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CONSOLIDATED STATEMENTS OF CASH FLOWS L.P. - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income $ (170,700) $ (16,517) $ 29,012
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 397,846 373,219 343,614
Non-cash interest expense 21,867 5,154 10,463
Amortization of stock-based compensation 23,863 24,296 21,163
Loss (income) from unconsolidated real estate entities 3,902 (943) (1,822)
Unrealized loss (gain) on non-real estate investments 3,120 1,440 (16,571)
Straight-line rents (701) (38,508) (21,895)
Straight-line rent expense 5,118 3,198 1,421
Amortization of above- and below-market leases, net (6,235) (8,032) (11,415)
Amortization of above- and below-market ground lease, net 2,752 2,731 2,367
Amortization of lease incentive costs 1,115 1,545 1,885
Distribution of income from unconsolidated real estate entities 0 1,243 1,916
Impairment loss 60,158 28,548 2,762
Earnout liability fair value adjustment (4,300) 1,757 0
(Gain) loss on sale of real estate (103,202) 2,164 0
Loss on sale of bonds 34,046 0 0
Gain from insurance proceeds 0 (1,167) 0
Deferred tax provision 6,609 0 0
(Gain) loss on extinguishment of debt (10,000) 0 6,259
Change in operating assets and liabilities:      
Accounts receivable (5,678) 16,150 3,523
Deferred leasing costs and lease intangibles (16,145) (33,940) (19,831)
Prepaid expenses and other assets (10,321) (2,240) (32,669)
Accounts payable, accrued liabilities and other (3,115) 11,718 (38)
Security deposits, prepaid rent and other 2,257 (2,315) (5,281)
Net cash provided by operating activities 232,256 369,501 314,863
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sales of real estate 843,021 137,709 0
Additions to investment property (298,823) (276,798) (338,629)
Property acquisitions 0 (96,459) (118,907)
Acquisitions of businesses 0 (199,098) (209,854)
Maturities of U.S. Government securities 0 129,300 5,778
Contributions to non-real estate investments (4,916) (17,109) (12,397)
Distributions from non-real estate investments 0 1,492 53
Proceeds from sale of non-real estate investment 503 0 0
Distributions from unconsolidated real estate entities 2,528 1,875 1,654
Contributions to unconsolidated real estate entities (68,732) (40,081) (75,585)
Additions to non-real estate property, plant and equipment (5,740) (20,209) (6,321)
Insurance proceeds for damaged property, plant and equipment 0 1,284 0
Net cash provided by (used in) investing activities 467,841 (378,094) (754,208)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 382,356 1,197,556 1,450,500
Payments of unsecured and secured debt (1,203,632) (515,000) (1,117,903)
Payments of in-substance defeased debt 0 (128,212) (3,494)
Proceeds from sale of common stock 0 0 44,974
Proceeds from issuance of Series C cumulative redeemable preferred stock 0 0 413,007
Transaction costs 0 (573) (397)
Repurchases of common stock (1,369) (37,206) (46,137)
Dividends paid to common stock and unitholders (54,960) (145,427) (154,560)
Dividends paid to preferred stock and unitholders (20,800) (23,324) (612)
Contributions from redeemable non-controlling members in consolidated real estate entities 2,025 575 4,493
Distributions to redeemable non-controlling members in consolidated real estate entities (82,407) (16) (16)
Contributions from non-controlling members in consolidated real estate entities 26,480 23,689 24,718
Distributions to non-controlling members in consolidated real estate entities (58,973) (72,346) (110,562)
Proceeds from sale of bonds 145,535 0 0
Payments to satisfy tax withholding obligations (88) (695) (2,206)
Payment of loan costs (839) (1,573) (15,124)
Net cash (used in) provided by financing activities (866,672) 97,448 486,681
Net (decrease) increase in cash and cash equivalents and restricted cash (166,575) 88,855 47,336
Cash and cash equivalents and restricted cash—beginning of period 285,731 196,876 149,540
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD 119,156 285,731 196,876
Hudson Pacific Partners, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income (170,700) (16,517) 29,012
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 397,846 373,219 343,614
Non-cash interest expense 21,867 5,154 10,463
Amortization of stock-based compensation 23,863 24,296 21,163
Loss (income) from unconsolidated real estate entities 3,902 (943) (1,822)
Unrealized loss (gain) on non-real estate investments 3,120 1,440 (16,571)
Straight-line rents (701) (38,508) (21,895)
Straight-line rent expense 5,118 3,198 1,421
Amortization of above- and below-market leases, net (6,235) (8,032) (11,415)
Amortization of above- and below-market ground lease, net 2,752 2,731 2,367
Amortization of lease incentive costs 1,115 1,545 1,885
Distribution of income from unconsolidated real estate entities 0 1,243 1,916
Impairment loss 60,158 28,548 2,762
Earnout liability fair value adjustment (4,300) 1,757 0
(Gain) loss on sale of real estate (103,202) 2,164 0
Loss on sale of bonds 34,046 0 0
Gain from insurance proceeds 0 (1,167) 0
(Gain) loss on extinguishment of debt (10,000) 0 6,259
Change in operating assets and liabilities:      
Accounts receivable (5,678) 16,150 3,523
Deferred leasing costs and lease intangibles (16,145) (33,940) (19,831)
Prepaid expenses and other assets (10,321) (2,240) (32,669)
Accounts payable, accrued liabilities and other (3,115) 11,718 (38)
Security deposits, prepaid rent and other 2,257 (2,315) (5,281)
Net cash provided by operating activities 232,256 369,501 314,863
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sales of real estate 843,021 137,709 0
Additions to investment property (298,823) (276,798) (338,629)
Property acquisitions 0 (96,459) (118,907)
Acquisitions of businesses 0 (199,098) (209,854)
Maturities of U.S. Government securities 0 129,300 5,778
Contributions to non-real estate investments (4,916) (17,109) (12,397)
Distributions from non-real estate investments 0 1,492 53
Proceeds from sale of non-real estate investment 503 0 0
Distributions from unconsolidated real estate entities 2,528 1,875 1,654
Contributions to unconsolidated real estate entities (68,732) (40,081) (75,585)
Additions to non-real estate property, plant and equipment (5,740) (20,209) (6,321)
Insurance proceeds for damaged property, plant and equipment 0 1,284 0
Net cash provided by (used in) investing activities 467,841 (378,094) (754,208)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 382,356 1,197,556 1,450,500
Payments of unsecured and secured debt (1,203,632) (515,000) (1,117,903)
Payments of in-substance defeased debt 0 (128,212) (3,494)
Proceeds from joint venture partner debt 0 0 0
Proceeds from sale of common stock 0 0 44,974
Proceeds from issuance of Series C cumulative redeemable preferred stock 0 0 413,007
Transaction costs 0 (573) (397)
Repurchases of common stock (1,369) (237,206) (46,137)
Dividends paid to common stock and unitholders (54,960) (145,427) (154,560)
Dividends paid to preferred stock and unitholders (20,800) (23,324) (612)
Contributions from redeemable non-controlling members in consolidated real estate entities 2,025 575 4,493
Distributions to redeemable non-controlling members in consolidated real estate entities (82,407) (16) (16)
Contributions from non-controlling members in consolidated real estate entities 26,480 23,689 24,718
Distributions to non-controlling members in consolidated real estate entities (58,973) (72,346) (110,562)
Proceeds from sale of bonds 145,535 0 0
Payments to satisfy tax withholding obligations (88) (695) (2,206)
Payment of loan costs (839) (1,573) (15,124)
Net cash (used in) provided by financing activities (866,672) 97,448 486,681
Net (decrease) increase in cash and cash equivalents and restricted cash (166,575) 88,855 47,336
Cash and cash equivalents and restricted cash—beginning of period 285,731 196,876 149,540
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD $ 119,156 $ 285,731 $ 196,876