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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Hudson Pacific Properties, Inc. has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2010. Provided that it continues to qualify for taxation as a REIT, Hudson Pacific Properties, Inc. is generally not subject to corporate-level income tax on the earnings distributed currently to its stockholders. In general, the Company’s property-owning subsidiaries are limited liability companies and are treated as pass-through entities or disregarded entities (or, in the case of the entities that own the 1455 Market, Hill7, Ferry Building and 1918 Eighth properties, REITs) for federal income tax purposes. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements for the activities of these entities. In the case of the Bentall Centre property and the Sunset Waltham Cross Studios development, the Company owns its interest in the properties through non-U.S. entities treated as TRSs for federal income tax purposes. The Company has elected, together with certain of its subsidiaries, to treat each such subsidiary as a taxable REIT subsidiary (“TRS”) for federal income tax purposes. Certain activities that the Company may undertake, such as non-customary services for the Company’s tenants and holding assets that the Company cannot hold directly, will be conducted by a TRS. A TRS is subject to federal and, where applicable, state income taxes on its net income. The Company recognized an income tax provision of $0.5 million for the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company recognized an income tax provision of $6.3 million and $1.1 million, respectively. Deferred tax assets and liabilities are recognized for the net tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. A valuation allowance is recognized when it is determined that it is more likely than not that a deferred tax asset will not be realized. The following table presents the components of the deferred tax liabilities, net recognized on the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  | December 31, 2023
Deferred tax assets, net(1) |  | $ | 1,999 |  |  | $ | 2,412 |
Deferred tax liabilities, net(2) |  | (3,763) |  |  | (3,705) |
Deferred tax liabilities, net |  | $ | (1,764) |  |  | $ | (1,293) |
Total deferred tax assets(3) |  | $ | 66,619 |  |  | $ | 54,163 |
Valuation allowance |  | (39,984) |  |  | (29,477) |
Total deferred tax liabilities(3) |  | (28,399) |  |  | (25,979) |
Deferred tax liabilities, net |  | $ | (1,764) |  |  | $ | (1,293) |
__________________ 1.Deferred tax assets, net are recorded within prepaid expenses and other assets, net on the Consolidated Balance Sheets. 2.Deferred tax liabilities, net are recorded within accounts payable, accrued liabilities and other on the Consolidated Balance Sheets. 3.Significant components of the Company’s deferred tax assets and liabilities relate to depreciation and amortization, unrealized gains and losses on non-real estate investments and net operating loss carryforwards. The Company is subject to the statutory requirements of the states in which it conducts business. The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2024, the Company has not established a liability for uncertain tax positions. The Company and certain of its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. The Company and its TRSs are no longer subject to tax examinations by tax authorities for years prior to 2019. The Company has assessed its tax positions for all open years, which as of June 30, 2024 included 2020 to 2022 for federal purposes and 2019 to 2022 for state purposes, and concluded that there are no material uncertainties to be recognized.

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