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Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Equity Equity
The table below presents the activity related to Hudson Pacific Properties, Inc.’s accumulated other comprehensive income (loss) (“OCI”):
Derivative InstrumentsCurrency Translation AdjustmentsTotal Equity
Balance at January 1, 2019
$17,501 $— $17,501 
Unrealized gain recognized in OCI(14,438)1,830 (12,608)
Reclassification from OCI into income(5,454)— (5,454)
Net change in OCI(19,892)1,830 (18,062)
Balance at December 31, 2019
(2,391)1,830 (561)
Unrealized (loss) gain recognized in OCI(14,407)1,415 (12,992)
Reclassification from OCI into income5,420 — 5,420 
Net change in OCI(8,987)1,415 (7,572)
Balance at December 31, 2020
(11,378)3,245 (8,133)
Unrealized (loss) gain recognized in OCI169 (1,049)(880)
Reclassification from OCI into income7,252 — 7,252 
Net change in OCI7,421 (1,049)6,372 
Balance at December 31, 2021
$(3,957)$2,196 $(1,761)

The table below presents the activity related to Hudson Pacific Properties, LP’s accumulated OCI:
Derivative InstrumentsCurrency Translation AdjustmentsTotal Equity
Balance at January 1, 2019
$17,565 $— $17,565 
Unrealized (loss) gain recognized in OCI(14,533)1,845 (12,688)
Reclassification from OCI into income(5,490)— (5,490)
Net change in OCI(20,023)1,845 (18,178)
Balance at December 31, 2019
(2,458)1,845 (613)
Unrealized (loss) income recognized in OCI(14,471)1,394 (13,077)
Reclassification from OCI into income5,444 — 5,444 
Net change in OCI(9,027)1,394 (7,633)
Balance at December 31, 2020
(11,485)3,239 (8,246)
Unrealized (loss) income recognized in OCI171 (1,064)(893)
Reclassification from OCI into income7,360 — 7,360 
Net change in OCI7,531 (1,064)6,467 
Balance at December 31, 2021
$(3,954)$2,175 $(1,779)
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.

Ownership Interest in the Operating Partnership

The following table summarizes the ownership interest in the operating partnership, excluding unvested restricted units as of:
December 31, 2021December 31, 2020December 31, 2019
Company-owned common units in the operating partnership151,124,543 151,401,365 154,691,052 
Company’s ownership interest percentage98.8 %99.1 %99.4 %
Non-controlling common units in the operating partnership(1)
1,842,898 1,321,083 911,858 
Non-controlling ownership interest percentage1.2 %0.9 %0.6 %
_________________ 
1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of December 31, 2021, this amount represents both common units and performance units of 550,969 and 1,291,929, respectively. As of December 31, 2020, this amount represents both common units and performance units of 550,969 and 770,114, respectively. As of December 31, 2019, this amount represents both common units and performance units of 550,969 and 360,889, respectively.

During the years ended December 31, 2021, 2020, and 2019, 521,815, 409,225, and 360,889 performance units, respectively, were granted and vested related to various performance-based awards to our employees and directors.

During the year ended December 31, 2019, 18,076 common units of the operating partnership were redeemed at the request of common unitholders. The Company elected, in accordance with the limited partnership agreement of the operating partnership, to settle in cash to satisfy the redemption. The Company funded the redemption using the proceeds from a registered underwritten public offering of common stock. No common unit redemptions were completed during the years ended December 31, 2021 and 2020.

Common Stock Activity

The Company has not completed any common stock offerings during the years ended December 31, 2021, 2020 and 2019.

The Company’s ATM program permits sales of up to $125.0 million of common stock. The Company utilized the ATM program during the year ended December 31, 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 December 31, 2021. The Company did not utilize the ATM program during the years ended December 31, 2020 and 2019.
Share Repurchase Program

The Company is authorized to repurchase shares of its common stock up to a total of $250.0 million of its common stock under the share repurchase program. During the year ended December 31, 2021, the Company repurchased 1.9 million shares at a weighted average price of $23.82 per share for $46.1 million, before transaction costs. During the year ended December 31, 2020, the Company repurchased 3.5 million shares at a weighted average price of $23.00 per share for $80.1 million, before transaction costs. No shares were repurchased during the year ended December 31, 2019. Since the commencement of the program through December 31, 2021, a cumulative total of $176.2 million had 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.     

Series C Cumulative Redeemable Preferred Stock

Series C cumulative redeemable preferred stock relates to the 17,000,000 shares of our Series C preferred stock, $0.01 par value per share. Holders of Series C Preferred Stock, when and as authorized by the board of directors of the Company, are entitled to cumulative cash dividends at the rate of 4.750% per annum of the $25.00 per share, equivalent to $1.1875 per annum per share. Dividends are payable quarterly in arrears on or about the last day of December, March, June and September of each year, beginning on or about March 31, 2022. In addition to other preferential rights, the holders of Series C Preferred Stock are entitled to receive the liquidation preference, which is $25.00 per share, before the holders of common stock in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company’s affairs. Generally, Series C Preferred Stock are not redeemable by the Company prior to November 16, 2026. However, upon the occurrence of a change of control, holders of the Series C Preferred Stock will have the right, (unless the Company has elected to redeem the Series C Preferred Stock) to convert into a specified number of shares of common stock. A complete description of the Series C Preferred Stock is contained in the Articles Supplementary which is filed as Exhibit 3.6 to this Current Report on Form 10-K.

Dividends

The Board declared dividends on a quarterly basis and the Company paid the dividends during the quarters in which the dividends were declared. The following table summarizes dividends declared and paid for the periods presented:
For the Year Ended December 31,
202120202019
Common stock(1)
$1.00 $1.00 $1.00 
Common units(1)
$1.00 $1.00 $1.00 
Series A preferred units(1)
$1.5625 $1.5625 $1.5625 
Series C preferred stock(2)
$— $— $— 
_________________ 
1.The fourth quarter 2021 dividends were paid on December 30, 2021 to shareholders and unitholders of record on December 20, 2021.
2.As of December 31, 2021, the Company accrued dividends of $2.3 million for Series C preferred stock.

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.
The Company’s dividends related to its common stock will be classified for U.S. federal income tax purposes as follows (unaudited):
Ordinary Dividends
Record DatePayment DateDistribution Per ShareTotalNon-QualifiedQualifiedCapital Gain DistributionsReturn of Capital
3/19/20213/29/2021$0.25000 $0.16280 $0.16280 $0.00000 $0.00000 $0.08720 
6/18/20216/28/20210.25000 0.16280 0.16280 0.00000 0.00000 0.08720 
9/20/20219/30/20210.25000 0.16280 0.16280 0.00000 0.00000 0.08720 
12/20/202112/30/20210.25000 0.16280 0.16280 0.00000 0.00000 0.08720 
TOTALS$1.00000 $0.65120 $0.65120 $0.00000 $0.00000 $0.34880 
100.00 %65.12 %0.00 %34.88 %