Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009 as a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. Unless otherwise indicated or unless the context requires otherwise, all references in these financial statements to “the Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.

The Company’s portfolio consists of properties primarily located throughout the United States, Western Canada and Greater London, United Kingdom. The following table summarizes the Company’s portfolio as of December 31, 2022:


Segments	Number of Properties	Square Feet (unaudited)
Consolidated portfolio
Office	51	14,338,510
Studio	4	1,291,260
Land	5	1,966,242
Total consolidated portfolio	60	17,596,012
Unconsolidated portfolio(1)
Office(2)	1	1,511,723
Studio(3)	1	241,000
Land(4)	2	1,617,347
Total unconsolidated portfolio	4	3,370,070
TOTAL(5)	64	20,966,082

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

2.Includes Bentall Centre.

3.Includes Sunset Glenoaks Studios.

4.Includes land for the Burrard Exchange at Bentall Centre and Sunset Waltham Cross Studios.

5.Includes repositioning, redevelopment, development and held for sale properties.

Concentrations

As of December 31, 2022, the Company’s office properties were located in California, the Pacific Northwest and Western Canada. The Company’s owned studio properties were primarily located in the Hollywood submarket in Los Angeles, California. 70.7% of the square feet in the Company’s consolidated and unconsolidated portfolio is located in California, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio.

A significant portion of the Company’s rental revenue is derived from tenants in the technology and media and entertainment industries. As of December 31, 2022, approximately 27.0% and 17.5% of consolidated and unconsolidated rentable square feet were related to the tenants in the technology and media and entertainment industries, respectively.

As of December 31, 2022, the Company’s 15 largest tenants represented approximately 36.9% of consolidated and unconsolidated rentable square feet. No single tenant accounted for more than 10%.

For the year ended December 31, 2022, Google, Inc. represented 12.6% of the Company’s revenue for the office segment and Netflix, Inc. represented 14.8% of the Company’s revenue for the studio segment.