Organization

12 Months Ended

Dec. 31, 2021

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, Western Canada and Greater London, United Kingdom. The following table summarizes the Company’s portfolio as of December 31, 2021:


Segments	Number of Properties	Square Feet (unaudited)
Consolidated portfolio
Office	53	14,268,741
Studio	3	1,224,403
Land	6	2,504,406
Total consolidated portfolio	62	17,997,550
Unconsolidated portfolio(1)
Office	1	1,500,290
Studio(2)	1	241,000
Land(3)	2	450,000
Total unconsolidated portfolio	4	2,191,290
TOTAL(4)	66	20,188,840

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1.The Company owns 20% of the unconsolidated joint venture entity which owns the Bentall Centre property, 50% of the unconsolidated joint venture entity that owns the Sunset Glenoaks Studios and 35% of the unconsolidated joint venture entity that owns the Sunset Waltham Cross Studios development. The square footage shown above represents 100% of the properties. See Notes 2 and 6 for details.

2.Includes Sunset Glenoaks Studios.

3.Includes land for the Burrard Exchange at Bentall Centre and Sunset Waltham Cross Studios developments. Square footage for Sunset Waltham Cross Studios is yet to be determined.

4.Includes repositioning, redevelopment and development properties.

Concentrations

As of December 31, 2021, 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. 77.6% 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, 2021, approximately 30.7% and 17.7% 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, 2021, the Company’s 15 largest tenants represented approximately 38.7% of consolidated and unconsolidated rentable square feet and no single tenant accounted for more than 10%.

As of December 31, 2021, Google, Inc. represented 12.6% of the Company’s rental revenues for the office segment and no single tenant in the Company’s studio segment had rental revenues representing more than 10% of the segment’s total revenue.