XML 24 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS L.P. - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES        
Revenues $ 218,000 $ 245,168 $ 432,023 $ 497,431
OPERATING EXPENSES        
Operating expenses 113,256 111,446 223,312 222,744
General and administrative 20,705 18,941 40,415 37,665
Depreciation and amortization 86,798 98,935 178,652 196,074
Total operating expenses 220,759 229,322 442,379 456,483
OTHER INCOME (EXPENSES)        
Loss from unconsolidated real estate entities (2,481) (715) (3,224) (1,460)
Fee income 1,371 2,284 2,496 4,686
Interest expense (44,159) (54,648) (88,248) (108,455)
Interest income 579 236 1,433 607
Management services reimbursement income—unconsolidated real estate entities 1,042 1,059 2,198 2,123
Management services expense—unconsolidated real estate entities (1,042) (1,059) (2,198) (2,123)
Transaction-related expenses 113 2,530 (2,037) 1,344
Unrealized loss on non-real estate investments (1,045) (843) (1,943) (4)
Gain on sale of real estate 0 0 0 7,046
Gain on extinguishment of debt 0 10,000 0 10,000
Other income 1,334 138 1,477 135
Total other expenses (44,288) (41,018) (90,046) (86,101)
Loss before income tax provision (47,047) (25,172) (100,402) (45,153)
Income tax provision (510) (6,302) (510) (1,140)
Net loss (47,557) (31,474) (100,912) (46,293)
Net loss (income) attributable to non-controlling interest in consolidated real estate entities 3,751 (346) 7,920 (1,377)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 961 508 2,118 1,402
Net income attributable to participating securities (207) (297) (409) (850)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS (47,027) (36,163) (99,229) (56,590)
Series A preferred units        
OTHER INCOME (EXPENSES)        
Net income attributable to preferred units (153) (153) (306) (306)
Series C preferred stock        
OTHER INCOME (EXPENSES)        
Net income attributable to preferred units (5,047) (5,047) (10,094) (10,094)
Office        
REVENUES        
Rental revenues 172,596 203,486 344,023 406,143
Service and other revenues 3,443 3,805 7,091 7,781
Revenues 176,039 207,291 351,114 413,924
OPERATING EXPENSES        
Operating expenses 75,304 76,767 148,251 150,821
Studio        
REVENUES        
Rental revenues 14,441 16,374 28,041 32,627
Service and other revenues 27,520 21,503 52,868 50,880
Revenues 41,961 37,877 80,909 83,507
OPERATING EXPENSES        
Operating expenses 37,952 34,679 75,061 71,923
Hudson Pacific Partners L.P.        
REVENUES        
Revenues 218,000 245,168 432,023 497,431
OPERATING EXPENSES        
General and administrative 20,705 18,941 40,415 37,665
Depreciation and amortization 86,798 98,935 178,652 196,074
Total operating expenses 220,759 229,322 442,379 456,483
OTHER INCOME (EXPENSES)        
Loss from unconsolidated real estate entities (2,481) (715) (3,224) (1,460)
Fee income 1,371 2,284 2,496 4,686
Interest expense (44,159) (54,648) (88,248) (108,455)
Interest income 579 236 1,433 607
Management services reimbursement income—unconsolidated real estate entities 1,042 1,059 2,198 2,123
Management services expense—unconsolidated real estate entities (1,042) (1,059) (2,198) (2,123)
Transaction-related expenses 113 2,530 (2,037) 1,344
Unrealized loss on non-real estate investments (1,045) (843) (1,943) (4)
Gain on sale of real estate 0 0 0 7,046
Gain on extinguishment of debt 0 10,000 0 10,000
Other income 1,334 138 1,477 135
Total other expenses (44,288) (41,018) (90,046) (86,101)
Loss before income tax provision (47,047) (25,172) (100,402) (45,153)
Income tax provision (510) (6,302) (510) (1,140)
Net loss (47,557) (31,474) (100,912) (46,293)
Net loss (income) attributable to non-controlling interest in consolidated real estate entities 3,751 (346) 7,920 (1,377)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 961 508 2,118 1,402
Net loss attributable to Hudson Pacific Properties, L.P. (42,845) (31,312) (90,874) (46,268)
Net income attributable to participating securities (207) (297) (409) (850)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (48,252) $ (36,809) $ (101,683) $ (57,518)
BASIC AND DILUTED PER UNIT AMOUNTS        
Net loss attributable to common unitholders —basic (in dollars per share) $ (0.33) $ (0.26) $ (0.70) $ (0.40)
Net loss attributable to common unitholders —diluted (in dollars per share) $ (0.33) $ (0.26) $ (0.70) $ (0.40)
Weighted average shares of common units outstanding—basic (in shares) 144,859,277 143,428,209 144,673,725 143,379,060
Weighted average shares of common units outstanding—diluted (in shares) 144,859,277 143,428,209 144,673,725 143,379,060
Hudson Pacific Partners L.P. | Series A preferred units        
OTHER INCOME (EXPENSES)        
Net income attributable to preferred units $ (153) $ (153) $ (306) $ (306)
Hudson Pacific Partners L.P. | Series C preferred stock        
OTHER INCOME (EXPENSES)        
Net income attributable to preferred units (5,047) (5,047) (10,094) (10,094)
Hudson Pacific Partners L.P. | Office        
REVENUES        
Rental revenues 172,596 203,486 344,023 406,143
Service and other revenues 3,443 3,805 7,091 7,781
Revenues 176,039 207,291 351,114 413,924
OPERATING EXPENSES        
Operating expenses 75,304 76,767 148,251 150,821
Hudson Pacific Partners L.P. | Studio        
REVENUES        
Rental revenues 14,441 16,374 28,041 32,627
Service and other revenues 27,520 21,503 52,868 50,880
Revenues 41,961 37,877 80,909 83,507
OPERATING EXPENSES        
Operating expenses $ 37,952 $ 34,679 $ 75,061 $ 71,923