XML 13 R25.htm IDEA: XBRL DOCUMENT
v3.19.3

Equity | 9 Months Ended
--- | ---
Sep. 30, 2019
Equity [Abstract] |
Equity | Equity The table below presents the activity related to Hudson Pacific Properties Inc.’s accumulated other comprehensive (loss) income (“OCI”):
|  | Derivative Instruments |  | Currency Translation Adjustments |  | Total Equity
Balance at December 31, 2018 |  | $ | 17,501 |  |  | $ | — |  |  | $ | 17,501 |
Unrealized (losses) gains recognized in OCI |  | (15,743) |  |  | 590 |  |  | (15,153) |
Reclassification adjustment for realized gains(1) |  | (5,075) |  |  | — |  |  | (5,075) |
Net change in OCI |  | (20,818) |  |  | 590 |  |  | (20,228) |
BALANCE AT SEPTEMBER 30, 2019 |  | $ | (3,317) |  |  | $ | 590 |  |  | $ | (2,727) |
_____________ 1.The gains and losses on the Company’s derivative instruments are reported in the interest expense line item on the Consolidated Statements of Operations. Interest expense was $77.5 million for the nine months ended September 30, 2019. The table below presents the activity related to Hudson Pacific Properties L.P.’s OCI:
|  | Derivative Instruments |  | Currency Translation Adjustments |  | Total Capital
Balance at December 31, 2018 |  | $ | 17,565 |  |  | $ | — |  |  | $ | 17,565 |
Unrealized (losses) gains recognized in OCI |  | (15,847) |  |  | 595 |  |  | (15,252) |
Reclassification adjustment for realized gains(1) |  | (5,109) |  |  | — |  |  | (5,109) |
Net change in OCI |  | (20,956) |  |  | 595 |  |  | (20,361) |
BALANCE AT SEPTEMBER 30, 2019 |  | $ | (3,391) |  |  | $ | 595 |  |  | $ | (2,796) |
_____________ 1.The gains and losses on the Company’s derivative instruments are reported in the interest expense line item on the Consolidated Statements of Operations. Interest expense was $77.5 million for the nine months ended September 30, 2019. Non-Controlling Interests Common Units in the Operating Partnership Common units of the operating partnership and shares of common stock of the Company 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 repurchase any or all of their common units for cash equal to the then-current market value of one share of common stock or, at the Company’s election, issue shares of the Company’s common stock in exchange for common units on a one-for-one basis. Performance Units in the Operating Partnership Performance units are partnership interests in the operating partnership. Each performance unit awarded will be deemed equivalent to an award of one share of common stock under the 2010 Plan, reducing the availability for other equity awards on a one-for-one basis. Under the terms of the performance units, the operating partnership will revalue its assets for tax purposes upon the occurrence of certain specified events and any increase in valuation from the time of grant until such event will be allocated first to the holders of performance units to equalize the capital accounts of such holders with the capital accounts of common unitholders. Once vested and having achieved parity with common unitholders, performance units generally are convertible into common units in the operating partnership on a one-for-one basis. Current Year Activity The following table summarizes the ownership interest in the operating partnership, excluding unvested restricted units and unvested restricted performance units as of:
| September 30, 2019 |  | December 31, 2018
Company-owned common units in the operating partnership | 154,414,452 |  |  | 154,371,538 |
Company’s ownership interest percentage | 99.5 | % |  | 99.6 | %
Non-controlling units in the operating partnership(1) | 720,773 |  |  | 569,045 |
Non-controlling ownership interest percentage | 0.5 | % |  | 0.4 | %
_________________ 1.Represents units held by certain of the Company’s executive officers, directors and outside investors. As of September 30, 2019, this amount represents both common units and performance units of 550,969 and 169,804, respectively. As of December 31, 2018, this amount represents common units of 569,045. On January 17, 2019, a common unitholder requested the operating partnership repurchase 18,076 common units and the Company elected, in accordance with the limited partnership agreement of the operating partnership, to settle in cash to satisfy the redemption. On March 11, 2019, 169,804 performance units were granted and vested related to the completion of the 2016 OPP performance period. Common Stock Activity The Company has not completed any common stock offerings in 2019. The Company’s at-the-market, or ATM, program permits sales of up to $125.0 million of common stock. The Company did not utilize the ATM program during the nine months ended September 30, 2019. A cumulative total of $20.1 million has been sold as of September 30, 2019. Share Repurchase Program There have been no repurchases in 2019. On March 8, 2018, the Board increased the amount authorized under its share repurchase program to a total of $250.0 million. A cumulative total of $50.0 million has been repurchased as of September 30, 2019. The Company may make repurchases under the program at any time in its discretion, subject to market conditions, applicable legal requirements and other factors. Dividends The Board declared dividends on a quarterly basis and the Company paid the dividends during the quarters in which the dividends were declared. The following table summarizes dividends declared and paid for the periods presented:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2019 |  | 2018 |  | 2019 |  | 2018
Common stock | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.75 |  |  | $ | 0.75 |
Common units | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.75 |  |  | $ | 0.75 |
Series A preferred units | $ | 0.3906 |  |  | $ | 0.3906 |  |  | $ | 1.1718 |  |  | $ | 1.1718 |
Performance units | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.75 |  |  | $ | 0.75 |
Payment date | September 30, 2019 |  | September 28, 2018 |  | N/A |  |  | N/A |
Record date | September 20, 2019 |  | September 18, 2018 |  | N/A |  |  | N/A |
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, compensation expense and the basis of depreciable assets and estimated useful lives used to compute depreciation.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration