XML 31 R14.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS L.P. - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income $ (16,517) $ 29,012 $ 16,430
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 373,219 343,614 299,682
Non-cash portion of interest expense 13,894 10,463 6,885
Amortization of stock-based compensation 24,296 21,163 22,723
Income from unconsolidated real estate entities (943) (1,822) (736)
Unrealized loss (gain) on non-real estate investments 1,440 (16,571) 2,463
Straight-line rents (38,508) (21,895) (30,357)
Straight-line rent expense 3,198 1,421 1,462
Amortization of above- and below-market leases, net (8,032) (11,415) (9,635)
Amortization of above- and below-market ground lease, net 2,731 2,367 2,352
Amortization of lease incentive costs 1,545 1,885 1,915
Distribution of income from unconsolidated real estate entities 1,243 1,916 0
Gain on derivative instruments (8,740) 0 0
Impairment loss 28,548 2,762 0
Earnout liability fair value adjustment 1,757 0 0
Loss on sale of real estate 2,164 0 0
Gain from insurance proceeds (1,167) 0 0
Loss on extinguishment of debt 0 6,259 2,654
Change in operating assets and liabilities:      
Accounts receivable 16,150 3,523 (9,098)
Deferred leasing costs and lease intangibles (33,940) (19,831) (13,276)
Prepaid expenses and other assets (2,240) (32,669) (9,117)
Accounts payable, accrued liabilities and other 11,718 (38) 11,693
Security deposits, prepaid rent and other (2,315) (5,281) 5,992
Net cash provided by operating activities 369,501 314,863 302,032
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sales of real estate 137,709 0 0
Additions to investment property (276,798) (338,629) (402,283)
Property acquisitions (96,459) (118,907) (593,945)
Acquisitions of businesses (199,098) (209,854) 0
Maturities of U.S. Government securities 129,300 5,778 5,656
Contributions to non-real estate investments (17,109) (12,397) (3,404)
Distributions from non-real estate investments 1,492 53 1,238
Proceeds from sale of non-real estate investment 0 0 1,042
Distributions from unconsolidated real estate entities 1,875 1,654 1,608
Contributions to unconsolidated real estate entities (40,081) (75,585) (16,756)
Additions to non-real estate property, plant and equipment (20,209) (6,321) 0
Insurance proceeds for damaged property, plant and equipment 1,284 0 0
Net cash used in investing activities (378,094) (754,208) (1,006,844)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 1,197,556 1,450,500 1,736,914
Payments of unsecured and secured debt (515,000) (1,117,903) (1,150,097)
Payments of in-substance defeased debt (128,212) (3,494) (3,323)
Proceeds from sale of common stock 0 44,974 0
Proceeds from issuance of Series C cumulative redeemable preferred stock 0 413,007 0
Transaction costs (573) (397) (16,047)
Repurchases of common stock (37,206) (46,137) (80,213)
Dividends paid to common stock and unitholders (145,427) (154,560) (154,996)
Dividends paid to preferred stock and unitholders (23,324) (612) (612)
Contributions from redeemable non-controlling members in consolidated real estate entities 575 4,493 7,201
Distributions to redeemable non-controlling members in consolidated real estate entities (16) (16) (16)
Contributions from non-controlling members in consolidated real estate entities 23,689 24,718 138,124
Distributions to non-controlling members in consolidated real estate entities (72,346) (110,562) (26,595)
Proceeds from sale of non-controlling interest 0 0 367,500
Payments to satisfy tax withholding obligations (695) (2,206) (7,582)
Payment of loan costs (1,573) (15,124) (14,164)
Net cash provided by financing activities 97,448 486,681 796,094
Net increase in cash and cash equivalents and restricted cash 88,855 47,336 91,282
Cash and cash equivalents and restricted cash—beginning of period 196,876 149,540 58,258
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD 285,731 196,876 149,540
Hudson Pacific Partners, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income (16,517) 29,012 16,430
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 373,219 343,614 299,682
Non-cash portion of interest expense 13,894 10,463 6,885
Amortization of stock-based compensation 24,296 21,163 22,723
Income from unconsolidated real estate entities (943) (1,822) (736)
Unrealized loss (gain) on non-real estate investments 1,440 (16,571) 2,463
Straight-line rents (38,508) (21,895) (30,357)
Straight-line rent expense 3,198 1,421 1,462
Amortization of above- and below-market leases, net (8,032) (11,415) (9,635)
Amortization of above- and below-market ground lease, net 2,731 2,367 2,352
Amortization of lease incentive costs 1,545 1,885 1,915
Distribution of income from unconsolidated real estate entities 1,243 1,916 0
Gain on derivative instruments (8,740) 0 0
Impairment loss 28,548 2,762 0
Earnout liability fair value adjustment 1,757 0 0
Loss on sale of real estate 2,164 0 0
Gain from insurance proceeds (1,167) 0 0
Loss on extinguishment of debt 0 6,259 2,654
Change in operating assets and liabilities:      
Accounts receivable 16,150 3,523 (9,098)
Deferred leasing costs and lease intangibles (33,940) (19,831) (13,276)
Prepaid expenses and other assets (2,240) (32,669) (9,117)
Accounts payable, accrued liabilities and other 11,718 (38) 11,693
Security deposits, prepaid rent and other (2,315) (5,281) 5,992
Net cash provided by operating activities 369,501 314,863 302,032
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sales of real estate 137,709 0 0
Additions to investment property (276,798) (338,629) (402,283)
Property acquisitions (96,459) (118,907) (593,945)
Acquisitions of businesses (199,098) (209,854) 0
Maturities of U.S. Government securities 129,300 5,778 5,656
Contributions to non-real estate investments (17,109) (12,397) (3,404)
Distributions from non-real estate investments 1,492 53 1,238
Proceeds from sale of non-real estate investment 0 0 1,042
Distributions from unconsolidated real estate entities 1,875 1,654 1,608
Contributions to unconsolidated real estate entities (40,081) (75,585) (16,756)
Additions to non-real estate property, plant and equipment (20,209) (6,321) 0
Insurance proceeds for damaged property, plant and equipment 1,284 0 0
Net cash used in investing activities (378,094) (754,208) (1,006,844)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 1,197,556 1,450,500 1,736,914
Payments of unsecured and secured debt (515,000) (1,117,903) (1,150,097)
Payments of in-substance defeased debt (128,212) (3,494) (3,323)
Proceeds from sale of common stock 0 44,974 0
Proceeds from issuance of Series C cumulative redeemable preferred stock 0 413,007 0
Transaction costs (573) (397) (16,047)
Repurchases of common stock (237,206) (46,137) (80,213)
Dividends paid to common stock and unitholders (145,427) (154,560) (154,996)
Dividends paid to preferred stock and unitholders (23,324) (612) (612)
Contributions from redeemable non-controlling members in consolidated real estate entities 575 4,493 7,201
Distributions to redeemable non-controlling members in consolidated real estate entities (16) (16) (16)
Contributions from non-controlling members in consolidated real estate entities 23,689 24,718 138,124
Distributions to non-controlling members in consolidated real estate entities (72,346) (110,562) (26,595)
Proceeds from sale of non-controlling interest 0 0 367,500
Payments to satisfy tax withholding obligations (695) (2,206) (7,582)
Payment of loan costs (1,573) (15,124) (14,164)
Net cash provided by financing activities 97,448 486,681 796,094
Net increase in cash and cash equivalents and restricted cash 88,855 47,336 91,282
Cash and cash equivalents and restricted cash—beginning of period 196,876 149,540 58,258
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD $ 285,731 $ 196,876 $ 149,540