EX-99.2 3 q4-2021ex992.htm EX-99.2 q4-2021ex992
FOURTH QUARTER 2021


 
Page 2 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Forward-Looking Statements This Supplemental Information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally; adverse economic and real estate developments in Northern and Southern California, the Pacific Northwest and Western Canada; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non-renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully integrate pending and recent acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount of insurance; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers or departures of key personnel; changes in real estate and zoning laws and increases in real property tax rates; and the consequences of any possible future terrorist attacks. These factors are not exhaustive. For a discussion of important risks related to Hudson Pacific Properties, Inc.’s business and an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption “Risk Factors” in Hudson Pacific Properties, Inc.’s Annual Report on Form 10- K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Hudson Pacific Properties, Inc. from time to time with the SEC. You are cautioned that the information contained herein speaks only as of the date hereof and Hudson Pacific Properties, Inc. assumes no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise. Hudson Pacific Properties, Inc. is referred to herein as “the Company,” “Hudson Pacific,” “we,” “us,” or “our.” Non-GAAP Measures This Supplemental Information includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental Information. Definitions of these non-GAAP financial measures can be found in the Definitions section of this Supplemental starting on page 54. The Company also presents the “Company’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures, and in some cases the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the joint venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.


 
Page 3 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Table of Contents Page Executive Summary, Corporate Data, Executive Management, Board of Directors, Equity Research Coverage and Rating Agencies 4 Financial Information 9 Consolidated Balance Sheets 10 Consolidated Statements of Operations 11 Funds from Operations 12 Adjusted Funds from Operations 14 Same-Store Property Performance—Consolidated 15 Net Operating Income Detail (NOI) 18 Debt Summary 20 Capital Structure 22 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance 23 Operational and Portfolio Information 25 In-Service Office Properties 26 In-Service Office Properties by Location 29 Studio Properties 31 Land Properties 32 Repositioning, Redevelopment, Development and Held-for-Sale Properties 33 Under Construction and Future Development Projects 35 Recently Completed, Under Construction and Planned Project Images 37 Office Tenant Industry Diversification 38 Fifteen Largest Office Tenants 39 Office Property Leasing Activity 41 Commenced Office Leases with Non-Recurring Upfront Abatements 43 Uncommenced Office Leases—Next Eight Quarters 46 Backfilled Office Leases—Next Eight Quarters 47 Expiring Office Leases—Next Eight Quarters 48 Expiring Office Leases—Annual 51 Definitions and Reconciliations 52 Definitions 53 Reconciliation of Net Income (Loss) to Net Operating Income 55 Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) 56 Company Outlook 57 Appendix 58 Total Portfolio Company’s Share 59 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters 60 Corporate Headquarters: 11601 Wilshire Boulevard, 9th Floor, Los Angeles, CA 90025 (310) 445-5700 Website: HudsonPacificProperties.com Investor Relations: Laura Campbell Executive Vice President, Investor Relations and Marketing (310) 622-1702 NYSE Trading Symbol: HPP


 
Page 4 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Executive Summary Hudson Pacific Properties acquires, redevelops and develops creative office and studio properties in global epicenters of innovation, media and technology. We are the leading publicly traded owner of office space in Silicon Valley, one of the largest independent owners/operators of studios in Los Angeles, and our portfolio totals over 20 million square feet, including land for development, in our core markets. Our top-tier assets combined with our leasing and management expertise have enabled us to cultivate a tenant base of premier blue-chip and growth companies, like Google and Netflix. Our strategic focus is value creation through less capital- and time-intensive repositionings and redevelopments, although our deep in-house expertise allows us to execute on a full range of opportunities—from incremental lease-up to cutting-edge new construction. Financials (Compared to Fourth Quarter 2020) • Net income attributable to common stockholders of $8.1 million ($0.05 per diluted share) compared to net loss to common stockholders of $8.5 million ($0.05 per diluted share) • FFO, excluding specified items, of $79.6 million ($0.52 per diluted share) compared to $66.8 million ($0.44 per diluted share) • Total revenue increased 18.0% to $240.5 million Office Highlights • Executed 74 new and renewal leases totaling 448,121 square feet, with GAAP and cash rent growth of 16.2% and 11.2%, respectively • Stabilized and in-service office portfolios were 93.8% and 92.8% leased, respectively • Net operating income and cash net operating income for the consolidated 42 same-store properties increased 4.6% and 2.8%, respectively Studio Highlights • Trailing 12-month occupancy for the three same-store studio properties was 85.7% • Net operating income and cash net operating income for the three same- store studio properties decreased 9.5% and 17.3%, respectively Capital Transactions • Purchased 5th & Bell, an Amazon-anchored 197,000-square-foot Class A office building in Seattle for $119 million (before closing adjustments) • Repurchased 1.3 million shares of common stock • Completed preferred stock offering raising approximately $413 million of net proceeds Development • Commenced construction on the 241,000-square-foot, seven-stage Sunset Glenoaks studio development in Los Angeles • Delivered 584,000-square-foot One Westside redevelopment 100% leased to Google for tenant improvements Financings • Recast unsecured revolving credit facility, increasing availability to $1 billion and extending maturity date to December 2025 • Secured $94 million construction loan for Sunset Glenoaks Dividend • Declared and paid quarterly dividend of $0.25 per share on common stock ESG Leadership • Recognized by GRESB with Green Star and 5-Star ratings, and as an Americas Office Sector Leader, ranking #1 in the Development Benchmark • Pledged a $500,000 monetary donation and $500,000 of pro-bono work to help build the nation’s largest veteran housing community at the West Los Angeles VA Campus FFO Guidance • Provided full-year 2022 FFO guidance in the range of $2.01 to $2.09 per diluted share, excluding specified items Conference Call Information: Thursday, February 17, 2022 at 11:00 AM PST / 2:00 PM EST (844) 200-6205 (U.S.) | (929) 526-1599 (International) | Passcode: 967644


 
Page 5 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Corporate Data(1) Unaudited, in thousands, except per share data December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Number of office properties owned 54 53 53 53 53 Office square feet(2) 15,769,031 15,571,852 15,584,647 15,583,010 15,550,750 Same-store office square feet(2)(3) 12,258,304 12,890,572 12,661,812 12,628,002 12,619,891 Same-store office leased rate as of end of period(3) 93.1 % 91.7 % 92.4 % 92.3 % 94.3 % Stabilized office square feet(2)(4) 13,707,649 13,558,781 13,560,853 13,571,956 13,574,582 Stabilized office leased rate as of end of period(4) 93.8 % 92.1 % 92.7 % 92.7 % 94.5 % In-service office square feet(2)(5) 14,746,779 14,597,763 14,610,559 14,491,731 14,530,261 In-service office leased rate as of end of period(5) 92.8 % 91.2 % 91.4 % 91.7 % 93.5 % Number of studio properties owned 4 3 3 3 3 Studio square feet(2) 1,465,403 1,224,403 1,224,403 1,224,403 1,224,403 Same-store studio square feet(2)(6) 1,205,809 1,205,809 1,224,403 1,224,403 1,224,403 Same-store studio leased rate as of end of period(7) 85.7 % 87.6 % 88.0 % 89.6 % 90.2 % Non-same-store studio square feet(2) N/A 18,594 N/A N/A N/A Non-same-store studio leased rate as of end of period N/A N/A N/A N/A N/A Number of land properties owned 8 9 8 8 8 Land properties estimated square feet(8) 2,954,406 3,195,406 3,195,406 3,187,261 3,187,261 Total portfolio square feet 20,188,840 19,991,661 20,004,456 19,994,674 19,962,414 Company’s share of debt, net(9)(10) $ 3,013,107 $ 3,184,975 $ 2,863,638 $ 2,826,943 $ 2,787,917 Company’s share of market capitalization(9)(10) $ 7,342,670 $ 7,366,931 $ 7,283,915 $ 7,106,345 $ 6,593,530 Company’s share of Adjusted EBITDAre (annualized) / Company’s share of debt, net(10) 6.9x 7.7x 7.2x 7.4x 7.1x Company’s share of debt, net/Company’s share of market capitalization(9)(10) 41.0 % 43.2 % 39.3 % 39.8 % 42.3 % Share data: FFO(10), excluding specific items, per common stock/unit—diluted(11) $ 0.52 $ 0.50 $ 0.49 $ 0.48 $ 0.44 Range of closing prices(11) $ 23.13 - 27.83 $ 25.70 - 28.37 $ 26.45 - 30.28 $ 22.89 - 28.43 $ 19.26 - 27.96 Closing price at quarter end $ 24.71 $ 26.27 $ 27.82 $ 27.13 $ 24.02 Weighted average fully diluted common stock/units outstanding(10) 153,700 154,027 152,683 152,504 152,576 Shares of common stock/units outstanding at end of period(10) 154,753 155,743 155,543 153,979 154,283 (1) Represents 100% share of consolidated and unconsolidated joint ventures, except with respect to the Company’s Share of debt, net, market capitalization, and the quotient of those amounts. (2) Property square footage has been determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to re-measurement or re-leasing. (3) Same-store office defined as all properties owned and included in our office portfolio as of October 1, 2020 and still owned and included in our office portfolio as of December 31, 2021. (4) Stabilized office square feet and leased rate excludes the lease-up, land, repositioning, redevelopment, development and held for sale properties described on pages 27, 32 and 33. (5) In-service office square feet and leased rate includes the stabilized office and lease-up properties described on pages 26 and 27. (6) Same-store studio defined as all properties owned and included in our studio portfolio as of October 1, 2020 and still owned and included in our studio portfolio as of December 31, 2021. (7) Percent leased for same-store studio is the average percent leased for the 12 months ended as of the quarter indicated. (8) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to receipt of entitlement approvals not yet obtained. Includes the pending purchase of Washington 1000. (9) See capital structure on page 22 for additional detail. (10) See definitions starting on page 53. (11) For the quarter indicated.


 
Page 6 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Executive Management Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Harout Diramerian Chief Financial Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Christopher Barton Executive Vice President, Development and Capital Investments Laura Campbell Executive Vice President, Investor Relations and Marketing Drew B. Gordon Executive Vice President, California Office Operations Steven Jaffe Executive Vice President, Business Affairs Andrea Rupp Executive Vice President, Human Resources Dale Shimoda Executive Vice President, Finance Jeff Stotland Executive Vice President, Global Studios Arthur X. Suazo Executive Vice President, Leasing Andy Wattula Executive Vice President, Pacific Northwest/ Canada Office Operations Derric Dubourdieu Senior Vice President, Leasing Gary Hansel Senior Vice President, Southern California Shawn McGarry Senior Vice President, Northern California Anne Mehrtens Senior Vice President, Sunset Studios — Southern California Chris Pearson Senior Vice President, Development Planning and Government Affairs Nader Shah Senior Vice President, Construction and Development Jim Soutter Senior Vice President, Engineering Natalie Teear Senior Vice President, Innovation, Sustainability and Social Impact Erik Thoreen Senior Vice President, UK and Studios East Chuck We Senior Vice President, Western Canada Ken Young Senior Vice President, Leasing Our Executive Management is comprised of highly seasoned, approachable experts who embrace innovation and always think outside the box. Together, they have decades of experience leading successful publicly traded companies. They have bought, sold, operated, built and re-built real estate properties across cycles and in every major West Coast market, and in the process cultivated unparalleled industry relationships. Our culture starts at the top—a collaborative, entrepreneurial spirit, combined with integrity and a deep sense of fiduciary responsibility.


 
Page 7 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Board of Directors Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Executive Officer, Catellus Development Corporation Karen Brodkin Executive Vice President, Content Strategy and Development, Endeavor Richard B. Fried Managing Member, Farallon Capital Management, L.L.C. Jonathan M. Glaser Managing Member, JMG Capital Management LLC Robert L. Harris II Executive Chairman (retired), Acacia Research Corporation Christy Haubegger Executive Vice President and Chief Enterprise Inclusion Officer, WarnerMedia Mark D. Linehan President and Chief Executive Officer, Wynmark Company Barry A. Porter Managing General Partner, Clarity Partners L.P. Andrea Wong President (retired), International Production, Sony Pictures Television Our accomplished Directors are committed to sound corporate governance, and ensuring full compliance and accountability to shareholders in accordance with all laws and regulations. We believe that dedication to these principles and the highest ethical standards is essential to both short- and long-term value creation and preservation. We also recognize and embrace board diversity in all its facets—skills, experience, gender, ethnicity, race—as essential to maintaining our competitive advantage and attaining our strategic objectives.


 
Page 8 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Equity Research Coverage Rating Agencies Fitch Ratings Stephen Boyd (212) 908-9153 Moody’s Investor Service Alice Chung (212) 553-2949 Standard & Poor’s Fernanda Hernandez (212) 438-1347 BMO Capital Markets John Kim (212) 885-4115 BofA Securities James Feldman (646) 855-5808 BTIG Tom Catherwood (212) 738-6140 Citigroup Global Markets Michael Bilerman | Emmanuel Korchman (212) 816-1383 | (212) 816-1382 Goldman Sachs Caitlin Burrows (212) 902-4736 Green Street Advisors Daniel Ismail (949) 640-8780 Jefferies LLC Peter Abramowitz (212) 336-7241 KeyBanc Capital Markets Craig Mailman (917) 368-2316 Mizuho Securities Vikram Malhotra (212) 282-3827 Morgan Stanley Ronald Kamdem (212) 296-8319 Piper Sandler & Company Alexander Goldfarb (212) 466-7937 Robert W. Baird & Company David Rodgers (216) 737-7341 Scotiabank Nicholas Yulico (212) 225-6904 SMBC Nikko Securities Richard Anderson (646) 521-2351 Wells Fargo Securities Blaine Heck (443) 263-2949 Wolfe Research Andrew Rosivach (646) 582-9250


 
Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Financial Information


 
Page 10 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Consolidated Balance Sheets Unaudited, in thousands, except share data December 31, 2021 December 31, 2020 ASSETS Investment in real estate, net $ 7,077,703 $ 7,112,269 Non-real estate property, plant and equipment, net 58,469 8,444 Cash and cash equivalents 96,555 113,686 Restricted cash 100,321 35,854 Accounts receivable, net 25,339 22,105 Straight-line rent receivables, net 240,306 225,685 Deferred leasing costs and intangible assets, net 341,444 285,836 U.S. Government securities 129,321 135,115 Operating lease right-of-use asset 287,041 264,880 Prepaid expenses and other assets, net 119,000 55,469 Investment in unconsolidated real estate entities 154,731 82,105 Goodwill 109,439 8,754 Assets associated with real estate held for sale 250,520 — TOTAL ASSETS $ 8,990,189 $ 8,350,202 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,733,903 $ 3,399,492 In-substance defeased debt 128,212 131,707 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 300,959 235,860 Operating lease liability 293,596 270,014 Intangible liabilities, net 42,290 49,144 Security deposits and prepaid rent 84,939 92,180 Liabilities associated with real estate held for sale 3,898 — Total liabilities 4,653,933 4,244,533 Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 129,449 127,874 Equity Hudson Pacific Properties, Inc. stockholders’ equity 4.750% series C cumulative redeemable preferred stock, 0.01 par value, 17,000,000 authorized; 17,000,000 and no shares outstanding at December 31, 2021 and 2020, respectively 425,000 — Common stock, $0.01 par value, 490,000,000 authorized, 151,124,543 shares and 151,401,365 shares outstanding at December 31, 2021 and 2020, respectively 1,511 1,514 Additional paid-in capital 3,317,072 3,469,758 Accumulated other comprehensive loss (1,761) (8,133) Total Hudson Pacific Properties, Inc. stockholders’ equity 3,741,822 3,463,139 Non-controlling interest—members in consolidated real estate entities 402,971 467,009 Non-controlling interest—units in the operating partnership 52,199 37,832 Total equity 4,196,992 3,967,980 TOTAL LIABILITIES AND EQUITY $ 8,990,189 $ 8,350,202


 
Page 11 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Consolidated Statements of Operations Unaudited, in thousands, except per share data Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 REVENUES Office Rental $ 202,382 $ 181,263 $ 782,736 $ 721,286 Service and other revenues 3,276 3,205 12,634 14,633 Total office revenues 205,658 184,468 795,370 735,919 Studio Rental 13,513 11,989 49,985 48,756 Service and other revenues 21,311 7,386 51,480 20,290 Total studio revenues 34,824 19,375 101,465 69,046 Total revenues 240,482 203,843 896,835 804,965 OPERATING EXPENSES Office operating expenses 72,796 67,653 280,334 262,199 Studio operating expenses 19,550 9,945 55,513 37,580 General and administrative 17,500 23,939 71,346 77,882 Depreciation and amortization 88,107 77,351 343,614 299,682 Total operating expenses 197,953 178,888 750,807 677,343 OTHER INCOME (EXPENSE) Income from unconsolidated real estate entities 151 667 1,822 736 Fee income 898 1,074 3,221 2,815 Interest expense (30,139) (29,638) (121,939) (113,823) Interest income 926 960 3,794 4,089 Management services reimbursement income—unconsolidated real estate entities 253 — 1,132 — Management services expense—unconsolidated real estate entities (253) — (1,132) — Transaction-related expenses (1,547) — (8,911) (440) Unrealized gain (loss) on non-real estate investments 4,951 (128) 16,571 (2,463) Impairment loss — — (2,762) — Loss on extinguishment of debt (10) — (6,259) (2,654) Other (expense) income (1,006) (1,058) (2,553) 548 Total other expense (25,776) (28,123) (117,016) (111,192) Net income (loss) 16,753 (3,168) 29,012 16,430 Net income attributable to Series A preferred units (153) (153) (612) (612) Net income attributable to Series C preferred shares (2,281) — (2,281) — Net income attributable to participating securities (260) (720) (1,090) (1,041) Net income attributable to non-controlling interest in consolidated real estate entities (6,042) (6,378) (21,806) (18,955) Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 122 1,864 2,902 4,571 Net (income) loss attributable to non-controlling interest in the operating partnership (77) 79 (61) (10) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 8,062 $ (8,476) $ 6,064 $ 383 BASIC AND DILUTED PER SHARE AMOUNTS Net income (loss) attributable to common stockholders—basic $ 0.05 $ (0.05) $ 0.04 $ 0.00 Net income (loss) attributable to common stockholders—diluted $ 0.05 $ (0.05) $ 0.04 $ 0.00 Weighted average shares of common stock outstanding—basic 152,137,508 151,585,520 151,618,282 153,126,027 Weighted average shares of common stock outstanding—diluted 152,271,140 151,585,520 151,943,360 153,169,025


 
Page 12 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Funds from Operations(1) Unaudited, in thousands, except per share data Three Months Ended Quarter To Date December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 NET INCOME (LOSS) $ 16,753 $ (6,182) $ 7,030 $ 11,411 $ (3,168) Adjustments: Depreciation and amortization—Consolidated 88,107 88,568 84,178 82,761 77,351 Depreciation and amortization—Non-real estate assets (4,331) (2,221) (590) (577) (566) Depreciation and amortization—Company’s Share from unconsolidated real estate entity 1,497 1,462 1,550 1,511 1,424 Impairment loss — 2,762 — — — Unrealized (gain) loss on non-real estate investment (4,951) (827) (5,018) (5,775) 128 Tax impact of unrealized gain on non-real estate investment 1,973 — 1,876 — — FFO attributable to non-controlling interests (17,867) (14,288) (15,839) (16,717) (13,025) FFO attributable to preferred units (2,434) (153) (153) (153) (153) FFO to common stockholders and unitholders 78,747 69,121 73,034 72,461 61,991 Specified items impacting FFO: Transaction-related expenses 1,547 6,300 1,064 — — One-time tax reassessment management cost — — — — 5,500 One-time prior period net property tax adjustment (687) (1,346) 335 1,050 (702) One-time debt extinguishment cost—Company’s share — 3,187 — — FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 79,607 $ 77,262 $ 74,433 $ 73,511 $ 66,789 Weighted average common stock/units outstanding—diluted 153,700 154,027 152,683 152,504 152,576 FFO per common stock/unit—diluted $ 0.51 $ 0.45 $ 0.48 $ 0.48 $ 0.41 FFO (excluding specified items) per common stock/unit—diluted $ 0.52 $ 0.50 $ 0.49 $ 0.48 $ 0.44


 
Page 13 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) See definitions starting on page 53. Twelve Months Ended Nine Months Ended Six Months Ended Three Months Ended Twelve Months Ended Year To Date December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 NET INCOME $ 29,012 $ 12,259 $ 18,441 $ 11,411 $ 16,430 Adjustments: Depreciation and amortization—Consolidated 343,614 255,507 166,939 82,761 299,682 Depreciation and amortization—Non-real estate assets (7,719) (3,388) (1,167) (577) (2,286) Depreciation and amortization—Company’s Share from unconsolidated real estate entity 6,020 4,523 3,061 1,511 5,605 Impairment loss 2,762 2,762 — — — Unrealized (gain) loss on non-real estate investment (16,571) (11,620) (10,793) (5,775) 2,463 Tax impact of unrealized gain on non-real estate investment 3,849 1,876 1,876 — — FFO attributable to non-controlling interests (64,388) (46,731) (32,462) (16,717) (37,644) FFO attributable to preferred units (2,893) (459) (306) (153) (612) FFO to common stockholders and unitholders 293,686 214,729 145,589 72,461 283,638 Specified items impacting FFO: Transaction-related expenses 8,911 7,364 1,064 — 440 One-time tax reassessment management cost — — — — 5,500 One-time straight-line rent reserve — — — — 2,620 One-time prior period net property tax adjustment (581) 26 1,372 1,050 (937) One-time debt extinguishment cost—Company’s share 3,187 3,187 — — 2,654 FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 305,203 $ 225,306 $ 148,025 $ 73,511 $ 293,915 Weighted average common stock/units outstanding—diluted 153,332 153,379 152,675 152,504 154,084 FFO per common stock/unit—diluted $ 1.92 $ 1.40 $ 0.95 $ 0.48 $ 1.84 FFO (excluding specified items) per common stock/unit—diluted $ 1.99 $ 1.47 $ 0.97 $ 0.48 $ 1.91 Funds from Operations (continued) Unaudited, in thousands, except per share data


 
Page 14 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Adjusted Funds from Operations(1) Unaudited, in thousands Three Months Ended Quarter To Date December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 FFO $ 78,747 $ 69,121 $ 73,034 $ 72,461 $ 61,991 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (6,337) (3,592) (6,811) (8,708) (806) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 821 804 804 826 826 Non-real estate depreciation(2) 4,331 2,221 590 577 566 Amortization of deferred financing costs and loan discounts/ premiums, net 2,029 1,845 1,717 1,714 1,639 Recurring capital expenditures, tenant improvements and lease commissions (13,384) (15,894) (15,580) (18,022) (20,149) Non-cash compensation expense 5,445 5,840 6,340 3,538 8,314 AFFO $ 71,652 $ 60,345 $ 60,094 $ 52,386 $ 52,381 Dividends paid to common stock and unitholders $ 38,647 $ 38,745 $ 38,742 $ 38,426 $ 38,370 AFFO payout ratio 53.9 % 64.2 % 64.5 % 73.4 % 73.3 % Twelve Months Ended Nine Months Ended Six Months Ended Three Months Ended Twelve Months Ended Year To Date December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 FFO $ 293,686 214,729 $ 145,589 $ 72,461 $ 283,638 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (25,448) (19,111) (15,519) (8,708) (36,250) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 3,255 2,434 1,630 826 3,305 Non-real estate depreciation(2) 7,719 3,388 1,167 577 2,286 Amortization of deferred financing costs and loan discounts/ premiums, net 7,305 5,276 3,431 1,714 8,564 Recurring capital expenditures, tenant improvements and lease commissions (62,880) (49,496) (33,602) (18,022) (85,195) Non-cash compensation expense 21,163 15,718 9,878 3,538 22,723 AFFO $ 244,800 $ 172,938 $ 112,574 $ 52,386 $ 199,071 Dividends paid to common stock and unitholders $ 154,560 $ 115,913 $ 77,168 $ 38,426 $ 154,996 AFFO payout ratio 63.1 % 67.0 % 68.5 % 73.4 % 77.9 % (1) See definitions starting on page 53. (2) Prior period AFFO calculations have been adjusted to include non-real estate depreciation for comparability with the current period.


 
Page 15 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Same-Store Property Performance—Consolidated(1) Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS—NET OPERATING INCOME Three Months Ended December 31, Year Ended December 31, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME(6) Total office revenues $ 170,584 $ 164,075 4.0 % $ 653,273 $ 644,177 1.4 % Total studio revenues 20,769 19,375 7.2 80,394 69,046 16.4 Same-store revenues 191,353 183,450 4.3 733,667 713,223 2.9 Total office expenses 60,189 58,517 2.9 227,709 221,487 2.8 Total studio expenses 12,236 9,945 23.0 45,115 37,580 20.1 Same-store expenses 72,425 68,462 5.8 272,824 259,067 5.3 Same-store office net operating income 110,395 (7) 105,558 (7) 4.6 425,564 (8) 422,690 (8) 0.7 NOI margin 64.7 % 64.3 % 0.4 65.1 % 65.6 % (0.5) Same-store studio net operating income 8,533 9,430 (9) (9.5) 35,279 (10) 31,466 (10) 12.1 NOI margin 41.1 % 48.7 % (7.6) 43.9 % 45.6 % (1.7) TOTAL SAME-STORE NET OPERATING INCOME $ 118,928 $ 114,988 3.4 % $ 460,843 $ 454,156 1.5 % NOI margin 62.2 % 62.7 % (0.5) 62.8 % 63.7 % (0.9) SAME-STORE STATISTICS Three Months Ended December 31, Year Ended December 31, 2021 2020 % change 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 42 42 40 40 Rentable square feet 10,758,014 10,758,014 10,482,170 10,482,170 Ending % leased 92.6 % 95.1 % (2.5) % 92.6 % 95.1 % (2.5) % Ending % occupied 91.3 % 94.2 % (2.9) % 91.5 % 94.2 % (2.7) % Average % occupied for the period 91.2 % 94.0 % (2.8) % 91.9 % 94.7 % (2.8) % SAME-STORE STUDIO STATISTICS(4) Number of properties 3 3 3 3 Rentable square feet 1,205,809 1,205,809 1,205,809 1,205,809 Average % occupied for the period(5) 85.7 % 90.0 % (4.3) % 85.7 % 90.0 % (4.3) %


 
Page 16 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Same-Store Property Performance—Consolidated(1) (continued) Unaudited, in thousands, except number of properties and square feet (1) The consolidated same-store property performance excludes the impact of our unconsolidated joint venture, Bentall Centre. (2) Same-store office for the three months ended December 31, 2021 defined as all properties owned and included in our stabilized office portfolio as of October 1, 2020 and still owned and included in the stabilized office portfolio as of December 31, 2021. Same-store office for the 12 months ended December 31, 2021 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2020 and still owned and included in the stabilized office portfolio as of December 31, 2021. (3) See pages 26 and 27 for same-store office properties. (4) Same-store studio for the three months ended December 31, 2021 defined as all properties owned and included in our studio portfolio as of October 1, 2020 and still owned and included in our studio portfolio as of December 31, 2021. Same-store studio for the 12 months ended December 31, 2021 defined as all properties owned and included in our studio portfolio as of January 1, 2020 and still owned and included in our studio portfolio as of December 31, 2021. (5) Percent occupied for same-store studio is the average percent occupied for the 12 months ended December 31, 2021. (6) See page 55 for the reconciliation of net (loss) income to net operating income (NOI). (7) Same-store office net operating income for the three months ended December 31, 2021 included a one-time net property tax savings of $0.5 million resulting from a reassessment at Ferry Building. Same-store office net operating income for the three months ended December 31, 2020 included a one-time property tax increase of $1.6 million resulting from reassessments at ICON and CUE. Adjusted for these items, the consolidated same-store office net operating income and consolidated same store office net operating income (cash basis) for the three months ended December 31, 2021 would have been 2.5% and 0.8%, respectively. (8) Same-store office net operating income for the 12 months ended December 31, 2021 included a one-time property tax increase of $1.0 million resulting from reassessments at ICON and CUE and a one-time net property tax savings of $0.4 million resulting from a reassessment at Ferry Building. Same-store office net operating income for the 12 months ended December 31, 2020 included a one-time property tax increase of million and $1.1 million resulting from reassessments at ICON and CUE. Adjusted for these items, the consolidated same-store office net operating income and consolidated same store office net operating income (cash basis) for the 12 months ended December 31, 2021 would have been 0.5% and 4.7%, respectively. (9) Same-store studio net operating income for the three months ended December 31, 2020 included a net one-time property tax savings of $2.2 million at Sunset Gower Studios. Adjusted for this item, the consolidated same-store studio net operating income and consolidated same store office net operating income (cash basis) for the three months ended December 31, 2021 would have increased to 17.7% and 6.9%, respectively. SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended December 31, Year Ended December 31, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 168,394 $ 163,729 2.8 % $ 637,040 $ 611,618 4.2 % Total studio cash revenues 20,113 19,539 2.9 78,876 68,150 15.7 Same-store cash revenues 188,507 183,268 2.9 715,916 679,768 5.3 Total office cash expenses 59,267 57,561 3.0 223,981 217,673 2.9 Total studio cash expenses 12,157 9,916 22.6 44,799 37,521 19.4 Same-store cash expenses 71,424 67,477 5.9 268,780 255,194 5.3 Same-store office net operating income (cash basis) 109,127 (7) 106,168 (7) 2.8 413,059 (8) 393,945 (8) 4.9 NOI margin 64.8 % 64.8 % — 64.8 % 64.4 % 0.4 Same-store studio net operating income (cash basis) 7,956 9,623 (9) (17.3) 34,077 (10) 30,629 (10) 11.3 NOI margin 39.6 % 49.3 % (9.7) 43.2 % 44.9 % (1.7) SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 117,083 $ 115,791 1.1 % $ 447,136 $ 424,574 5.3 % NOI margin 62.1 % 63.2 % (1.1) 62.5 % 62.5 % —


 
Page 17 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Same-Store Property Performance—Consolidated(1) (continued) Unaudited, in thousands, except number of properties and square feet (10) Same-store studio net operating income for the 12 months ended December 31, 2021 included one-time property tax increases of $0.4 million resulting from reassessments at Sunset Gower and Sunset Bronson Studios and a one-time prior year property tax savings of $1.4 million at Sunset Las Palmas Studios. Same-store studio net operating income for the 12 months ended December 31, 2020 included a net one-time property tax savings of $2.1 million at Sunset Gower Studios. Adjusted for these items, the consolidated same-store office net operating income and consolidated same store office net operating income (cash basis) for the 12 months ended December 31, 2021 would have been 16.7% and 15.9%, respectively.


 
Page 18 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Net Operating Income Detail (NOI) Three Months Ended December 31, 2021 | Unaudited, in thousands, except square feet Same-Store Office (1) Same-Store Studio(2) Non-Same- Store Office(3) Non-Same- Store Studio(4) Repositioning/ Redevelopment /Development(5) Lease-Up(3) Held-for- Sale(5) Total Properties REVENUE Cash rent $ 136,747 $ 12,213 $ 7,051 $ 401 $ — $ 10,463 $ 5,331 $ 172,206 Cash tenant recoveries 28,906 243 2,937 — — 1,742 885 34,713 Straight-line rent 584 665 4,355 — — 1,138 (443) 6,299 Amortization of above-market and below-market leases, net 2,010 — 1,076 — — 24 24 3,134 Amortization of lease incentive costs (404) (9) — — — (23) (21) (457) Total rental revenue 167,843 13,112 15,419 401 — 13,344 5,776 215,895 Service and other revenues 2,741 7,657 156 13,654 — 4 375 24,587 Total revenue 170,584 20,769 15,575 14,055 — 13,348 6,151 240,482 OPERATING EXPENSES Property operating expenses 59,267 12,157 3,430 7,314 — 6,269 2,889 91,326 Straight-line rent 325 — — — — — — 325 Non-cash portion of interest expense 11 79 — — — 1 — 91 Amortization of above-market and below-market ground leases, net 586 — 16 — — 2 — 604 Total operating expenses 60,189 12,236 3,446 7,314 — 6,272 2,889 92,346 TOTAL CONSOLIDATED NOI(6) $ 110,395 $ 8,533 $ 12,129 $ 6,741 $ — $ 7,076 $ 3,262 $ 148,136 ADD: COMPANY’S SHARE OF NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 3,125 (7) — — — — 3,125 LESS: TOTAL NOI ATTRIBUTABLE TO NON-CONTROLLING INTEREST 13,707 (8) 3,696 (9) 4,466 (10) — — 172 (11) — 22,041 TOTAL COMPANY’S SHARE OF NOI $ 96,688 $ 4,837 $ 10,788 $ 6,741 $ — $ 6,904 $ 3,262 $ 129,220 Square feet(12) 10,758,014 1,205,809 1,449,345 — 295,675 1,039,130 745,171 15,493,144 Ending % leased 92.6 % 85.7 % 99.7 % — % 1.8 % 79.8 % 61.9 % 88.6 % Ending % occupied 91.3 % 85.7 % 99.7 % — % — % 78.4 % 61.9 % 87.7 % NOI margin 64.7 % 41.1 % 77.9 % 48.0 % — % 53.0 % 53.0 % 61.6 % RECONCILIATION TO CASH NOI TOTAL NOI $ 110,395 $ 8,533 $ 12,129 $ 6,741 $ — $ 7,076 $ 3,262 $ 148,136 Straight-line rent, net (259) (665) (4,355) — — (1,138) 443 (5,974) Non-cash portion of interest expense 11 79 — — — 1 — 91 Amortization of above-market and below-market leases, net (2,010) — (1,076) — — (24) (24) (3,134) Amortization of lease incentive costs 404 9 — — — 23 21 457 Amortization of above-market and below-market ground leases, net 586 — 16 — — 2 — 604 TOTAL CONSOLIDATED CASH NOI $ 109,127 $ 7,956 $ 6,714 $ 6,741 $ — $ 5,940 $ 3,702 $ 140,180


 
Page 19 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) See pages 26 and 27 for same-store office for the three months ended December 31, 2021. The consolidated same-store property performance in this table excludes the impact of our unconsolidated joint ventures, Bentall Centre and Sunset Glenoaks Studios. (2) Same-store studio includes Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (3) See page 27 for non-same-store office and lease-up properties. (4) Included as part of non-same store studio are the net operating income results for Star Waggons and Zio Studio Services, both of which were acquired during third quarter 2021. (5) See page 33 for repositioning, redevelopment, development and held for sale properties. (6) See pages 55 for all non-GAAP NOI reconciliations. (7) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. The amounts reflected have been converted from Canadian Dollars (“CAD”) to United States Dollars (“USD”) using the average monthly foreign currency exchange rate for the period presented. (8) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market, Hill7 and Ferry Building. We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE and EPIC. (9) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (10) We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (11) We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. (12) Represents 100% ownership of our consolidated portfolio. Excludes square footage related to our unconsolidated joint ventures, Bentall Centre and Sunset Glenoaks Studios. Net Operating Income Detail (NOI) (continued) Three Months Ended December 31, 2021 | Unaudited, in thousands, except square feet Same-Store Office (1) Same-Store Studio(2) Non-Same- Store Office(3) Non-Same- Store Studio(4) Repositioning/ Redevelopment /Development(5) Lease-Up(3) Held-for- Sale(5) Total Properties ADD: COMPANY’S SHARE OF CASH NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 2,001 (7) — — — — 2,001 LESS: TOTAL CASH NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 13,435 (8) 3,414 (9) 3,587 (10) — — (290) (11) — 20,146 TOTAL COMPANY’S SHARE OF CASH NOI $ 95,692 $ 4,542 $ 5,128 $ 6,741 $ — $ 6,230 $ 3,702 $ 122,035


 
Page 20 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Debt Summary As of December 31, 2021 | Unaudited, in thousands Unsecured revolving credit facility Principal Amount(1) Interest Rate(2)(3) Contractual Maturity Date(4) Annual Debt Service(1) Balance at Maturity Capacity Undrawn Capacity Unsecured revolving credit facility $ 125,000 LIBOR + 1.05% to 1.50% 12/21/2025 $ — $ 125,000 $ 1,000,000 $ 875,000 Unsecured private placement Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Series A notes $ 110,000 4.34% 1/2/2023 $ 4,774 $ 110,000 Series B notes 259,000 4.69% 12/16/2025 12,147 259,000 Series C notes 56,000 4.79% 12/16/2027 2,682 56,000 Series D notes 150,000 3.98% 7/6/2026 5,970 150,000 Series E notes 50,000 3.66% 9/15/2023 1,830 50,000 TOTAL $ 625,000 $ 27,403 $ 625,000 Unsecured registered senior notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Issue Price as Percentage of Par Effective Yield 3.95% Registered senior notes—October 2017 $ 400,000 3.95% 11/1/2027 $ 15,800 $ 400,000 99.815 % 3.97% 4.65% Registered senior notes—February 2019 500,000 4.65% 4/1/2029 23,250 500,000 100.427 % 4.61% 3.25% Registered senior notes—October 2019 400,000 3.25% 1/15/2030 13,000 400,000 99.268 % 3.46% TOTAL $ 1,300,000 $ 52,050 $ 1,300,000 Secured notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share Undrawn Capacity Hollywood Media Portfolio(5)(6) $ 1,100,000 LIBOR +1.17% 8/9/2023 $ — $ 1,100,000 $ 561,000 $ — Acquired Hollywood Media Portfolio debt(5) (209,814) LIBOR + 1.55% 8/9/2023 — (209,814) (209,814) — Hollywood Media Portfolio, net 890,186 — 890,186 351,186 — One Westside and 10850 Pico 241,388 LIBOR + 1.70% 12/18/2023 — 241,388 181,041 173,212 Element LA 168,000 4.59% 11/6/2025 7,716 168,000 168,000 — 1918 Eighth(7) 314,300 LIBOR + 1.30% 12/18/2025 — 314,300 172,865 — Hill7(8) 101,000 3.38% 11/6/2028 3,414 101,000 55,550 — TOTAL $ 1,714,874 $ 11,130 $ 1,714,874 $ 928,642 $ 173,212


 
Page 21 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Debt Summary (continued) As of December 31, 2021 | Unaudited, in thousands Other consolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share In-substance defeased debt(9) $ 128,212 4.47% 10/1/2022 $ 9,391 $ 125,489 $ 96,159 Joint venture debt(10) 66,136 4.50% 10/9/2028 $ 2,976 $ 66,136 $ — Unconsolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share Bentall Centre(11) $ 518,126 CDOR + 1.75% 7/1/2024 $ — $ 518,126 $ 103,625 Sunset Glenoaks Studios(12) $ 3,300 LIBOR + 3.00% 1/9/2025 $ 102 $ 3,300 $ 1,650 (1) See definitions starting on page 53. (2) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. (3) We have an option to make an irrevocable election to change the interest rate depending on our credit rating or a specified base rate plus an applicable margin. As of December 31, 2021, no such election had been made. (4) The maturity date may be extended twice for an additional six-month term each. (5) We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. The joint venture holds a $1.1 billion mortgage loan secured by the Hollywood Media Portfolio. This loan has an initial term of two years from the first payment date, with three one-year extension options, subject to certain requirements. The Company purchased bonds comprising the loan in the amount of $209.8 million. (6) The effective interest rate on the loan is LIBOR + 1.17% until August 9, 2022, at which time the effective interest rate will decrease to LIBOR + 0.99%. (7) We own 55% of the ownership interest in the consolidated joint venture that owns the 1918 Eighth property. This loan has an initial interest rate of LIBOR plus 1.70% per annum and is interest-only through the five-year term. (8) We own 55% of the ownership interest in the consolidated joint venture that owns Hill7. This loan bears interest only at 3.38% until November 6, 2026, at which time the interest rate will increase and monthly debt service will include principal payments with a balloon payment at maturity. The balance at maturity above excludes principal amortization. (9) We own 75% of the ownership interest in the consolidated joint venture that owns One Westside and 10850 Pico. The joint venture has, in substance, defeased the debt by purchasing U.S. Government securities, which are intended to generate cash flows to fund loan obligations through the early prepayment date of the debt. Monthly debt service includes debt amortization payments based on a ten-year amortization schedule with a balloon payment at maturity. (10) This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), our partner in the joint venture that owns Ferry Building. The maturity date may be extended twice for an additional two-year term each. (11) We own 20% of the ownership interest in the unconsolidated real estate investment that owns Bentall Centre. The loan was transacted in CAD. The principal balance is shown in USD using the foreign currency exchange rate as of December 31, 2021. The interest on the full amount has been effectively capped at 5.25% per annum through the use of an interest rate cap. (12) We own 50% of the ownership interest in the unconsolidated real estate investment that owns the Sunset Glenoaks Studios development. This loan has an initial interest rate of LIBOR plus 3.00% per annum and is interest-only through its term. The total capacity of the loan is $94.0 million, as of December 31, 2021 we have $90.7 million undrawn.


 
Page 22 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Capital Structure As of December 31, 2021 | Unaudited, in thousands, except share data and percentages Shares/Units Aggregate Principal Amount or $ Equivalent Unsecured revolving credit facility $ 125,000 Unsecured private placement 625,000 Unsecured registered senior notes 1,300,000 Secured debt 1,714,874 Total Consolidated unsecured and secured debt(1) $ 3,764,874 Add: Series A preferred units 392,598 9,815 Total Consolidated debt(1) $ 3,774,689 Less: Cash and cash equivalents (96,555) Total Consolidated debt, net(1) $ 3,678,134 Add: Company’s share of unconsolidated real estate entity debt(2) 105,275 Less: Partner’s share of consolidated debt(3) (786,232) Less: Company’s share of unconsolidated real estate entity cash and cash equivalents (8,126) Add: Partner’s share of cash and cash equivalents 24,056 Company’s share of debt, net(1) $ 3,013,107 EQUITY Series C cumulative redeemable preferred stock 17,000,000 $ 425,000 Common stock 151,124,543 3,734,287 Operating partnership units 1,842,898 45,538 Restricted stock and units 1,188,928 29,378 Dilutive shares(1) 596,348 14,736 TOTAL EQUITY 171,752,717 $ 4,248,939 (4) CONSOLIDATED MARKET CAPITALIZATION(1) $ 8,023,628 COMPANY’S SHARE OF MARKET CAPITALIZATION(1) $ 7,342,670 CONSOLIDATED DEBT, NET/CONSOLIDATED MARKET CAPITALIZATION 45.8 % COMPANY’S SHARE OF DEBT, NET/COMPANY’S SHARE OF MARKET CAPITALIZATION 41.0 % (1) See definitions starting on page 53. (2) Amount is calculated based on our percentage ownership interest in our unconsolidated joint venture entity. The amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (3) Amount is calculated based on the outside partner’s percentage ownership interest in the consolidated joint venture entities. (4) Amount is calculated based on December 31, 2021 closing price at $24.71 per share of common stock.


 
Page 23 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Interest Rate(4) Years to Maturity COMPANY’S SHARE OF SECURED AND UNSECURED DEBT(1) Unsecured debt $ 2,050,000 66.5% 4.0% 5.8 Secured debt(5) 1,033,917 33.5 2.1% 2.8 TOTAL $ 3,083,917 100.0% 4.8 COMPANY’S SHARE OF FLOATING AND FIXED-RATE DEBT Floating-rate debt $ 584,181 18.9% 1.6% 3.0 Fixed-rate debt(5)(6) 2,499,736 81.1 3.7% 5.2 TOTAL $ 3,083,917 100.0% 4.8 Weighted average stated interest rate(4) 3.3% GAAP effective rate including unamortized deferred financing costs and loan discounts/premiums(7) 3.5% DEBT COVENANT COMPLIANCE Covenant Actual Performance UNSECURED REVOLVING CREDIT FACILITY, TERM LOAN AND PRIVATE PLACEMENT(8) Total liabilities to total asset value ≤ 60% 38.7% Unsecured indebtedness to unencumbered asset value ≤ 60% 35.2% Adjusted EBITDA to fixed charges ≥ 1.5x 3.7x Secured indebtedness to total asset value ≤ 45% 18.3% Unencumbered NOI to unsecured interest expense ≥ 2.0x 3.6x UNSECURED REGISTERED SENIOR NOTES(9) Debt to total assets ≤ 60% 42.4% Total unencumbered assets to unsecured debt ≥ 150% 280.0% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 4.5x Secured debt to total assets ≤ 45% 19.9%


 
Page 24 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) Includes the Company’s Share of principal amortization and maturities, based on contractual maturity dates, excluding: (i) in-substance defeased debt related to One Westside and 10850 Pico, (ii) unamortized deferred financing costs and loan discounts/premiums, and (iii) debt due to Allianz, our partner in the joint venture that owns Ferry Building. The Bentall Centre loan was transacted in CAD; the amounts reflected are shown in USD using the foreign currency exchange rate as of December 31, 2021. (2) Includes $351.2 million related to the Hollywood Media Portfolio loan maturing August 9, 2023. This loan has an initial term of two years from the first payment date with three one-year extension options, subject to certain requirements. (3) We have the option to extend the initial maturity date with respect to the unsecured revolving credit facility twice for an additional six-month term each. (4) Rates as of December 31, 2021 include fixed-rate loans and variable-rate loans with effective fixed-rate as a result of derivative instruments on the full principal balance. Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rate for the unsecured revolving credit facility includes the LIBOR rate as of December 31, 2021. (5) We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. The interest rate on a portion of the outstanding loan balance has been effectively fixed through the use of interest rate swaps under the first payments approach. As of December 31, 2021, the LIBOR component of the interest rate was fixed at 1.76% with respect to $350.0 million and 1.43% with respect to $125.0 million of the loan secured by the Hollywood Media Portfolio, respectively. (6) Includes instruments of fixed-rate debt and effective fixed-rate debt as a result of derivative instruments on the full principal balance. (7) Rates are as of December 31, 2021 and include deferred financing costs and loan discounts/premiums. (8) In November 2015 and July 2016, the operating partnership entered into private placement of debt. In December 2021, the operating partnership entered into an amended and restated credit agreement (the “Facility”). The table summarizes the financial results as of December 31, 2021 under the most restrictive covenants of the Facility or private placement debt. As of December 31, 2021, the operating partnership was in compliance with both the private placement debt and the Facility covenants. (9) On October 2017, the operating partnership completed an underwritten public offering of senior notes (the “3.95% Senior Notes”). On February 27, 2019, the operating partnership completed an underwritten public offering of $350.0 million of 4.65% Senior Notes, which were issued at 98.663% of par. On June 14, 2019, the operating partnership completed an underwritten public offering of $150.0 million of additional 4.65% Senior Notes, which were issued at a premium at 103.544% of par. On October 3, 2019, the operating partnership completed an underwritten public offering of $400.0 million of 3.25% Senior Notes, which were issued at 99.268% of par. The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.95% Senior Notes, 4.65% Senior Notes and 3.25% Senior Notes based on the financial results as of December 31, 2021. As of December 31, 2021, the operating partnership was in compliance with such indentures. Unsecured and Secured Debt Maturities, Composition and Covenant Compliance (continued)


 
Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Operational and Portfolio Information


 
Page 26 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 In-Service Office Properties(1) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) SAME-STORE(5) Vancouver, British Columbia Bentall Centre(6) Downtown Vancouver 1,500,290 96.3 % 96.7 % $ 43,176,282 $ 29.88 Subtotal 1,500,290 96.3 96.7 43,176,282 29.88 Greater Seattle, Washington Met Park North Denny Triangle 189,511 100.0 100.0 5,653,477 29.83 Hill7(7) Denny Triangle 285,419 99.0 99.0 11,370,031 40.23 450 Alaskan Pioneer Square 171,026 95.4 99.5 6,877,946 42.17 411 First Pioneer Square 163,668 60.9 60.9 3,765,520 37.79 505 First Pioneer Square 288,597 84.0 84.0 7,083,908 29.22 83 King Pioneer Square 184,055 64.6 69.2 5,318,321 44.72 Subtotal 1,282,276 85.5 86.7 40,069,203 36.55 San Francisco Bay Area, California 1455 Market(7) San Francisco 1,032,175 97.2 97.2 53,518,418 53.36 275 Brannan San Francisco 57,120 100.0 100.0 4,690,232 82.11 625 Second San Francisco 138,354 51.1 51.1 4,853,832 68.67 875 Howard San Francisco 285,706 97.9 97.9 15,322,196 54.79 901 Market San Francisco 206,697 88.3 88.3 12,610,010 69.13 Rincon Center(8) San Francisco 533,273 97.6 97.6 32,408,099 62.30 Ferry Building(7) San Francisco 266,446 96.3 98.2 21,819,709 85.01 Towers at Shore Center Redwood Shores 335,308 92.9 95.1 22,656,765 72.74 Shorebreeze Redwood Shores 230,931 83.8 91.0 12,574,453 64.95 555 Twin Dolphin Redwood Shores 200,615 90.2 90.2 11,523,092 63.69 Palo Alto Square(9) Palo Alto 317,899 86.7 91.4 26,047,263 94.55 3176 Porter Palo Alto 42,899 100.0 100.0 3,346,122 78.00 3400 Hillview Palo Alto 207,857 100.0 100.0 15,339,847 73.80 Clocktower Square Palo Alto 100,655 100.0 100.0 8,912,586 88.55 Foothill Research Center Palo Alto 195,121 93.6 93.6 13,668,200 74.82 Page Mill Center(10) Palo Alto 94,539 82.4 82.4 6,236,184 80.01 Page Mill Hill Palo Alto 178,179 89.4 94.8 12,523,004 78.58 Gateway North San Jose 610,863 81.0 82.0 21,640,894 43.75 1740 Technology North San Jose 206,710 99.6 99.6 8,842,295 42.95 Concourse North San Jose 945,407 88.8 89.5 34,465,224 41.04 Metro Plaza(11) North San Jose 409,723 87.1 87.7 15,656,775 43.85 Skyport Plaza North San Jose 418,667 96.1 96.1 15,858,698 39.42 Techmart Santa Clara 284,852 71.8 77.9 10,097,590 49.34 Subtotal 7,299,996 90.5 91.7 384,611,488 58.21


 
Page 27 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 In-Service Office Properties(1) (continued) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) Los Angeles, California 6040 Sunset(12) Hollywood 114,958 100.0 100.0 6,607,096 57.47 ICON(12) Hollywood 326,792 100.0 100.0 20,052,743 61.36 CUE(12) Hollywood 94,386 100.0 100.0 5,867,379 62.16 EPIC(12) Hollywood 301,127 100.0 100.0 21,211,386 70.44 Fourth & Traction Downtown Los Angeles 131,701 93.5 100.0 5,545,170 45.05 Maxwell Downtown Los Angeles 102,963 100.0 100.0 4,783,165 46.46 604 Arizona West Los Angeles 44,260 100.0 100.0 3,238,742 73.18 3401 Exposition West Los Angeles 63,376 100.0 100.0 3,133,368 49.44 10850 Pico(13) West Los Angeles 44,913 100.0 100.0 1,940,536 43.21 10900 Washington West Los Angeles 9,919 100.0 100.0 499,918 50.40 10950 Washington West Los Angeles 159,198 100.0 100.0 7,947,425 49.92 11601 Wilshire West Los Angeles 498,112 91.3 95.4 21,582,739 47.43 Element LA West Los Angeles 284,037 100.0 100.0 17,864,002 62.89 Subtotal 2,175,742 97.6 99.0 120,273,669 56.62 Total same-store 12,258,304 92.0 93.1 588,130,642 52.17 NON-SAME-STORE Greater Seattle, Washington 1918 Eighth(7) Denny Triangle 668,209 99.6 99.6 20,866,717 31.35 5th & Bell Denny Triangle 197,136 99.0 99.0 7,004,205 35.87 Subtotal 865,345 99.5 99.5 27,870,922 32.37 Los Angeles, California One Westside(14) West Los Angeles 584,000 100.0 100.0 36,211,200 62.01 Subtotal 584,000 100.0 100.0 36,211,200 62.01 Total non-same-store 1,449,345 99.7 99.7 64,082,122 44.35 Total Stabilized 13,707,649 92.8 93.8 652,212,764 51.29 LEASE-UP San Francisco Bay Area, California Metro Center Foster City 726,080 79.4 81.3 35,093,355 60.90 333 Twin Dolphin Redwood Shores 183,119 91.8 91.8 10,505,563 62.51 Subtotal 909,199 81.9 83.4 45,598,918 61.26 Los Angeles, California Harlow(12) Hollywood 129,931 54.1 54.1 3,821,784 54.38 Subtotal 129,931 54.1 54.1 3,821,784 54.38


 
Page 28 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) In-service office excludes the land, repositioning, redevelopment, development and held for sale properties described on pages 32 and 33. We define lease-up properties as office properties that have not yet reached 92.0% occupancy since the date acquired or placed under redevelopment or development. (2) Square footage for office properties determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to re-measurement or re-leasing. (3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of December 31, 2021, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. (4) Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of December 31, 2021, by (ii) 12. Annualized base rent per square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced leases as of December 31, 2021. Annualized base rent does not reflect tenant reimbursements. (5) Defined as all properties owned and included in our stabilized office portfolio as of October 1, 2020 and still owned and included in the stabilized office portfolio as of December 31, 2021. (6) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (7) We own 55% of the ownership interest in the consolidated joint ventures that own Hill7, 1455 Market, Ferry Building and 1918 Eighth. (8) 20,047 square feet at Rincon Center was taken off-line for repositioning as of third quarter 2019. An additional 1,935 square feet was taken off-line for repositioning as of third quarter 2020, and an additional 14,923 square feet was taken off-line for repositioning as of fourth quarter 2020. The total repositioning space was re-measured during fourth quarter 2020 to 36,905 square feet. (9) 12,740 square feet at Palo Alto Square was taken off-line for repositioning as of second quarter 2021. (10) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was take off-line for repositioning as of third quarter 2020. (11) 17,624 square feet at Metro Plaza was taken off-line for repositioning as of fourth quarter 2019. An additional 30,851 square feet was taken off-line for repositioning as of first quarter 2020. The total repositioning space was re-measured during third quarter 2020 to 61,066 square feet. (12) We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE, EPIC and Harlow. (13) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. 40,337 square feet at 10850 Pico was taken off-line for repositioning as of first quarter 2020. An additional 10,737 square feet was taken off-line for repositioning as of first quarter 2021. The total repositioning space was re-measured during first quarter 2021 to 51,409 square feet. (14) The entire premises was delivered for construction of tenant improvements to Google, Inc. during fourth quarter 2021. Monthly base rent payments are anticipated to commence during third quarter 2022 with base rent abatements from the second through ninth month following rent commencement. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. Please see page 37 for estimated yield and project costs. (15) Included as part of total in-service occupied and leased square footage is 68,128 square feet of existing leases that have been amended or signed as of fourth quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $52.30. In-Service Office Properties(1) (continued) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) Total lease-up 1,039,130 78.4 % 79.8 % $ 49,420,702 $ 60.67 TOTAL IN-SERVICE 14,746,779 91.8 % 92.8 % $ 701,633,466 $ 51.85 (15)


 
Page 29 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 In-Service Office Properties by Location(1) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 28. (5) Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. Properties Square Feet(2) Occupied Square Feet Percent Occupied(3) Leased Square Feet Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) STABILIZED Vancouver, British Columbia Downtown Vancouver(5) 1 1,500,290 1,445,088 96.3 % 1,450,422 96.7 % $ 43,176,282 $ 29.88 Subtotal 1 1,500,290 1,445,088 96.3 1,450,422 96.7 43,176,282 29.88 Greater Seattle, Washington Denny Triangle 4 1,340,275 1,332,998 99.5 1,332,998 99.5 44,894,430 33.68 Pioneer Square 4 807,346 624,111 77.3 639,564 79.2 23,045,695 36.93 Subtotal 8 2,147,621 1,957,109 91.1 1,972,562 91.8 67,940,125 34.71 San Francisco Bay Area, California San Francisco 7 2,519,771 2,369,825 94.0 2,374,869 94.2 145,222,496 61.28 Redwood Shores 3 766,854 686,000 89.5 709,910 92.6 46,754,310 68.15 Palo Alto 7 1,137,149 1,046,869 92.1 1,071,411 94.2 86,073,206 82.22 North San Jose 5 2,591,370 2,299,727 88.7 2,314,023 89.3 96,463,886 41.95 Santa Clara 1 284,852 204,660 71.8 222,027 77.9 10,097,590 49.34 Subtotal 23 7,299,996 6,607,081 90.5 6,692,240 91.7 384,611,488 58.21 Los Angeles, California Hollywood 4 837,263 837,263 100.0 837,263 100.0 53,738,604 64.18 West Los Angeles 8 1,687,815 1,644,719 97.4 1,665,059 98.7 92,417,930 56.19 Downtown Los Angeles 2 234,664 226,060 96.3 234,664 100.0 10,328,335 45.69 Subtotal 14 2,759,742 2,708,042 98.1 2,736,986 99.2 156,484,869 57.79 Total Stabilized 46 13,707,649 12,717,320 92.8 12,852,210 93.8 652,212,764 51.29


 
Page 30 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 In-Service Office Properties by Location(1) (continued) Properties Square Feet(2) Occupied Square Feet Percent Occupied(3) Leased Square Feet Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) LEASE-UP San Francisco Bay Area, California Foster City 1 726,080 576,244 79.4 590,641 81.3 35,093,355 60.90 Redwood Shores 1 183,119 168,074 91.8 168,074 91.8 10,505,563 62.51 Subtotal 2 909,199 744,318 81.9 758,715 83.4 45,598,918 61.26 Los Angeles, California Hollywood 1 129,931 70,285 54.1 70,285 54.1 3,821,784 54.38 Subtotal 1 129,931 70,285 54.1 70,285 54.1 3,821,784 54.38 Total Lease-up 3 1,039,130 814,603 78.4 829,000 79.8 49,420,702 60.67 TOTAL IN-SERVICE 49 14,746,779 13,531,923 91.8 % 13,681,210 92.8 % $ 701,633,466 $ 51.85 (6) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 28. (6) Included as part of total in-service occupied and leased square footage is 68,128 square feet of existing leases that have been amended or signed as of fourth quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $52.30.


 
Page 31 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) Percent leased for same-store studio is the average percent leased for the 12 months ended December 31, 2021. (2) Annual base rent for same-store studio reflects actual base rent for the 12 months ended December 31, 2021, excluding tenant reimbursements. (3) Annual base rent per leased square foot for same-store studio calculated as (i) annual base rent divided by (ii) square footage under lease as of December 31, 2021. (4) 18,594 square feet located at Sunset Las Palmas Studios was taken off-line for repositioning. (5) Same-store studio defined as all studios owned and included in our portfolio as of January 1, 2020 and still owned and included in our portfolio as of December 31, 2021. We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (6) Does not include 241,000 square feet related to Sunset Glenoaks Studios which is under construction as of fourth quarter 2021. We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. See page 35 for more information. Square Feet Percent of Total Percent Leased(1) Annual Base Rent(2) Annual Base Rent Per Leased Square Foot(3) Sunset Gower Studios 531,756 44.1 % 84.8 % $ 18,980,337 $ 42.11 Sunset Bronson Studios 308,026 25.5 91.7 10,954,953 38.80 Sunset Las Palmas Studios(4) 366,027 30.4 82.0 14,380,103 48.07 Total same-store studio(5) 1,205,809 100.0 % 85.7 % $ 44,315,393 $ 42.89 TOTAL STUDIO(6) 1,205,809 100.0 % Studio Properties


 
Page 32 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Land Properties (1) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals that have not yet been obtained. (2) We own 35% of the ownership interest in the unconsolidated joint venture that owns Sunset Waltham Cross Studios—Development. (3) We own 20% of the ownership interest in the unconsolidated joint venture that owns Burrard Exchange. The construction of Burrard Exchange may require the demolition of certain retail square footage. (4) The final purchase of Washington 1000 is pending as of December 31, 2021. Square footage represents condominium rights to build a fully entitled 16-story office tower. (5) Square footage for Sunset Bronson Studios Lot D—Development represents management’s estimate of developable square footage for 33 residential units. (6) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (7) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. Submarket Square Feet(1) Percent of Total Greater London, UK Sunset Waltham Cross Studios—Development(2) Broxbourne TBD N/A Subtotal TBD N/A Vancouver, British Columbia Burrard Exchange(3) Downtown Vancouver 450,000 15.2 % Subtotal 450,000 15.2 % Greater Seattle, Washington Washington 1000(4) Denny Triangle 538,164 18.2 % Subtotal 538,164 18.2 % San Francisco Bay Area, California Cloud10 North San Jose 350,000 11.9 % Subtotal 350,000 11.9 % Los Angeles, California Sunset Bronson Studios Lot D—Development(5)(6) Hollywood 19,816 0.7 % Sunset Gower Studios—Development(6)(7) Hollywood 478,845 16.2 Sunset Las Palmas Studios—Development(6) Hollywood 617,581 20.9 Element LA—Development West Los Angeles 500,000 16.9 Subtotal 1,616,242 54.7 % TOTAL LAND 2,954,406 100.0 %


 
Page 33 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Repositioning, Redevelopment, Development and Held-for-Sale Properties(1) Estimated Square Feet(2) Occupied Square Feet Percent Occupied(3) Leased Square Feet Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4)Submarket REPOSITIONING(5) Greater Seattle, Washington 95 Jackson(6) Pioneer Square 35,905 — — % — — % $ — $ — Subtotal 35,905 — — — — — — San Francisco Bay Area, California Rincon Center(7) San Francisco 36,905 — — — — — — Page Mill Center(8) Palo Alto 79,056 — — — — — — Palo Alto Square(9) Palo Alto 12,740 — — — — — — Metro Plaza(10) North San Jose 61,066 — — 5,204 8.5 — — Subtotal 189,767 — — 5,204 2.7 — — Los Angeles, California 10850 Pico(11) West Los Angeles 51,409 — — — — — — Sunset Las Palmas Studios(12) Hollywood 18,594 — — — — 19,003 — Subtotal 70,003 — — — — 19,003 — Total repositioning 295,675 — — 5,204 1.8 19,003 — DEVELOPMENT Los Angeles, California Sunset Glenoaks Studios(13) Los Angeles 241,000 — — — — — — Total development 241,000 — — — — — — HELD-FOR-SALE Greater Seattle, Washington Northview Center Lynnwood 179,985 125,083 69.5 125,083 69.5 2,960,663 23.67 Subtotal 179,985 125,083 69.5 125,083 69.5 2,960,663 23.67 San Francisco Bay Area, California Skyway Landing Redwood Shores 246,997 188,470 76.3 188,470 76.3 11,004,346 58.39 Subtotal 246,997 188,470 76.3 188,470 76.3 11,004,346 58.39 Los Angeles, California 6922 Hollywood Hollywood 205,189 147,388 71.8 147,388 71.8 7,795,314 52.89 Del Amo Torrance 113,000 — — — — — — Subtotal 318,189 147,388 46.3 147,388 46.3 7,795,314 52.89 Total held-for-sale 745,171 460,941 61.9 460,941 61.9 21,760,323 47.21 TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD-FOR-SALE 1,281,846 460,941 36.0 % 466,145 36.4 % $ 21,779,326 $ 47.25


 
Page 34 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) Excludes in-service office, studio and land properties with exception of land properties held for sale (see pages 26, 27 and 32). The timing of completion of our projects may be impacted by factors outside of our control, including government restrictions and/or social distancing requirements affecting construction projects due to the COVID-19 pandemic. (2) Square footage determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to re-measurement or re-leasing. (3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of December 31, 2021, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. Percent leased for studio properties is the average percent leased for the 12 months ended December 31, 2021. (4) Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of December 31, 2021, by (ii) 12. Annualized base rent per square foot for office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced lease as of December 31, 2021. Annualized base rent does not reflect tenant reimbursements. Annual base rent for studio properties reflects actual base rent for the 12 months ended December 31, 2021, excluding tenant reimbursements. (5) Reclassification of a portion of an asset for purposes of improving its quality and value through investment of significant capital, resulting in substantial down time in occupancy. (6) 35,905 square feet at 95 Jackson was taken off-line for repositioning as of first quarter 2021. (7) 20,047 square feet at Rincon Center was taken off-line for repositioning as of third quarter 2019. An additional 1,935 square feet was taken off-line for repositioning as of third quarter 2020, and an additional 14,923 square feet was taken off-line for repositioning as of fourth quarter 2020. The total repositioning space was re-measured during fourth quarter 2020 to 36,905 square feet. (8) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was take off-line for repositioning as of third quarter 2020. (9) 12,740 square feet at Palo Alto Square was taken off-line for repositioning as of second quarter 2021 following the termination of Century Theaters, Inc. as we evaluate the change of use for the space. (10) 17,624 square feet at Metro Plaza was taken off-line for repositioning as of fourth quarter 2019. An additional 30,851 square feet was taken off-line for repositioning as of first quarter 2020. The total repositioning space was re-measured during third quarter 2020 to 61,066 square feet. (11) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. 40,337 square feet at 10850 Pico was taken off-line for repositioning as of first quarter 2020. An additional 10,737 square feet was taken off-line for repositioning as of first quarter 2021. The total repositioning space was re-measured during first quarter 2021 to 51,409 square feet. (12) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Las Palmas Studios. 18,594 square feet located at Sunset Las Palmas Studios was taken off-line for repositioning. (13) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. Repositioning, Redevelopment, Development and Held For Sale Properties(1) (continued)


 
Page 35 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) Project costs exclude interest costs capitalized in accordance with Accounting Standards Codification (“ASC”) 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. (2) Based on issuance of building permit or equivalent. (3) Based on receipt of a temporary certificate of occupancy or equivalent. The timing of completion of our projects may be impacted by factors outside of our control, including government restrictions and/or social distancing requirements affecting construction projects due to the COVID-19 pandemic. (4) Based on management’s estimate of stabilized occupancy (92.0%). Occupancy for stabilization purposes defined as the commencement of base rental payments (defined as cash base rents (after abatements)). Under Construction and Future Development Projects Unaudited, in thousands, except square feet Estimated Construction Period Project Costs(1) Submarket Start Date(2) Estimated Completion Date(3) Estimated Stabilization Date(4) Estimated Square Feet(5) Total % Leased Project Costs as of 12/31/21 Total Estimated Project Costs Estimated Initial Stabilized Yield on Project Costs(6) UNDER CONSTRUCTION Sunset Glenoaks Studios(7) Los Angeles Q4-2021 Q3-2023 Q2-2024 241,000 — $ 32,434 (8) $180,000- $200,000 (8) 7.50%-8.00% Total under construction 241,000 $ 32,434 FUTURE DEVELOPMENT PIPELINE Washington 1000 Denny Triangle TBD TBD TBD 538,164 N/A $ 36,224 (9) $340,000- $360,000 (9) 7.50%-8.00% Burrard Exchange(10) Downtown Vancouver TBD TBD TBD 450,000 N/A $ 3,649 TBD TBD Element LA—Development West Los Angeles TBD TBD TBD 500,000 N/A N/A TBD TBD Sunset Bronson Studios Lot D—Development(11) Hollywood TBD TBD TBD 19,816 N/A N/A TBD TBD Sunset Gower Studios— Development(11)(12) Hollywood TBD TBD TBD 478,845 N/A $ 7,643 TBD TBD Sunset Las Palmas Studios—Development(11) Hollywood TBD TBD TBD 617,581 N/A $ 23,413 (13) TBD TBD Sunset Waltham Cross Studios— Development(14) Broxbourne TBD TBD TBD TBD N/A $ 179,914 (14) TBD TBD Cloud10 North San Jose TBD TBD TBD 350,000 N/A $ 12,887 (15) TBD TBD Total future development 2,954,406 TOTAL 3,195,406


 
Page 36 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (5) Square footage for office properties determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained. (6) Estimated initial stabilized yield on project costs calculated as the quotient of the estimated NOI and our investment in the property once the project has reached stabilization and initial rental concessions, if any, have elapsed. Our estimated initial stabilized yield excludes the impact of leverage. Our cash rents related to our value creation projects are expected to increase over time and our average cash yields are expected, in general, to be greater than our estimated initial stabilized yields on a cash basis. Our estimates for initial cash yields and total costs at completion represent our current estimates, which may be updated upon completion of the project or sooner if there are significant changes to the expected project yields or costs. We caution against placing undue reliance on the estimated initial stabilized yields because they are based solely on our estimates, using data available to us throughout the development process. The amount of total investment required to reach stabilized occupancy may differ substantially from our estimates due to various factors. We can provide no assurance that the actual initial stabilized yields will be consistent with the estimated initial stabilized yields set forth herein. (7) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. (8) Total estimated project costs for Sunset Glenoaks Studios include $28.8 million for land and acquisition costs. (9) Total estimated project costs for Washington 1000 include $86.0 million for management’s estimate of allocated land and acquisition costs. As of December 31, 2021 we have incurred $36.2 million of project costs with the remaining $49.8 million of management’s estimate of allocated land and acquisition costs due upon the deliverance of the podium by the State of Washington, which is anticipated to occur during first quarter 2022. The Company could commence construction upon delivery of the podium. (10) We own 20% of the ownership interest in the unconsolidated joint venture that owns Burrard Exchange. Amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (11) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (12) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (13) Project costs as of December 31, 2021 for Sunset Las Palmas Studios—Development include $20.8 million for management’s estimate of allocated land and acquisition costs. (14) We own 35% of the ownership interest in the unconsolidated joint venture that owns Sunset Waltham Cross Studios—Development. Project costs as of December 31, 2021 for Sunset Waltham Cross Studios—Development includes $175.6 million for land and acquisition costs. Amounts reflected have been converted from GBP to USD using the foreign currency exchange rate as of December 31, 2021. (15) Project costs as of December 31, 2021 for Cloud10 include approximately $10.5 million for management’s estimate of allocated land and acquisition costs. Under Construction and Future Development Projects (continued)


 
Page 37 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Recently Completed, Under Construction and Planned Project Images (1) Google, Inc. signed a 584,000-square-foot lease for approximately 14.3 years which has commenced effective 11/30/2021 with an estimated stabilization date of second quarter 2023. Total projects costs for One Westside as of December 31, 2021 are $394.7 million, with each partner contributing its pro rata share. Estimated yields at stabilization will range between 8.00% - 8.25% based on total estimated project costs in the range of $500.0 - $525.0 million. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (2) Square footage for office properties determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained. Recently Completed Under Construction Planned Sunset Waltham Cross Studios | Development (Broxbourne) TBD | Completion TBD Single or Multi-Tenant EPIC | Development Los Angeles (Hollywood) 301,127 SF | Completed 4Q19 Single Tenant (Netflix, Inc.) Harlow | Development Los Angeles (Hollywood) 129,931 SF | Completed 3Q20 Single or Multi-Tenant One Westside(1) | Redevelopment Los Angeles (West Los Angeles) 584,000 SF | Completed 4Q21 Single Tenant (Google, Inc.) Cloud10 | Development Silicon Valley (North San Jose) 350,000(2) SF | Completion TBD Single Tenant (Build-to-Suit) Sunset Gower Studios | Development Los Angeles (Hollywood) 478,845(2) SF | Completion TBD Single or Multi-Tenant Washington 1000 | Development Seattle (Denny Triangle) 538,164(2) SF | Completion TBD Single or Multi-Tenant Burrard Exchange Vancouver (Downtown) 450,000(2) SF | Completion TBD Single or Multi-Tenant Sunset Glenoaks Studios | Development Los Angeles (Los Angeles) 241,000(2) SF | Completion 3Q23 Single or Multi-Tenant


 
Page 38 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Office Tenant Industry Diversification(1) INDUSTRY DIVERSIFICATION Company’s Share Industry Square Feet(2)(3) Annualized Base Rent as Percent of Total Square Feet(2)(4) Annualized Base Rent as Percent of Total Technology 5,297,551 40.1 % 4,578,972 41.7 % Media and Entertainment 1,845,880 15.3 1,329,839 13.2 Legal 745,242 7.1 683,928 8.3 Business Services 1,133,982 (5) 8.0 871,262 (6) 7.8 Financial Services 1,135,282 7.8 814,553 7.4 Retail 1,459,700 (7) 6.9 1,140,179 (8) 6.5 Other 837,398 5.9 657,833 6.3 Healthcare 221,340 1.9 211,064 2.2 Real Estate 490,332 2.8 257,740 2.1 Insurance 243,788 1.5 188,272 1.6 Educational 112,680 1.0 107,725 1.2 Government 204,526 1.1 161,145 1.1 Advertising 60,075 0.6 55,656 0.6 TOTAL 13,787,776 100.0 % 11,058,168 100.0 % (1) Industries and sectors are determined by management using Thompson Reuters Business Classification and are presented in order of Company’s Share of annualized base rent. (2) Excludes signed leases not commenced. (3) Excludes 205,088 square feet occupied by the Company. (4) Excludes 183,112 square feet occupied by the Company. (5) Includes 493,608 square feet occupied by co-working tenants (represents 3.4% of total annualized base rent). (6) Includes 298,752 square feet occupied by co-working tenants (represents 2.6% of the Company’s Share of total annualized base rent). (7) Includes 436,663 square feet of storefront retail (represents 1.8% of total annualized base rent). (8) Includes 390,095 square feet of storefront retail (represents 1.9% of the Company’s Share of total annualized base rent). TECHNOLOGY DIVERSIFICATION Company’s Share Sector Square Feet(2) Annualized Base Rent as Percent of Total Square Feet(2) Annualized Base Rent as Percent of Total Online services 1,664,924 38.3 % 1,413,428 38.4 % Software 1,280,664 22.8 1,220,802 24.9 Computer hardware and technology equipment 1,088,048 15.4 1,053,151 17.3 Business support services 707,832 13.2 493,776 10.8 Other 419,605 7.6 268,820 5.6 Biotechnology, healthcare and medical research 101,014 2.2 101,014 2.5 Telecommunications and networking 35,464 0.5 27,981 0.5 TOTAL 5,297,551 100.0 % 4,578,972 100.0 % MEDIA AND ENTERTAINMENT DIVERSIFICATION Company’s Share Sector Square Feet(2) Annualized Base Rent as Percent of Total Square Feet(2) Annualized Base Rent as Percent of Total Entertainment production and service 1,335,016 71.8 % 839,817 62.0 % Gaming 361,056 21.2 351,274 29.0 Advertising and marketing 104,321 5.1 104,321 7.0 Other 45,487 1.9 34,427 2.0 TOTAL 1,845,880 100.0 % 1,329,839 100.0 %


 
Page 39 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Fifteen Largest Office Tenants (1) Presented in order of Company’s Share of annualized base rent. (2) Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of December 31, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. Annualized base rents related to Bentall Centre have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (3) Google, Inc. expirations by square footage and property: (i) 182,672 square feet at Foothill Research Center expiring on February 28, 2025, (ii) 208,843 square feet at Rincon Center expiring on February 29, 2028, (iii) 207,857 square feet at 3400 Hillview expiring on November 30, 2028, (iv) 41,354 square feet at Ferry Building expiring on October 31, 2029 and (v) 584,000 square feet at One Westside expiring on November 30, 2036. We own 55% of the ownership interest in the consolidated joint venture that owns Ferry Building and 75% of the ownership interest in the consolidated joint venture that owns One Westside. Google, Inc. may elect to exercise its early termination right at Rincon Center for 166,460 square feet effective April 15, 2025 by delivering written notice on or before January 15, 2024. Google, Inc. may elect to exercise its early termination right at 3400 Hillview for 207,857 square feet effective no earlier than February 1, 2025 and no later than February 1, 2027 by delivering written notice at least 12 months prior to the early termination date. (4) Netflix, Inc. expirations by square footage and property: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC and (iii) 94,386 square feet at CUE. We own 51% of the ownership interest in the consolidated joint venture that owns ICON, EPIC and CUE. Company’s Share Tenant(1) Property Lease Expiration Total Occupied Square Feet Total Occupied Square Feet Percent of Rentable Square Feet Annualized Base Rent(2) Percent of Annualized Base Rent 1 Google, Inc. Various Various 1,224,726 (3) 1,060,117 8.2% $ 76,090,160 12.6% 2 Netflix, Inc. Various 9/30/2031 722,305 (4) 368,376 2.9 24,037,069 4.0 3 Amazon Various Various 938,200 (5) 665,247 5.2 21,991,951 3.6 4 Nutanix, Inc. Various 5/31/2024 439,406 (6) 439,406 3.4 18,490,620 3.1 5 Riot Games, Inc. Element LA 3/31/2030 284,037 (7) 284,037 2.2 17,864,002 3.0 6 Qualcomm Skyport Plaza 7/31/2022 376,817 376,817 2.9 14,940,041 2.5 7 Salesforce.com Rincon Center Various 265,394 (8) 265,394 2.1 14,437,487 2.4 8 Block, Inc. (Formerly Square, Inc.) 1455 Market(9) 9/27/2023 469,056 257,981 2.0 13,338,551 2.2 9 Dell EMC Corporation Various Various 311,795 (10) 311,795 2.4 13,220,333 2.2 10 Uber Technologies, Inc. 1455 Market(9) 2/28/2025 325,445 178,995 1.4 9,644,556 1.6 11 NFL Enterprises Various 12/31/2022 167,606 (11) 167,606 1.3 8,447,342 1.4 12 WeWork Companies, Inc. Various Various 318,208 (12) 146,743 1.1 7,020,286 1.2 13 GitHub, Inc. Various 6/30/2025 92,450 (13) 92,450 0.7 6,679,300 1.1 14 Weil, Gotshal & Manges LLP Towers at Shore Center 8/31/2026 76,278 76,278 0.6 5,747,762 1.0 15 Regus Various Various 123,420 (14) 123,420 1.0 5,589,789 0.9 TOTAL 6,135,143 4,814,662 37.4% $ 257,539,249 42.8%


 
Page 40 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (5) Amazon expirations by square footage and property: (i) 139,824 square feet at Met Park North expiring on November 30, 2023, (ii) 606,562 square feet at 1918 Eighth expiring on September 30, 2030 and (iii) 191,814 square feet at 5th & Bell expiring on May 31, 2031. At 1918 Eighth, Amazon is expected to take possession an additional 52,588 square feet during second quarter 2022. We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (6) Nutanix, Inc. expirations by square footage and property: (i) 199,445 square feet at 1740 Technology, (ii) 131,351 square feet at Concourse and (iii) 108,610 square feet at Metro Plaza. At 1740 Technology, Nutanix, Inc. is expected to take possession of an additional 6,413 square feet during second quarter 2022. All leases for Nutanix, Inc. will expire on May 31, 2024. (7) Riot Games, Inc. may elect to exercise its early termination right for the entire premises effective February 28, 2025 by delivering written notice on or before February 29, 2024. (8) Salesforce.com expirations by square footage: (i) 83,016 square feet expiring on July 31, 2025, (ii) 83,372 square feet expiring on April 30, 2027, (iii) 93,028 square feet expiring on October 31, 2028 and (iv) 5,978 square feet of month-to-month storage space. Salesforce.com subleased 259,416 square feet at Rincon Center to Twilio Inc. during third quarter 2018. Effective January 30, 2019, we entered into an agreement to reimburse Salesforce.com approximately $6.3 million for costs incurred in connection with the sublease. We are entitled to recoup this cost from amounts paid pursuant to the sublease commencing February 1, 2019, of which we have been fully reimbursed as of March 31, 2020. Thereafter, Salesforce.com has paid us 50% of any amounts received pursuant to the sublease, such that we began receiving an average of $340,000 per month of sublease cash rents starting June 2020, with annual growth thereafter. (9) We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market. (10) Dell EMC Corporation expirations by square footage and property: (i) 138,820 square feet at 505 First expiring on February 28, 2022, (ii) 42,954 square feet at 505 First expiring on December 31, 2023, (iii) 83,549 square feet at 875 Howard expiring on June 30, 2026 and (iv) 46,472 square feet at 505 First expiring on January 31, 2027. Dell EMC Corporation may elect to exercise its early termination right 505 First for 46,472 square feet effective January 31, 2025 by delivering written notice on or before January 31, 2024. (11) NFL Enterprises by square footage and property: (i) 157,687 square feet at 10950 Washington and (ii) 9,919 square feet at 10900 Washington. NFL Enterprises elected to exercise its early termination right for the entire premises effective December 31, 2022. (12) WeWork Companies Inc. expirations by square footage and property: (i) 54,336 square feet at Hill7 expiring January 31, 2030, (ii) 51,205 square feet at Maxwell expiring June 30, 2031, (iii) 66,056 square feet at 1455 Market expiring October 31, 2031 and (iv) 146,611 square feet at Bentall Centre expiring October 31, 2033. We own 55% of the ownership interest in the consolidated joint ventures that own Hill7 and 1455 Market, and 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. (13) GitHub Inc. expirations by square footage and property: (i) 57,120 square feet at 275 Brannan and (ii) 35,330 square feet at 625 Second. (14) Regus expirations by square footage and property: (i) 44,957 square feet at Gateway expiring on March 31, 2022, (ii) 20,059 square feet at 11601 Wilshire expiring on February 29, 2024, (iii) 27,369 square feet at Techmart expiring on April 30, 2025, (iv) 9,739 square feet at Palo Alto Square expiring on April 30, 2026 and (v) 21,296 square feet at 450 Alaskan expiring on October 31, 2030. Fifteen Largest Office Tenants (continued)


 
Page 41 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Office Property Leasing Activity(1) Three Months Ended December 31, 2021 Year Ended December 31, 2021 Total gross leasing activity Rentable square feet(2) 448,121 1,801,099 Gross new leasing activity Rentable square feet 287,014 730,235 New cash rate(3) $57.20 $55.10 Gross renewal leasing activity Rentable square feet 161,107 1,070,864 Renewal cash rate(4) $43.39 $54.03 Total leases expired and terminated Contractual (scheduled) expiration 99,802 517,200 Early termination 37,360 351,102 Total 137,162 868,302 Net absorption Leased rentable square feet 149,852 (138,067) Cash rent growth(5) Expiring rate $43.48 $49.57 New/renewal rate(6) $48.36 $53.10 Change(5) 11.2 % 7.1 % Straight-line rent growth(7) Expiring rate $39.66 $45.43 New/renewal rate(6) $46.07 $51.81 Change(7) 16.2 % 14.0 % Weighted average lease terms New (in months) 65.5 78.8 Renewal (in months) 23.9 43.6 Blended 50.3 57.3 TENANT IMPROVEMENTS AND LEASING COMMISSIONS(8) Per Square Foot Three Months Ended December 31, 2021 Year Ended December 31, 2021 Total Annual Total Annual New leases $67.08 $12.29 $76.69 $11.68 Renewal leases $5.33 $2.68 $14.23 $3.92 Blended $44.58 $10.63 $38.58 $8.08 NET EFFECTIVE RENT(9) Per Square Foot Three Months Ended December 31, 2021 Year Ended December 31, 2021 Total Total New leases $42.02 $38.88 Renewal leases $40.05 $47.82 Blended $41.30 $44.33


 
Page 42 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) Represents 100% share of consolidated and unconsolidated joint ventures. (2) Includes square footage related to the Company’s management offices totaling zero and 50,610 square feet for the three and 12 months ended December 31, 2021, respectively. The three months and 12 months ended December 31, 2021 excludes 1,962 and 7,291 square feet, respectively, of short-term temporary leases with no base rent, primarily utilized as swing spaces for tenants with pending move-in dates. (3) Excludes 14,680 and 25,354 square feet related to tenants paying percentage rent in lieu of base rent for the three and 12 months ended December 31, 2021, respectively. (4) Excludes 4,948 and 18,833 square feet related to tenants paying percentage rent in lieu of base rent for the three and 12 months ended December 31, 2021, respectively. (5) Represents a comparison between initial stabilized cash rents on new and renewal leases as compared to the expiring cash rents in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. (6) The new rates being compared to expiring rates for the three and 12 months ended December 31, 2021 are calculated using the weighted average starting rates for 165,681 and 348,586 square feet of new leases, respectively. The renewal rates are a weighted average calculation of the total executed renewals for the periods indicated. (7) Represents a comparison between initial straight-line rents on new and renewal leases as compared to the straight-line rents on expiring leases in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. (8) Represents per-square-foot weighted average lease transaction costs based on the leases executed in the periods indicated. (9) Represents the weighted average initial annual cash rent, net of the annualized concessions (i.e free rent), tenant improvements and lease commissions. Office Property Leasing Activity(1) (continued)


 
Page 43 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date Vancouver, British Columbia Bentall Centre(3) Downtown Vancouver 17,830 8/1/2021 9/1/2022 $ 30.86 8/31/2028 Bentall Centre(3) Downtown Vancouver 2,012 8/31/2021 5/1/2022 $ 29.28 11/30/2028 Bentall Centre(3) Downtown Vancouver 6,112 9/1/2021 4/1/2022 $ 29.28 12/31/2026 Bentall Centre(3) Downtown Vancouver 4,972 9/1/2021 3/1/2022 $ 28.09 2/28/2030 Bentall Centre(3) Downtown Vancouver 3,889 9/1/2021 1/1/2022 $ 28.49 12/31/2027 Bentall Centre(3) Downtown Vancouver 2,876 9/1/2021 4/1/2022 $ 37.59 10/31/2028 Bentall Centre(3) Downtown Vancouver 17,830 12/1/2021 2/1/2022 $ 37.59 11/30/2024 Bentall Centre(3) Downtown Vancouver 2,606 12/1/2021 5/1/2022 $ 43.13 4/30/2027 Greater Seattle, Washington 1918 Eighth(4) Denny Triangle 9,945 1/1/2021 4/1/2023 $ 48.80 9/30/2030 411 First Pioneer Square 1,677 1/1/2021 1/1/2022 $ 31.00 12/31/2030 1918 Eighth(4) Denny Triangle 35,524 8/2/2021 12/25/2021 $ 47.38 9/30/2030 Northview Center Lynnwood 1,903 10/1/2021 12/1/2021 $ 20.50 11/30/2024 411 First Pioneer Square 1,599 10/1/2021 11/1/2021 $ 45.50 10/31/2024 505 First Pioneer Square 46,472 10/19/2021 2/1/2022 $ 40.00 1/31/2027 San Francisco Bay Area, California Concourse North San Jose 7,243 6/30/2021 6/30/2021 (5) $ 46.80 12/31/2024 Techmart Santa Clara 3,334 7/10/2021 7/10/2021 (6) $ 53.40 11/9/2024 Shorebreeze Redwood Shores 2,710 8/1/2021 11/1/2021 $ 61.80 7/31/2023 Gateway North San Jose 10,602 9/1/2021 11/1/2021 $ 48.10 8/31/2025 Shorebreeze Redwood Shores 2,396 9/1/2021 12/1/2021 $ 63.60 11/30/2024 Techmart Santa Clara 2,288 9/1/2021 11/1/2021 $ 55.80 8/31/2022 Concourse North San Jose 28,930 10/1/2021 11/1/2021 $ 33.67 3/31/2023 Towers at Shore Center Redwood Shores 8,461 10/1/2021 2/1/2022 $ 72.60 9/30/2025 Concourse North San Jose 3,250 10/1/2021 11/1/2021 $ 48.00 10/31/2024 Metro Center Foster City 3,185 10/1/2021 11/1/2021 $ 70.20 9/30/2024 Concourse North San Jose 1,515 10/1/2021 12/1/2021 $ 48.00 12/31/2024 Gateway North San Jose 1,506 10/1/2021 11/1/2021 $ 46.80 10/31/2022 Metro Center Foster City 1,439 10/1/2021 2/1/2022 $ 39.00 9/30/2026


 
Page 44 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) (continued) Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date San Francisco Bay Area, California (cont.) Techmart Santa Clara 1,245 10/1/2021 11/1/2021 $ 54.00 10/31/2022 Page Mill Hill Palo Alto 9,575 10/6/2021 1/1/2022 $ 78.00 11/30/2023 555 Twin Dolphin Plaza Redwood Shores 1,052 10/14/2021 12/27/2021 $ 63.60 10/31/2023 Towers at Shore Center Redwood Shores 3,470 10/15/2021 2/1/2022 $ 74.40 10/31/2024 Techmart Santa Clara 1,800 10/15/2021 12/1/2021 $ 57.00 11/30/2023 Rincon Center San Francisco 896 10/22/2021 3/21/2022 $ 42.00 3/31/2027 555 Twin Dolphin Plaza Redwood Shores 1,591 10/26/2021 2/1/2022 $ 63.00 10/26/2024 Gateway North San Jose 9,166 11/1/2021 12/1/2021 $ 46.80 3/31/2027 Concourse North San Jose 3,041 11/1/2021 1/1/2022 $ 45.60 11/30/2024 Metro Center Foster City 2,046 11/1/2021 1/1/2022 $ 54.00 10/31/2024 Techmart Santa Clara 1,776 11/1/2021 12/1/2021 $ 51.60 10/31/2023 555 Twin Dolphin Redwood Shores 1,481 11/1/2021 4/1/2022 $ 62.40 10/31/2024 Ferry Building(7) San Francisco 6,185 11/8/2021 3/1/2022 $ 117.00 2/28/2029 Towers at Shore Center Redwood Shores 2,882 11/15/2021 1/1/2022 $ 73.20 2/29/2024 3400 Hillview Palo Alto 207,857 12/1/2021 1/1/2022 $ 73.80 11/30/2028 555 Twin Dolphin Plaza Redwood Shores 15,805 12/1/2021 8/1/2022 $ 67.80 7/31/2032 Towers at Shore Center Redwood Shores 5,229 12/1/2021 3/1/2022 $ 66.00 11/30/2026 Towers at Shore Center Redwood Shores 3,071 12/1/2021 12/1/2022 $ 68.04 11/30/2026 Metro Center Foster City 2,168 12/1/2021 1/1/2022 $ 75.00 11/30/2024 Techmart Santa Clara 1,618 12/1/2021 2/1/2022 $ 52.20 11/30/2024 Gateway North San Jose 1,389 12/1/2021 1/1/2022 $ 46.80 12/31/2022 Techmart Santa Clara 1,098 12/1/2021 4/1/2022 $ 48.00 1/31/2025 Los Angeles, California Harlow(8) Hollywood 56,480 4/1/2021 4/1/2022 $ 61.80 3/31/2033 Harlow(8) Hollywood 13,805 4/1/2021 4/1/2022 $ 24.00 3/31/2033 Maxwell Downtown Los Angeles 19,564 9/6/2021 4/1/2022 $ 48.00 9/30/2027 Maxwell Downtown Los Angeles 29,441 7/27/2021 4/1/2022 $ 46.20 10/31/2032 11601 Wilshire West Los Angeles 4,192 6/4/2021 6/4/2021 (9) $ 66.00 12/31/2028


 
Page 45 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) (continued) (1) Consists of leases that commenced on or prior to December 31, 2021 with up-front free base rent resulting in a rent start date after the commencement of the three-month period ending December 31, 2021. (2) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. (3) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (4) We own 55% in the consolidated joint venture that owns 1918 Eighth. (5) Subsequent to the rent start date, monthly base rent abated for the six-month period July 2021 through December 2021. (6) Subsequent to the rent start date, monthly base rent abated for the three-month period August 2021 through October 2021. (7) We own 55% in the consolidated joint venture that owns Ferry Building. (8) We own 51% in the consolidated joint venture that owns Harlow. (9) Subsequent to the rent start date, monthly base rent abated for the four-month period July 2021 through October 2021. (10) We own 75% in the consolidated joint venture that owns One Westside. Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date Los Angeles, California (cont.) One Westside(10) West Los Angeles 544,000 11/30/2021 7/30/2022 $ 64.20 11/30/2036 One Westside(10) West Los Angeles 40,000 11/30/2021 7/30/2022 $ 32.16 11/30/2036 6922 Hollywood Hollywood 2,173 12/20/2021 6/20/2022 $ 107.40 6/30/2032


 
Page 46 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 5,334 $ — (5) — $ — — $ — — $ — — $ — Subtotal 5,334 — — — — — — — — — Greater Seattle, Washington Pioneer Square 8,380 16.39 7,073 32.00 — — — — — — Subtotal 8,380 16.39 7,073 32.00 — — — — — — San Francisco Bay Area, California San Francisco 5,044 — (6) — — — — — — — — Foster City — — 14,397 75.00 — — — — — — Redwood Shores 7,267 72.96 — — 16,643 65.97 — — — — Palo Alto — — 9,529 82.20 6,954 96.00 8,059 98.40 — — Santa Clara 15,331 53.23 2,036 57.00 — — — — — — North San Jose 16,853 49.55 2,647 48.60 — — — — — — Subtotal 44,495 49.02 28,609 73.67 23,597 74.82 8,059 98.40 — — Los Angeles, California Downtown Los Angeles — — 8,604 31.88 — — — — — — West Los Angeles — — — — — — — — 20,340 — (5) Subtotal — — 8,604 31.88 — — — — 20,340 — TOTAL UNCOMMENCED(7) 58,209 $ 39.83 44,286 $ 58.90 23,597 $ 74.82 8,059 $ 98.40 20,340 $ — (1) Consists of uncommenced leases, defined as new leases with respect to vacant space executed on or prior to December 31, 2021, but with commencement dates after December 31, 2021 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no uncommenced leases commencing in second quarter 2023 through fourth quarter 2023. (3) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any. (4) Starting rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (5) Management office to be occupied by the Company. (6) Tenants to pay percentage rent in lieu of base rent. (7) See page 61 for the Company’s share of uncommenced leases for the next eight quarters.


 
Page 47 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q4 2023 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 26,986 $ 32.64 — $ — — $ — — $ — 4,114 $ 45.11 — $ — Subtotal 26,986 32.64 — — — — — — 4,114 45.11 — — Greater Seattle, Washington Denny Triangle — — 52,588 47.38 — — — — — — — — Pioneer Square — — — — — — — — — — 5,870 47.27 Subtotal — — 52,588 47.38 — — — — — — 5,870 47.27 San Francisco Bay Area, California Redwood Shores — — — — 3,983 66.60 — — — — — — Santa Clara 3,657 52.80 — — — — — — 4,945 57.00 — — North San Jose 2,979 48.60 6,413 44.30 — — — — — — — — Subtotal 6,636 50.91 6,413 44.30 3,983 66.60 — — 4,945 57.00 — — Los Angeles, California West Los Angeles 2,198 53.40 — — — — — — — — — — Subtotal 2,198 53.40 — — — — — — — — — — TOTAL BACKFILLED(5) 35,820 37.30 59,001 47.05 3,983 66.60 — — 9,059 51.60 5,870 47.27 TOTAL UNCOMMENCED AND BACKFILLED 94,029 $ 38.87 103,287 $ 52.13 27,580 $ 73.63 8,059 $ 98.40 29,399 $ 15.90 5,870 $ 47.27 (1) Consists of backfilled leases, defined as new leases with respect to occupied space executed on or prior to December 31, 2021, but with commencement dates after December 31, 2021 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no backfilled leases commencing in fourth quarter 2022 or second quarter 2023 through third quarter 2023. (3) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any. (4) Starting rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (5) See page 61 for the Company’s share of backfilled leases for the next eight quarters.


 
Page 48 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) Q1 2022(2) Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Expiring SF(3) Rent/ SF(4) Vancouver, British Columbia Downtown Vancouver(5) 10,993 $29.05 56,794 $27.45 (6) 48,823 $26.93 56,565 $28.62 (7) 28,109 $34.67 61,049 $31.15 (8) 30,528 $14.23 26,835 $25.54 Subtotal 10,993 29.05 56,794 27.45 48,823 26.93 56,565 28.62 28,109 34.67 61,049 31.15 30,528 14.23 26,835 25.54 Greater Seattle, Washington Denny Triangle — — 53,103 30.38 (9) — — 2,958 — (10) 656 34.18 2,486 32.72 — — 140,526 32.98 (11) Lynnwood — — 21,563 21.64 — — — — — — 19,583 23.20 5,487 23.33 — — Pioneer Square 144,956 26.27 (12) 1,057 42.60 — — 8,266 20.19 9,008 — (10) — — — — 48,824 35.38 Subtotal 144,956 26.27 75,723 28.06 — — 11,224 14.87 9,664 2.32 22,069 24.28 5,487 23.33 189,350 33.60 San Francisco Bay Area, California Foster City 7,012 76.54 57,278 73.36 (13) 4,482 66.83 42,542 71.96 28,706 47.50 3,502 72.26 10,694 72.16 52,584 74.69 (14) Palo Alto — — 24,090 71.90 6,289 102.89 91,584 80.62 (15) — — 82,515 89.64 (16) 69,388 81.31 (17) 9,575 80.34 Redwood Shores 40,091 64.77 29,007 49.96 90,495 55.85 (18) 108,117 64.87 (19) 39,024 68.40 76,198 66.44 (20) 30,724 70.15 10,533 68.62 San Francisco 110,922 7.66 (21) 2,739 71.34 41,268 32.63 6,783 21.50 515 202.59 1,797 — (22) 511,580 52.76 (23) 3,025 44.24 North San Jose 103,361 43.96 (24) 92,746 38.65 (25) 435,608 41.40 (26) 70,072 45.52 (27) 106,298 39.84 (28) 67,062 48.24 (29) 33,682 50.46 68,070 48.67 (30) Santa Clara 11,949 51.15 6,773 35.90 27,686 55.84 17,044 53.85 16,015 56.41 887 62.29 — — 22,416 56.22 Subtotal 273,335 33.43 212,633 53.65 605,828 44.45 336,142 64.59 190,558 48.68 231,961 68.99 656,068 56.79 166,203 60.93 Los Angeles, California Hollywood — — 3,273 56.05 — — 10,429 63.14 — — — — — — — — West Los Angeles 6,982 54.88 12,820 19.77 50,318 18.96 (31) 197,324 53.50 (32) 10,557 65.69 10,058 65.88 23,674 60.28 5,496 61.42 Subtotal 6,982 54.88 16,093 27.15 50,318 18.96 207,753 53.99 10,557 65.69 10,058 65.88 23,674 60.28 5,496 61.42 TOTAL 436,266 $31.29 361,243 $42.98 704,969 $41.41 611,684 $56.75 238,888 $45.91 325,137 $58.75 715,757 $54.84 387,884 $45.14 Expirations as % of Total In- Service Portfolio 3.0% 2.4% 4.8% 4.1% 1.6% 2.2% 4.9% 2.6%


 
Page 49 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (1) This does not reflect 77,746 square feet that expired on December 31, 2021. This table omits submarkets without any expirations over the next eight quarters. See page 61 for the Company’s share of expiring leases for the next eight quarters. (2) First quarter 2022 expiring square footage does not include 20,004 square feet of month-to-month leases. (3) Includes leases that expire on the last day of the quarter. (4) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease expiration date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. (5) Expiring rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, 2021. (6) Top three expiring tenants at Bentall Centre by square footage: (i) B2Gold Corporation for 24,844 square feet, (ii) Business Development Bank of Canada for 23,054 square feet, and (iii) Calibre Mining Corporation for 2,928 square feet. (7) Top three expiring tenants at Bentall Centre by square footage: (i) Nexii Building Solutions Inc. for 15,500 square feet, (ii) Robert Half Inc. for 10,301 square feet, and (iii) Clyde and Co Canada LLP for 9,866 square feet. (8) Top three expiring tenants at Bentall Centre by square footage: (i) Bentall Green Oak LP for 37,474 square feet, (ii) Sabina Gold Silver Corporation for 10,605 square feet, and (iii) Coeur Silvertip Holdings LTD for 3,010 square feet. (9) Total expiring square footage consists of: (i) KPMG, LLP at 1918 Eighth for 51,909 square feet and (ii) Hudson Pacific Properties, Inc. at Hill7 for 1,194 square feet. At 1918 Eighth, Amazon is expected to take possession an additional 52,588 square feet during second quarter 2022. (10) Total expiring square footage consists of space occupied by the Company’s management office. (11) Total expiring square footage consists of: (i) Amazon at Met Park North for 139,824 square feet and (ii) Subway at Met Park North for 702 square feet. (12) Total expiring square footage consists of: (i) Dell EMC Corporation at 505 First for 138,820 square feet and (ii) Maveron at 411 First for 6,136 square feet. (13) Top three expiring tenants by square footage: (i) Jefferies LLC at Metro Center for 14,562 square feet, (ii) Conversica, Inc. at Metro Center for 11,243 square feet, and (iii) Z&L Properties at Metro Center for 9,037 square feet. (14) Total expiring square footage consists of: (i) Quinstreet, Inc. at Metro Center for 44,556 square feet, (ii) Sycomp a Technology Company, Inc. at Metro Center for 6,605 square feet, and (iii) Lehigh University at Metro Center for 1,423 square feet. (15) Top three expiring tenants by square footage: (i) Stanford University at Page Mill Center for 43,215 square feet, (ii) Frank, Rimerman & Co. LLC at Page Mill Hill for 24,968 square feet, and (iii) Squire Patton Boggs US LLP at Page Mill Hill for 13,065 square feet. (16) Top three expiring tenants by square footage: (i) Lockheed Martin Corporation at 3176 Porter for 42,899 square feet, (ii) Toyota at Page Mill Center for 22,392 square feet, and (iii) Ciitizen Corporation at Palo Alto Square for 5,244 square feet. (17) Total expiring square footage consists of: (i) Gibson, Dunn & Crutcher, LLP at Page Mill Hill for 48,771 square feet, and (ii) Luminar Technologies, Inc. at Page Mill Hill for 20,617 square feet. (18) Top three expiring tenants by square footage: (i) Ernst & Young U.S. LLP at Shorebreeze for 20,253 square feet, (ii) Hudson Pacific Properties management office at 333 Twin Dolphin for 12,651 square feet, and (iii) Coddington, Hicks & Danforth at 555 Twin Dolphin for 8,075 square feet. (19) Top three expiring tenants by square footage: (i) Auris Health, Inc. at Skyway Landing for 37,801 square feet, (ii) Auris Health, Inc. at 333 Twin Dolphin for 27,416 square feet, and (iii) Project Worldwide, Inc. at Skyway Landing for 19,467 square feet. (20) Top three expiring tenants by square footage: (i) MarkLogic Corporation at Skyway Landing for 40,268 square feet, (ii) Zum Services, Inc. at Shorebreeze for 20,198 square feet, and (iii) Kartos Therapeutics, Inc. at Shorebreeze for 7,464 square feet. (21) Top three expiring tenants by square footage: (i) Burlington Coat Factory at 875 Howard for 94,505 square feet, (ii) Yank Sing at Rincon Center for 13,651 square feet, and (iii) D.O.C. Restaurant Group, LLC at Ferry Building for 1,197 square feet. (22) Total expiring square footage consists of: (i) Red Bay Coffee Company Inc. at Ferry Building for 1,592 square feet, and (ii) Quanisha Johnson at Ferry Building for 205 square feet. Red Bay Coffee Company and Quanisha Johnson pay percentage rent in lieu of paying monthly base rent. (23) Top three expiring tenants by square footage: (i) Block, Inc. (Formerly Square, Inc.) at 1455 Market for 469,056 square feet, (ii) City and County of SF/DOE/MTA at 1455 Market for 39,573 square feet, and (iii) Cholita Linda, LLC at Ferry Building for 1,380 square feet. (24) Top three expiring tenants by square footage: (i) Regus at Gateway for 44,957 square feet, (ii) Vital Connect, Inc. at Concourse for 19,296 square feet, and (iii) PNY Technologies, Inc. at Gateway for 7,211 square feet. (25) Top three expiring tenants by square footage: (i) Fenwick & West LLP at Metro Plaza for 18,428 square feet, (ii) GEO Semiconductor, Inc. at Metro Plaza for 13,027 square feet, and (iii) Hudson Pacific Properties management office at Gateway for 12,223 square feet. (26) Top three expiring tenants by square footage: (i) Qualcomm at Skyport Plaza for 376,817 square feet, (ii) Sima Technologies, Inc. at Concourse for 9,034 square feet, and (iii) Silicon Valley Leadership Group at Gateway for 8,193 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)


 
Page 50 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 (27) Top three expiring tenants by square footage: (i) Ooyala, Inc. at Gateway for 18,152 square feet, (ii) The Prudential Insurance Company at Concourse for 11,827 square feet, and (iii) Adara Networks, Inc. at Concourse for 7,647 square feet. (28) Top three expiring tenants by square footage: (i) Globallogic, Inc. at Concourse for 28,930 square feet, (ii) New York Life Insurance at Concourse for 28,489 square feet, and (iii) Sensiba San Filippo LLP at Metro Plaza for 12,611 square feet. (29) Top three expiring tenants by square footage: (i) Amkor Technology, Inc. at Metro Plaza for 21,942 square feet, (ii) Dexerials America Corporation at Gateway for 7,872 square feet, and (iii) Principal Life Insurance Company at Gateway for 7,359 square feet. (30) Top three expiring tenants by square footage: (i) Arrcus, Inc. at Gateway for 17,728 square feet, (ii) GTT Americas, LLC at Concourse for 9,981 square feet, and (iii) Gilbane Building Company at Gateway for 7,245 square feet. (31) Top three expiring tenants by square footage: (i) Landmark Theatre at 10850 Pico for 43,014 square feet, (ii) Financial Profiles, Inc. at 11601 Wilshire for 3,644 square feet, and (iii) G.D.K. Inc. at 11601 Wilshire for 1,242 square feet. (32) Top three expiring tenants by square footage: (i) NFL Enterprises at 10950 Washington for 157,687 square feet, (ii) Wells Fargo Bank at 11601 Wilshire for 20,443 square feet, and (iii) NFL Enterprises at 10900 Washington for 9,919 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)


 
Page 51 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Expiring Office Leases—Annual Company’s Share Year of Lease Expiration Number of Leases Expiring Square Footage of Expiring Leases(1) Square Footage of Expiring Leases(2) Percent of Office Portfolio Square Feet Annualized Base Rent(3) Percentage of Office Portfolio Annualized Base Rent Annualized Base Rent Per Leased Square Foot(4) Annualized Base Rent at Expiration Annualized Base Rent Per Lease Square Foot at Expiration(5) Vacant 1,621,676 1,522,047 11.8 % 2021 25 77,746 50,317 0.4 % $ 2,177,508 0.4 % $ 43.28 $ 2,177,508 $ 43.28 2022 210 2,043,945 1,865,491 14.5 87,822,373 14.4 47.08 88,064,203 47.21 2023 146 1,658,658 1,310,190 10.2 68,618,105 11.3 52.37 71,440,226 54.53 2024 162 2,074,835 1,788,440 13.9 94,473,546 15.5 52.82 101,878,923 56.97 2025 98 1,676,064 1,359,300 10.5 80,534,744 13.2 59.25 88,790,870 65.32 2026 57 694,819 592,222 4.6 35,637,873 5.8 60.18 40,520,574 68.42 2027 51 693,798 576,794 4.5 32,719,102 5.4 56.73 37,776,411 65.49 2028 32 968,734 867,521 6.7 59,169,700 9.7 68.21 70,475,958 81.24 2029 18 332,247 234,360 1.8 17,835,118 2.9 76.10 21,344,334 91.07 2030 14 1,300,155 934,005 7.2 42,905,449 7.0 45.94 57,591,739 61.66 Thereafter 33 2,246,771 1,466,735 11.4 80,488,296 13.2 54.88 113,802,588 77.59 Building management use(6) 46 205,088 183,112 1.4 — — — — — Signed leases not commenced(7) 31 154,491 147,954 1.1 7,485,594 1.2 50.59 8,298,300 56.09 TOTAL/WEIGHTED AVERAGE 923 15,749,027 12,898,487 100.0 % 100.0 % $ 609,867,408 100.0 % $ 53.61 (8) $ 702,161,634 $ 61.72 (9) (1) Total expiring square footage does not include 20,004 square feet of month-to-month leases. (2) Total expiring square footage does not include 12,797 square feet of month-to-month leases. (3) Rent data for our office properties is presented on an annualized basis without regard to cancellation options. Annualized base rent for office properties is calculated multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) as of December 31, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. (4) Annualized base rent per square foot for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced leases as of December 31, 2021. (5) Annualized base rent per square foot at expiration for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced lease as of December 31, 2021. (6) Reflects management offices occupied by the Company with various expiration dates. (7) Annualized base rent per leased square foot and annualized base rent per square foot at expiration for signed leases not commenced reflects uncommenced leases for space not occupied as of December 31, 2021 and is calculated as (i) base rental payments (defined as cash base rents at expiration (before abatements or deferments)) under uncommenced leases for vacant space as of December 31, 2021, divided by (ii) square footage under uncommenced leases as of December 31, 2021. (8) Included as part of the Company’s share of total expiring square footage is 50,233 square feet of existing leases that have been amended or signed as of fourth quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the weighted average annualized base rent per square foot is $53.85 (9) Included as part of the Company’s share of total expiring square footage is 18,935 square feet of existing leases that have been amended or signed as of fourth quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the weighted average annualized base rent per square foot at expiration is $61.82.


 
Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Definitions and Reconciliations


 
Page 53 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Definitions Adjusted EBITDAre: Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share interest and depreciation from the unconsolidated real estate entity and further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that Adjusted EBITDAre is useful because it allows investors and management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. Adjusted EBITDAre is not a measurement of financial performance under GAAP and should not be considered as an alternative to income attributable to common shareholders, as an indicator of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited. Adjusted Funds from Operations (“AFFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non- cash compensation expense and the Company’s Share of amortization of deferred financing costs, and subtracting recurring capital expenditures related to the Company’s Share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of the Company’s Share of straight-line rents, amortization of lease buy-out costs, amortization of above-and below-market lease intangible assets and liabilities, amortization of above-and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Annual Debt Service: Includes principal payments based on amortization schedule and annual interest payments of fixed rate loans and variable rate loans with effective fixed rate as a result of derivative instruments on the full principal balance. In instances where interest is paid based on a LIBOR margin, we used the current margin based on the leverage ratio as of the current period. Amount does not include interest payment of variable rate loans that are partially effectively fixed through derivative instruments. Excludes amortization of deferred financing costs and loan discounts/premiums. Company’s Share: Non-GAAP financial measures calculated as the consolidated amount, in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. Company’s Share of Debt: Similar to Consolidated Debt except it includes the Company’s Share of unconsolidated joint venture debt and excludes partner’s share of consolidated joint venture partner debt. Company’s Share of Debt, Net: Similar to Company’s Share of Debt, except it includes the Company’s Share of unconsolidated joint venture cash and cash equivalents and excludes partner’s share of consolidated joint venture cash and cash equivalents. Company’s Share of Market Capitalization: Similar to Consolidated Market Capitalization except it includes the Company’s Share of Debt. Consolidated Debt: Equal to the sum of (i) Unsecured and Secured Debt and (ii) series A preferred units Consolidated Debt, Net: Similar to Consolidated debt, less consolidated cash and cash equivalents. Consolidated Market Capitalization: Equal to the sum of (i) Unsecured and Secured Debt, (ii) series A preferred units and (iii) common equity capitalization. Common equity capitalization represents the total Shares of Common Stock/Units Outstanding at End of Period multiplied by the closing price at quarter end. Consolidated Unsecured and Secured Debt: Excludes in-substance defeased debt related to our Hudson Pacific/Macerich joint venture and unamortized deferred financing costs and unamortized loan discounts/premiums related to our registered senior debt. The full amount of debt related to the Hill7, Hollywood Media Portfolio and 1918 Eighth joint ventures is included.


 
Page 54 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Funds from Operations (“FFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. The White Paper defines FFO as net income or loss calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus the Company’s Share of real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets). The calculation of FFO includes the Company’s Share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs. Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees. However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations. Net Operating Income (“NOI”): We evaluate performance based upon property NOI from continuing operations. NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to income from continuing operations, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses. Principal Amount: Outstanding debt balances including partner share of consolidated entities and excludes unamortized deferred financing costs and loan discounts/premiums. Shares of Common Stock/Units Outstanding at End of Period: Represents shares of common stock outstanding (including unvested restricted shares), OP units outstanding and an estimate for our dilutive Outperformance Programs (“OPPs,” or individually, “OPP”) and Performance Stock Units (“PSU”), including stock grants under our 2019 OPP, 2020 PSU and 2021 PSU Plans (collectively, the “Dilutive Shares”). Weighted Average Fully Diluted Common Stock/Units Outstanding: Includes an estimate for the dilution impact of stock grants to the Company's executives under our 2019 OPP, 2020 PSU and 2021 PSU Plans. This estimate is based on the projected award potential of such programs as of the end of such periods, as calculated in accordance with the ASC 260, Earnings Per Share. Definitions (continued)


 
Page 55 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Reconciliation of Net Income (loss) to Net Operating Income Unaudited, in thousands Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Net income (loss) $ 16,753 $ (3,168) $ 29,012 $ 16,430 Adjustments: Income from unconsolidated real estate entities (151) (667) (1,822) (736) Fee income (898) (1,074) (3,221) (2,815) Interest expense 30,139 29,638 121,939 113,823 Interest income (926) (960) (3,794) (4,089) Management services reimbursement income—unconsolidated joint ventures (253) — (1,132) — Management services expense—unconsolidated joint ventures 253 — 1,132 — Transaction-related expenses 1,547 — 8,911 440 Unrealized (gain) loss on non-real estate investment (4,951) 128 (16,571) 2,463 Loss on extinguishment of debt 10 — 6,259 2,654 Impairment loss — — 2,762 — Other expense (income) 1,006 1,058 2,553 (548) General and administrative 17,500 23,939 71,346 77,882 Depreciation and amortization 88,107 77,351 343,614 299,682 Net Operating Income $ 148,136 $ 126,245 $ 560,988 $ 505,186 Net Operating Income Breakdown Same-Store Office cash revenues $ 168,394 $ 163,729 $ 637,040 $ 611,618 Straight-line rent 584 (1,128) 10,414 26,012 Amortization of above-market and below-market leases, net 2,010 1,892 7,491 8,250 Amortization of lease incentive costs (404) (418) (1,672) (1,703) Same-Store Office revenues 170,584 164,075 653,273 644,177 Same-Store Studios cash revenues 20,113 19,539 78,876 68,150 Straight-line rent 665 (154) 1,555 933 Amortization of above-market and below-market leases, net — 6 — — Amortization of lease incentive costs (9) (16) (37) (37) Same-Store Studio revenues 20,769 19,375 80,394 69,046 Same-Store property revenues 191,353 183,450 733,667 713,223 Same-Store Office cash expenses 59,267 57,561 223,981 217,673 Straight-line rent 325 366 1,342 1,462 Non-cash portion of interest expense 11 4 42 8 Amortization of above-market and below-market ground leases, net 586 586 2,344 2,344 Same-Store Office expenses 60,189 58,517 227,709 221,487 Same-Store Studio cash expenses 12,157 9,916 44,799 37,521 Non-cash portion of interest expense 79 29 316 59 Same-Store Studio expenses 12,236 9,945 45,115 37,580 Same-Store property expenses 72,425 68,462 272,824 259,067 Same-Store net operating income 118,928 114,988 460,843 454,156 Non-Same-Store net operating income 29,208 11,257 100,145 51,030 Net Operating Income $ 148,136 $ 126,245 $ 560,988 $ 505,186


 
Page 56 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Three Months Ended Quarter To Date December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Net income (loss) $ 16,753 $ (6,182) $ 7,030 $ 11,411 $ (3,168) Interest expense—Consolidated 30,139 30,825 30,689 30,286 29,638 Interest income—Consolidated (926) (934) (937) (997) (960) Depreciation and amortization—Consolidated 88,107 88,568 84,178 82,761 77,351 EBITDA 134,073 112,277 120,960 123,461 102,861 Unconsolidated real estate entities depreciation and amortization 1,497 1,462 1,550 1,511 1,424 Unconsolidated real estate entities interest expense 165 613 640 604 605 EBITDAre 135,735 114,352 123,150 125,576 104,890 Transaction-related expenses 1,547 6,300 1,064 — — Unrealized (gain) loss on non-real estate investments (4,951) (827) (5,018) (5,775) 128 Loss on debt extinguishment 10 6,249 — — — Impairment loss — 2,762 — — — Other expense (income) 1,006 (82) 1,177 452 1,058 Straight-line rent receivables, net (5,957) (2,157) (5,657) (6,765) 1,191 Amortization of lease incentive costs 458 476 475 475 477 Non-cash amortization of above-market and below-market leases, net (3,134) (3,023) (2,739) (2,519) (2,178) Non-cash amortization of above-market and below-market ground leases, net 603 588 588 588 588 Non-cash compensation expense 5,445 5,840 6,340 3,538 8,314 Adjusted EBITDAre 130,762 130,478 119,380 115,570 114,468 One-time prior period net property tax adjustment — (1,433) 369 1,050 (613) Adjusted EBITDAre (excluding specified items) 130,762 129,045 119,749 116,620 113,855 Studio cash NOI (7,956) (13,121) (7,354) (9,579) (7,441) Office property Adjusted EBITDAre 122,806 115,924 112,395 107,041 106,414 x Annualization factor 4 4 4 4 4 Annualized office property Adjusted EBITDAre 491,224 463,696 449,580 428,164 425,656 Trailing 12-mo studio cash NOI 37,045 36,530 31,161 29,124 28,447 Cash Adjusted EBITDAre for selected ratios $ 528,269 500,226 480,741 457,288 454,103 Less: Partners’ share of cash Adjusted EBITDAre (94,881) (89,790) (84,721) (76,658) (60,969) Company’s Share of cash Adjusted EBITDAre $ 433,388 $ 410,436 $ 396,020 $ 380,630 $ 393,134 Total Consolidated Unsecured and Secured Debt 3,764,874 3,943,973 3,518,813 3,485,093 3,432,276 Less: Consolidated cash and cash equivalents (96,555) (110,500) (110,978) (134,278) (113,686) Consolidated Debt, Net $ 3,668,319 $ 3,833,473 $ 3,407,835 $ 3,350,815 $ 3,318,590 Less: Partners’ share of debt, net (665,027) (658,313) (554,012) (533,687) (545,683) Company’s Share of Debt, Net (excluding Series A preferred units) $ 3,003,292 $ 3,175,160 $ 2,853,823 $ 2,817,128 $ 2,772,907 Cash Adjusted EBITDAre for selected ratios / Consolidated Debt, Net 6.9x 7.7x 7.1x 7.3x 7.3x Cash Adjusted EBITDAre for selected ratios / Company’s Share of Debt, Net 6.9x 7.7x 7.2x 7.4x 7.1x Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) Unaudited, in thousands


 
Page 57 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Current Guidance Previous Guidance Actuals Full Year 2022 Full Year 2021 Full Year 2021 Metric Low High Low High Total FFO per share $2.01 $2.09 $1.95 $1.99 $1.99 Growth in same-store office property cash NOI(1)(2) 2.00% 3.00% 3.75% 4.75% 4.85% Growth in same-store studio property cash NOI(1)(2) 15.00% 16.00% 12.00% 13.00% 11.26% GAAP non-cash revenue (straight-line rent and above/below-market rents)(3) $49,000 $59,000 $21,500 $31,500 $31,421 GAAP non-cash expense (straight-line rent expense and above/below-market ground rent) $(3,100) $(3,100) $(3,750) $(3,750) $(3,757) General and administrative expenses(4) $(78,000) $(82,000) $(69,000) $(73,000) $(71,346) Interest expense(5) $(129,500) $(132,500) $(121,500) $(124,500) $(128,198) Interest income $1,700 $1,800 $3,700 $3,800 $3,794 Corporate-related depreciation and amortization $(17,950) $(18,050) $(7,750) $(7,850) $(7,721) FFO from unconsolidated joint ventures $6,000 $7,000 $7,500 $8,500 $7,844 FFO attributable to non-controlling interests $(75,000) $(79,000) $(62,500) $(66,500) $(64,713) FFO attributable to Preferred Units / Shares $(20,800) $(20,800) N/A N/A (2,893) Weighted average common stock/units outstanding—diluted(6) 152,750 153,750 153,000 154,000 153,332 Company Outlook Unaudited, in thousands (1) Same-store for the full year 2022 is defined as the 43 office properties or three studio properties, as applicable, owned and included in the Company's stabilized portfolio as of January 1, 2021, and anticipated to still be owned and included in the stabilized portfolio through December 31, 2022. Same-store office property cash NOI growth assumes the expiration (without renewal or backfill in 2022) of all 376,817 square feet leased to Qualcomm at Skyport Plaza as of July 31, 2022. Adjusted for this expiration, full year 2022 same-store office property cash NOI growth would be 3.50% - 4.50%. (2) Please see non-GAAP information below for definition of cash NOI. (3) Includes non-cash straight-line rent associated with the studio and office properties. (4) Includes non-cash compensation expense, which the Company estimates at $20,500 in 2022. (5) Includes amortization of deferred financing costs and loan discounts/premiums, which the Company estimates at $5,800 in 2022. (6) Diluted shares represent ownership in the Company through shares of common stock, OP Units and other convertible or exchangeable instruments. The weighted average fully diluted common stock/units outstanding for 2022 includes an estimate for the dilution impact of stock grants to the Company's executives under its 2020, 2021 and 2022 long-term incentive programs. This estimate is based on the projected award potential of such programs as of the end of the most recently completed quarter, as calculated in accordance with the ASC 260, Earnings Per Share.


 
Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Appendix


 
Page 59 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Company’s Share Number of Properties Rentable Square Feet Percent Occupied Percent Leased Annual Base Rent Annual Base Rent Per Square Foot Office In-Service Vancouver, British Columbia 1 300,058 96.3% 96.7% $ 8,635,256 $ 29.88 Greater Seattle, Washington 8 1,718,488 89.1 90.0 53,433,588 34.91 San Francisco Bay Area, California 25 7,624,816 89.0 90.3 396,308,249 58.41 Los Angeles, California 15 2,258,520 96.4 97.6 122,564,129 56.32 Total 49 11,901,882 90.6 91.8 580,941,223 53.89 Studios Same-Store Los Angeles, California 3 614,963 85.7 22,600,850 42.86 Total 3 614,963 Repositioning, Redevelopment, Development, Held-for-Sale Greater Seattle, Washington 2 215,890 57.9 57.9 2,960,663 23.67 San Francisco Bay Area, California 1 436,764 43.2 44.3 11,004,346 58.39 Los Angeles, California 3 486,729 30.3 30.3 7,805,006 52.96 Total(1) 6 1,139,383 40.5% 40.9% $ 21,770,015 $ 47.23 Land Vancouver, British Columbia 1 90,000 Greater Seattle, Washington 1 538,164 San Francisco Bay Area, California 1 350,000 Los Angeles, California 4 1,069,283 Greater London, United Kingdom 1 TBD Total 8 2,047,447 TOTAL PORTFOLIO 66 15,703,675 Total Portfolio Company’s Share (1) Includes four properties classified as held-for-sale as of December 31, 2021. Please see page 33 for details.


 
Page 60 of 60 Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 Company's Share Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF SF Rent per SF Uncommenced Office Leases—Next Eight Quarters Vancouver, British Columbia 1,067 $ — — $ — — $ — — $ — — $ — — $ — — $ — — $ — Greater Seattle, Washington 8,380 16.39 7,073 32.00 — — — — — — — — — — — — San Francisco Bay Area, California 42,225 51.66 28,609 73.67 23,597 74.82 8,059 98.40 — — — — — — — — Los Angeles, California — — 8,604 31.88 — — — — 20,340 — — — — — — — Total 51,672 44.87 44,286 58.90 23,597 74.82 8,059 98.40 20,340 — — — — — — — Backfilled Office Leases—Next Eight Quarters Vancouver, British Columbia 5,397 32.64 — — — — — — 823 45.11 — — — — — — Greater Seattle, Washington — — 28,923 47.38 — — — — — — — — — — 5,870 47.27 San Francisco Bay Area, California 6,636 50.91 6,413 44.30 3,983 66.60 — — 4,945 57.00 — — — — — — Los Angeles, California 2,198 53.40 — — — — — — — — — — — — — — Total 14,231 44.37 35,336 46.82 3,983 66.60 — — 5,768 55.30 — — — — 5,870 47.27 Expiring Office Leases—Next Eight Quarters Vancouver, British Columbia 2,199 29.05 11,359 27.45 9,765 26.93 11,313 28.62 5,622 34.67 12,210 31.15 6,106 14.23 5,367 25.54 Greater Seattle, Washington 144,956 26.27 51,827 26.99 — — 9,893 16.87 9,664 2.32 22,069 24.28 5,487 23.33 189,350 33.60 San Francisco Bay Area, California 272,090 33.31 212,400 53.49 602,277 44.54 333,090 64.99 190,326 48.49 231,152 69.23 425,857 58.97 166,203 60.93 Los Angeles, California 6,982 54.88 15,618 27.97 39,565 20.08 207,753 53.99 10,557 65.69 10,058 65.88 23,674 60.28 5,496 61.42 Total 426,227 $ 31.25 291,204 $ 46.39 651,606 $ 42.79 562,049 $ 59.34 216,169 $ 46.91 275,489 $ 63.82 461,124 $ 58.02 366,416 $ 46.29 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters


 
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