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Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The table below presents the activity related to Hudson Pacific Properties, Inc.’s accumulated other comprehensive loss (“AOCI”):

			Derivative Instruments						Currency Translation Adjustments						Total AOCI
Balance at January 1, 2021			$	(11,378)					$	3,245					$	(8,133)
Unrealized gain (loss) recognized in AOCI			169						(1,049)						(880)
Reclassification from AOCI into income(1)			7,252						—						7,252
Net change in AOCI			7,421						(1,049)						6,372
Balance at December 31, 2021			(3,957)						2,196						(1,761)
Unrealized gain (loss) recognized in AOCI			612						(12,188)						(11,576)
Reclassification from AOCI into income(1)			2,065						—						2,065
Net change in AOCI			2,677						(12,188)						(9,511)
Balance at December 31, 2022			(1,280)						(9,992)						(11,272)
Unrealized gain recognized in AOCI			9,462						6,149						15,611
Reclassification from AOCI into income(1)			(4,526)						—						(4,526)
Net change in AOCI			4,936						6,149						11,085
Balance at December 31, 2023			$	3,656					$	(3,843)					$	(187)

_____________

1.The gains and losses on the Company’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

The table below presents the activity related to Hudson Pacific Properties, LP’s AOCI:

			Derivative Instruments						Currency Translation Adjustments						Total AOCI
Balance at January 1, 2021			$	(11,485)					$	3,239					(8,246)
Unrealized gain (loss) recognized in AOCI			171						(1,064)						(893)
Reclassification from AOCI into income(1)			7,360						—						7,360
Net change in AOCI			7,531						(1,064)						6,467
Balance at December 31, 2021			(3,954)						2,175						(1,779)
Unrealized gain (loss) recognized in AOCI			597						(12,375)						(11,778)
Reclassification from AOCI into income(1)			2,097						—						2,097
Net change in AOCI			2,694						(12,375)						(9,681)
Balance at December 31, 2022			(1,260)						(10,200)						(11,460)
Unrealized gain recognized in AOCI			9,729						6,325						16,054
Reclassification from AOCI into income(1)			(4,656)						—						(4,656)
Net change in AOCI			5,073						6,325						11,398
Balance at December 31, 2023			3,813						(3,875)						$	(62)

_____________

1.The gains and losses on the Company’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

Schedule of Other Ownership Interests

The following table summarizes the ownership interest in the operating partnership, excluding unvested restricted units and unvested restricted performance units, as of:

						December 31, 2023						December 31, 2022						December 31, 2021
Company-owned common units in the operating partnership						141,034,806						141,054,478						151,124,543
Company’s ownership interest percentage						98.0		%				98.5		%				98.8		%
Non-controlling common units in the operating partnership(1)						2,810,433						2,191,842						1,842,898
Non-controlling ownership interest percentage						2.0		%				1.5		%				1.2		%

_________________ 

1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of December 31, 2023, this amount represents both common units and performance units of 550,969 and 2,259,464, respectively. As of December 31, 2022, this amount represents both common units and performance units of 550,969 and 1,640,873, respectively. As of December 31, 2021, this amount represents both common units and performance units of 550,969 and 1,291,929, respectively.

Schedule of Dividends

The following table summarizes dividends per share declared and paid for the periods presented:

			For the Year Ended December 31,
			2023						2022						2021
Common stock(1)			$	0.375					$	1.00					$	1.00
Common units(1)			$	0.375					$	1.00					$	1.00
Series A preferred units			$	1.5625					$	1.5625					$	1.5625
Series C preferred stock(2)			$	1.1875					$	1.3359					$	—

_________________ 

1.In September 2023, the Company temporarily suspended its quarterly common stock dividend. As a result, the common unit and performance unit dividends were also suspended.

2.Dividends paid during the year ended December 31, 2022 include a $0.2968750 per share dividend declared and paid in each of the first, second, third and fourth quarters of 2022 and a $0.1484375 per share dividend declared during the fourth quarter of 2021.

Schedule of Dividends Taxability

The Company’s dividends related to its common stock will be classified for U.S. federal income tax purposes as follows (unaudited):

												Dividends									Capital Gains									Section 897
Record Date			Payment Date			Distribution Per Share						Total			Qualified						Total			Unrecaptured Section 1250						Ordinary Dividends			Capital Gains						Return of Capital
3/20/2023			3/30/2023			$	0.250000					$	0.000000		$	0.000000					$	0.250000		$	0.115922					$	0.000000		$	0.250000					$	0.000000
6/20/2023			6/30/2023			0.125000						0.000000			0.000000						0.125000			0.057961						0.000000			0.125000						0.000000
			TOTALS			$	0.375000					$	0.000000		$	0.000000					$	0.375000		$	0.173883					$	0.000000		$	0.375000					$	0.000000
						100.00		%				0.00		%	0.00		%				100.00		%	46.37		%				0.00		%	100.00		%				0.00		%

The Company’s dividends related to its 4.750% series C preferred stock will be classified for U.S. federal income tax purposes as follows (unaudited):

												Dividends									Capital Gains									Section 897
Record Date			Payment Date			Distribution Per Share						Total			Qualified						Total			Unrecaptured Section 1250						Ordinary Dividends			Capital Gains						Return of Capital
3/20/2023			3/30/2023			$	0.296875					$	0.000000		$	0.000000					$	0.296875		$	0.137658					$	0.000000		$	0.296875					$	0.000000
6/20/2023			6/30/2023			0.296875						0.000000			0.000000						0.296875			0.137658						0.000000			0.296875						0.000000
9/19/2023			9/29/2023			0.296875						0.000000			0.000000						0.296875			0.137658						0.000000			0.296875						0.000000
12/18/2023			12/28/2023			0.296875						0.000000			0.000000						0.296875			0.137658						0.000000			0.296875						0.000000
			TOTALS			$	1.187500					$	0.000000		$	0.000000					$	1.187500		$	0.550632					$	0.000000		$	1.187500					$	0.000000
						100.00		%				0.00		%	0.00		%				100.00		%	46.37		%				0.00		%	100.00		%				0.00		%

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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