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Equity (Tables)

12 Months Ended

Dec. 31, 2024

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, January 1, 2022			$	(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, 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, December 31, 2023			3,656						(3,843)						(187)
Unrealized gain (loss) recognized in AOCI			8,942						(7,359)						1,583
Reclassification from AOCI into income(1)			(9,813)						—						(9,813)
Net change in AOCI			(871)						(7,359)						(8,230)
Balance, December 31, 2024			$	2,785					$	(11,202)					$	(8,417)

_____________

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, January 1, 2022			$	(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, 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, December 31, 2023			3,813						(3,875)						(62)
Unrealized gain recognized in AOCI			9,382						(7,727)						1,655
Reclassification from AOCI into income(1)			(10,306)						—						(10,306)
Net change in AOCI			(924)						(7,727)						(8,651)
Balance, December 31, 2024			2,889						(11,602)						$	(8,713)

_____________

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, 2024						December 31, 2023						December 31, 2022
Company-owned common units in the operating partnership						141,279,102						141,034,806						141,054,478
Company’s ownership interest percentage						97.4		%				98.0		%				98.5		%
Non-controlling common units in the operating partnership(1)						3,796,346						2,810,433						2,191,842
Non-controlling ownership interest percentage						2.6		%				2.0		%				1.5		%

_________________ 

1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of December 31, 2024, this amount represents both common units and performance units of 550,969 and 3,245,377, respectively. 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.

Schedule of Dividends

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

			For the Year Ended December 31,
			2024						2023						2022
Common stock(1)			$	0.10					$	0.375					$	1.00
Common units(1)			$	0.10					$	0.375					$	1.00
Unvested performance-based units(1)(2)			$	0.01					$	0.0375					$	0.10
Series A preferred units			$	1.5625					$	1.5625					$	1.5625
Series C preferred stock(3)			$	1.1875					$	1.1875					$	1.3359

_________________ 

1.The Company suspended its quarterly common stock dividend during the third and fourth quarters of 2023 and the third and fourth quarters of 2024. As a result, the common unit and performance unit dividends were also suspended.

2.Performance-based units are entitled to dividends equal to the common stock dividends declared by the Company. During their vesting period, unvested performance-based units receive 10% of the declared dividend, with the remainder payable as soon as practicable after the vesting date.

3.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.

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

						Distribution Per Share						Ordinary Dividends												Capital Gains Distributions												Return of Capital
Record Date			Payment Date									Total			Non-Qualified(1)			Qualified
3/18/2024			3/28/2024			$	0.05000					$	0.03342		$	0.03342		$	—					$	—																	$	0.01658
6/17/2024			6/27/2024			0.05000						0.03342			0.03342			—						—																		0.01658
			TOTALS			$	0.10000					$	0.06684		$	0.06684		$	—					$	—																	$	0.03316
						100.00		%				66.84		%										—		%																33.16		%

_________________ 

1.On December 22, 2017, the Tax Cuts and Jobs Act enacted Section 199A that generally allows a deduction for non-corporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Ordinary Dividends eligible for the Section 199A benefit are a subset of and included in the Taxable Ordinary Dividend Amount.

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):

						Distribution Per Share						Ordinary Dividends												Capital Gains Distributions												Return of Capital
Record Date			Payment Date									Total			Non-Qualified(1)			Qualified
3/18/2024			3/28/2024			$	0.296875					$	0.296875		$	0.296875		$	—					$	—																	$	—
6/17/2024			6/27/2024			0.296875						0.296875			0.296875			—						—																		—
9/20/2024			9/30/2024			0.296875						0.296875			0.296875			—						—																		—
12/20/2024			12/30/2024			0.296875						0.296875			0.296875			—						—																		—
			TOTALS			$	1.187500					$	1.187500		$	1.187500		$	—					$	—																	$	—
						100.00		%				100.00		%										—		%																—		%

_________________ 

1.On December 22, 2017, the Tax Cuts and Jobs Act enacted Section 199A that generally allows a deduction for non-corporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Ordinary Dividends eligible for the Section 199A benefit are a subset of and included in the Taxable Ordinary Dividend Amount.

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

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

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-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
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