 18,594 Non-same-store studio leased rate as of end of period — % N/A N/A N/A N/A Number of land properties owned 7 8 8 8 9 Land properties estimated square feet(8) 3,583,589 4,129,589 4,062,242 2,954,406 3,195,406 Total portfolio square feet 21,169,331 21,418,540 21,302,634 20,188,840 19,991,661 Company’s share of debt, net(9)(10) $ 3,676,082 $ 3,264,919 $ 3,220,900 $ 3,013,107 $ 3,184,975 Company’s share of market capitalization(9)(10) $ 5,819,293 $ 6,075,463 $ 7,873,162 $ 7,342,670 $ 7,366,931 Company’s share of Adjusted EBITDAre (annualized) / Company’s share of debt, net(10) 7.7x 7.4x 7.6x 6.7x 7.4x Company’s share of debt, net/Company’s share of market capitalization(9)(10) 63.2 % 53.7 % 40.9 % 41.0 % 43.2 % Share data: FFO(10), excluding specified items, per common stock/unit—diluted(11) $ 0.52 $ 0.51 $ 0.50 $ 0.52 $ 0.50 Range of closing prices(11) $ 10.75 - 15.61 $ 14.84 - 28.00 $ 22.54 - 28.54 $ 23.13 - 27.83 $ 25.70 - 28.37 Closing price at quarter end $ 10.95 $ 14.84 $ 27.75 $ 24.71 $ 26.27 Weighted average fully diluted common stock/units outstanding(10) 143,158 146,344 151,426 153,700 154,027 Shares of common stock/units outstanding at end of period(10) 145,218 146,213 148,585 154,753 155,743 (1) Represents 100% share of consolidated and unconsolidated joint ventures, except with respect to the Company’s Share of debt, net, market capitalization, adjusted EBITDAre and the quotients 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, 2021 and still owned and included in our office portfolio as of September 30, 2022. (4) Stabilized office square feet and leased rate excludes the lease-up, land, repositioning, redevelopment, development and held for sale properties described on pages 27, 33 and 34. (5) In-service office square feet and leased rate includes the stabilized office and lease-up properties described on pages 26 and 27. (6) Same-store studio defined as all properties owned and included in our studio portfolio as of July 1, 2021 and still owned and included in our studio portfolio as of September 30, 2022. (7) Percent leased for same-store studio is the average percent leased for the 12 months ended as of the quarter indicated. (8) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to receipt of entitlement approvals not yet obtained. (9) See capital structure on page 22 for additional detail. (10) See definitions starting on page 54. (11) For the quarter indicated.
Page 6 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Dale Shimoda Executive Vice President, Finance Jeff Stotland Executive Vice President, Global Studios Arthur X. Suazo Executive Vice President, Leasing Chuck We Executive Vice President, Pacific Northwest/ Canada Office Operations Derric Dubourdieu Senior Vice President, Leasing Anne Mehrtens Senior Vice President, Operations, Sunset Studios Chris Pearson Senior Vice President, Development Planning and Government Affairs Nader Shah Senior Vice President, Construction and Development Jim Soutter Senior Vice President, Engineering Natalie Teear Senior Vice President, Innovation, Sustainability and Social Impact Erik Thoreen Senior Vice President, UK and Studios East Ken Young Senior Vice President, Leasing Executive Management Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Harout Diramerian Chief Financial Officer Drew B. Gordon Chief Investment Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Andy Wattula Chief Operating Officer Christopher Barton Executive Vice President, Development and Capital Investments Laura Campbell Executive Vice President, Investor Relations and Marketing Gary Hansel Executive Vice President, Southern California Office Operations Steven Jaffe Executive Vice President, Business Affairs Shawn McGarry Executive Vice President, Northern California Office Operations Andrea Rupp Executive Vice President, Human Resources 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 2022 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 Ebs Burnough Managing Director, Hatch House Media and President and Founder, Ebs Burnough Solutions International 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 (retired), WarnerMedia Mark D. Linehan President and Chief Executive Officer, Wynmark Company Andrea Wong President (retired), International Production, Sony Pictures Television
Page 8 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Equity Research Coverage BMO Capital Markets John Kim (212) 885-4115 BofA Securities Jeff Spector (646) 855-1363 BTIG Tom Catherwood (212) 738-6140 Citigroup Global Markets Nicholas Joseph | Michael Griffin (212) 816-1909 | (212) 816-5871 Credit Suisse Tayo Okusanya (212) 325-1402 Goldman Sachs Caitlin Burrows (212) 902-4736 Green Street Advisors Daniel Ismail (949) 640-8780 Jefferies LLC Jonathan Petersen (212) 284-1705 KeyBanc Capital Markets Todd Thomas (917) 368-2286 Mizuho Securities Vikram Malhotra (212) 282-3827 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 2022 Financial Information
Page 10 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Consolidated Balance Sheets In thousands, except share data September 30, 2022 (Unaudited) December 31, 2021 ASSETS Investment in real estate, net $ 7,178,684 $ 7,077,703 Non-real estate property, plant and equipment, net 128,504 58,469 Cash and cash equivalents 161,667 96,555 Restricted cash 42,401 100,321 Accounts receivable, net 19,692 25,339 Straight-line rent receivables, net 275,518 240,306 Deferred leasing costs and intangible assets, net 405,434 341,444 U.S. Government securities — 129,321 Operating lease right-of-use assets 399,570 287,041 Prepaid expenses and other assets, net 106,640 119,000 Investment in unconsolidated real estate entities 154,144 154,731 Goodwill 261,139 109,439 Assets associated with real estate held for sale 187,026 250,520 TOTAL ASSETS $ 9,320,419 $ 8,990,189 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 4,449,316 $ 3,733,903 In-substance defeased debt — 128,212 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 355,545 300,959 Operating lease liabilities 396,412 293,596 Intangible liabilities, net 35,758 42,290 Security deposits, prepaid rent and other 87,049 84,939 Liabilities associated with real estate held for sale 2,475 3,898 Total liabilities 5,392,691 4,653,933 Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 125,583 129,449 Equity Hudson Pacific Properties, Inc. stockholders’ equity Preferred stock, $0.01 par value, 18,400,000 authorized at September 30, 2022 and December 31, 2021; 4.750% Series C cumulative redeemable preferred stock; $25.00 per share liquidation preference, 17,000,000 outstanding at September 30, 2022 and December 31, 2021 425,000 425,000 Common stock, $0.01 par value, 481,600,000 authorized, 140,923,320 shares and 151,124,543 shares outstanding at September 30, 2022 and December 31, 2021, respectively 1,408 1,511 Additional paid-in capital 2,935,448 3,317,072 Accumulated other comprehensive loss (17,066) (1,761) Total Hudson Pacific Properties, Inc. stockholders’ equity 3,344,790 3,741,822 Non-controlling interest—members in consolidated real estate entities 384,724 402,971 Non-controlling interest—units in the operating partnership 62,816 52,199 Total equity 3,792,330 4,196,992 TOTAL LIABILITIES AND EQUITY $ 9,320,419 $ 8,990,189
Page 11 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Consolidated Statements of Operations Unaudited, in thousands, except share data Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUES Office Rental $ 208,779 $ 197,941 $ 626,807 $ 580,354 Service and other revenues 4,712 3,925 14,328 9,358 Total office revenues 213,491 201,866 641,135 589,712 Studio Rental 15,305 12,768 42,137 36,472 Service and other revenues 31,558 12,998 73,025 30,169 Total studio revenues 46,863 25,766 115,162 66,641 Total revenues 260,354 227,632 756,297 656,353 OPERATING EXPENSES Office operating expenses 78,340 71,865 230,529 207,538 Studio operating expenses 26,688 12,044 66,357 35,963 General and administrative 19,795 18,288 62,178 53,846 Depreciation and amortization 93,070 88,568 276,701 255,507 Total operating expenses 217,893 190,765 635,765 552,854 OTHER INCOME (EXPENSE) (Loss) income from unconsolidated real estate entities (352) 566 1,731 1,671 Fee income 911 678 3,122 2,323 Interest expense (37,261) (30,825) (101,816) (91,800) Interest income 196 934 2,026 2,868 Management services reimbursement income—unconsolidated real estate entities 983 253 3,159 879 Management services expense—unconsolidated real estate entities (983) (253) (3,159) (879) Transaction-related expenses (9,331) (6,300) (10,713) (7,364) Unrealized (loss) gain on non-real estate investments (894) 827 (1,062) 11,620 Loss on sale of real estate (180) — (180) — Impairment loss (4,795) (2,762) (28,548) (2,762) Loss on extinguishment of debt — (6,249) — (6,249) Other income (expense) 2,453 82 4,047 (1,547) Total other expenses (49,253) (43,049) (131,393) (91,240) Net (loss) income (6,792) (6,182) (10,861) 12,259 Net income attributable to Series A preferred units (153) (153) (459) (459) Net income attributable to Series C preferred shares (5,047) — (15,384) — Net income attributable to participating securities (300) (276) (894) (830) Net income attributable to non-controlling interest in consolidated real estate entities (6,256) (3,585) (21,898) (15,764) Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,037 816 4,433 2,780 Net loss attributable to common units in the operating partnership 225 85 548 16 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (17,286) $ (9,295) $ (44,515) $ (1,998) BASIC AND DILUTED PER SHARE AMOUNTS Net loss attributable to common stockholders—basic $ (0.12) $ (0.06) (0.31) (0.01) Net loss attributable to common stockholders—diluted $ (0.12) $ (0.06) (0.31) (0.01) Weighted average shares of common stock outstanding—basic 141,117,194 152,320,252 144,677,652 151,443,305 Weighted average shares of common stock outstanding—diluted 141,117,194 152,320,252 144,677,652 151,443,305
Page 12 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Funds from Operations(1) Unaudited, in thousands, except per share data Three Months Ended Quarter To Date September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 NET (LOSS) INCOME $ (6,792) $ 3,546 $ (7,615) $ 16,753 $ (6,182) Adjustments: Depreciation and amortization—Consolidated 93,070 91,438 92,193 88,107 88,568 Depreciation and amortization—Non-real estate assets (5,541) (4,485) (4,432) (4,331) (2,221) Depreciation and amortization—Company’s share from unconsolidated real estate entities 1,278 1,320 1,369 1,497 1,462 Loss on sale of real estate 180 — — — — Impairment loss—Real estate assets 4,795 3,250 12,003 — 2,762 Unrealized loss (gain) on non-real estate investments 894 1,818 (1,650) (4,951) (827) Tax impact of unrealized gain on non-real estate investment — — — 1,973 — FFO attributable to non-controlling interests (18,261) (18,687) (20,004) (17,867) (14,288) FFO attributable to preferred shares and units (5,200) (5,200) (5,443) (2,434) (153) FFO to common stockholders and unitholders 64,423 73,000 66,421 78,747 69,121 Specified items impacting FFO: Impairment loss—Trade name — — 8,500 — — Transaction-related expenses 9,331 1,126 256 1,547 6,300 One-time prior period net property tax adjustment—Company’s share 366 477 — (687) (1,346) One-time debt extinguishment cost—Company’s share — — — — 3,187 FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 74,120 $ 74,603 $ 75,177 $ 79,607 $ 77,262 Weighted average common stock/units outstanding—diluted 143,158 146,344 151,426 153,700 154,027 FFO per common stock/unit—diluted $ 0.45 $ 0.50 $ 0.44 $ 0.51 $ 0.45 FFO (excluding specified items) per common stock/unit—diluted $ 0.52 $ 0.51 $ 0.50 $ 0.52 $ 0.50
Page 13 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) See definitions starting on page 54. Nine Months Ended Six Months Ended Three Months Ended Twelve Months Ended Nine Months Ended Year To Date September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 NET (LOSS) INCOME $ (10,861) $ (4,069) $ (7,615) $ 29,012 $ 12,259 Adjustments: Depreciation and amortization—Consolidated 276,701 183,631 92,193 343,614 255,507 Depreciation and amortization—Non-real estate assets (14,458) (8,917) (4,432) (7,719) (3,388) Depreciation and amortization—Company’s share from unconsolidated real estate entities 3,967 2,689 1,369 6,020 4,523 Loss on sale of real estate 180 — — — — Impairment loss—Real estate assets 20,048 15,253 12,003 2,762 2,762 Unrealized loss (gain) on non-real estate investments 1,062 168 (1,650) (16,571) (11,620) Tax impact of unrealized gain on non-real estate investment — — — 3,849 1,876 FFO attributable to non-controlling interests (56,934) (38,687) (20,004) (64,388) (46,731) FFO attributable to preferred shares and units (15,843) (10,643) (5,443) (2,893) (459) FFO to common stockholders and unitholders 203,862 139,425 66,421 293,686 214,729 Specified items impacting FFO: Impairment loss—Trade name 8,500 8,500 8,500 — — Transaction-related expenses 10,713 1,382 256 8,911 7,364 One-time prior period net property tax adjustment—Company’s share 786 451 — (581) 26 One-time debt extinguishment cost—Company’s share — — — 3,187 3,187 FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 223,861 $ 149,758 $ 75,177 $ 305,203 $ 225,306 Weighted average common stock/units outstanding—diluted 147,068 149,249 151,426 153,332 153,379 FFO per common stock/unit—diluted $ 1.39 $ 0.93 $ 0.44 $ 1.92 $ 1.40 FFO (excluding specified items) per common stock/unit—diluted $ 1.52 $ 1.00 $ 0.50 $ 1.99 $ 1.47 Funds from Operations(1) (continued) Unaudited, in thousands, except per share data
Page 14 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Three Months Ended Quarter To Date September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 FFO $ 64,423 $ 73,000 $ 66,421 $ 78,747 $ 69,121 FFO (excluding specified items) $ 74,120 $ 74,603 $ 75,177 $ 79,607 $ 77,262 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (4,748) (9,770) (11,990) (6,337) (3,592) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 1,457 970 966 821 804 Non-real estate depreciation, amortization and impairment 5,541 4,485 12,932 4,331 2,221 Amortization of deferred financing costs and loan discounts/ premiums, net 2,478 2,407 2,403 2,029 1,845 Non-cash compensation expense 6,494 5,993 5,329 5,445 5,840 Recurring capital expenditures, tenant improvements and lease commissions (29,574) (18,386) (17,499) (13,384) (15,894) AFFO $ 55,768 $ 60,302 $ 67,318 $ 72,512 $ 68,486 Dividends paid to common stock and unitholders $ 36,040 $ 36,406 $ 36,942 $ 38,647 $ 38,745 AFFO payout ratio 64.6 % 60.4 % 54.9 % 53.3 % 56.6 % Nine Months Ended Six Months Ended Three Months Ended Twelve Months Ended Nine Months Ended Year To Date September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 FFO $ 203,862 $ 139,425 $ 66,421 $ 293,686 $ 214,729 FFO (excluding specified items) $ 223,861 $ 149,758 $ 75,177 $ 305,203 $ 225,306 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (26,508) (21,760) (11,990) (25,448) (19,111) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 3,393 1,936 966 3,255 2,434 Non-real estate depreciation, amortization and impairment 22,958 17,417 12,932 7,719 3,388 Amortization of deferred financing costs and loan discounts/ premiums, net 7,288 4,810 2,403 7,305 5,276 Non-cash compensation expense 17,816 11,322 5,329 21,163 15,718 Recurring capital expenditures, tenant improvements and lease commissions (65,459) (35,885) (17,499) (62,880) (49,496) AFFO $ 183,349 $ 127,598 $ 67,318 $ 256,317 $ 183,515 Dividends paid to common stock and unitholders $ 109,388 $ 73,348 $ 36,942 $ 154,500 $ 115,913 AFFO payout ratio 59.7 % 57.5 % 54.9 % 60.3 % 63.2 % (1) See definitions starting on page 54. (2) Prior period AFFO has been restated to conform to current period presentation. Adjusted Funds from Operations(1)(2) Unaudited, in thousands
Page 15 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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, 2022 2021 % change 2022 2021 % change SAME-STORE NET OPERATING INCOME(6) Total office revenues $ 177,876 $ 182,115 (2.3) % $ 537,353 $ 532,137 1.0 % Total studio revenues 22,265 18,751 18.7 63,315 59,626 6.2 Same-store revenues 200,141 200,866 (0.4) 600,668 591,763 1.5 Total office expenses 66,838 62,687 6.6 192,222 (7) 181,459 (7) 5.9 Total studio expenses 13,150 (8) 8,958 (8) 46.8 36,971 (9) 32,878 (9) 12.4 Same-store expenses 79,988 71,645 11.6 229,193 214,337 6.9 Same-store office net operating income 111,038 119,428 (7.0) 345,131 350,678 (1.6) NOI margin 62.4 % 65.6 % (3.2) 64.2 % 65.9 % (1.7) Same-store studio net operating income 9,115 9,793 (6.9) 26,344 26,748 (1.5) NOI margin 40.9 % 52.2 % (11.3) 41.6 % 44.9 % (3.3) TOTAL SAME-STORE NET OPERATING INCOME $ 120,153 (10) $ 129,221 (10) (7.0) % $ 371,475 (11) $ 377,426 (11) (1.6) % NOI margin 60.0 % 64.3 % (4.3) 61.8 % 63.8 % (1.9) SAME-STORE STATISTICS Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % change 2022 2021 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 42 42 42 42 Rentable square feet 11,311,811 11,311,811 11,311,811 11,311,811 Ending % leased 88.2 % 92.3 % (4.1) % 88.2 % 92.3 % (4.1) % Ending % occupied 86.5 % 91.7 % (5.2) % 86.5 % 91.7 % (5.2) % Average % occupied for the period 90.1 % 92.1 % (2.0) % 89.6 % 92.3 % (2.7) % SAME-STORE STUDIO STATISTICS(4) Number of properties 3 3 3 3 Rentable square feet 1,230,454 1,230,454 1,230,454 1,230,454 Average % occupied for the period(5) 84.4 % 87.3 % (2.9) 84.4 % 87.3 % (2.9)
Page 16 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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, 2022 defined as all properties owned and included in our stabilized office portfolio as of July 1, 2021 and still owned and included in the stabilized office portfolio as of September 30, 2022. Same-store office for the nine months ended September 30, 2022 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2021 and still owned and included in the stabilized office portfolio as of September 30, 2022. (3) See pages 26 and 27 for same-store office properties. (4) Same-store studio for the three months ended September 30, 2022 defined as all properties owned and included in our studio portfolio as of July 1, 2021 and still owned and included in our studio portfolio as of September 30, 2022. Same-store studio for the nine months ended September 30, 2022 defined as all properties owned and included in our studio portfolio as of January 1, 2021 and still owned and included in our studio portfolio as of September 30, 2022. (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 56 for the reconciliation of net (loss) income to net operating income (NOI). (7) Same-store office expenses for the nine months ended September 30, 2022 included a one-time property tax increase of $0.2 million resulting from reassessments at Ferry Building. 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 these items, the consolidated same-store office net operating income and consolidated same store office net operating income (cash basis) percentage change for the nine months ended September 30, 2022 would have been (1.8)% and 2.4%, respectively. (8) Same-store studio expenses for the three months ended September 30, 2022 included a one-time property tax increase of $0.5 million resulting from reassessments at Sunset Gower Studios. 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 these items, the consolidated same-store studio net operating income and consolidated same store studio net operating income (cash basis) percentage change for the three months ended September 30, 2022 would have been 14.8% and 19.0%, respectively. SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % change 2022 2021 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 179,876 $ 177,820 1.2 % $ 532,783 $ 513,332 3.8 % Total studio cash revenues 21,834 18,070 20.8 61,666 58,764 4.9 Same-store cash revenues 201,710 195,890 3.0 594,449 572,096 3.9 Total office cash expenses 65,906 61,765 6.7 189,424 (7) 178,653 (7) 6.0 Total studio cash expenses 13,080 (8) 8,878 (8) 47.3 36,763 (9) 32,641 (9) 12.6 Same-store cash expenses 78,986 70,643 11.8 226,187 211,294 7.0 Same-store office net operating income (cash basis) 113,970 116,055 (1.8) 343,359 334,679 2.6 NOI margin 63.4 % 65.3 % (1.9) 64.4 % 65.2 % (0.8) Same-store studio net operating income (cash basis) 8,754 9,192 (4.8) 24,903 26,123 (4.7) NOI margin 40.1 % 50.9 % (10.8) 40.4 % 44.5 % (4.1) SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 122,724 (10) $ 125,247 (10) (2.0) % $ 368,262 (11) $ 360,802 (11) 2.1 % NOI margin 60.8 % 63.9 % (3.1) 62.0 % 63.1 % (1.1)
Page 17 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Same-Store Property Performance—Consolidated(1) (continued) Unaudited, in thousands, except number of properties and square feet (9) Same-store studio expenses for the nine months ended September 30, 2022 included a one-time property tax increases of $0.4 million resulting from reassessments at Sunset Gower Studios. Same-store studio expenses for the nine months ended September 30, 2021 included a one-time property tax increases of $0.4 million resulting from reassessments at Sunset Gower 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) percentage change for the nine months ended September 30, 2022 would have been 3.9% and 0.8%, respectively. (10) Adjusted for the above-mentioned one-time items and net operating income associated with Qualcomm vacating 376,817 square feet at Skyport Plaza, the consolidated same-store net operating income and consolidated same store net operating income (cash basis) percentage change for the three months ended September 30, 2022 would have been (3.4)% and 2.2%, respectively. (11) Adjusted for the above-mentioned one-time items and net operating income associated with Qualcomm vacating 376,817 square feet at Skyport Plaza the consolidated same-store net operating income and consolidated same store net operating income (cash basis) percentage change for the nine months ended September 30, 2022 would have been (0.6)% and 3.2%, respectively.
Page 18 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Net Operating Income (NOI) Detail Three Months Ended September 30, 2022 | 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) Held-for- Sale(5) Total REVENUE Cash rent $ 144,492 $ 12,327 $ 9,357 $ 2,307 $ 13 $ 7,837 $ 3,770 $ 180,103 Cash tenant recoveries 31,321 240 2,485 — (13) 1,608 669 36,310 Straight-line rent (3,176) 440 9,300 — — (60) (173) 6,331 Amortization of above-market and below-market leases, net 1,503 — 141 — 26 30 — 1,700 Amortization of lease incentive costs (327) (9) (3) — — (21) — (360) Total rental revenue 173,813 12,998 21,280 2,307 26 9,394 4,266 224,084 Service and other revenues 4,063 9,267 143 22,291 — 14 492 36,270 Total revenue 177,876 22,265 21,423 24,598 26 9,408 4,758 260,354 OPERATING EXPENSES Property operating expenses 65,906 13,080 4,667 13,051 (15) 4,712 1,966 103,367 Straight-line rent 325 — 77 487 — — — 889 Non-cash portion of interest expense 21 70 4 — — — — 95 Amortization of above-market and below-market ground leases, net 586 — 89 — — 2 — 677 Total operating expenses 66,838 13,150 4,837 13,538 (15) 4,714 1,966 105,028 TOTAL CONSOLIDATED NOI(6) $ 111,038 $ 9,115 $ 16,586 $ 11,060 $ 41 $ 4,694 $ 2,792 $ 155,326 ADD : COMPANY’S SHARE OF NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 2,719 (7) — — — — 2,719 LESS : TOTAL NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 16,876 (8) 4,062 (9) 3,308 (10) — 7 (11) — — 24,253 TOTAL COMPANY’S SHARE OF NOI $ 94,162 $ 5,053 $ 15,997 $ 11,060 $ 34 $ 4,694 $ 2,792 $ 133,792 Square feet(12) 11,311,811 1,230,454 1,100,588 35,562 979,259 724,939 452,186 15,834,799 Ending % leased 88.2 % 84.4 % 99.2 % — % 1.1 % 80.6 % 54.6 % 81.7 % Ending % occupied 86.5 % 84.4 % 98.6 % — % — % 78.3 % 54.6 % 80.4 % NOI margin 62.4 % 40.9 % 77.4 % 45.0 % 157.7 % 49.9 % 58.7 % 59.7 % RECONCILIATION TO CASH NOI TOTAL NOI $ 111,038 $ 9,115 $ 16,586 $ 11,060 $ 41 $ 4,694 $ 2,792 $ 155,326 Straight-line rent, net 3,501 (440) (9,223) 487 — 60 173 (5,442) Non-cash portion of interest expense 21 70 4 — — — — 95 Amortization of above-market and below-market leases, net (1,503) — (141) — (26) (30) — (1,700) Amortization of lease incentive costs 327 9 3 — — 21 — 360 Amortization of above-market and below-market ground leases, net 586 — 89 — — 2 — 677 TOTAL CONSOLIDATED CASH NOI $ 113,970 $ 8,754 $ 7,318 $ 11,547 $ 15 $ 4,747 $ 2,965 $ 149,316
Page 19 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) See pages 26 and 27 for same-store office for the three months ended September 30, 2022. 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 27 for non-same-store office and lease-up properties. (4) Included as part of non-same store studio are the net operating income results for Sunset Studios production services and Quixote leased stages and production services. (5) See page 34 for repositioning, redevelopment, development and held for sale properties. (6) See page 56 and 57 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 55% of the ownership interest in the consolidated joint venture that owns 1455 Market, Hill7, Ferry Building and 1918 Eighth. 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 75% of the ownership interest in the consolidated joint venture that owns One Westside. We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. (11) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. (12) Represents 100% ownership of our consolidated portfolio. Excludes square footage related to our unconsolidated joint ventures, Bentall Centre and Sunset Glenoaks Studios. Net Operating Income Detail (NOI) (continued) 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) Held-for- Sale(5) Total ADD : COMPANY’S SHARE OF CASH NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 1,742 (7) — — — — 1,742 LESS : TOTAL CASH NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 16,559 (8) 3,885 (9) 753 (10) — — — — 21,197 TOTAL COMPANY’S SHARE OF CASH NOI $ 97,411 $ 4,869 $ 8,307 $ 11,547 $ 15 $ 4,747 $ 2,965 $ 129,861
Page 20 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Debt Summary As of September 30, 2022 | Unaudited, in thousands Unsecured revolving credit facility Principal Amount(1) Interest Rate(2)(3)(4) Contractual Maturity Date(5) Annual Debt Service(1) Balance at Maturity Capacity Undrawn Capacity Unsecured revolving credit facility(6)(7) $ 295,000 SOFR + 1.15% to 1.60% 12/21/2026 $ — $ 295,000 $ 1,000,000 $ 705,000 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% 5.95% Registered senior notes—September 2022(8) 350,000 5.95% 2/15/2028 20,825 350,000 99.614 % 6.23% TOTAL $ 1,650,000 $ 72,875 $ 1,650,000 Secured notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date(5) Annual Debt Service(1) Balance at Maturity Company’s Share Undrawn Capacity Hollywood Media Portfolio(9)(10) $ 1,100,000 LIBOR + 0.99% 8/9/2026 $ — $ 1,100,000 $ 561,000 $ — Acquired Hollywood Media Portfolio debt(9)(10) (209,814) LIBOR + 1.55% 8/9/2026 — (209,814) (209,814) — Hollywood Media Portfolio, net 890,186 — 890,186 351,186 — One Westside and 10850 Pico(11) 273,089 LIBOR + 1.70% 12/18/2024 — 273,089 204,817 141,511 Element LA 168,000 4.59% 11/6/2025 7,716 168,000 168,000 — 1918 Eighth(12)(13) 314,300 SOFR + 1.40% 12/18/2025 — 314,300 172,865 — Hill7(14) 101,000 3.38% 11/6/2028 3,414 101,000 55,550 — Quixote 160,000 5.00% 12/31/2023 8,000 160,000 160,000 — TOTAL $ 1,906,575 $ 19,130 $ 1,906,575 $ 1,112,418 $ 141,511
Page 21 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Debt Summary (continued) As of September 30, 2022 | Unaudited, in thousands Other consolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date(5) Annual Debt Service(1) Balance at Maturity Company’s Share Joint venture debt(15)(16) $ 66,136 4.50% 10/9/2032 $ 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(17) $ 482,506 CDOR + 1.75% 7/1/2024 $ — $ 482,506 $ 96,501 Sunset Glenoaks Studios(18) $ 30,848 SOFR + 3.10% 1/9/2025 $ — $ 30,848 $ 15,424 (1) See definitions starting on page 54. (2) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. See page 24 for detail around our interest rate hedging instruments. (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, 2022, no such election had been made. (4) In September 2022, the Company entered into the First Modification Agreement to the Fourth Amended and Restated Credit Agreement which replaced the LIBOR-based floating interest rate with a term SOFR-based floating interest rate for borrowings denominated in U.S. dollars under the existing credit agreement. (5) Maturity dates include the effect of extension options. (6) Includes the option to extend the initial maturity date of December 21, 2025 twice for an additional six-month term each. (7) On October 20, 2022, the Company made a $85.0 million repayment on this facility. (8) An amount equal to the net proceeds from the 5.95% Registered senior notes has been allocated to new or existing eligible green projects. (9) 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. The Company purchased bonds comprising the loan in the amount of $209.8 million. (10) Includes the option to extend the initial maturity date of August 9, 2023 three times for an additional one-year term each. (11) We own 75% of the ownership interest in the consolidated joint venture that owns One Westside and 10850 Pico. This loan includes the option to extend the initial maturity date of December 18, 2023 twice for an additional six-month term each. (12) We own 55% of the ownership interest in the consolidated joint venture that owns the 1918 Eighth property. This loan is interest-only through the five-year term. (13) In August 2022, the Company modified the existing agreement for the loan secured by its 1918 Eighth property which replaced the LIBOR-based floating interest rate with a term SOFR- based floating interest rate. (14) 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. (15) This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), our partner in the joint venture that owns Ferry Building. (16) Includes the option to extend the initial maturity date of October 9, 2028 twice for an additional two-year term each. (17) 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 is shown in USD using the foreign currency exchange rate as of September 30, 2022. (18) We own 50% of the ownership interest in the unconsolidated real estate investment that owns the Sunset Glenoaks Studios development. This loan has an initial interest rate of SOFR + 3.10% per annum until the construction at Sunset Glenoaks Studios is complete and certain performance targets have been met, at which time the effective interest rate will decrease to SOFR + 2.50%. The loan is interest-only through its term. The total capacity of the loan is $100.6 million. As of September 30, 2022, we have $69.8 million undrawn.
Page 22 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Capital Structure As of September 30, 2022 | Unaudited, in thousands, except share data and percentages Shares/Units Aggregate Principal Amount or $ Equivalent Unsecured revolving credit facility $ 295,000 Unsecured private placement 625,000 Unsecured registered senior notes 1,650,000 Secured debt 1,906,575 Total Consolidated unsecured and secured debt(1) $ 4,476,575 Add: Series A preferred units 392,598 9,815 Total Consolidated debt(1) $ 4,486,390 Less: Cash and cash equivalents (161,667) Total Consolidated debt, net(1) $ 4,324,723 Add: Company’s share of unconsolidated real estate entities’ debt(2) 111,925 Less: Partners’ share of consolidated debt(3) (794,157) Less: Company’s share of unconsolidated real estate entities’ cash and cash equivalents(2) (9,239) Add: Partners’ share of cash and cash equivalents(3) 42,830 Company’s share of debt, net(1) $ 3,676,082 EQUITY Series C cumulative redeemable preferred stock 17,000,000 $ 425,000 Common stock 140,923,320 1,543,110 Operating partnership units 1,846,264 20,217 Restricted stock and units 1,199,718 13,137 Dilutive shares(1) 1,248,481 13,671 TOTAL EQUITY 162,217,783 $ 2,015,135 (4) CONSOLIDATED MARKET CAPITALIZATION(1) $ 6,501,525 COMPANY’S SHARE OF MARKET CAPITALIZATION(1) $ 5,819,293 CONSOLIDATED DEBT, NET/CONSOLIDATED MARKET CAPITALIZATION 66.5 % COMPANY’S SHARE OF DEBT, NET/COMPANY’S SHARE OF MARKET CAPITALIZATION 63.2 % (1) See definitions starting on page 54. (2) Amount is calculated based on our percentage ownership interest in the unconsolidated joint venture entities. Amounts denominated in CAD and GBP have been converted to USD using the foreign currency exchange rates as of September 30, 2022. (3) Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. (4) Value of common stock, operating partnership units, restricted stock and units and dilutive shares is calculated based on September 30, 2022 closing price of $10.95 per share of common stock.
Page 23 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 $ 2,570,000 67.7% 4.1% 5.1 Secured 1,224,343 32.3 4.1% 2.9 TOTAL $ 3,794,343 100.0% 4.4 COMPANY’S SHARE OF FIXED, HEDGED AND FLOATING-RATE DEBT Fixed $ 2,658,550 70.1% 4.4% 4.8 Hedged(5) 797,925 21.0 3.7% 3.0 Floating 337,868 8.9 3.9% 4.2 TOTAL $ 3,794,343 100.0% 4.4 Weighted average stated interest rate(4) 4.1% GAAP effective rate including unamortized deferred financing costs and loan discounts/premiums(6) 4.3% DEBT COVENANT COMPLIANCE Covenant Actual Performance UNSECURED REVOLVING CREDIT FACILITY, TERM LOAN AND PRIVATE PLACEMENT(7) Total liabilities to total asset value ≤ 60% 44.1% Unsecured indebtedness to unencumbered asset value ≤ 60% 44.3% Adjusted EBITDA to fixed charges ≥ 1.5x 3.3x Secured indebtedness to total asset value ≤ 45% 19.6% Unencumbered NOI to unsecured interest expense ≥ 2.0x 3.0x UNSECURED REGISTERED SENIOR NOTES(8) Debt to total assets ≤ 60% 46.2% Total unencumbered assets to unsecured debt ≥ 150% 229.8% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 3.3x Secured debt to total assets ≤ 45% 20.2%
Page 24 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) Maturity dates include the effect of extension options. Includes the Company’s Share of principal amortization and maturities, based on contractual maturity dates, excluding: (i) unamortized deferred financing costs and loan discounts/premiums, and (ii) 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, 2022. (2) Includes the option to extend the initial maturity date of December 18, 2023 with respect to the One Westside and 10850 Pico loan twice for an additional six-month term each. (3) Includes the option to extend the initial maturity date of August 9, 2023 with respect to the $351.2 million Hollywood Media Portfolio loan. This loan has an initial term of two years from the first payment date with three one-year extension options, subject to certain requirements. Also, reflected is the extension of the initial maturity date of December 25, 2025 with respect to the unsecured revolving credit facility twice for an additional six-month term each. (4) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Debt with a variable interest rate component reflects LIBOR, SOFR, or CDOR as of September 30, 2022, except to the extent that such debt is subject to a rate which has been fixed pursuant to a swap or is subject to a rate which is above the capped rate (see footnote 5 below), in which case the rate with respect to such debt is calculated based on the swapped or capped rate, as applicable. (5) Hedged debt includes all debt with interest rate swaps or caps on the LIBOR, SOFR, or CDOR component of the interest rate. As of September 30, 2022, our interest rate caps include the following LIBOR, SOFR, or CDOR caps: (i) 3.50% on $561.0 million (corresponding to our ratable share of the Hollywood Media Portfolio loan), (ii) 4.56% on $96.5 million (corresponding to our ratable share of the Bentall Centre loan), and (iii) 4.50% on $15.4 million (corresponding to our ratable share of the outstanding balance of the Sunset Glenoaks loan). Additionally, through the use of interest rate swaps, the LIBOR component of the interest rate with respect to $125.0 million of otherwise floating rate indebtedness was fixed at 1.43% through November 17, 2022. (6) Rates are as of September 30, 2022 and include deferred financing costs and loan discounts/premiums. (7) In November 2015 and July 2016, the operating partnership entered into private placement of debt. In March 2018, the operating partnership entered into an amended and restated credit agreement (the “Facility”), which modified terms related to its unsecured revolving credit facility and term loans. The table summarizes the existing covenants of these agreements and their covenant levels, when considering the most restrictive terms. The covenant and actual performance metrics above represent terms and definitions reflected in the Facility based on the financial results as of September 30, 2022. As of September 30, 2022, the operating partnership was in compliance with both the prior amended and restated credit agreements and the Facility. (8) On October 2017, the operating partnership completed an underwritten public offering of senior notes (the “3.95% Senior Notes”). On February 27, 2019, the operating partnership completed an underwritten public offering of $350.0 million of 4.65% Senior Notes, which were issued at 98.663% of par. On June 14, 2019, the operating partnership completed an underwritten public offering of $150.0 million of additional 4.65% Senior Notes, which were issued at a premium at 103.544% of par. On October 3, 2019, the operating partnership completed an underwritten public offering of $400.0 million of 3.25% Senior Notes, which were issued at 99.268% of par. On September 2015, 2022, the operating partnership completed an underwritten public offering of $350.0 million of 5.95% Senior Notes, which were issued at 99.614% 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, 3.25% Senior Notes and 5.95% Senior Notes based on the financial results as of September 30, 2022. As of September 30, 2022, the operating partnership was in compliance with the terms of such indentures. Unsecured and Secured Debt Maturities, Composition and Covenant Compliance (continued)
Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Operational and Portfolio Information
Page 26 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 1,509,943 93.7 % 94.4 % $ 39,534,354 $ 27.95 Subtotal 1,509,943 93.7 94.4 39,534,354 27.95 Greater Seattle, Washington Met Park North Denny Triangle 189,511 100.0 100.0 5,685,562 30.00 Hill7(7) Denny Triangle 285,310 99.6 99.6 11,681,372 41.12 1918 Eighth(7) Denny Triangle 668,888 100.0 100.0 26,046,833 38.94 450 Alaskan Pioneer Square 171,026 99.5 99.5 7,171,186 42.14 411 First Pioneer Square 163,668 58.8 58.8 3,697,546 38.41 505 First Pioneer Square 288,495 35.9 35.9 3,600,752 34.75 83 King Pioneer Square 184,055 69.2 69.2 5,645,198 44.34 Subtotal 1,950,953 84.1 84.1 63,528,449 38.74 San Francisco Bay Area, California 1455 Market(7) San Francisco 1,034,754 97.0 97.0 54,668,824 54.47 275 Brannan San Francisco 57,120 100.0 100.0 4,830,939 84.58 625 Second San Francisco 138,354 59.8 59.8 5,509,774 66.56 875 Howard(8) San Francisco 191,201 96.8 96.8 14,927,117 80.61 901 Market San Francisco 205,902 79.9 79.9 11,684,232 71.01 Rincon Center San Francisco 533,723 97.8 97.8 32,793,901 62.80 Ferry Building(7) San Francisco 266,592 97.1 98.3 23,376,315 90.30 Towers at Shore Center Redwood Shores 335,332 93.3 95.4 23,140,301 73.96 Shorebreeze Redwood Shores 230,931 75.6 84.6 11,818,954 67.70 555 Twin Dolphin Redwood Shores 200,881 81.1 90.8 10,450,813 64.12 Palo Alto Square Palo Alto 317,877 89.0 94.0 27,593,228 97.49 3176 Porter Palo Alto 42,899 100.0 100.0 3,446,506 80.34 3400 Hillview Palo Alto 207,857 100.0 100.0 15,339,847 73.80 Clocktower Square Palo Alto 100,655 100.0 100.0 9,152,838 90.93 Foothill Research Center Palo Alto 195,121 93.6 93.6 14,078,246 77.07 Page Mill Center Palo Alto 94,539 82.4 82.4 6,423,270 82.41 Page Mill Hill Palo Alto 178,179 83.9 83.9 11,290,779 75.51 Gateway North San Jose 611,022 78.2 79.4 21,558,021 45.10 1740 Technology North San Jose 215,857 98.7 100.0 9,419,874 44.21 Concourse North San Jose 945,625 83.5 92.4 33,495,476 42.40 Metro Plaza North San Jose 421,754 81.4 81.4 15,621,186 45.49 Skyport Plaza North San Jose 418,667 10.8 10.8 1,920,599 42.29 Techmart Santa Clara 284,903 79.8 81.4 11,309,517 49.73 Subtotal 7,229,745 83.9 86.2 373,850,557 61.62
Page 27 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 6040 Sunset(9) Hollywood 114,958 100.0 100.0 6,805,309 59.20 ICON(9) Hollywood 326,792 100.0 100.0 20,679,184 63.28 CUE(9) Hollywood 94,386 100.0 100.0 6,041,007 64.00 EPIC(9) Hollywood 301,127 100.0 100.0 21,861,820 72.60 Fourth & Traction Downtown Los Angeles 131,701 100.0 100.0 5,994,016 45.51 Maxwell Downtown Los Angeles 102,963 100.0 100.0 4,826,104 46.87 604 Arizona West Los Angeles 44,260 100.0 100.0 3,352,098 75.74 3401 Exposition West Los Angeles 63,376 100.0 100.0 3,227,369 50.92 10900 Washington West Los Angeles 9,919 100.0 100.0 514,915 51.91 10950 Washington West Los Angeles 159,198 100.0 100.0 8,185,847 51.42 11601 Wilshire West Los Angeles 498,396 89.7 93.8 21,560,868 48.24 Element LA West Los Angeles 284,037 100.0 100.0 18,399,922 64.78 Subtotal 2,131,113 97.6 98.5 121,448,459 58.40 Total same-store 12,821,754 87.4 88.9 598,361,819 53.42 NON-SAME-STORE Greater Seattle, Washington 5th & Bell Denny Triangle 197,136 99.0 99.0 7,068,644 36.20 Subtotal 197,136 99.0 99.0 7,068,644 36.20 San Francisco Bay Area, California 333 Twin Dolphin Redwood Shores 183,118 92.7 96.5 10,630,286 62.60 Subtotal 183,118 92.7 96.5 10,630,286 62.60 Los Angeles, California Harlow(9) Hollywood 129,931 100.0 100.0 7,760,741 59.73 One Westside(10) West Los Angeles 590,403 100.0 100.0 36,640,824 62.06 Subtotal 720,334 100.0 100.0 44,401,565 61.64 Total non-same-store 1,100,588 98.6 99.2 62,100,495 57.21 Total Stabilized 13,922,342 88.2 89.7 660,462,314 53.76 LEASE-UP San Francisco Bay Area, California Metro Center Foster City 724,939 78.3 80.6 34,496,044 60.77 Subtotal 724,939 78.3 80.6 34,496,044 60.77 Total lease-up 724,939 78.3 80.6 34,496,044 60.77 TOTAL IN-SERVICE 14,647,281 87.8 % 89.3 % $ 694,958,358 $ 54.07
Page 28 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (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, 2022, 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, 2022, 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, 2022. 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, 2021 and still owned and included in the stabilized office portfolio as of September 30, 2022. (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, 2022. (7) We own 55% of the ownership interest in the consolidated joint ventures that own Hill7, 1918 Eighth, 1455 Market, and Ferry Building. (8) 96,240 square feet at 875 Howard previously occupied by Burlington Coat Factory was taken off-line for repositioning as of first quarter 2022 for the purposes of conversion to a combination of office and ground floor retail space. (9) We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE, EPIC and Harlow. (10) The entire premises was delivered for construction of tenant improvements to Google, Inc. during fourth quarter 2021. Monthly base rent payments commenced July 31, 2022. Subsequently, monthly base rent is abated for the eight-month period from September 2022 through April 2023 with cash rents expected to commence again on May 1, 2023. Upon second quarter 2023 stabilization, estimated yields will range between 8.00% - 8.25% based on total estimated project costs in the range of $500.0 - $525.0 million. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. In-Service Office Properties(1) (continued)
Page 29 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 In-Service Office Properties by Location(1) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 28. (5) Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of September 30, 2022. 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 1,509,943 1,414,390 93.7 % 1,425,892 94.4 % $ 39,534,354 $ 27.95 Subtotal 1 1,509,943 1,414,390 93.7 1,425,892 94.4 39,534,354 27.95 Greater Seattle, Washington Denny Triangle 4 1,340,845 1,337,732 99.8 1,337,732 99.8 50,482,411 37.74 Pioneer Square 4 807,244 497,383 61.6 497,383 61.6 20,114,682 40.44 Subtotal 8 2,148,089 1,835,115 85.4 1,835,115 85.4 70,597,093 38.47 San Francisco Bay Area, California San Francisco 7 2,427,646 2,274,253 93.7 2,277,560 93.8 147,791,102 64.98 Redwood Shores 4 950,262 820,255 86.3 874,304 92.0 56,040,354 68.32 Palo Alto 7 1,137,127 1,044,599 91.9 1,060,359 93.2 87,324,714 83.60 North San Jose 5 2,612,925 1,869,856 71.6 1,963,905 75.2 82,015,156 43.86 Santa Clara 1 284,903 227,419 79.8 231,980 81.4 11,309,517 49.73 Subtotal 24 7,412,863 6,236,382 84.1 6,408,108 86.4 384,480,843 61.65 Los Angeles, California Hollywood 5 967,194 967,194 100.0 967,194 100.0 63,148,061 65.29 West Los Angeles 7 1,649,589 1,598,150 96.9 1,618,490 98.1 91,881,843 57.49 Downtown Los Angeles 2 234,664 234,664 100.0 234,664 100.0 10,820,120 46.11 Subtotal 14 2,851,447 2,800,008 98.2 2,820,348 98.9 165,850,024 59.23 Total Stabilized 47 13,922,342 12,285,895 88.2 12,489,463 89.7 660,462,314 53.76
Page 30 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 1 724,939 567,634 78.3 584,166 80.6 34,496,044 60.77 Subtotal 1 724,939 567,634 78.3 584,166 80.6 34,496,044 60.77 Total Lease-up 1 724,939 567,634 78.3 584,166 80.6 34,496,044 60.77 TOTAL IN-SERVICE 48 14,647,281 12,853,529 87.8 % 13,073,629 89.3 % $ 694,958,358 $ 54.07 For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 28.
Page 31 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) 6,650 square feet located at Sunset Gower Studios was taken off-line for repositioning. (2) 18,594 square feet located at Sunset Las Palmas Studios was taken off-line for repositioning. (3) Percent leased for same-store studio is the average percent leased for the 12 months ended September 30, 2022. (4) Same-store studio defined as all studios owned and included in our portfolio as of January 1, 2021 and still owned and included in our portfolio as of September 30, 2022. 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. (5) Annual base rent for same-store studio reflects actual base rent for the 12 months ended September 30, 2022, excluding tenant reimbursements. Square Feet Percent of Total Percent Leased Annual Base Rent Annual Base Rent Per Leased Square Foot SAME-STORE Los Angeles, California Sunset Gower Studios(1) 556,401 43.9 % 81.8 % $ 21,016,127 $ 45.74 Sunset Bronson Studios 308,026 24.3 % 91.1 10,536,023 37.11 Sunset Las Palmas Studios(2) 366,027 28.9 % 82.6 15,337,888 50.99 Subtotal 1,230,454 97.2 % 84.4 % $ 46,890,038 $ 44.72 Total same-store studio(3) 1,230,454 97.2 % 84.4 % (4) $ 46,890,038 (5) $ 44.72 (6) NON-SAME-STORE Albuquerque, New Mexico 5801 Bobby Foster Road(7) 35,562 2.8 % — % Subtotal 35,562 2.8 % — Total non-same-store studio 35,562 2.8 % — % TOTAL STUDIO(8) 1,266,016 100.0 % Studio Properties / Production Services Revenue Categories Period Real Estate Owned/ Leased # Stages(9) # Vehicles(10) Rental Grip & Lighting Production Supplies Transportation Other Services Total Studio Revenues Total Studio Expenses Total Studio Net Operating Income Studio Properties (Real Estate Owned) Q3-2022 Owned 35 N/A $12,998 $6,755 N/A N/A $2,512 $22,265 $13,167 $9,098 Sunset Production Services (formerly Zio/Star Waggons) Q3-2022 N/A N/A 1,111 491 N/A 218 10,912 4,124 15,745 7,367 8,378 Quixote(11) September 2022 Leased 27 514 1,816 2,070 1,377 1,982 1,608 8,853 6,154 2,699 TOTAL 62 1,625 $15,305 $8,825 $1,595 $12,894 $8,244 $46,863 $26,688 $20,175 Studio Properties (Real Estate Owned) Studio Properties/Production Services (By Segment) Unaudited, in thousands, except number of stages and vehicles
Page 32 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (6) 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, 2022. (7) Acquired July 15, 2022. Property is located approximately 2.5 miles from Netflix’s Albuquerque studios and includes approximately 29 acres of land utilized to operate more than 90 trailers and other assets serving surrounding production industry. Existing improvements have a history of use under production leases with media companies. (8) Does not include 241,000 square feet related to Sunset Glenoaks Studios which is under construction as of first quarter 2022. We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. See page 36 for more information. (9) Excludes stages that are currently under construction. (10) The number of vehicles presented in this table is inclusive of trucks, trailers, motorhomes and vans. This does not include vehicles associated with location services. (11) Acquired August 31, 2022. Information for Quixote reflects activity during our ownership period for the one month ending September 30, 2022. Studio Properties / Production Services (continued)
Page 33 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 ownership interest in the unconsolidated joint venture that owns Sunset Waltham Cross Studios. (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) Square footage for Sunset Bronson Studios Lot D—Development represents management’s estimate of developable square footage for 33 residential units. (5) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (6) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. Submarket Square Feet(1) Percent of Total Greater London, UK Sunset Waltham Cross Studios(2) Broxbourne 1,167,347 32.6 % Subtotal 1,167,347 32.6 % Vancouver, British Columbia Burrard Exchange(3) Downtown Vancouver 450,000 12.5 % Subtotal 450,000 12.5 % San Francisco Bay Area, California Cloud10 North San Jose 350,000 9.8 % Subtotal 350,000 9.8 % Los Angeles, California Sunset Bronson Studios Lot D—Development(4)(5) Hollywood 19,816 0.6 % Sunset Gower Studios—Development(5)(6) Hollywood 478,845 13.4 % Sunset Las Palmas Studios—Development(5) Hollywood 617,581 17.2 % Element LA—Development West Los Angeles 500,000 13.9 % Subtotal 1,616,242 45.1 % TOTAL LAND 3,583,589 100.0 %
Page 34 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 875 Howard(7) San Francisco 96,240 — — — — — — Rincon Center(8) San Francisco 36,905 — — — — — — Page Mill Center(9) Palo Alto 79,056 — — — — — — Palo Alto Square(10) Palo Alto 12,740 — — — — — — Metro Plaza(11) North San Jose 50,847 — — 10,453 20.6 — — Subtotal 275,788 — — 10,453 3.8 — — Los Angeles, California 10850 Pico(12) West Los Angeles 96,322 — — — — — — Sunset Gower Studios(13) Hollywood 6,650 — — — — — — Sunset Las Palmas Studios(13) Hollywood 18,594 — — — — 6,000 — Subtotal 121,566 — — — — 6,000 — Total repositioning 433,259 — — 10,453 2.4 6,000 — DEVELOPMENT Greater Seattle, Washington Washington 1000(14) Denny Triangle 546,000 — — — — — — Subtotal 546,000 — — — — — — Los Angeles, California Sunset Glenoaks Studios(15) Los Angeles 241,000 — — — — — — Subtotal 241,000 — — — — — — Total development 787,000 — — — — — — HELD-FOR-SALE San Francisco Bay Area, California Skyway Landing Redwood Shores 246,997 99,570 40.3 99,570 40.3 5,544,699 55.69 Subtotal 246,997 99,570 40.3 99,570 40.3 5,544,699 55.69 Los Angeles, California 6922 Hollywood Hollywood 205,189 147,388 71.8 147,388 71.8 7,788,732 52.85 Subtotal 205,189 147,388 71.8 147,388 71.8 7,788,732 52.85 Total held-for-sale 452,186 246,958 54.6 246,958 54.6 13,333,431 53.99 TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD-FOR-SALE 1,672,445 246,958 14.8 % 257,411 15.4 % $ 13,339,431 $ 54.01
Page 35 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) Excludes in-service office, studio and land properties with exception of land properties held for sale (see pages 27, 31 and 33). (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, 2022, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. Percent leased for studio properties is the average percent leased for the 12 months ended September 30, 2022. (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, 2022, 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, 2022. Annualized base rent does not reflect tenant reimbursements. Annual base rent for studio properties reflects actual base rent for the 12 months ended September 30, 2022, excluding 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) 96,240 square feet at 875 Howard, previously occupied by Burlington Coat Factory, was taken off-line for repositioning as of first quarter 2022 for the purposes of conversion to a combination of office and ground floor retail space. (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 taken 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. The total repositioning space was re-measured during fourth quarter 2020 to 36,905 square feet. (9) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was taken off-line for repositioning as of third quarter 2020. (10) 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. in order to convert the use from theater to office space. (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. As of third quarter 2022, 50,847 square feet remains in repositioning. (12) 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 51,409 square feet. An additional 44,913 square feet at 10850 Pico was taken off-line for repositioning as of second quarter 2022. This property was taken off-line in order to convert the use from retail and theater to office space. (13) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Las Palmas Studios and Sunset Gower Studios. (14) Square footage represents condominium rights to build a fully entitled 16-story office tower. (15) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. Repositioning, Redevelopment, Development and Held For Sale Properties(1) (continued)
Page 36 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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. (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 9/30/22 Total Estimated Project Costs Estimated Initial Stabilized Yield on Project Costs(6) UNDER CONSTRUCTION Sunset Glenoaks Studios(7) Los Angeles Q4-2021 Q3-2023 Q2-2024 241,000 —% $ 74,996 (8) $190,000- $200,000 (8) 7.50%-8.00% Washington 1000 Denny Triangle Q2-2022 Q1-2024 Q1-2026 546,000 —% $ 125,225 (9) $340,000- $360,000 (9) 7.50%-8.00% Total under construction 787,000 $ 200,221 FUTURE DEVELOPMENT PIPELINE Burrard Exchange(10) Downtown Vancouver TBD TBD TBD 450,000 N/A $ 4,484 TBD TBD Sunset Waltham Cross Studios(11) Broxbourne TBD TBD TBD 1,167,347 N/A $ 166,195 (11) TBD TBD Sunset Gower Studios— Development(12)(13) Hollywood TBD TBD TBD 478,845 N/A $ 7,750 TBD TBD Sunset Las Palmas Studios—Development(12) Hollywood TBD TBD TBD 617,581 N/A $ 25,115 (14) TBD TBD Cloud10 North San Jose TBD TBD TBD 350,000 N/A $ 12,896 (15) TBD TBD Element LA—Development West Los Angeles TBD TBD TBD 500,000 N/A N/A TBD TBD Sunset Bronson Studios Lot D—Development(12) Hollywood TBD TBD TBD 19,816 N/A N/A TBD TBD Total future development 3,583,589 TOTAL 4,370,589
Page 37 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (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) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. (8) Total estimated project costs for Sunset Glenoaks Studios include $28.8 million for land and acquisition costs. (9) Total estimated project costs for Washington 1000 include $85.6 million for land and acquisition costs. (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, 2022. (11) We own 35% of the ownership interest in the unconsolidated joint venture that owns Sunset Waltham Cross Studios. Project costs as of September 30, 2022 for Sunset Waltham Cross Studios include $144.6 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, 2022. (12) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (13) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (14) Project costs as of September 30, 2022 for Sunset Las Palmas Studios—Development include $20.8 million for management’s estimate of allocated land and acquisition costs. (15) Project costs as of September 30, 2022 for Cloud10 include $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 2022 Recently Completed and Under Construction Project Images (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. Recently Completed Under Construction Harlow | Development Los Angeles (Hollywood) 129,931 SF | Completed 3Q20 Single Tenant (Company 3 Method, Inc.) One Westside | Redevelopment Los Angeles (West Los Angeles) 590,403 SF | Completed 4Q21 Single Tenant (Google, Inc.) Washington 1000 | Development Seattle (Denny Triangle) 546,000(1) SF | Completion 1Q24 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 2022 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 4,672,026 38.3 % 4,000,279 40.1 % Media & Entertainment 1,874,931 16.5 1,340,417 14.2 Legal 703,543 7.0 639,386 8.2 Business Services 1,139,373 (5) 8.1 822,874 (6) 7.7 Retail 1,432,998 (7) 8.1 1,087,610 (8) 7.5 Other 818,856 6.1 665,275 6.7 Financial Services 933,761 6.9 657,299 6.5 Health care 254,122 2.2 243,846 2.6 Real estate 486,068 2.8 248,674 2.1 Insurance 249,940 1.6 190,606 1.7 Educational 109,999 1.0 103,167 1.2 Government 155,655 0.8 112,274 0.8 Advertising 60,075 0.6 55,656 0.7 TOTAL 12,891,347 100.0 % 10,167,363 100.0 % (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 209,140 square feet occupied by the Company. (4) Excludes 183,138 square feet occupied by the Company. (5) Includes 493,771 square feet occupied by co-working tenants (represents 3.4% of total annualized base rent). (6) Includes 298,915 square feet occupied by co-working tenants (represents 2.7% of the Company’s Share of total annualized base rent). (7) Includes 357,373 square feet of storefront retail (represents 2.0% of total annualized base rent). (8) Includes 308,603 square feet of storefront retail (represents 2.1% 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 1,603,825 40.4 % 1,399,161 41.5 % Software 1,246,238 23.9 1,186,376 26.2 Business support services 743,976 15.1 529,920 12.7 Computer hardware and technology equipment 578,825 10.3 543,928 11.4 Other 424,403 8.5 273,618 6.3 Biotechnology, healthcare and medical research 52,553 1.4 52,553 1.6 Telecommunications and networking 22,206 0.4 14,723 0.3 TOTAL 4,672,026 100.0 % 4,000,279 100.0 % 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 1,394,662 73.7 % 870,236 63.4 % Gaming 373,475 21.4 363,693 29.6 Advertising and marketing 104,321 4.8 104,321 6.8 Other 2,473 0.1 2,167 0.2 TOTAL 1,874,931 100.0 % 1,340,417 100.0 %
Page 40 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (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, 2022, 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, 2022. (3) 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, (iv) 41,354 square feet at Ferry Building expiring on October 31, 2029 and (v) 590,403 square feet at One Westside expiring on November 30, 2036. We own 55% of the ownership interest in the consolidated joint venture that owns Ferry Building and 75% of the ownership interest in the consolidated joint venture that owns One Westside. 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. (4) Amazon expirations by square footage and property: (i) 139,824 square feet at Met Park North expiring on November 30, 2023, (ii) 659,150 square feet at 1918 Eighth expiring on September 30, 2030 and (iii) 191,814 square feet at 5th & Bell expiring on May 31, 2031. We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. 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 1 Google, Inc. Various Various 1,231,129 (3) 1,064,919 8.1% $ 77,338,585 13.2% 2 Amazon Various Various 990,788 (4) 694,171 5.3 25,788,507 4.4 3 Netflix, Inc. Various 9/30/2031 722,305 (5) 368,376 2.8 24,776,826 4.2 4 Nutanix, Inc. Various Various 432,285 (6) 432,285 3.3 18,785,329 3.2 5 Riot Games, Inc. Element LA 3/31/2030 284,037 (7) 284,037 2.2 18,399,922 3.1 6 Salesforce.com Rincon Center Various 265,394 (8) 265,394 2.0 14,584,603 2.5 7 Block, Inc. 1455 Market(9) 9/27/2023 469,056 257,981 2.0 13,635,960 2.3 8 Dell EMC Corporation Various Various 172,975 (10) 172,975 1.3 9,940,988 1.7 9 Uber Technologies, Inc. 1455 Market(9) 2/28/2025 325,445 178,995 1.4 9,933,916 1.7 10 NFL Enterprises Various 12/31/2022 167,606 (11) 167,606 1.3 8,700,762 1.5 11 Company 3 Method, Inc. Various Various 193,307 (12) 129,641 1.0 7,185,347 1.2 12 WeWork Companies, Inc. Various Various 318,208 (13) 146,743 1.1 7,027,647 1.2 13 Github, Inc. Various 6/30/2025 92,450 (14) 92,450 0.7 6,879,679 1.2 14 Paypal, Inc. Fourth & Traction 5/31/2030 131,701 (15) 131,701 1.0 5,994,016 1.0 15 Weil, Gotshal & Manges LLP Towers at Shore Center 8/31/2026 76,278 76,278 0.6 5,920,195 1.0 TOTAL 5,872,964 4,463,552 34.1% $ 254,892,282 43.4% Fifteen Largest Office Tenants
Page 41 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (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. (6) Nutanix, Inc. expirations by square footage and property: (i) 57,354 square feet at Metro Plaza expiring on December 31, 2022, (ii) 51,256 square feet at Metro Plaza expiring on May 31, 2023, (iii) 117,001 square feet at Concourse expiring on May 31, 2024 and (iv) 206,674 square feet at 1740 Technology expiring on May 31, 2030. At 1740 Technology, Nutanix, Inc. is expected to take possession of an additional 9,183 square feet during fourth quarter 2022. (7) Riot Games, Inc. may elect to exercise its early termination right for the entire premises effective February 28, 2025 by delivering written notice on or before February 29, 2024. (8) Salesforce.com expirations by square footage: (i) 83,016 square feet expiring on July 31, 2025, (ii) 83,372 square feet expiring on April 30, 2027, (iii) 93,028 square feet expiring on October 31, 2028 and (iv) 5,978 square feet of month-to-month storage space. Salesforce.com subleased 259,416 square feet at Rincon Center to Twilio Inc. during third quarter 2018. Effective January 30, 2019, we entered into an agreement to reimburse Salesforce.com approximately $6.3 million for costs incurred in connection with the sublease. We are entitled to recoup this cost from amounts paid pursuant to the sublease commencing February 1, 2019, of which we have been fully reimbursed as of March 31, 2020. Thereafter, Salesforce.com has paid us 50% of any amounts received pursuant to the sublease, such that we began receiving an average of $340,000 per month of sublease cash rents starting June 2020, with annual growth thereafter. (9) We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market. (10) Dell EMC Corporation expirations by square footage and property: (i) 42,954 square feet at 505 First expiring on December 31, 2023, (ii) 83,549 square feet at 875 Howard expiring on June 30, 2026 and (iii) 46,472 square feet at 505 First expiring on January 31, 2027. Dell EMC Corporation may elect to exercise its early termination right at 505 First for 46,472 square feet effective January 31, 2025 by delivering written notice on or before January 31, 2024. (11) 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. (12) Company 3 Method, Inc. expirations by square footage and property: (i) 63,376 square feet at 3401 Exposition expiring on September 30, 2026, (ii) 59,646 square feet at Harlow expiring on October 31, 2032 and (iii) 70,285 square feet at Harlow expiring on March 31, 2033. Company 3 Method, Inc. may elect to exercise its early termination right at Harlow for 59,646 square feet effective November 30, 2029, December 31, 2029, January 31, 2030 or February 28, 2030 by delivering written notice on or before November 1, 2028. We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. (13) WeWork Companies Inc. expirations by square footage and property: (i) 54,336 square feet at Hill7 expiring January 31, 2030, (ii) 51,205 square feet at Maxwell expiring June 30, 2031, (iii) 66,056 square feet at 1455 Market expiring October 31, 2031 and (iv) 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 2022 Office Property Leasing Activity(1) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Total gross leasing activity Rentable square feet(2) 381,364 1,598,645 Gross new leasing activity Rentable square feet 164,859 649,982 New cash rate(3) $50.92 $52.36 Gross renewal leasing activity Rentable square feet 216,505 948,663 Renewal cash rate(4) $50.75 $53.16 Total leases expired and terminated Contractual (scheduled) expiration 595,841 948,908 Early termination 46,332 361,149 Total 642,173 1,310,057 Net absorption Leased rentable square feet (477,314) (660,075) Cash rent growth(5) Expiring rate $50.81 $50.40 New/renewal rate(6) $52.55 $52.99 Change(5) 3.4 % 5.1 % Straight-line rent growth(7) Expiring rate $47.65 $45.95 New/renewal rate(6) $51.79 $52.11 Change(7) 8.7 % 13.4 % Weighted average lease terms New (in months) 81.5 83.6 Renewal (in months) 29.9 49.1 Blended 51.5 63.1 TENANT IMPROVEMENTS AND LEASING COMMISSIONS(8) Per Square Foot Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Total Annual Total Annual New leases $112.18 $16.52 $86.73 $12.44 Renewal leases $11.03 $4.43 $24.55 $6.00 Blended $53.43 $12.45 $49.85 $9.47 NET EFFECTIVE RENT(9) Per Square Foot Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Total Total New leases $32.28 $37.24 Renewal leases $45.45 $45.69 Blended $39.93 $42.25
Page 43 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) Represents 100% share of consolidated and unconsolidated joint ventures. (2) Includes square footage related to the Company’s management offices totaling 9,811 square feet for the three months ended September 30, 2022 and 23,228 square feet for the nine months ended September 30, 2022. The three months ended September 30, 2022 excludes 7,095 square feet and the nine months ended September 30, 2022 excludes 18,657 square feet of short-term temporary leases with no base rent, primarily utilized as swing spaces for tenants with pending move-in dates. (3) Excludes the impact of 3,236 and 14,399 square feet related to tenants paying percentage rent in lieu of base rent for the three and nine months ended September 30, 2022, respectively. (4) Excludes the impact of 6,181 and 22,640 square feet related to tenants paying percentage rent in lieu of base rent for the three and nine months ended September 30, 2022, 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 12 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, 2022 are calculated using the weighted average starting rates for 39,682 and 266,841 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 12 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 2022 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 10/1/2022 $ 28.41 8/31/2028 Bentall Centre(3) Downtown Vancouver 26,986 1/1/2022 10/1/2022 $ 30.04 9/30/2028 Bentall Centre(3) Downtown Vancouver 3,100 1/19/2022 11/1/2022 $ 29.13 12/31/2025 Bentall Centre(3) Downtown Vancouver 2,263 7/1/2022 12/1/2022 $ 42.24 11/30/2027 Bentall Centre(3) Downtown Vancouver 3,714 8/1/2022 9/1/2022 $ 38.24 7/31/2027 Bentall Centre(3) Downtown Vancouver 4,053 8/1/2022 9/1/2022 $ 31.32 7/31/2027 Bentall Centre(3) Downtown Vancouver 767 8/30/2022 11/1/2022 $ 30.59 10/31/2023 Bentall Centre(3) Downtown Vancouver 36,254 9/1/2022 5/1/2023 $ 40.06 9/30/2033 Bentall Centre(3) Downtown Vancouver 2,162 9/1/2022 10/1/2022 $ 29.13 8/31/2027 Greater Seattle, Washington Hill7(4) Denny Triangle 1,489 4/14/2022 2/1/2023 $ 20.00 2/29/2028 1918 Eighth(5) Denny Triangle 20,993 5/2/2022 9/30/2022 $ 47.38 9/30/2030 1918 Eighth(5) Denny Triangle 21,421 5/2/2022 9/30/2022 $ 47.38 9/30/2030 1918 Eighth(5) Denny Triangle 10,174 5/2/2022 9/30/2022 $ 47.38 9/30/2030 San Francisco Bay Area, California 555 Twin Dolphin Plaza Redwood Shores 15,805 12/1/2021 9/1/2022 $ 67.80 7/31/2032 Towers at Shore Center Redwood Shores 3,071 12/1/2021 1/1/2023 $ 68.04 11/30/2026 Metro Center Foster City 13,745 3/16/2022 10/1/2022 $ 73.20 11/30/2025 Gateway North San Jose 45,120 4/1/2022 9/1/2022 $ 46.80 9/30/2027 Rincon Center San Francisco 2,172 4/16/2022 11/1/2022 $ 45.00 4/30/2032 Gateway North San Jose 2,647 4/30/2022 11/1/2022 $ 48.60 2/29/2028 Towers at Shore Center Redwood Shores 1,280 5/1/2022 9/1/2022 $ 72.00 4/30/2026 Gateway North San Jose 2,085 5/15/2022 8/1/2022 $ 50.40 8/31/2025 Metro Center Foster City 7,302 6/1/2022 8/1/2022 $ 75.00 8/31/2025 Concourse North San Jose 2,165 6/1/2022 8/1/2022 $ 38.28 5/31/2027 Palo Alto Square Palo Alto 4,740 6/1/2022 8/1/2022 $ 98.40 5/31/2025
Page 45 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Commenced Office Leases with Non-Recurring Upfront Abatements(1) (continued) Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date San Francisco Bay Area, California (cont.) 333 Twin Dolphin Plaza Redwood Shores 6,815 6/1/2022 8/1/2022 $ 63.00 5/31/2024 Towers at Shore Center Redwood Shores 2,756 6/1/2022 9/1/2022 $ 73.20 5/31/2025 Metro Plaza North San Jose 5,204 6/8/2022 8/1/2022 $ 49.80 11/30/2027 Gateway North San Jose 2,661 6/9/2022 9/1/2022 $ 48.00 8/31/2027 Metro Plaza North San Jose 5,015 6/13/2022 8/1/2022 $ 50.40 9/30/2025 Metro Center Foster City 7,095 7/1/2022 10/1/2022 $ 75.00 6/30/2027 Metro Center Foster City 694 7/1/2022 8/1/2022 $ 75.60 6/30/2025 Concourse North San Jose 4,835 7/1/2022 9/1/2022 $ 47.40 10/31/2025 Gateway North San Jose 5,971 7/1/2022 8/1/2022 $ 48.00 9/30/2025 Gateway North San Jose 1,372 7/1/2022 8/1/2022 $ 48.00 9/30/2025 Gateway North San Jose 1,394 7/1/2022 8/1/2022 $ 48.00 7/31/2023 Metro Plaza North San Jose 1,173 7/1/2022 9/1/2022 $ 51.00 8/31/2025 Metro Plaza North San Jose 13,583 7/1/2022 8/1/2022 $ 45.36 1/31/2023 Shorebreeze Redwood Shores 5,791 7/1/2022 9/1/2022 $ 64.80 6/30/2025 Shorebreeze Redwood Shores 7,787 7/1/2022 11/1/2022 $ 65.40 6/30/2025 Techmart Santa Clara 2,954 7/1/2022 8/1/2022 $ 51.00 6/30/2027 Gateway North San Jose 1,633 7/8/2022 9/1/2022 $ 50.40 10/31/2027 Palo Alto Square Palo Alto 6,954 7/25/2022 10/1/2022 $ 96.00 9/30/2027 Techmart Santa Clara 4,823 7/25/2022 10/1/2022 $ 56.40 9/30/2025 Metro Center Foster City 3,534 8/1/2022 10/1/2022 $ 76.80 10/31/2025 Concourse North San Jose 1,682 8/1/2022 9/1/2022 $ 48.00 10/31/2025 Gateway North San Jose 3,215 8/1/2022 9/1/2022 $ 49.80 10/31/2027 Metro Plaza North San Jose 2,347 8/1/2022 9/1/2022 $ 49.20 12/31/2027 Towers at Shore Center Redwood Shores 3,749 8/1/2022 11/1/2022 $ 76.20 7/31/2027 Techmart Santa Clara 2,987 8/1/2022 10/1/2022 $ 50.40 12/31/2026 Metro Center Foster City 3,997 8/11/2022 11/1/2023 $ 42.00 7/31/2033 Gateway North San Jose 1,490 8/23/2022 12/1/2022 $ 48.60 11/30/2025 555 Twin Dolphin Redwood Shores 2,236 8/29/2022 11/1/2022 $ 66.60 10/31/2025 Metro Center Foster City 3,329 9/1/2022 10/1/2022 $ 77.40 8/31/2025 Concourse North San Jose 6,969 9/1/2022 10/1/2022 $ 47.40 11/30/2025
Page 46 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Commenced Office Leases with Non-Recurring Upfront Abatements(1) (continued) (1) Consists of leases that commenced on or prior to September 30, 2022 with upfront free rent resulting in a rent start date after the commencement of the three-month period ending September 30, 2022. (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, 2022. (4) We own 55% in the consolidated joint venture that owns Hill7. (5) We own 55% in the consolidated joint venture that owns 1918 Eighth. (6) We own 75% in the consolidated joint venture that owns One Westside. (7) Subsequent to the rent start date, monthly base rent is abated for the eight-month period from September 2022 through April 2023. (8) We own 51% in the consolidated joint venture that owns Harlow. Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date San Francisco Bay Area, California (cont.) 555 Twin Dolphin Redwood Shores 4,857 9/1/2022 11/1/2022 $ 64.20 8/31/2027 Shorebreeze Redwood Shores 1,001 9/1/2022 1/1/2023 $ 64.80 2/28/2025 Techmart Santa Clara 2,879 9/1/2022 10/1/2022 $ 54.17 1/31/2024 Techmart Santa Clara 17,374 9/1/2022 12/1/2022 $ 51.00 8/31/2027 Rincon Center San Francisco 2,142 9/6/2022 3/5/2023 $ 25.00 3/31/2028 Metro Center Foster City 4,498 9/19/2022 2/1/2023 $ 45.00 11/30/2027 Shorebreeze Redwood Shores 9,301 9/21/2022 4/1/2023 $ 64.20 9/30/2027 625 Second San Francisco 5,071 9/29/2022 12/1/2022 $ 40.00 11/30/2027 Los Angeles, California One Westside(6) West Los Angeles 550,982 11/30/2021 7/31/2022 (7) $ 64.20 11/30/2036 One Westside(6) West Los Angeles 39,421 11/30/2021 7/31/2022 (7) $ 32.16 11/30/2036 Harlow(8) Hollywood 57,323 1/1/2022 11/1/2022 $ 67.51 10/31/2032 Harlow(8) Hollywood 2,323 1/1/2022 11/1/2022 $ 29.71 10/31/2032 11601 Wilshire West Los Angeles 2,504 6/1/2022 9/1/2022 $ 51.60 7/31/2025 11601 Wilshire West Los Angeles 1,922 7/1/2022 9/1/2022 $ 63.60 8/31/2025 11601 Wilshire West Los Angeles 2,777 7/1/2022 9/1/2022 $ 65.40 8/31/2024 11601 Wilshire West Los Angeles 1,434 8/1/2022 10/1/2022 $ 65.40 9/30/2025 11601 Wilshire West Los Angeles 2,356 9/1/2022 10/1/2022 $ 66.84 7/31/2025
Page 47 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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, 2022, but with commencement dates after September 30, 2022 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 2023 through first quarter 2024 and third quarter 2024. (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, 2022. (5) Total square footage consists of tenants paying percent rent in lieu of base rent. (6) Management office to be occupied by the Company. (7) See page 61 for the Company’s share of uncommenced leases for the next eight quarters. Q4 2022 Q1 2023 Q2 2023 Q2 2024 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) 4,048 $ 36.26 7,454 $ 29.86 — $ — — $ — Subtotal 4,048 36.26 7,454 29.86 — — — — San Francisco Bay Area, California San Francisco 3,236 — (5) 71 197.08 — — — — Foster City 4,208 75.00 12,324 54.00 — — — — Redwood Shores 37,148 53.49 16,901 68.95 — — — — Palo Alto 15,760 98.32 — — — — — — Santa Clara 3,291 56.31 1,270 52.80 — — — — North San Jose 10,152 47.81 89,382 46.88 4,968 42.00 — — Subtotal 73,795 61.29 119,948 50.88 4,968 42.00 — — Los Angeles, California West Los Angeles — — — — — — 20,340 — (6) Subtotal — — — — — — 20,340 — TOTAL UNCOMMENCED(7) 77,843 $ 59.99 127,402 $ 49.65 4,968 $ 42.00 20,340 $ —
Page 48 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Backfilled Office Leases—Next Eight Quarters(1)(2) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 18,594 $ 38.70 4,114 $ 41.52 3,962 $ 29.13 — $ — — $ — 67,197 $ 37.51 — $ — 5,651 $ 40.79 Subtotal 18,594 38.70 4,114 41.52 3,962 29.13 — — — — 67,197 37.51 — — 5,651 40.79 Greater Seattle, Washington Pioneer Square — — — — — — — — 5,870 47.27 — — — — — — Subtotal — — — — — — — — 5,870 47.27 — — — — — — San Francisco Bay Area, California Foster City — — — — — — 13,712 75.00 — — — — — — — — Redwood Shores — — 5,496 67.80 — — — — — — — — — — — — Santa Clara 1,183 55.80 4,945 57.00 — — — — — — — — — — — — North San Jose 12,984 47.39 — — — — — — — — — — — — — — Subtotal 14,167 48.09 10,441 62.68 — — 13,712 75.00 — — — — — — — — Los Angeles, California West Los Angeles 16,714 21.56 (5) 4,464 48.00 — — — — — — — — — — — — Subtotal 16,714 21.56 4,464 48.00 — — — — — — — — — — — — TOTAL BACKFILLED(6) 49,475 35.60 19,019 54.66 3,962 29.13 13,712 75.00 5,870 47.27 67,197 37.51 — — 5,651 40.79 TOTAL UNCOMMENCED AND BACKFILLED 127,318 $ 50.51 146,421 $ 50.30 8,930 $ 36.29 13,712 $ 75.00 5,870 $ 47.27 67,197 $ 37.51 20,340 $ — 5,651 $ 40.79 (1) Consists of backfilled leases, defined as new leases with respect to occupied space executed on or prior to September 30, 2022, but with commencement dates after September 30, 2022 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no backfilled leases commencing in second quarter 2024. (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, 2022. (5) Includes 9,811 square feet of management office to be occupied by the Company. (6) See page 61 for the Company’s share of backfilled leases for the next eight quarters.
Page 49 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Expiring Office Leases—Next Eight Quarters(1) Q4 2022(2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Vancouver, British Columbia Downtown Vancouver(5) 52,614 $ 27.88 (6) 18,588 $ 34.29 82,107 $ 22.99 (7) 20,900 $ 29.73 22,450 $33.53 90,592 $ 30.96 (8) 83,175 $ 19.96 (9) 39,263 $ 31.76 Subtotal 52,614 27.88 18,588 34.29 82,107 22.99 20,900 29.73 22,450 33.53 90,592 30.96 83,175 19.96 39,263 31.76 Greater Seattle, Washington Denny Triangle 2,958 — (10) 656 34.18 1,194 — (10) — — 140,526 32.98 (11) — — — — — — Pioneer Square 15,722 17.38 9,008 — (10) — — — — 48,824 35.38 12,152 36.65 — — 12,424 43.62 Subtotal 18,680 14.63 9,664 2.32 1,194 — — — 189,350 33.60 12,152 36.65 — — 12,424 43.62 San Francisco Bay Area, California Foster City 33,936 74.82 31,706 54.31 12,184 60.07 10,694 72.16 54,806 71.78 (12) 12,236 63.25 21,298 64.18 40,617 58.32 Palo Alto 25,310 60.11 — — 82,515 89.64 (13) 69,388 81.15 (14) 9,575 80.34 13,291 93.94 19,175 92.44 5,248 105.34 Redwood Shores 42,617 56.87 51,309 68.14 (15) 41,876 63.63 30,724 70.15 51,756 66.12 (16) 51,388 66.23 (17) 89,162 75.41 (18) 76,422 72.94 (19) San Francisco 35,347 10.81 5,398 38.77 1,871 — (20) 511,580 52.76 (21) 3,025 31.15 83,639 75.62 (22) 3,845 115.30 60,093 95.92 (23) North San Jose 160,693 44.01 (24) 125,025 40.78 (25) 111,059 42.11 (26) 38,302 50.36 68,070 48.67 (27) 87,102 48.68 (28) 273,433 43.76 (29) 54,533 49.55 (30) Santa Clara 17,676 47.48 19,098 55.73 4,061 28.62 — — 15,980 55.21 38,958 56.69 3,865 59.43 16,557 54.38 Subtotal 315,579 46.83 232,536 49.84 253,566 61.47 660,688 56.73 203,212 61.09 286,614 63.50 410,778 54.78 253,470 70.47 Los Angeles, California Hollywood — — — — — — — — 10,429 21.75 — — — — 3,939 61.97 West Los Angeles 199,649 50.00 (31) — — 10,058 65.88 26,533 60.41 9,065 49.09 36,751 54.93 50,317 53.00 (32) 43,004 52.86 Subtotal 199,649 50.00 — — 10,058 65.88 26,533 60.41 19,494 34.46 36,751 54.93 50,317 53.00 46,943 53.62 TOTAL 586,522 $ 45.18 260,788 $ 46.97 346,925 $ 52.28 708,121 $ 56.07 434,506 $ 46.49 426,109 $55.08 544,270 $ 49.30 352,100 $ 62.96 Expirations as % of Total In- Service Portfolio 4.0% 1.8% 2.4% 4.8% 3.0% 2.9% 3.7% 2.4%
Page 50 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (1) This does not reflect 36,485 square feet that expired on September 30, 2022. This table omits submarkets without any expirations over the next eight quarters. See page 61 for the Company’s share of expiring leases for the next eight quarters. (2) Fourth quarter 2022 expiring square footage does not include 26,479 square feet of month-to-month leases. (3) Includes leases that expire on the last day of the quarter. (4) 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. (5) Expiring rental rates have been converted from CAD to USD using the foreign currency exchange rate as of September 30, 2022. (6) Top three expiring tenants at Bentall Centre by square footage: (i) Lysistra Services LP for 23,957 square feet, (ii) Clyde and Co LLP for 6,688 square feet, and (iii) Sojitz Corporation for 4,850 square feet. (7) Top three expiring tenants at Bentall Centre by square footage: (i) Bentall Green Oak LP for 33,518 square feet, (ii) Young Women’s Christian Association for 19,058 square feet, and (iii) Sabina Gold Silver Corporation for 10,605 square feet. (8) Top three expiring tenants at Bentall Centre by square footage: (i) Blake Services Inc. for 63,292 square feet, (ii) Pretium Resources Inc. for 16,800 square feet, and (iii) Export Development Canada for 6,779 square feet. (9) Top three expiring tenants at Bentall Centre by square footage: (i) Bank of Montreal for 71,100 square feet, (ii) Canada Post Corporation for 3,680 square feet, and (iii) Saliance Global Holdings Company Ltd. for 3,646 square feet. (10) Total expiring square footage consists of space occupied by the Company’s management office. (11) Total expiring square footage consists of: (i) Amazon at Met Park North for 139,824 square feet and (ii) Subway at Met Park North for 702 square feet. (12) Total expiring square footage consists of: (i) Quinstreet, Inc. at Metro Center for 44,556 square feet, (ii) Sycomp a Technology Company, Inc. at Metro Center for 6,605 square feet, and (iii) Cafe Savini at Metro Center for 2,222 square feet. (13) Top three expiring tenants by square footage: (i) Lockheed Martin Corporation at 3176 Porter for 42,899 square feet, (ii) Toyota at Page Mill Center for 22,392 square feet, and (iii) Ciitizen Corporation at Palo Alto Square for 5,244 square feet. (14) 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. (15) Top three expiring tenants by square footage: (i) Host Analytics, Inc. at 555 Twin Dolphin for 35,006 square feet, (ii) Decker Bullock Dreyfus Inc. at 333 Twin Dolphin for 3,724 square feet, and (iii) Lewis Roca Rothgerber Christie LLP at Towers at Shore Center for 2,812 square feet. (16) Top three expiring tenants by square footage: (i) Auris Health, Inc. at Skyway Landing for 20,246 square feet, (ii) Ameriprise Holdings, Inc. at Shorebreeze for 6,861 square feet, and (iii) Colliers Parish International, Inc. at Towers at Shore Center for 6,257 square feet. (17) Total expiring square footage: (i) Check Point SOFT Technologies, Inc. at Skyway Landing for 40,265 square feet, (ii) Livingly Media, Inc. at Towers at Shore Center for 8,241 square feet, and (iii) Delinea Inc. at Towers at Shore Center for 2,882 square feet. (18) Top three expiring tenants by square footage: (i) Poshmark, Inc. at Towers at Shore Center for 75,876 square feet, (ii) Troutman Pepper Hamilton Sanders LLP at 333 Twin Dolphin for 6,815 square feet, and (iii) The Danko Law Firm at 333 Twin Dolphin for 3,534 square feet. (19) Top three expiring tenants by square footage: (i) Coherus Biosciences, Inc. at 333 Twin Dolphin for 47,789 square feet, (ii) Y Media Labs LLC at Shorebreeze for 20,219 square feet, and (iii) DPM Property Management at 555 Twin Dolphin for 4,499 square feet. (20) Total expiring square footage consists of space occupied by tenants paying percent rent in lieu of base rent. (21) Top three expiring tenants by square footage: (i) Block 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. (22) Top three expiring tenants by square footage: (i) Nordstrom Rack at 901 Market for 45,496 square feet, (ii) Ziff Davis, LLC at 625 Second for 35,350 square feet, and (iii) Ferry Plaza Wine Merchant LP at Ferry Building for 2,793 square feet. (23) Top three expiring tenants by square footage: (i) DoorDash, Inc. at 901 Market for 50,821 square feet, (ii) Globant LLC at 875 Howard for 5,931 square feet, and (iii) KABO LLC at Ferry Building for 1,495 square feet. (24) Top three expiring tenants by square footage: (i) Nutanix, Inc. at Metro Plaza for 57,354 square feet, (ii) Ooyala, Inc. at Gateway for 18,152 square feet, and (iii) Arrow Electronics Inc. at Skyport Plaza for 19,939 square feet. (25) 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, and (iii) GEO Semiconductor, Inc. at Metro Plaza for 13,583 square feet. (26) Top three expiring tenants by square footage: (i) Nutanix, Inc. at Metro Plaza for 51,256 square feet, (ii) Hudson Pacific Properties at Gateway for 12,223 square feet, and (iii) Dexerials America Corporation at Gateway for 7,872 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)
Page 51 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 (27) Top three expiring tenants by square footage: (i) Arrcus, Inc. at Gateway for 17,728 square feet, (ii) GTT Americas, LLC at Concourse for 9,981 square feet, and (iii) Gilbane Building Company at Gateway for 7,245 square feet. (28) Top three expiring tenants by square footage: (i) Aerotek, Inc. at Metro Plaza for 25,565 square feet, (ii) Watry Design, Inc. at Gateway for 10,942 square feet, and (iii) Sima Technologies, Inc. at Concourse for 10,389 square feet. (29) Top three expiring tenants by square footage: (i) Nutanix, Inc. at Concourse for 117,001 square feet, (ii) FICO at Metro Plaza for 45,440 square feet, and (iii) NTT Security AppSec Solutions, Inc. at Concourse for 28,930 square feet. (30) Top three expiring tenants by square footage: (i) Pixelworks, Inc. at Concourse for 10,051 square feet, (ii) Effectus Group LLC at Concourse for 7,138 square feet, and (iii) Holder Construction Group, LLC at Gateway for 5,520 square feet. (31) 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 11,148 square feet, and (iii) NFL Enterprises at 10900 Washington for 9,919 square feet. (32) Top three expiring tenants by square footage: (i) Baker & Hostetler LLP at 11601 Wilshire for 39,832 square feet, (ii) EPAM Systems, Inc. at 11601 Wilshire for 4,000 square feet, and (iii) Crown Electrokinetics Corporation at 11601 Wilshire for 3,500 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)
Page 52 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 2,722,442 2,614,565 19.9 % 2022 67 567,011 519,708 3.9 $ 26,001,505 4.4 % $ 50.03 $ 26,267,292 $ 50.54 2023 172 1,717,729 1,369,011 10.4 73,949,187 12.4 54.02 74,930,084 54.73 2024 169 1,791,887 1,514,926 11.5 85,582,785 14.4 56.49 90,593,643 59.80 2025 138 1,854,803 1,522,868 11.6 93,087,659 15.8 61.13 99,879,752 65.59 2026 63 711,825 621,106 4.7 38,306,154 6.4 61.67 42,593,801 68.58 2027 84 939,702 795,547 6.0 46,920,342 7.9 58.98 53,241,773 66.92 2028 42 1,037,801 896,956 6.8 60,923,983 10.2 67.92 71,862,566 80.12 2029 20 361,097 254,942 1.9 19,073,279 3.2 74.81 22,606,021 88.67 2030 16 1,532,267 1,170,613 8.9 56,599,859 9.5 48.35 72,303,833 61.77 2031 14 1,086,447 670,931 5.1 37,964,531 6.4 56.58 50,272,084 74.93 Thereafter 25 1,264,299 814,359 6.2 45,456,342 7.6 55.82 65,679,797 80.65 Building management use(6) 46 209,140 183,138 1.4 — — — — — Signed leases not commenced(7) 44 230,553 219,863 1.7 10,901,410 1.8 49.58 12,981,094 59.04 TOTAL/WEIGHTED AVERAGE 900 16,027,003 13,168,533 100.0 % $ 594,767,036 100.0 % $ 56.35 $ 683,211,740 $ 64.74 (1) Total expiring square footage does not include 26,479 square feet of month-to-month leases. (2) Total expiring square footage does not include 16,397 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, 2022, 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, 2022. (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, 2022. (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, 2022 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, 2022, divided by (ii) square footage under uncommenced leases as of September 30, 2022.
Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Definitions and Reconciliations
Page 54 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Definitions Adjusted EBITDAre: Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share interest and depreciation from 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 (excluding specified items) the non-cash compensation expense and the Company’s Share of amortization of deferred financing costs, and subtracting recurring capital expenditures related to the Company’s Share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of the Company’s Share of straight-line rents, amortization of lease buy-out costs, amortization of above-and below-market lease intangible assets and liabilities, amortization of above-and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Annual Debt Service: Includes principal payments based on amortization schedule and annual interest payments of fixed rate loans and variable rate loans with effective fixed rate as a result of derivative instruments on the full principal balance. In instances where interest is paid based on a LIBOR margin, we used the current margin based on the leverage ratio as of the current period. Amount does not include interest payment of variable rate loans that are partially effectively fixed through derivative instruments. Excludes amortization of deferred financing costs and loan discounts/premiums. Company’s Share: Non-GAAP financial measures calculated as the consolidated amount, in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. Company’s Share of Debt: Similar to Consolidated Debt except it includes the Company’s Share of unconsolidated joint venture debt and excludes partners’ share of consolidated joint venture partner debt. Company’s Share of Debt, Net: Similar to Company’s Share of Debt, except it includes the Company’s Share of unconsolidated joint venture cash and cash equivalents and excludes partners’ share of consolidated joint venture cash and cash equivalents. Company’s Share of Market Capitalization: Similar to Consolidated Market Capitalization except it includes the Company’s Share of Debt. Consolidated Debt: Equal to the sum of (i) Consolidated 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) Consolidated Unsecured and Secured Debt, (ii) Series A preferred units, (iii) Series C cumulative redeemable preferred stock and (iv) 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 joint venture partner debt 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.
Page 55 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 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 partners’ 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 Performance Stock Units (“PSU”), including stock grants under our 2020, 2021 and 2022 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 2020, 2021 and 2022 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 56 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Reconciliation of Net Income (Loss) to Net Operating Income Unaudited, in thousands Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net (loss) income $ (6,792) $ (6,182) $ (10,861) $ 12,259 Adjustments: Loss (income) from unconsolidated real estate entities 352 (566) (1,731) (1,671) Fee income (911) (678) (3,122) (2,323) Interest expense 37,261 30,825 101,816 91,800 Interest income (196) (934) (2,026) (2,868) Management services reimbursement income—unconsolidated real estate entities (983) (253) (3,159) (879) Management services expense—unconsolidated real estate entities 983 253 3,159 879 Transaction-related expenses 9,331 6,300 10,713 7,364 Unrealized loss (gain) on non-real estate investments 894 (827) 1,062 (11,620) Loss on sale of real estate 180 — 180 — Impairment loss 4,795 2,762 28,548 2,762 Loss on extinguisment of debt — 6,249 — 6,249 Other (income) expense (2,453) (82) (4,047) 1,547 General and administrative 19,795 18,288 62,178 53,846 Depreciation and amortization 93,070 88,568 276,701 255,507 Net Operating Income $ 155,326 $ 143,723 $ 459,411 $ 412,852 Net Operating Income Breakdown Same-Store Office cash revenues $ 179,876 $ 177,820 $ 532,783 $ 513,332 Straight-line rent (3,176) 1,787 (98) 11,723 Amortization of above-market and below-market leases, net 1,503 2,931 5,793 8,350 Amortization of lease incentive costs (327) (423) (1,125) (1,268) Same-Store Office revenues 177,876 182,115 537,353 532,137 Same-Store Studios cash revenues 21,834 18,070 61,666 58,764 Straight-line rent 440 690 1,677 890 Amortization of lease incentive costs (9) (9) (28) (28) Same-Store Studio revenues 22,265 18,751 63,315 59,626 Same-Store property revenues 200,141 200,866 600,668 591,763 Same-Store Office cash expenses 65,906 61,765 189,424 178,653 Straight-line rent 325 325 976 1,016 Non-cash portion of interest expense 21 11 64 32 Amortization of above-market and below-market ground leases, net 586 586 1,758 1,758 Same-Store Office expenses 66,838 62,687 192,222 181,459 Same-Store Studio cash expenses 13,080 8,878 36,763 32,641 Non-cash portion of interest expense 70 80 208 237 Same-Store Studio expenses 13,150 8,958 36,971 32,878 Same-Store property expenses 79,988 71,645 229,193 214,337 Same-Store net operating income 120,153 129,221 371,475 377,426 Non-Same-Store net operating income 35,173 14,502 87,936 35,426 Net Operating Income $ 155,326 $ 143,723 $ 459,411 $ 412,852
Page 57 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Three Months Ended Quarter To Date September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Net (loss) income $ (6,792) $ 3,546 $ (7,615) $ 16,753 $ (6,182) Interest income—Consolidated (196) (920) (910) (926) (934) Interest expense—Consolidated 37,261 33,719 30,836 30,139 30,825 Depreciation and amortization—Consolidated 93,070 91,438 92,193 88,107 88,568 EBITDA 123,343 127,783 114,504 134,073 112,277 Unconsolidated real estate entities depreciation and amortization 1,278 1,320 1,369 1,497 1,462 Unconsolidated real estate entities interest expense 1,214 858 644 629 613 EBITDAre 125,835 129,961 116,517 136,199 114,352 Impairment loss 4,795 3,250 20,503 — 2,762 Unrealized loss (gain) on non-real estate investments 894 1,818 (1,650) (4,951) (827) Loss on sale of real estate 180 — — — — Other (income) expense (2,453) (742) (852) 1,006 (82) Transaction-related expenses 9,331 1,126 256 1,547 6,300 Non-cash compensation expense 6,494 5,993 5,329 5,445 5,840 Straight-line rent receivables, net (5,379) (12,300) (14,477) (5,957) (2,157) Non-cash amortization of above-market and below-market leases, net (1,701) (1,953) (2,739) (3,134) (3,023) Non-cash amortization of above-market and below-market ground leases, net 687 687 668 603 588 Amortization of lease incentive costs 359 431 432 458 476 Loss on extinguishment of debt — — — 10 6,249 Adjusted EBITDAre 139,042 128,271 123,987 131,226 130,478 One-time prior period net property tax adjustment 481 682 — — (1,433) Adjusted EBITDAre (excluding specified items) 139,523 128,953 123,987 131,226 129,045 Studio cash NOI (9,235) (8,323) (8,275) (7,956) (9,191) Office Property Adjusted EBITDAre 130,288 120,630 115,712 123,270 119,854 x Annualization factor 4 4 4 4 4 Annualized Office Property Adjusted EBITDAre 521,152 482,520 462,848 493,080 479,416 Trailing 12-mo studio cash NOI 33,789 32,312 31,712 33,115 32,600 Cash Adjusted EBTIDAre for selected ratios $ 554,941 $ 514,832 $ 494,560 $ 526,195 $ 512,016 Less: Partners’ share of Cash Adjusted EBITDAre (76,212) (77,485) (70,761) (77,500) (80,592) Company’s Share of Cash Adjusted EBITDAre $ 478,729 $ 437,347 $ 423,799 $ 448,695 $ 431,424 Total Consolidated unsecured and secured debt 4,476,575 4,154,200 4,000,720 3,764,874 3,943,973 Less: Consolidated cash and cash equivalents (161,667) (266,538) (137,598) (96,555) (110,500) Consolidated Debt, Net (excluding Series A preferred units) $ 4,314,908 $ 3,887,662 $ 3,863,122 $ 3,668,319 $ 3,833,473 Less: Partners’ share of debt, net (648,641) (632,558) (652,037) (665,027) (658,313) Company’s Share of Debt, Net (excluding Series A preferred units) $ 3,666,267 $ 3,255,104 $ 3,211,085 $ 3,003,292 $ 3,175,160 Cash Adjusted EBITDAre for selected ratios / Consolidated Debt, Net 7.8x 7.6x 7.8x 7.0x 7.5x Cash Adjusted EBITDAre for selected ratios / Company’s Share of Debt, Net 7.7x 7.4x 7.6x 6.7x 7.4x 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 cash NOI contribution from Quixote, which was acquired in August 2022. Including the estimated annual cash NOI contribution from Quixote, Cash Adjusted EBITDAre to Consolidated Debt, Net is 7.3x and Cash Adjusted EBITDAre to Company’s Share of Debt, Net is 7.1x for the three months ended September 30, 2022.
Page 58 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Current Guidance Full Year 2022 Metric Low High FFO per share $2.01 $2.05 Total growth in same-store property cash NOI(1)(2) 2.50% 3.50% GAAP non-cash revenue (straight-line rent and above/below-market rents)(3) $40,000 $50,000 GAAP non-cash expense (straight-line rent expense and above/below-market ground rent) $(4,500) $(4,500) General and administrative expenses(4) $(79,000) $(83,000) Interest expense(5) $(151,500) $(154,500) Interest income $1,950 $2,050 Non-real estate depreciation and amortization $(19,900) $(20,100) FFO from unconsolidated joint ventures $7,000 $8,000 FFO attributable to non-controlling interests $(69,500) $(73,500) FFO attributable to preferred units/shares $(21,000) $(21,000) Weighted average common stock/units outstanding—diluted(6) 146,000 147,000 Company Outlook Unaudited, in thousands (1) Same-store for the full year 2022 is defined as the 42 stabilized office properties and three studio properties owned and included in the portfolio as of January 1, 2021, and anticipated to still be owned and included in the portfolio through December 31, 2022. Same-store cash NOI growth assumes the expiration (without renewal or backfill in 2022) of all 376,817 square feet leased to Qualcomm at Skyport Plaza as of July 31, 2022. Adjusted for this expiration, full year 2022 same-store cash NOI growth would be 4.25% - 5.25%. (2) Please see non-GAAP information below for definition of cash NOI. (3) Please see non-GAAP information below for definition of cash NOI. (4) Includes non-cash straight-line rent associated with the studio and office properties. (5) Includes non-cash compensation expense, which the Company estimates at $25,000 in 2022. (6) Includes amortization of deferred financing costs and loan discounts/premiums, which the Company estimates at $14,000 in 2022. (7) 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 2020, 2021 and 2022 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.
Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Appendix
Page 60 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Company’s Share Number of Properties Rentable Square Feet Percent Occupied Percent Leased Annual Base Rent Annual Base Rent Per Square Foot Office In-Service Vancouver, British Columbia 1 301,989 93.7% 94.4% $ 7,906,871 $ 27.95 Greater Seattle, Washington 8 1,718,700 81.8 81.8 53,619,401 38.13 San Francisco Bay Area, California 25 7,552,196 82.6 85.0 383,856,574 61.56 Los Angeles, California 14 2,229,921 97.7 98.6 125,747,268 57.72 Total 48 11,802,806 85.6 87.4 571,130,114 56.53 Studios Same-Store Los Angeles, California 3 627,532 84.4 84.4 23,913,919 44.72 Non-Same-Store Albuquerque, New Mexico 1 35,562 — — Total 4 663,094 Repositioning, Redevelopment, Development, Held-for-Sale Greater Seattle, Washington 2 581,905 — — — — San Francisco Bay Area, California 1 522,785 19.0 21.0 5,544,699 55.69 Los Angeles, California 3 410,806 35.9 35.9 7,791,792 52.87 Total(1) 6 1,515,496 16.3% 17.0% $ 13,336,491 $ 54.00 Land Vancouver, British Columbia 1 90,000 San Francisco Bay Area, California 1 350,000 Los Angeles, California 4 1,069,283 Greater London, United Kingdom 1 408,571 Total 7 1,917,854 TOTAL PORTFOLIO 65 15,899,250 Total Portfolio Company’s Share (1) Includes two properties classified as held-for-sale as of September 30, 2022. Please see page 34 for details.
Page 61 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2022 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters Company’s Share Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF Uncommenced Office Leases—Next Eight Quarters Vancouver, British Columbia 810 $ 36.26 1,491 $ 29.86 — $ — — $ — — $ — — $ — — $ — — $ — San Francisco Bay Area, California 72,339 62.52 119,916 50.84 4,968 42.00 — — — — — — — — — — Los Angeles, California — — — — — — — — — — — — 20,340 — — — Total 73,149 62.23 121,407 50.58 4,968 42.00 — — — — — — 20,340 — — — Backfilled Office Leases—Next Eight Quarters Vancouver, British Columbia 3,719 38.70 823 41.52 792 29.13 — — — — 13,439 37.51 — — 1,130 40.79 Greater Seattle, Washington — — — — — — — — 5,870 47.27 — — — — — — San Francisco Bay Area, California 14,167 48.09 10,441 62.68 — — 13,712 75.00 — — — — — — — — Los Angeles, California 16,714 21.56 4,464 48.00 — — — — — — — — — — — — Total 34,600 34.26 15,728 57.41 792 29.13 13,712 75.00 5,870 47.27 13,439 37.51 — — 1,130 40.79 Expiring Office Leases—Next Eight Quarters Vancouver, British Columbia 10,523 27.88 3,718 34.29 16,421 22.99 4,180 29.73 4,490 33.53 18,118 30.96 16,635 19.96 7,853 31.76 Greater Seattle, Washington 17,349 15.75 9,664 2.32 657 — — — 189,350 33.60 12,152 36.65 — — 12,424 43.62 San Francisco Bay Area, California 307,521 47.65 230,107 49.96 252,724 61.67 430,477 58.85 203,212 61.09 285,357 63.45 409,081 54.54 251,967 70.16 Los Angeles, California 199,649 50.00 — — 10,058 65.88 26,533 60.41 19,494 34.46 36,751 54.93 50,317 53.00 46,943 53.62 Total 535,042 $ 47.10 243,489 $ 47.83 279,860 $ 59.41 461,190 $ 58.67 416,546 $ 47.05 352,378 $ 59.97 476,033 $ 53.17 319,187 $ 65.75
HudsonPacificProperties.com
