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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 72,254 $ 31,107
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 121,259 146,182
Non-cash portion of interest expense 3,093 2,373
Amortization of stock-based/unit-based compensation 8,627 7,788
Straight-line rents (17,879) (5,781)
Straight-line rent expenses 262 160
Amortization of above- and below-market leases, net (7,042) (10,405)
Amortization of above- and below-market ground lease, net 1,216 1,470
Amortization of lease incentive costs 687 758
Other non-cash adjustments [1] (114) (30)
Gains on sale of real estate (39,602) (16,866)
Change in operating assets and liabilities:    
Accounts receivable (3,057) 3,177
Deferred leasing costs and lease intangibles (21,835) (15,216)
Prepaid expenses and other assets (3,250) (5,873)
Accounts payable and accrued liabilities (12,666) 6,304
Security deposits and prepaid rent 566 (4,112)
Net cash provided by operating activities 102,519 141,036
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to investment property (185,031) (147,476)
Property acquisitions (30,166) (257,734)
Proceeds from sale of real estate 250,199 81,707
Distributions from unconsolidated entity 0 14,893
Contributions to unconsolidated entity 0 (1,071)
Deposits for property acquisitions (27,500) 0
Net cash provided by (used in) investing activities 7,502 (309,681)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable 250,000 230,000
Payments of notes payable (308,660) (321,270)
Proceeds from issuance of common stock, net (207) 647,509
Payment for redemption of common units in the operating partnership 0 (310,855)
Redemption of series A preferred units (362) 0
Distributions paid to common stock and unitholders (78,705) (79,163)
Distributions paid to preferred unitholders (312) (318)
Contributions from non-controlling member in consolidated entities 2,691 3,870
Distributions to non-controlling member in consolidated entities (2,088) (14,591)
Payments to satisfy tax withholding (693) (4,203)
Payments of loan costs (6,978) 0
Net cash (used in) provided by financing activities (145,314) 150,979
Net decrease in cash and cash equivalents and restricted cash (35,293) (17,666)
Cash and cash equivalents and restricted cash—beginning of period 101,280 108,192
Cash and cash equivalents and restricted cash—end of period 65,987 90,526
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest, net of capitalized interest 39,042 42,462
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accounts payable and accrued liabilities for investment in property (2,460) (3,427)
Reclassification of investment in unconsolidated entities for real estate investments 0 7,835
Hudson Pacific Partners L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 72,254 31,107
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 121,259 146,182
Non-cash portion of interest expense 3,093 2,373
Amortization of stock-based/unit-based compensation 8,627 7,788
Straight-line rents (17,879) (5,781)
Straight-line rent expenses 262 160
Amortization of above- and below-market leases, net (7,042) (10,405)
Amortization of above- and below-market ground lease, net 1,216 1,470
Amortization of lease incentive costs 687 758
Other non-cash adjustments [1] (114) (30)
Gains on sale of real estate (39,602) (16,866)
Change in operating assets and liabilities:    
Accounts receivable (3,057) 3,177
Deferred leasing costs and lease intangibles (21,835) (15,216)
Prepaid expenses and other assets (3,250) (5,873)
Accounts payable and accrued liabilities (12,666) 6,304
Security deposits and prepaid rent 566 (4,112)
Net cash provided by operating activities 102,519 141,036
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to investment property (185,031) (147,476)
Property acquisitions (30,166) (257,734)
Proceeds from sale of real estate 250,199 81,707
Distributions from unconsolidated entity 0 14,893
Contributions to unconsolidated entity 0 (1,071)
Deposits for property acquisitions (27,500) 0
Net cash provided by (used in) investing activities 7,502 (309,681)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable 250,000 230,000
Payments of notes payable (308,660) (321,270)
Proceeds from issuance of common stock, net (207) 647,509
Payment for redemption of common units in the operating partnership 0 (310,855)
Redemption of series A preferred units (362) 0
Distributions paid to common stock and unitholders (78,705) (79,163)
Distributions paid to preferred unitholders (312) (318)
Contributions from non-controlling member in consolidated entities 2,691 3,870
Distributions to non-controlling member in consolidated entities (2,088) (14,591)
Payments to satisfy tax withholding (693) (4,203)
Payments of loan costs (6,978) 0
Net cash (used in) provided by financing activities (145,314) 150,979
Net decrease in cash and cash equivalents and restricted cash (35,293) (17,666)
Cash and cash equivalents and restricted cash—beginning of period 101,280 108,192
Cash and cash equivalents and restricted cash—end of period 65,987 90,526
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest, net of capitalized interest 39,042 42,462
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accounts payable and accrued liabilities for investment in property (2,460) (3,427)
Reclassification of investment in unconsolidated entities for real estate investments $ 0 $ 7,835
[1] Represents bad debt expense/recovery, unrealized loss/gain on ineffective portion of derivatives and unrealized loss/gain on non-real estate investment.