XML 26 R8.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 16,430,000 $ 55,846,000 $ 111,781,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 299,682,000 282,088,000 251,003,000
Non-cash portion of interest expense 9,539,000 6,258,000 5,965,000
Amortization of stock-based compensation 22,723,000 19,481,000 17,028,000
Income (loss) from unconsolidated real estate entities (736,000) 747,000 0
Unrealized loss (gain) on non-real estate investment 2,463,000 0 (928,000)
Straight-line rents (30,357,000) (52,959,000) (36,202,000)
Straight-line rent expenses 1,462,000 1,463,000 711,000
Amortization of above- and below-market leases, net (9,635,000) (12,836,000) (17,593,000)
Amortization of above- and below-market ground lease, net 2,352,000 2,460,000 2,422,000
Amortization of lease incentive costs 1,915,000 1,771,000 1,464,000
Other non-cash adjustments 0 0 1,297,000
Impairment loss 0 52,201,000 0
Gains on sale of real estate 0 (47,100,000) (43,337,000)
Change in operating assets and liabilities:      
Accounts receivable (9,098,000) 699,000 (10,854,000)
Deferred leasing costs and lease intangibles (13,276,000) (46,645,000) (55,286,000)
Prepaid expenses and other assets (9,117,000) (11,165,000) (2,978,000)
Accounts payable, accrued liabilities and other 11,693,000 18,202,000 (13,184,000)
Security deposits and prepaid rent 5,992,000 17,500,000 3,317,000
Net cash provided by operating activities 302,032,000 288,011,000 214,626,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to investment property (402,283,000) (385,751,000) (351,277,000)
Property acquisitions (593,945,000) 0 (362,687,000)
Purchase of U.S. Government securities 0 0 (149,176,000)
Maturities of U.S. Government securities 5,656,000 6,226,000 2,229,000
Proceeds from sales of real estate 0 147,824,000 454,542,000
Contributions to non-real estate investments (3,404,000) 0 0
Distributions from non-real estate investments 1,238,000 0 0
Proceeds from sale of non-real estate investment 1,042,000 0 0
Distributions from unconsolidated real estate entities 1,608,000 290,000 14,036,000
Contributions to unconsolidated real estate entities (16,756,000) (64,498,000) 0
Deposits for property acquisitions 0 (20,500,000) 0
Net cash used in investing activities (1,006,844,000) (316,409,000) (392,333,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 1,736,914,000 1,215,647,000 650,000,000
Payments of unsecured and secured debt (1,150,097,000) (1,010,569,000) (449,711,000)
Payments of in-substance defeased debt (3,323,000) (3,193,000) 0
Proceeds from joint venture partner debt 0 0 66,136,000
Transaction costs (16,047,000) 0 0
Repurchase of common stock (80,213,000) 0 (50,000,000)
Repurchase of operating partnership units 0 (525,000) 0
Redemption of series A preferred units 0 0 (362,000)
Dividends paid to common stock and unitholders (154,996,000) (157,825,000) (157,003,000)
Dividends paid to preferred unitholders (612,000) (612,000) (618,000)
Contributions from redeemable non-controlling members in consolidated real estate entities 7,201,000 14,128,000 100,223,000
Distributions to redeemable non-controlling members in consolidated real estate entities (16,000) (15,000) 0
Contributions from non-controlling members in consolidated real estate entities 138,124,000 0 2,486,000
Distributions to non-controlling members in consolidated real estate entities (26,595,000) (12,111,000) (4,725,000)
Proceeds from sale of non-controlling interest 367,500,000 0 0
Payments to satisfy tax withholding obligations (7,582,000) (7,684,000) (4,769,000)
Payment of loan costs (14,164,000) (18,776,000) (7,039,000)
Net cash provided by financing activities 796,094,000 18,465,000 144,618,000
Net increase (decrease) in cash and cash equivalents and restricted cash 91,282,000 (9,933,000) (33,089,000)
Cash and cash equivalents and restricted cash—beginning of period 58,258,000 68,191,000 101,280,000
Cash and cash equivalents and restricted cash—end of period 149,540,000 58,258,000 68,191,000
Hudson Pacific Partners, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income 16,430,000 55,846,000 111,781,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 299,682,000 282,088,000 251,003,000
Non-cash portion of interest expense 9,539,000 6,258,000 5,965,000
Amortization of stock-based compensation 22,723,000 19,481,000 17,028,000
Income (loss) from unconsolidated real estate entities (736,000) 747,000 0
Unrealized loss (gain) on non-real estate investment 2,463,000 0 (928,000)
Straight-line rents (30,357,000) (52,959,000) (36,202,000)
Straight-line rent expenses 1,462,000 1,463,000 711,000
Amortization of above- and below-market leases, net (9,635,000) (12,836,000) (17,593,000)
Amortization of above- and below-market ground lease, net 2,352,000 2,460,000 2,422,000
Amortization of lease incentive costs 1,915,000 1,771,000 1,464,000
Other non-cash adjustments 0 0 1,297,000
Impairment loss 0 52,201,000 0
Gains on sale of real estate 0 (47,100,000) (43,337,000)
Change in operating assets and liabilities:      
Accounts receivable (9,098,000) 699,000 (10,854,000)
Deferred leasing costs and lease intangibles (13,276,000) (46,645,000) (55,286,000)
Prepaid expenses and other assets (9,117,000) (11,165,000) (2,978,000)
Accounts payable, accrued liabilities and other 11,693,000 18,202,000 (13,184,000)
Security deposits and prepaid rent 5,992,000 17,500,000 3,317,000
Net cash provided by operating activities 302,032,000 288,011,000 214,626,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to investment property (402,283,000) (385,751,000) (351,277,000)
Property acquisitions (593,945,000) 0 (362,687,000)
Purchase of U.S. Government securities 0 0 (149,176,000)
Maturities of U.S. Government securities 5,656,000 6,226,000 2,229,000
Proceeds from sales of real estate 0 147,824,000 454,542,000
Contributions to non-real estate investments (3,404,000) 0 0
Distributions from non-real estate investments 1,238,000 0 0
Proceeds from sale of non-real estate investment 1,042,000 0 0
Distributions from unconsolidated real estate entities 1,608,000 290,000 14,036,000
Contributions to unconsolidated real estate entities (16,756,000) (64,498,000) 0
Deposits for property acquisitions 0 (20,500,000) 0
Net cash used in investing activities (1,006,844,000) (316,409,000) (392,333,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 1,736,914,000 1,215,647,000 650,000,000
Payments of unsecured and secured debt (1,150,097,000) (1,010,569,000) (449,711,000)
Payments of in-substance defeased debt (3,323,000) (3,193,000) 0
Proceeds from joint venture partner debt 0 0 66,136,000
Transaction costs (16,047,000) 0 0
Repurchase of common stock (80,213,000) 0 (50,000,000)
Repurchase of operating partnership units 0 (525,000) 0
Redemption of series A preferred units 0 0 (362,000)
Dividends paid to common stock and unitholders (154,996,000) (157,825,000) (157,003,000)
Dividends paid to preferred unitholders (612,000) (612,000) (618,000)
Contributions from redeemable non-controlling members in consolidated real estate entities 7,201,000 14,128,000 100,223,000
Distributions to redeemable non-controlling members in consolidated real estate entities (16,000) (15,000) 0
Contributions from non-controlling members in consolidated real estate entities 138,124,000 0 2,486,000
Distributions to non-controlling members in consolidated real estate entities (26,595,000) (12,111,000) (4,725,000)
Proceeds from sale of non-controlling interest 367,500,000 0 0
Payments to satisfy tax withholding obligations (7,582,000) (7,684,000) (4,769,000)
Payment of loan costs (14,164,000) (18,776,000) (7,039,000)
Net cash provided by financing activities 796,094,000 18,465,000 144,618,000
Net increase (decrease) in cash and cash equivalents and restricted cash 91,282,000 (9,933,000) (33,089,000)
Cash and cash equivalents and restricted cash—beginning of period 58,258,000 68,191,000 101,280,000
Cash and cash equivalents and restricted cash—end of period $ 149,540,000 $ 58,258,000 $ 68,191,000