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Equity | 12 Months Ended
--- | ---
Dec. 31, 2015
Equity [Abstract] |
Equity | Equity Accumulated Other Comprehensive Deficit The tables below present the effect of the Company’s interest rate contracts on the Consolidated Statements of Comprehensive Income (expense) for the years ended December 31, 2015, 2014, and 2013.
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Beginning Balance of OCI related to interest rate contracts |  | $ | 2,661 |  |  | $ | 1,162 |  |  | $ | 1,465 |
Unrealized Loss Recognized in OCI Due to Change in Fair Value of interest rate contracts |  | 7,663 |  |  | 1,939 |  |  | (121 | )
Loss Reclassified from OCI into Income (as Interest Expense) |  | (10,260 | ) |  | (440 | ) |  | (182 | )
Net Change in OCI |  | $ | (2,597 | ) |  | $ | 1,499 |  |  | $ | (303 | )
Ending Balance of Accumulated OCI Related to Derivatives |  | $ | 64 |  |  | $ | 2,661 |  |  | $ | 1,162 |
Allocation of OCI, non-controlling interests |  | 1,017 |  |  | (218 | ) |  | (165 | )
Accumulated other comprehensive deficit |  | $ | 1,081 |  |  | $ | 2,443 |  |  | $ | 997 |
Non-controlling Interests Common units in the Operating Partnership Common units in the Operating Partnership consisted of 56,296,315 common units of partnership interests, or common units, not owned by us. Common units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. Investors who own common units have the right to cause the Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of common stock or, at our election, issue shares of our common stock in exchange for common units on a one-for-one basis. In April 2015, the Company issued 54,848,480 of common units to Blackstone as consideration for the EOP Acquisition. In addition, one of our common unitholders required us to redeem 934,728 common units and the Company elected, in accordance with our limited partnership agreement, to issue shares of our common stock in exchange for the common units to satisfy the redemption notice. Accordingly, our outstanding common units increased from 2,382,563 at December 31, 2014 to 56,296,315 at December 31, 2015. Non-controlling interest—members in consolidated entities The Company has an interest in a joint venture with Media Center Partners, LLC. The Pinnacle JV owns the Pinnacle, a two-building (Pinnacle I and Pinnacle II), 625,640 square-foot office property located in Burbank, California. The Company initially owned a 98.25% interest in the Pinnacle JV, but its interest decreased to 65.0% when the Pinnacle JV acquired Pinnacle II on June 14, 2013. As of December 31, 2015, the Company owns a 65.0% interest in the Pinnacle JV. On January 5, 2015, the Company entered into a joint venture with Canada Pension Plan Investment Board, (“CPPIB”) through which CPPIB purchased a 45% interest in 1455 Market Street office property located in San Francisco, California, for a purchase price of $219.2 million (before certain credits, proration and closing costs). 6.25% series A cumulative redeemable preferred units of the Operating Partnership 6.25% series A cumulative redeemable preferred units of the Operating Partnership are 407,066 series A preferred units of partnership interest in the Operating Partnership, or series A preferred units, that are not owned by the Company. These series A preferred units are entitled to preferential distributions at a rate of 6.25% per annum on the liquidation preference of $25.00 per unit and became convertible at the option of the holder into common units or redeemable into cash or, at the Company’s election, exchangeable for registered shares of common stock, after June 29, 2013. For a description of the conversion and redemption rights of the series A preferred units, please see “Description of the Partnership Agreement of Hudson Pacific Properties, L.P.—Material Terms of Our Series A Preferred Units” in our June 23, 2010 Prospectus. 8.375% Series B cumulative redeemable preferred stock 8.375% series B cumulative redeemable preferred stock are 5,800,000 shares of 8.375% preferred stock, with a liquidation preference of $25.00 per share, $0.01 par value per share. In December 2010, we completed the public offering of 3,500,000 shares of our series B preferred stock (including 300,000 shares of series B preferred stock issued and sold pursuant to the exercise of the underwriters’ option to purchase additional shares in part). Total proceeds from the offering, after deducting underwriting discount, were approximately $83.9 million (before transaction costs). On January 23, 2012, we completed the public offering of 2,300,000 of our series B cumulative preferred stock (including 300,000 shares of series B preferred stock issued and sold pursuant to the exercise of the underwriters’ option to purchase additional shares in full). Total proceeds from the offering, after deducting underwriting discount, were approximately $57.5 million (before transaction costs). Dividends on our series B preferred stock are cumulative from the date of original issue and payable quarterly on or about the last calendar day of each March, June, September and December at the rate of 8.375% per annum of its $25.00 per share liquidation preference (equivalent to $2.0938 per share per annum). If, following a change of control of the Company, either our series B preferred stock (or any preferred stock of the surviving entity that is issued in exchange for our series B preferred stock) or the common stock of the surviving entity, as applicable, is not listed on the New York Stock Exchange, or NYSE, or quoted on the NASDAQ Stock Market, or NASDAQ (or listed or quoted on a successor exchange or quotation system), holders of our series B preferred stock will be entitled to receive cumulative cash dividends from, and including, the first date on which both the change of control occurred and either our series B preferred stock (or any preferred stock of the surviving entity that is issued in exchange for our series B preferred stock) or the common stock of the surviving entity, as applicable, is not so listed or quoted, at the increased rate of 12.375% per annum per share of the liquidation preference of our series B preferred stock (equivalent to $3.09375 per annum per share) for as long as either our series B preferred stock (or any preferred stock of the surviving entity that is issued in exchange for our series B preferred stock) or the common stock of the surviving entity, as applicable, is not so listed or quoted. Except in instances relating to preservation of our qualification as a REIT or in connection with a change of control of the Company, our series B preferred stock is not redeemable prior to December 10, 2015. On December 10, 2015, the Company redeemed its series B preferred stock in whole for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends to, but not including, the date of redemption. During the year ended December 31, 2015, we recognized a non-recurring noncash allocation of additional loss for purposes of computing earnings per share of $6.0 million as a reduction to net income available to common stockholders for the Company and common unitholders for the Operating Partnership for the original issuance costs related to the series B preferred stock. The following table reconciles the net (loss) income allocated to common stock and Operating Partnership units on the Consolidated Statements of Equity to the common stock and Operating Partnership unit net (loss) income allocation on the Consolidated Statements of Operations for the year ended:
|  | Hudson Pacific Properties, Inc. |  | Hudson Pacific Properties, L.P.
|  | 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Net (loss) income allocation for common stock or common units on the Consolidated Statements of Equity |  | $ | (10,071 | ) |  | $ | 10,229 |  |  | $ | (14,533 | ) |  | $ | (32,040 | ) |  | $ | 10,588 |  |  | $ | (15,166 | )
Net income attributable to restricted shares |  | (356 | ) |  | (274 | ) |  | (300 | ) |  | (356 | ) |  | (274 | ) |  | (300 | )
Series B transaction costs allocation |  | (5,970 | ) |  | — |  |  | — |  |  | (5,970 | ) |  | — |  |  | — |
Net (loss) income allocation for common stock or common units on the Consolidated Statements of Operations |  | $ | (16,397 | ) |  | $ | 9,955 |  |  | $ | (14,833 | ) |  | $ | (38,366 | ) |  | $ | 10,314 |  |  | $ | (15,466 | )
April 2015 Common Stock Secondary Offering On April 10, 2015, certain funds affiliated with Farallon Capital Management completed a public offering of 6,037,500 shares of the Company’s common stock. The Company did not receive any proceeds from the offering. April 2015 Common Stock Issuance On April 1, 2015, in connection with the acquisition of the EOP Northern California Portfolio from Blackstone, the Company issued 8,626,311 shares of its common stock as part of the consideration paid. January 2015 Common Stock Offering On January 20, 2015, we completed the public offering of 11,000,000 shares of common stock and the exercise of the underwriters’ over-allotment option to purchase an additional 1,650,000 shares of our common stock at the public offering price of $31.75 per share. Total proceeds from the public offering, after underwriters’ discount, were approximately $385.6 million (before transaction costs). February 2013 Common Stock Offering On February 12, 2013, we completed the public offering of 8,000,000 shares of common stock and the exercise of the underwriters’ option to purchase an additional 1,200,000 shares of our common stock at the public offering price of $21.50 per share. Total proceeds from the public offering, after underwriters’ discount, were approximately $189.9 million (before transaction costs). At-the-market, or ATM, program The Company’s at-the-market (“ATM”) program permits sales of up to $125.0 million of stock. During 2015, we did not utilize the ATM program. During the year ended December 31, 2014, we sold 76,000 shares of common stock at prices ranging from $21.92 to $22.07 per share under this ATM program. During the year ended December 31, 2013, we sold 612,644 shares of common stock at prices ranging from $20.55 to $22.27 per share under this ATM program. A cumulative total of $14.5 million has been sold as of December 31, 2015. Dividends During the year ended December 31, 2015, the Company declared dividends on its common stock and non-controlling common partnership interests of $0.575 per share and unit. the Company also declared dividends on its series A preferred partnership interests of $1.5625 per unit. The fourth quarter 2015 dividends were declared on December 20, 2015 and paid to holders of record on December 30, 2015. During the three months ended, the Company also declared dividends on its series B preferred shares of $1.97744 per share which reflects the period of time that the shares were outstanding during 2015. The dividend was paid at the time of redemption. Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition, and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. The Company’s dividends related to its common stock (CUSIP #444097109) and described above under “Dividends,” will be classified for United States federal income tax purposes as follows (unaudited):
|  |  |  |  |  | Ordinary Dividends |  |
Record Date |  | Payment Date |  | Distributions per Share |  | Total |  | Non-qualified |  | Qualified |  | Return of Capital
3/20/2015 |  | 3/30/2015 |  | $ | 0.12500 |  |  | $ | 0.12500 |  |  | $ | 0.12500 |  |  | $ | — |  |  | $ | — |
6/20/2015 |  | 6/30/2015 |  | 0.12500 |  |  | 0.12500 |  |  | 0.12500 |  |  | — |  |  | — |
9/20/2015 |  | 9/30/2015 |  | 0.12500 |  |  | 0.12500 |  |  | 0.12500 |  |  | — |  |  | — |
12/20/2015 |  | 12/30/2015 |  | 0.20000 |  |  | 0.20000 |  |  | 0.20000 |  |  | — |  |  | — |
|  | Total |  | $ | 0.57500 |  |  | $ | 0.57500 |  |  | $ | 0.57500 |  |  | $ | — |  |  | $ | — |
|  |  |  | 100 | % |  | 100 | % |  |  |  |  |  | — | %
The Company’s dividends related to its 8.375% Series B Cumulative Preferred Stock (CUSIP #444097208) and described above under “Dividends” will be classified for United States federal income tax purposes as follows (unaudited):
|  |  |  |  |  | Ordinary Dividends
Record Date |  | Payment Date |  | Distributions per Share |  | Total |  | Non-qualified |  | Qualified
3/20/2015 |  | 3/30/2015 |  | $ | 0.52344 |  |  | $ | 0.52344 |  |  | $ | 0.52344 |  |  | $ | — |
6/20/2015 |  | 6/30/2015 |  | 0.52344 |  |  | 0.52344 |  |  | 0.52344 |  |  | — |
9/20/2015 |  | 9/30/2015 |  | 0.52344 |  |  | 0.52344 |  |  | 0.52344 |  |  | — |
11/9/2015 |  | 12/10/2015 |  | 0.40712 |  |  | 0.40712 |  |  | 0.40712 |  |  | — |
|  | Total |  | $ | 1.97744 |  |  | $ | 1.97744 |  |  | $ | 1.97744 |  |  | $ | — |
Stock-Based Compensation The Board of Directors awards restricted shares to non-employee board members on an annual basis as part of such board members’ annual compensation and to newly elected non-employee board members in accordance with our Board of Directors compensation program. The share-based awards are generally issued in the second quarter, and the individual share awards vest in equal annual installments over the applicable service vesting period, which is three years. In addition, the Board of Directors awards restricted shares to employees on an annual basis as part of the employees’ annual compensation. The share-based awards are generally issued in the fourth quarter, and the individual share awards vest in equal annual installments over the applicable service vesting period, which is three years. Additionally these awards are subject to a two-year hold upon vesting if the employee is a named executive office. The following table summarizes the restricted share activity for the year ended December 31, 2015 and status of all unvested restricted share awards to our non-employee board members and employees at December 31, 2015:
Unvested Shares |  | Shares |  | Weighted-Average Grant-Date Fair Value
Balance at December 31, 2013 |  | 541,180 |  |  | $ | 19.98 |
Granted |  | 281,491 |  |  | 29.38 |
Vested |  | (275,051 | ) |  | 16.83 |
Canceled |  | (3,913 | ) |  | 20.44 |
Balance at December 31, 2014 |  | 543,707 |  |  | $ | 26.43 |
Granted |  | 629,504 |  |  | 29.01 |
Vested |  | (335,544 | ) |  | 24.80 |
Canceled |  | (9,717 | ) |  | 38.17 |
Balance at December 31, 2015 |  | 827,950 |  |  | $ | 28.92 |
Year Ended December 31, |  | Non-Vested Shares Issued |  | Weighted Average Grant - dated Fair Value |  | Vested Shares |  | Total Vest-Date Fair Value (in thousands)
2015 |  | 629,504 |  |  | $ | 29.01 |  |  | (335,544 | ) |  | $ | 9,606 |
2014 |  | 281,491 |  |  | 29.38 |  |  | (275,051 | ) |  | 9,794 |
2013 |  | 263,039 |  |  | 22.16 |  |  | (350,788 | ) |  | 7,664 |
We recognize the total compensation expense for time-vested shares on a straight-line basis over the vesting period based on the fair value of the award on the date of grant, which reflects an adjustment for awards with the two-year hold restriction in accordance with ASC 718. Hudson Pacific Properties, Inc. Outperformance Programs In each of 2012, 2013, 2014 and 2015, the Compensation Committee of our Board of Directors adopted a Hudson Pacific Properties, Inc. Outperformance Program (individually, the “2012 OPP”, “2013 OPP”, the “2014 OPP” and the “2015 OPP” and, together, the “OPPs”). Participants in the 2012 OPP, 2013 OPP, 2014 OPP and 2015 OPP may earn, in the aggregate, up to $10 million, $11 million, $12 million and $15 million, respectively, of stock-settled awards based on our Total stockholder Return (“TSR”), for the three-year period beginning January 1 of the year in which the applicable OPP was adopted and ending December 31 of 2014, 2015, 2016, or 2017, respectively. Under each OPP, participants will be entitled to share in a performance pool with a value, subject to the applicable dollar-denominated cap described above, equal to the sum of: (i) 4% of the amount by which our TSR during the applicable performance period exceeds 9% simple annual TSR (the “absolute TSR component”), plus (ii) 4% of the amount by which our TSR during the applicable performance period exceeds that of the SNL Equity REIT Index (determined on a percentage basis that is then multiplied by the sum of (A) our market capitalization on that date, plus (B) the aggregate per share dividend over the applicable performance period through such date) (the “relative TSR component”), except that the relative TSR component will be reduced on a linear basis from 100% to zero percent for absolute TSR ranging from 7% to zero percent simple annual TSR over the applicable performance period. In addition, the relative TSR component may be a negative value equal to 4% of the amount by which we underperform the SNL Equity REIT Index by more than 3% per year during the applicable performance period (if any). At the end of the applicable three-year performance period, participants who remain employed with the Company are paid their percentage interest in the bonus pool as stock awards based on the value of our common stock at the end of the performance period. Half of each such participant’s bonus pool interest is paid in fully vested shares of our common stock and the other half is paid in RSUs that vest in equal annual installments over the two years immediately following the applicable performance period (based on continued employment) and which carry tandem dividend equivalent rights. However, if the applicable performance period is terminated in connection with a change in control, OPP awards will be paid entirely in fully vested shares of our common stock immediately prior to the change in control. In addition to these share/RSU payments, each OPP award entitles its holder to a cash payment equal to the aggregate dividends that would have been paid during the applicable performance period on the total number of shares and RSUs ultimately issued or granted in respect of such OPP award, had such shares and RSUs been outstanding throughout the performance period. If a participant’s employment is terminated without “cause,” for “good reason” or due to the participant’s death or disability during the applicable performance period (referred to as qualifying terminations), the participant will be paid his or her OPP award at the end of the performance period entirely in fully vested shares (except for the performance period dividend equivalent, which will be paid in cash at the end of the performance period). Any such payment will be pro-rated in the case of a termination without “cause” or for “good reason” by reference to the participant’s period of employment during the applicable performance period. If we experience a change in control or a participant experiences a qualifying termination of employment, in either case, after the end of the applicable performance period, any unvested RSUs that remain outstanding will accelerate and vest in full upon such event. The cost of the 2012 OPP, 2013 OPP, 2014 OPP and 2015 OPP (approximately $3.5 million, $4.1 million, $3.2 million and $4.3 million, respectively, subject to a forfeiture adjustment equal to 6% of the total cost) will be amortized through the final vesting period under a graded vesting expense recognition schedule. The costs were valued in accordance with ASC 718, utilizing a Monte Carlo simulation to estimate the probability of the performance vesting conditions being satisfied. The Monte Carlo simulation used a statistical formula underlying the Black-Scholes and binomial formulas and such simulation was run 100,000 times. For each simulation, the payoff is calculated at the settlement date, which is then discounted to the award date at a risk-free interest rate. The average of the values over all simulations is the expected value of the unit on the award date. Assumptions used in the valuations included (1) factors associated with the underlying performance of the Company’s stock price and total stockholder return over the term of the performance awards, including total stock return volatility and risk-free interest. and (2) factors associated with the relative performance of the Company’s stock price and total stockholder return when compared to the SNL Equity REIT Index. The valuation was performed in a risk-neutral framework, so no assumption was made with respect to an equity risk premium. The fair value of the OPP awards is based on the sum of: (1) the present value of the expected payoff to the awards on the measurement date, if the TSR over the applicable measurement period exceeds performance hurdles of the absolute and the relative TSR components; and (2) the present value of the distributions payable on the awards. The ultimate reward realized on account of the OPP awards by the holders of the awards is contingent on the TSR achieved on the measurement date, both in absolute terms and relative to the TSR of the SNL Equity REIT Index. The per unit fair value of each 2012 OPP award, 2013 OPP award, 2014 OPP award and 2015 OPP award was estimated on the date of grant using the following assumptions in the Monte Carlo valuation:
| 2015 OPP |  | 2014 OPP |  | 2013 OPP |  | 2012 OPP
Expected price volatility for the Company | 22.00% |  | 28.00% |  | 33.00% |  | 36.00%
Expected price volatility for the SNL Equity REIT index | 22.00% |  | 26.00% |  | 25.00% |  | 35.00%
Risk-free rate | 1.13% |  | 0.77% |  | 0.38% |  | 0.40%
Total dividend payments over the measurement period per share | 1.50% |  | 1.50% |  | 1.50% |  | 1.62%
The following table presents the classification and amount recognized for stock compensation related to the Company's OPP plans and restricted stock awards:
| For the Year |  | Consolidated Financial
| 2015 |  | 2014 |  | 2013 |  | Statement Classification
Expensed stock compensation | 8,421 |  |  | 7,559 |  |  | 6,454 |  |  | General and administrative expenses
Capitalized stock compensation | 411 |  |  | 420 |  |  | 228 |  |  | Deferred leasing costs and lease intangibles, net and Tenant improvements
Total stock compensation | 8,832 |  |  | 7,979 |  |  | 6,682 |  |  | Additional paid-in capital
As of December 31, 2015, total unrecognized compensation cost related to unvested share-based payments totaled $27.3 million, before the impact of forfeitures, and is expected to be recognized over a weighted-average period of 3.0 years. One-Time Retention Awards On December 29, 2015, the Company awarded a one-time grant of restricted stock and restricted stock unit awards that are intended to align the interests of the participants with those of the Company’s stockholders and to motivate them to achieve specified performance hurdles. The restricted stock retention awards vest in equal 25% installments on January 1 of each of 2017, 2018, 2019 and 2020, subject to the participant’s continued employment. The RSU retention awards are eligible to vest in substantially equal annual installments on January 1 of each of 2017, 2018, 2019 and 2020, based on the achievement of one of the two following annual performance goals for each calendar year during the four-year performance period beginning January 1, 2016 and ending December 31, 2019, subject to the participant’s continued employment through each vesting date: (1) achievement of an annual TSR equal to at least 7% for the applicable calendar year, or (2) achievement of a TSR that exceeds the total shareholder return for the MSCI U.S. REIT Index for the applicable calendar year. In addition, to the extent the RSU retention award is unvested as of the end of calendar year 2019, it will vest in full on January 1, 2020 if the Company’s TSR during the entire performance period is equal to at least 28%, subject to the participant’s continued employment.

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