XML 21 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 31,107,000 $ 10,011,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 146,182,000 134,476,000
Amortization of deferred financing costs and loan premium, net 2,373,000 2,134,000
Amortization of stock-based compensation 7,788,000 6,643,000
Straight-line rents (5,781,000) (11,281,000)
Straight-line rent expenses 160,000 750,000
Amortization of above- and below-market leases, net (10,405,000) (9,302,000)
Amortization of above- and below-market ground lease, net 1,470,000 1,070,000
Amortization of lease incentive costs 758,000 655,000
Bad debt (recovery) expense (75,000) 512,000
Amortization of discount and net origination fees on purchased and originated loans 0 (208,000)
Unrealized loss on ineffective portion of derivative instruments 45,000 2,509,000
Gains on sale of real estate (16,866,000) (8,515,000)
Change in operating assets and liabilities:    
Accounts receivable 3,177,000 10,001,000
Deferred leasing costs and lease intangibles (15,216,000) (25,725,000)
Prepaid expenses and other assets (5,873,000) (5,882,000)
Accounts payable and accrued liabilities 6,304,000 5,619,000
Security deposits 3,667,000 4,214,000
Prepaid rent (7,779,000) (8,814,000)
Net cash provided by operating activities 141,036,000 108,867,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to investment property (147,476,000) (104,112,000)
Property acquisitions (257,734,000) 0
Proceeds from sales of real estate 81,707,000 283,855,000
Contributions to unconsolidated entities (1,071,000) (28,393,000)
Distributions from unconsolidated entities 14,893,000 0
Deposit for property acquisitions 0 (20,000,000)
Proceed from repayment of notes receivable 0 28,892,000
Net cash (used in) provided by investing activities (309,681,000) 160,242,000
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable 230,000,000 677,000,000
Payments of notes payable (321,270,000) (597,416,000)
Proceeds from issuance of common stock, net 647,509,000 293,628,000
Payment for redemption of common units in the operating partnership (310,855,000) (294,209,000)
Distributions paid to common stockholders and unitholders (79,163,000) (59,119,000)
Distributions paid to preferred unitholders (318,000) (318,000)
Contributions from non-controlling member in consolidated entities 3,870,000 103,000
Distributions to non-controlling member in consolidated entities (14,591,000) (663,000)
Payments to satisfy tax withholding (4,203,000) (1,776,000)
Payments of loan costs 0 (1,334,000)
Net cash provided by financing activities 150,979,000 15,896,000
Net (decrease) increase in cash and cash equivalents and restricted cash (17,666,000) 285,005,000
Cash and cash equivalents and restricted cash—beginning of period 108,192,000 71,561,000
Cash and cash equivalents and restricted cash—end of period 90,526,000 356,566,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest including amounts capitalized 42,462,000 38,714,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accounts payable and accrued liabilities for investment in property (3,427,000) (8,866,000)
Reclassification of investment in unconsolidated entities for real estate investments 7,835,000 0
Hudson Pacific Partners L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 31,107,000 10,011,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 146,182,000 134,476,000
Amortization of deferred financing costs and loan premium, net 2,373,000 2,134,000
Amortization of stock-based compensation 7,788,000 6,643,000
Straight-line rents (5,781,000) (11,281,000)
Straight-line rent expenses 160,000 750,000
Amortization of above- and below-market leases, net (10,405,000) (9,302,000)
Amortization of above- and below-market ground lease, net 1,470,000 1,070,000
Amortization of lease incentive costs 758,000 655,000
Bad debt (recovery) expense (75,000) 512,000
Amortization of discount and net origination fees on purchased and originated loans 0 (208,000)
Unrealized loss on ineffective portion of derivative instruments 45,000 2,509,000
Gains on sale of real estate (16,866,000) (8,515,000)
Change in operating assets and liabilities:    
Accounts receivable 3,177,000 10,001,000
Deferred leasing costs and lease intangibles (15,216,000) (25,725,000)
Prepaid expenses and other assets (5,873,000) (5,882,000)
Accounts payable and accrued liabilities 6,304,000 5,619,000
Security deposits 3,667,000 4,214,000
Prepaid rent (7,779,000) (8,814,000)
Net cash provided by operating activities 141,036,000 108,867,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to investment property (147,476,000) (104,112,000)
Property acquisitions (257,734,000) 0
Proceeds from sales of real estate 81,707,000 283,855,000
Contributions to unconsolidated entities (1,071,000) (28,393,000)
Distributions from unconsolidated entities 14,893,000 0
Deposit for property acquisitions 0 (20,000,000)
Proceed from repayment of notes receivable 0 28,892,000
Net cash (used in) provided by investing activities (309,681,000) 160,242,000
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable 230,000,000 677,000,000
Payments of notes payable (321,270,000) (597,416,000)
Proceeds from issuance of common stock, net 647,509,000 293,628,000
Payment for redemption of common units in the operating partnership (310,855,000) (294,209,000)
Distributions paid to common stockholders and unitholders (79,163,000) (59,119,000)
Distributions paid to preferred unitholders (318,000) (318,000)
Contributions from non-controlling member in consolidated entities 3,870,000 103,000
Distributions to non-controlling member in consolidated entities (14,591,000) (663,000)
Payments to satisfy tax withholding (4,203,000) (1,776,000)
Payments of loan costs 0 (1,334,000)
Net cash provided by financing activities 150,979,000 15,896,000
Net (decrease) increase in cash and cash equivalents and restricted cash (17,666,000) 285,005,000
Cash and cash equivalents and restricted cash—beginning of period 108,192,000 71,561,000
Cash and cash equivalents and restricted cash—end of period 90,526,000 356,566,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest including amounts capitalized 42,462,000 38,714,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accounts payable and accrued liabilities for investment in property (3,427,000) (8,866,000)
Reclassification of investment in unconsolidated entities for real estate investments $ 7,835,000 $ 0