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Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Equity Equity
The table below presents the activity related to Hudson Pacific Properties, Inc.’s accumulated other comprehensive loss (“OCI”):
Derivative Instruments
Currency Translation Adjustments
Total Accumulated Other Comprehensive Loss
BALANCE AT DECEMBER 31, 2020
$(11,378)$3,245 $(8,133)
Unrealized (losses) gains recognized in OCI(134)1,897 1,763 
Reclassification adjustment for realized gains(1)
3,634 — 3,634 
Net change in OCI3,500 1,897 5,397 
BALANCE AT JUNE 30, 2021
$(7,878)$5,142 $(2,736)
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1.The gains and losses on the Company’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

The table below presents the activity related to Hudson Pacific Properties, L.P.’s OCI:
Derivative Instruments
Currency Translation Adjustments
Total Accumulated Other Comprehensive Loss
BALANCE AT DECEMBER 31, 2020
$(11,485)$3,239 $(8,246)
Unrealized (losses) gains recognized in OCI(136)1,923 1,787 
Reclassification adjustment for realized gains(1)
3,683 — 3,683 
Net change in OCI3,547 1,923 5,470 
BALANCE AT JUNE 30, 2021
$(7,938)$5,162 $(2,776)
_____________
1.The gains and losses on the operating partnership’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

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 at a value equal to the then-current market value of one share of common stock. However, in lieu of such payment of cash, the Company may, at its election, issue shares of its common stock in exchange for such 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 and unvested restricted performance units, as of:
June 30, 2021December 31, 2020
Company-owned common units in the operating partnership
152,319,084 151,401,365 
Company’s ownership interest percentage
99.1 %99.1 %
Non-controlling units in the operating partnership(1)
1,381,624 1,321,083 
Non-controlling ownership interest percentage
0.9 %0.9 %
_________________ 
1.Represents common units held by certain of the Company’s executive officers, directors and outside investors. As of June 30, 2021, this amount represents both common units and performance units in the amount of 550,969 and 830,655, respectively. As of December 31, 2020, this amount represents both common units and performance units in the amount of 550,969 and 770,114, respectively.

Common Stock Activity

The Company has not completed any common stock offerings during the six months ended June 30, 2021.

The Company’s at-the-market (“ATM”) program permits sales of up to $125.0 million of common stock. The Company utilized the ATM program during the six months ended June 30, 2021 and sold 1,526,163 shares of common stock at sale prices ranging from $29.53 to $30.17 per share for total proceeds of $45.7 million, before transaction costs. A cumulative total of $65.8 million has been sold as of June 30, 2021.

Share Repurchase Program

The Company is authorized to repurchase shares of its common stock up to a total of $250.0 million under its share repurchase program. During the six months ended June 30, 2021, the Company repurchased $14.7 million of its common stock, before transaction costs. Since commencement of the program, a cumulative total of $144.9 million has been repurchased. Share repurchases are accounted for on the trade date. 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 declares dividends on a quarterly basis and the Company pays the dividends during the quarters in which the dividends are declared. The following table summarizes dividends declared and paid for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Common stock$0.25 $0.25 $0.50 $0.50 
Common units$0.25 $0.25 $0.50 $0.50 
Series A preferred units$0.3906 $0.3906 $0.7812 $0.7812 
Performance units$0.25 $0.25 $0.50 $0.50 
Payment dateJune 28, 2021June 29, 2020N/AN/A
Record dateJune 18, 2021June 19, 2020N/AN/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.