XML 58 R41.htm IDEA: XBRL DOCUMENT v3.22.4

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Investment in Real Estate

The following table summarizes the Company’s investment in real estate, at cost as of:

			December 31, 2022						December 31, 2021
Land			$	1,397,714					$	1,313,385
Building and improvements			6,273,655						6,241,254
Tenant and leasehold improvements			868,193						786,991
Furniture and fixtures			9,639						14,020
Property under development			167,371						5,827
INVESTMENT IN REAL ESTATE, AT COST			$	8,716,572					$	8,361,477

Schedule of Allocation of Acquisition Cost

The following table represents the Company’s final purchase price accounting for the asset acquisitions completed in

2022:

						Washington 1000						Sunset Gower Studios Land						5801 Bobby Foster Road
TOTAL ACQUISITION COST(1)						$	86,313					$	22,156					$	8,457
Relative fair value allocation
Land						$	59,987					$	22,156					$	2,189
Building and improvements						11,053						—						6,268
Parking easement(2)						15,273						—						—
TOTAL						$	86,313					$	22,156					$	8,457

_____________

1.Includes capitalized transaction-related expenses.

2.Parking easement has an indefinite useful life and is recorded in deferred leasing costs and intangible assets, net on the Consolidated Balance Sheet.

Real Estate Acquisitions, Allocation of Consideration

The following table represents the Company’s final purchase price accounting for the 5th & Bell acquisition:

TOTAL ACQUISITION COST(1)						$	118,907
Relative fair value allocation
Investment in real estate						$	102,939
Deferred leasing costs and in-place lease intangibles(2)(3)						10,443
Below-market ground leases(2)(3)						10,844
Below-market leases(3)(4)						(5,319)
TOTAL						$	118,907

_____________

1.Includes capitalized transaction-related expenses.

2.Included in deferred leasing costs and intangible assets, net on the Consolidated Balance Sheet.

3.The weighted-average amortization period of these intangible assets and liabilities is 9.4 years (before any renewal or extension options).

4.Included in intangible liabilities, net on the Consolidated Balance Sheet.

Real Estate Dispositions

Property						Segment						Date of Disposition						Square Feet						Sales Price(1) (in millions)
Del Amo						Office						8/5/2022						113,000						$	2.8
Northview						Office						8/30/2022						179,985						46.0
6922 Hollywood						Office						10/20/2022						205,189						96.0
TOTAL DISPOSITIONS IN 2022																		498,174						$	144.8

_____________ 

1.Represents gross sales price before certain credits, prorations and closing costs.

The following table summarizes information on properties classified as held for sale as of December 31, 2022 and 2021:

Property

Segment

Submarket

Square Feet

Status as of December 31, 2022

Status as of December 31, 2021

Skyway Landing

Office

Redwood Shores

246,997

Held for Sale(1)

Held for Sale

Del Amo

Office

Torrance

113,000

Sold

Held for Sale

Northview

Office

Lynnwood

179,985

Sold

Held for Sale

6922 Hollywood

Office

Hollywood

205,189

Sold

Held for Sale

_____________ 

1.The property was sold on February 6, 2023 for $102.0 million before certain credits, prorations and closing costs.

Held For Sale

The following table summarizes the components of assets and liabilities associated with real estate held for sale as of December 31, 2022:

						Skyway Landing
ASSETS
Investment in real estate, net						$	92,148
Accounts receivable, net						112
Straight-line rent receivables, net						460
Deferred leasing costs and intangible assets, net						501
Prepaid expenses and other assets, net						17
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE						$	93,238
LIABILITIES
Accounts payable, accrued liabilities and other						$	400
Security deposits and prepaid rent						265
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE						$	665

The following table summarizes the components of assets and liabilities associated with real estate held for sale as of December 31, 2021:

						Northview Center						Skyway Landing						Del Amo						6922 Hollywood
ASSETS
Investment in real estate, net						$	40,338					$	89,873					$	15,213					$	91,353
Accounts receivable, net						95						142						—						103
Straight-line rent receivables, net						901						1,659						—						4,714
Deferred leasing costs and intangible assets, net						751						450						2,742						1,999
Prepaid expenses and other assets, net						—						—						—						187
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE						$	42,085					$	92,124					$	17,955					$	98,356
LIABILITIES
Accounts payable, accrued liabilities and other						$	184					$	273					$	12					$	1,372
Intangible liabilities, net						—						—						—						96
Security deposits and prepaid rent						395						1,205						—						361
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE						$	579					$	1,478					$	12					$	1,829

X

- Definition

Asset Acquisition, Purchase Price Allocation And Consideration Summary

+ References

No definition available.

+ Details

Name:	hpp_AssetAcquisitionPurchasePriceAllocationAndConsiderationSummaryTableTextBlock
Namespace Prefix:	hpp_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Allocation of Acquisition Cost

+ References

No definition available.

+ Details

Name:	hpp_ScheduleOfAllocationOfAcquisitionCostTableTextBlock
Namespace Prefix:	hpp_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

+ Details

Name:	us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RealEstateAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

+ References

No definition available.

+ Details

Name:	us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Name:	us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration