XML 22 R8.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 18,441 $ 20,960
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 166,939 147,279
Non-cash portion of interest expense 4,835 2,489
Amortization of stock-based compensation 9,878 9,618
Income (loss) from unconsolidated real estate entities (1,105) (174)
Unrealized (gain) loss on non-real estate investments (10,793) 2,848
Straight-line rents (13,114) (26,136)
Straight-line rent expenses 737 731
Amortization of above- and below-market leases, net (5,258) (5,007)
Amortization of above- and below-market ground leases, net 1,175 1,176
Amortization of lease incentive costs 952 971
Distribution of income from unconsolidated entities 872 0
Change in operating assets and liabilities:    
Accounts receivable 5,624 (1,244)
Deferred leasing costs and lease intangibles (8,867) (8,093)
Prepaid expenses and other assets (14,899) (14,090)
Accounts payable, accrued liabilities and other 25,301 16,911
Security deposits and prepaid rent (7,787) (10,755)
Net cash provided by operating activities 172,931 137,484
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to investment in real estate (191,005) (169,295)
Maturities of U.S. Government securities 2,889 2,825
Contributions to non-real estate investments (8,514) 0
Distributions from unconsolidated real estate entities 908 73
Contributions to unconsolidated real estate entities (8,325) (461)
Net cash used in investing activities (204,047) (166,858)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from unsecured and secured debt 86,850 453,184
Payments of unsecured and secured debt (313) (300,294)
Payments of in-substance defeased debt (1,736) (1,643)
Proceeds from sale of common stock, net of transaction costs 44,820 0
Repurchase of common stock (14,756) (35,351)
Dividends paid to common stock and unitholders (77,168) (77,773)
Dividends paid to preferred unitholders (306) (306)
Contributions from redeemable non-controlling members in consolidated real estate entities 1,543 2,551
Distribution of redeemable non-controlling members in consolidated real estate entities (8) (8)
Contributions from non-controlling members in consolidated real estate entities 15,016 0
Distributions to non-controlling members in consolidated real estate entities (26,728) (6,868)
Payments to satisfy tax withholding obligations (693) (5,501)
Payment of loan costs 0 (4)
Net cash provided by financing activities 26,521 27,987
Net decrease in cash and cash equivalents and restricted cash (4,595) (1,387)
Cash and cash equivalents and restricted cash—beginning of period 149,540 58,258
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD 144,945 56,871
Hudson Pacific Partners L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 18,441 20,960
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 166,939 147,279
Non-cash portion of interest expense 4,835 2,489
Amortization of stock-based compensation 9,878 9,618
Income (loss) from unconsolidated real estate entities (1,105) (174)
Unrealized (gain) loss on non-real estate investments (10,793) 2,848
Straight-line rents (13,114) (26,136)
Straight-line rent expenses 737 731
Amortization of above- and below-market leases, net (5,258) (5,007)
Amortization of above- and below-market ground leases, net 1,175 1,176
Amortization of lease incentive costs 952 971
Distribution of income from unconsolidated entities 872 0
Change in operating assets and liabilities:    
Accounts receivable 5,624 (1,244)
Deferred leasing costs and lease intangibles (8,867) (8,093)
Prepaid expenses and other assets (14,899) (14,090)
Accounts payable, accrued liabilities and other 25,301 16,911
Security deposits and prepaid rent (7,787) (10,755)
Net cash provided by operating activities 172,931 137,484
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to investment in real estate (191,005) (169,295)
Maturities of U.S. Government securities 2,889 2,825
Contributions to non-real estate investments (8,514) 0
Distributions from unconsolidated real estate entities 908 73
Contributions to unconsolidated real estate entities (8,325) (461)
Net cash used in investing activities (204,047) (166,858)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from unsecured and secured debt 86,850 453,184
Payments of unsecured and secured debt (313) (300,294)
Payments of in-substance defeased debt (1,736) (1,643)
Proceeds from sale of common stock, net of transaction costs 44,820 0
Repurchase of common stock (14,756) (35,351)
Dividends paid to common stock and unitholders (77,168) (77,773)
Dividends paid to preferred unitholders (306) (306)
Contributions from redeemable non-controlling members in consolidated real estate entities 1,543 2,551
Distribution of redeemable non-controlling members in consolidated real estate entities (8) (8)
Contributions from non-controlling members in consolidated real estate entities 15,016 0
Distributions to non-controlling members in consolidated real estate entities (26,728) (6,868)
Payments to satisfy tax withholding obligations (693) (5,501)
Payment of loan costs 0 (4)
Net cash provided by financing activities 26,521 27,987
Net decrease in cash and cash equivalents and restricted cash (4,595) (1,387)
Cash and cash equivalents and restricted cash—beginning of period 149,540 58,258
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD $ 144,945 $ 56,871