Organization

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009 as a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. Unless otherwise indicated or unless the context requires otherwise, all references in these financial statements to “the Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.

The Company’s portfolio consists of properties located throughout Northern and Southern California, the Pacific Northwest and Western Canada. The following table summarizes the Company’s portfolio as of December 31, 2019:


Segments	Number of Properties	Square Feet (unaudited)
Consolidated portfolio
Office	51	13,373,338
Studio	3	1,224,403
Land	6	2,231,376
Total consolidated portfolio	60	16,829,117
Unconsolidated portfolio⁽¹⁾
Office	1	1,477,142
Land	1	450,000
Total unconsolidated portfolio	2	1,927,142
TOTAL⁽²⁾	62	18,756,259

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1.The Company purchased, pursuant to a co-ownership agreement with an affiliate of Blackstone Property Partners Lower Fund 1 LP (“Blackstone”), the Bentall Centre property located in Vancouver, Canada. The Company owns 20% of this joint venture. The square footage shown above represents 100% of the property. For further detail regarding the Bentall Centre property, see Note 4.

2.Includes redevelopment and development properties.

Concentrations

As of December 31, 2019, the Company’s office properties were located in Northern and Southern California, the Pacific Northwest and Western Canada. The Company’s studio properties were located in Hollywood in Southern California. 81.5% of the Company’s consolidated and unconsolidated properties were located in California, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio.

A significant portion of the Company’s rental revenue is derived from tenants in the technology and media and entertainment industries. As of December 31, 2019, approximately 30.3% and 18.5% of consolidated and unconsolidated rentable square feet were related to the tenants in the technology and media and entertainment industries, respectively.

As of December 31, 2019, the Company’s 15 largest tenants represented approximately 31.8% of consolidated and unconsolidated rentable square feet and no single tenant accounted for more than 10%.

As of December 31, 2019, no single tenant in the Company’s office or studio segment had rental revenues representing more than 10% of the respective segment’s total revenue.