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Equity
 12 Months Ended
Dec. 31, 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 InstrumentsCurrency Translation AdjustmentsTotal Equity
Balance at January 1, 2017$9,496  $—  $9,496  
Unrealized gain recognized in OCI3,011  —  3,011  
Reclassification from OCI into income4,342  —  4,342  
Net change in OCI7,353  —  7,353  
Reclassification related to the redemption of common units in the operating partnership(3,622) —  (3,622) 
Balance at December 31, 201713,227  —  13,227  
Unrealized gain recognized in OCI7,331  —  7,331  
Reclassification from OCI into income(3,287) —  (3,287) 
Net change in OCI4,044  —  4,044  
Cumulative adjustment related to adoption for ASU 2017-12230  —  230  
Balance at December 31, 201817,501  —  17,501  
Unrealized (loss) gain recognized in OCI(14,438) 1,830  (12,608) 
Reclassification from OCI into income(5,454) —  (5,454) 
Net change in OCI(19,892) 1,830  (18,062) 
Balance at December 31, 2019$(2,391) $1,830  $(561) 

The table below presents the activity related to Hudson Pacific Properties, LP’s accumulated OCI:
Derivative InstrumentsCurrency Translation AdjustmentsTotal Equity
Balance at January 1, 2017$5,878  $—  $5,878  
Unrealized gain recognized in OCI3,029  —  3,029  
Reclassification from OCI into income4,369  —  4,369  
Net change in OCI7,398  —  7,398  
Balance at December 31, 201713,276  —  13,276  
Unrealized gain recognized in OCI7,358  —  7,358  
Reclassification from OCI into income(3,300) —  (3,300) 
Net change in OCI4,058  —  4,058  
Cumulative adjustment related to adoption for ASU 2017-12231  —  231  
Balance at December 31, 201817,565  —  17,565  
Unrealized (loss) gain recognized in OCI(14,533) 1,845  (12,688) 
Reclassification from OCI into income(5,490) —  (5,490) 
Net change in OCI(20,023) 1,845  (18,178) 
Balance at December 31, 2019$(2,458) $1,845  $(613) 

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. Subject to any agreed upon exceptions, once vested and having achieved parity with common unitholders, performance units 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 as of:
December 31, 2019December 31, 2018December 31, 2017
Company-owned common units in the operating partnership154,691,052  154,371,538  155,602,508  
Company’s ownership interest percentage99.4 %99.6 %99.6 %
Non-controlling common units in the operating partnership(1)
911,858  569,045  569,045  
Non-controlling ownership interest percentage0.6 %0.4 %0.4 %
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1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of December 31, 2019, this amount represents both common units and performance units of 550,969 and 360,889, respectively. As of December 31, 2018 and 2017, this amount represents common units of 569,045.

During the year ended December 31, 2019, 360,889 performance units were granted and vested related to the completion of the 2016 OPP performance period and the 2018 employee grants.

The following table summarizes the common unit redemptions in 2019:
Redemption DateCommon Units
January 17, 201918,076  

No common unit redemptions were completed in 2018.

For each of the redemptions above, the common unitholders requested the operating partnership repurchase 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. The Company funded the redemptions using the proceeds from registered underwritten public offering of common stock.

Common Stock Activity

The Company has not completed any common stock offerings in 2018 and 2019.
The Company’s ATM program permits sales of up to $125.0 million of common stock. A cumulative total of $20.1 million has been sold as of December 31, 2019. No shares of common stock have been sold under the ATM program during the years ended December 31, 2019 and 2018.
Share repurchase program

There have been no repurchases in 2019. On March 8, 2018, the Board increased the authorized share repurchase program to a total of $250.0 million. In November 2018, the Company repurchased 1.6 million shares for a weighted average price of $30.48 per share for $50.0 million. 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:
For the Year Ended December 31,
201920182017
Common stock(1)
$1.00  $1.00  $1.00  
Common units (1)
$1.00  $1.00  $1.00  
Series A preferred units (1)
$1.5625  $1.5625  $1.5625  
_________________ 
1.The fourth quarter 2019 dividends were paid on December 30, 2019 to shareholders and unitholders of record on December 20, 2019.

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.

The Company’s dividends related to its common stock will be classified for U.S. federal income tax purposes as follows (unaudited):
Ordinary Dividends
Record DatePayment DateDistributions Per ShareTotal
Non-qualified(1)
QualifiedReturn of Capital
3/18/20193/28/2019$0.25000  $0.15752  $0.15752  $—  $0.09248  
6/17/20196/27/20190.25000  0.15752  0.15752  —  0.09248  
9/20/20199/30/20190.25000  0.15752  0.15752  —  0.09248  
12/20/201912/30/20190.25000  0.15752  0.15752  —  0.09248  
TOTALS$1.00000  $0.63008  $0.63008  $—  $0.36992  
100.00 %63.01 %36.99 %
_____________
1.On December 22, 2017, the Tax Cuts and Jobs Act enacted Section 199A, which generally allows a deduction for non-corporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Ordinary dividends eligible for the Section 199A benefit are a subset of, and included in, the taxable ordinary dividend amount. All of the non-qualified dividends listed above are eligible for the Section 199A benefit.