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Page 2 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Forward-Looking Statements This Supplemental Information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, on our business and the economy generally; adverse economic and real estate developments in Northern and Southern California, the Pacific Northwest and Western Canada; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non-renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully integrate pending and recent acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount of insurance; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers; changes in real estate and zoning laws and increases in real property tax rates; and the consequences of any possible future terrorist attacks. These factors are not exhaustive. For a discussion of important risks related to Hudson Pacific Properties, Inc.’s business and an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption “Risk Factors” in Hudson Pacific Properties, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Hudson Pacific Properties, Inc. from time to time with the SEC. You are cautioned that the information contained herein speaks only as of the date hereof and Hudson Pacific Properties, Inc. assumes no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise. Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “we,” “us,” or “our.” Non-GAAP Measures This Supplemental Information includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental Information. Definitions of these non-GAAP financial measures can be found in the Definitions section of this Supplemental starting on page 56. The Company also presents the “Company’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures, and in some cases the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the joint venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.
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Page 3 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Table of Contents Page Executive Summary, Corporate Data, Executive Management, Board of Directors, Equity Research Coverage, and Rating Agencies 4 Financial Information 9 Consolidated Balance Sheets 10 Consolidated Statements of Operations 11 Funds from Operations 12 Adjusted Funds from Operations 14 Same-Store Property Performance—Consolidated 15 Same-Store Property Performance—Company's Share 17 Net Operating Income (NOI) Detail 19 Debt Summary 21 Capital Structure 23 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance 24 Operational and Portfolio Information 26 In-Service Office Properties 27 In-Service Office Properties by Location 30 Studio Properties 32 Land Properties 33 Repositioning, Redevelopment, Development and Held For Sale Properties 34 Under Construction and Future Development Projects 36 Recently Completed, Under Construction and Planned Project Images 38 Office Tenant Industry Diversification 39 Fifteen Largest Office Tenants 40 Office Property Leasing Activity 42 Commenced Office Leases with Non-Recurring Upfront Abatements 44 Uncommenced Office Leases—Next Eight Quarters 46 Backfilled Office Leases—Next Eight Quarters 48 Expiring Office Leases—Next Eight Quarters 51 Expiring Office Leases—Annual 54 Definitions and Reconciliations 55 Definitions 56 Reconciliation of Net Income to Net Operating Income 58 Reconciliation of Net Income to Company's Share of Net Operating Income 59 Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) 60 Company Outlook 61 Corporate Headquarters: 11601 Wilshire Boulevard, 9th Floor, Los Angeles, CA 90025 (310) 445-5700 Website: HudsonPacificProperties.com Investor Relations: Laura Campbell Executive Vice President, Investor Relations and Marketing (310) 622-1702 NYSE Trading Symbol: HPP
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Page 4 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Balance Sheet • Investment grade credit rated with $0.9 billion of total liquidity and no material maturities until 2023 Capital Transactions ▪ Sold 1.5 million shares under the Company’s at-the-market ("ATM") program, generating $45.7 million of proceeds for an average sales price of $29.92 Dividend • Declared and paid a quarterly dividend of $0.25 per share on common stock ESG Leadership • Published 2020 Corporate Responsibility Report detailing Company's accomplishments across its Better BlueprintTM platform Post-Quarter Highlights • Unveiled plans to develop through a 50/50 joint venture with Blackstone a fully entitled, 241,000 square-foot, seven-stage studio facility to be known as Sunset Glenoaks Studios in Sun Valley, California • Acquired through a 35/65 Hudson Pacific/Blackstone joint venture a 91- acre studio development site 17 miles north of London in Broxbourne, Hertfordshire for £120 million • Drew down $50 million on the Company’s unsecured revolving credit facility, resulting in $550 million of undrawn capacity Guidance • Provided full-year and third-quarter 2021 FFO guidance of $1.90 to $1.96 per diluted share, excluding specified items, and $0.47 to $0.49 per diluted share, excluding specified items, respectively Executive Summary Hudson Pacific Properties acquires, redevelops and develops creative office and studio properties in the West Coast tech and media epicenters of Los Angeles, Silicon Valley, San Francisco, Seattle and Vancouver. We are the leading publicly traded owner of office space in Silicon Valley, one of the largest independent owners/operators of studios in Los Angeles, and our portfolio totals nearly 20 million square feet, including land for development, in our core markets. Our top-tier assets combined with our leasing and management expertise have enabled us to cultivate a tenant base of premier blue-chip and growth companies, like Google and Netflix. Our strategic focus is value creation through less capital- and time-intensive repositionings and redevelopments, although our deep in-house expertise allows us to execute on a full range of opportunities—from incremental lease-up to cutting-edge new construction. Financials (Compared to Second Quarter 2020) • Net income attributable to common stockholders of $2.3 million ($0.02 per diluted share) compared to net income to common stockholders of $3.7 million ($0.02 per diluted share) • FFO, excluding specified items, of $74.4 million ($0.49 per diluted share) compared to $76.8 million ($0.50 per diluted share) • Total revenue increased 8.6% to $215.6 million Office Highlights • Executed 73 new and renewal leases totaling 510,197 square feet, with GAAP and cash rent growth of 18.7% and 12.1%, respectively • Stabilized and in-service office portfolios were 92.7% and 91.4% leased, respectively • Net operating income and cash net operating income for the consolidated 44 same-store properties decreased 2.1% and increased 4.9%, respectively Studio Highlights • Trailing 12-month occupancy for the three same-store studio properties was 88.0% • Net operating income and cash net operating income for the three same- store studio properties increased 17.0% and 29.3%, respectively Conference Call Information: Wednesday, August 4, 2021 at 11:00 AM PST / 2:00 PM EST (877) 407-0784 (U.S.) | (201) 689-8560 (International)
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Page 5 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Corporate Data(1) Unaudited, in thousands, except per share data June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Number of office properties owned 53 53 53 52 52 Office square feet(2) 15,584,647 15,583,010 15,550,750 14,870,607 14,856,553 Same-store office square feet(2)(3) 12,661,812 12,628,002 12,619,891 11,781,358 10,207,076 Same-store office leased rate as of end of period(3) 92.4 % 92.3 % 94.3 % 94.4 % 94.5 % Stabilized office square feet(2)(4) 13,560,853 13,571,956 13,574,582 12,909,362 12,924,852 Stabilized office leased rate as of end of period(4) 92.7 % 92.7 % 94.5 % 94.5 % 95.1 % In-service office square feet(2)(5) 14,610,559 14,491,731 14,530,261 13,865,041 13,880,531 In-service office leased rate as of end of period(5) 91.4 % 91.7 % 93.5 % 93.5 % 94.0 % Number of studio properties owned 3 3 3 3 3 Same-store studio square feet(2)(6) 1,224,403 1,224,403 1,224,403 1,224,403 1,224,403 Same-store studio leased rate as of end of period(7) 88.0 % 89.6 % 90.2 % 91.3 % 92.7 % Number of land properties owned 8 8 8 7 7 Land properties estimated square feet(8) 3,195,406 3,187,261 3,187,261 2,736,825 2,681,376 Total portfolio square feet 20,004,456 19,994,674 19,962,414 18,831,835 18,762,332 Company’s share of debt, net(9)(10) $ 2,863,638 $ 2,826,943 $ 2,787,917 $ 2,341,602 $ 3,009,488 Company’s share of market capitalization(9)(10) $ 7,283,915 $ 7,106,345 $ 6,593,530 $ 6,081,014 $ 6,948,827 Adjusted EBITDAre (annualized) / Consolidated debt, net(10) 7.1x 7.3x 7.4x 6.4x 7.0x Company’s share of debt, net/Company’s share of market capitalization(9)(10) 39.3 % 39.8 % 42.3 % 38.5 % 43.3 % Share data: FFO(10), excluding specific items, per common stock/unit—diluted(11) $ 0.49 $ 0.48 $ 0.44 $ 0.43 $ 0.50 Range of closing prices(11) $ 26.45 - 30.28 $ 22.89 - 28.43 $ 19.26 - 27.96 $ 21.25 - 25.32 $ 19.89 - 29.27 Closing price at quarter end $ 27.82 $ 27.13 $ 24.02 $ 21.93 $ 25.16 Weighted average fully diluted common stock/units outstanding(10) 152,683 152,504 152,576 154,774 155,013 Shares of common stock/units outstanding at end of period(10) 155,543 153,979 154,283 154,767 156,572 (1) Represents 100% share of consolidated and unconsolidated joint ventures, except with respect to the Company’s Share of debt, net, market capitalization, and the quotient of those amounts. (2) Property square footage has been determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to re-measurement or re-leasing. (3) Same-store office defined as all properties owned and included in our office portfolio as of April 1, 2020 and still owned and included in our office portfolio as of June 30, 2021. (4) Stabilized office square feet and leased rate excludes the lease-up, land, repositioning, redevelopment, development and held for sale properties described on pages 28, 33 and 34. (5) In-service office square feet and leased rate includes the stabilized office and lease-up properties described on pages 27 and 28. (6) Same-store studio defined as all properties owned and included in our studio portfolio as of April 1, 2020 and still owned and included in our studio portfolio as of June 30, 2021. (7) Percent leased for same-store studio is the average percent leased for the 12 months ended as of the quarter indicated. (8) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to receipt of entitlement approvals not yet obtained. Includes the pending purchase of Washington 1000. (9) See capital structure on page 23 for additional detail. (10) See definitions starting on page 56. (11) For the quarter indicated.
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Page 6 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Andy Wattula Executive Vice President, Pacific Northwest/ Canada Office Operations Nader Shah Senior Vice President, Construction and Development Natalie Teear Senior Vice President, Innovation, Sustainability and Social Impact Derric Dubourdieu Senior Vice President, Leasing Gary Hansel Senior Vice President, Southern California Bill Humphrey Senior Vice President, Business Development — Studios Shawn McGarry Senior Vice President, Northern California Anne Mehrtens Senior Vice President, Sunset Studios — Southern California Jeff Stotland Senior Vice President, Global Studios Chuck We Senior Vice President, Western Canada Ken Young Senior Vice President, Leasing Executive Management Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Harout Diramerian Chief Financial Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Christopher Barton Executive Vice President, Development and Capital Investments Laura Campbell Executive Vice President, Investor Relations and Marketing Steve Jaffe Executive Vice President, Business Affairs Andrea Rupp Executive Vice President, Human Resources Dale Shimoda Executive Vice President, Finance Arthur X. Suazo Executive Vice President, Leasing Drew B. Gordon Executive Vice President, California Office Operations Our Executive Management is comprised of highly seasoned, approachable experts who embrace innovation and always think outside the box. Together, they have decades of experience leading successful publicly traded companies. They have bought, sold, operated, built and re-built real estate properties across cycles and in every major West Coast market, and in the process cultivated unparalleled industry relationships. Our culture starts at the top—a collaborative, entrepreneurial spirit, combined with integrity and a deep sense of fiduciary responsibility.
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Page 7 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Board of Directors Our accomplished Directors are committed to sound corporate governance, and ensuring full compliance and accountability to shareholders in accordance with all laws and regulations. We believe that dedication to these principles and the highest ethical standards is essential to both short- and long-term value creation and preservation. We also recognize and embrace board diversity in all its facets—skills, experience, gender, ethnicity, race—as essential to maintaining our competitive advantage and attaining our strategic objectives. Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Executive Officer, Catellus Development Corporation Karen Brodkin Executive Vice President, Content Strategy and Development, Endeavor Richard B. Fried Managing Member, Farallon Capital Management, L.L.C. Jonathan M. Glaser Managing Member, JMG Capital Management LLC Robert L. Harris II Executive Chairman (retired), Acacia Research Corporation Christy Haubegger Executive Vice President and Chief Enterprise Inclusion Officer, WarnerMedia Mark D. Linehan President and Chief Executive Officer, Wynmark Company Barry A. Porter Managing General Partner, Clarity Partners L.P. Andrea Wong President (retired), International Production, Sony Pictures Television
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Page 8 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Equity Research Coverage BMO Capital Markets Frank Lee | John Kim (415) 591-2129 | (212) 885-4115 BofA Securities James Feldman (646) 855-5808 BTIG Tom Catherwood (212) 738-6140 Citigroup Global Markets Michael Bilerman | Emmanuel Korchman (212) 816-1383 | (212) 816-1382 Goldman Sachs Caitlin Burrows (212) 902-4736 Green Street Advisors Daniel Ismail (949) 640-8780 Jefferies LLC Peter Abramowitz (212) 336-7241 KeyBanc Capital Markets Craig Mailman (917) 368-2316 Mizuho Securities Haendel St. Juste (212) 205-7860 Morgan Stanley Vikram Malhotra (212) 761-7567 Piper Sandler & Company Alexander Goldfarb (212) 466-7937 Robert W. Baird & Company David Rodgers (216) 737-7341 Scotiabank Nicholas Yulico (212) 225-6904 SMBC Nikko Securities Richard Anderson (646) 521-2351 Wells Fargo Securities Blaine Heck (443) 263-2949 Wolfe Research Andrew Rosivach (646) 582-9250 Fitch Ratings Stephen Boyd (212) 908-9153 Rating Agencies Moody’s Investor Service Alice Chung (212) 553-2949 Standard & Poor’s Fernanda Hernandez (212) 438-1347
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Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Financial Information
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Page 10 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Consolidated Balance Sheets In thousands, except share data June 30, 2021 (Unaudited) December 31, 2020 ASSETS Investment in real estate, net $ 7,156,734 $ 7,112,269 Cash and cash equivalents 110,978 113,686 Restricted cash 33,967 35,854 Accounts receivable, net 16,391 22,105 Straight-line rent receivables, net 238,799 225,685 Deferred leasing costs and lease intangible assets, net 271,201 285,836 U.S. Government securities 132,222 135,115 Operating lease right-of-use assets 268,537 264,880 Prepaid expenses and other assets, net 111,087 72,667 Investment in unconsolidated real estate entities 85,736 82,105 TOTAL ASSETS $ 8,425,652 $ 8,350,202 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,491,043 $ 3,399,492 In-substance defeased debt 129,971 131,707 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 253,271 235,860 Operating lease liabilities 274,408 270,014 Lease intangible liabilities, net 43,364 49,144 Security deposits and prepaid rent 84,393 92,180 Total liabilities 4,342,586 4,244,533 Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 127,445 127,874 Equity Hudson Pacific Properties, Inc. stockholders’ equity Common stock, $0.01 par value, 490,000,000 authorized, 152,319,084 shares and 151,401,365 shares outstanding at June 30, 2021 and December 31, 2020, respectively 1,523 1,514 Additional paid-in capital 3,435,156 3,469,758 Accumulated other comprehensive loss (2,736) (8,133) Total Hudson Pacific Properties, Inc. stockholders’ equity 3,433,943 3,463,139 Non-controlling interest—members in consolidated real estate entities 467,476 467,009 Non-controlling interest—units in the operating partnership 44,387 37,832 Total equity 3,945,806 3,967,980 TOTAL LIABILITIES AND EQUITY $ 8,425,652 $ 8,350,202
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Page 11 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Consolidated Statements of Operations Unaudited, in thousands, except share data Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUES Office Rental $ 192,552 $ 180,654 $ 382,413 $ 361,767 Service and other revenues 3,151 3,654 5,433 8,968 Total office revenues 195,703 184,308 387,846 370,735 Studio Rental 11,551 12,128 23,704 25,043 Service and other revenues 8,348 2,174 17,171 9,059 Total studio revenues 19,899 14,302 40,875 34,102 Total revenues 215,602 198,610 428,721 404,837 OPERATING EXPENSES Office operating expenses 69,111 64,611 135,673 128,471 Studio operating expenses 12,466 7,951 23,919 18,601 General and administrative 17,109 17,897 35,558 36,515 Depreciation and amortization 84,178 73,516 166,939 147,279 Total operating expenses 182,864 163,975 362,089 330,866 OTHER INCOME (EXPENSE) Income from unconsolidated real estate entities 470 410 1,105 174 Fee income 797 556 1,645 1,166 Interest expense (30,689) (27,930) (60,975) (54,347) Interest income 937 1,048 1,934 2,073 Management services reimbursement income—unconsolidated real estate entities 626 — 626 — Management services expense—unconsolidated real estate entities (626) — (626) — Transaction-related expenses (1,064) (157) (1,064) (259) Unrealized gain (loss) on non-real estate investments 5,018 (2,267) 10,793 (2,848) Other (expense) income (1,177) 716 (1,629) 1,030 Total other expense (25,708) (27,624) (48,191) (53,011) Net income 7,030 7,011 18,441 20,960 Net income attributable to preferred units (153) (153) (306) (306) Net income attributable to participating securities (276) (10) (554) (39) Net income attributable to non-controlling interest in consolidated real estate entities (5,549) (3,890) (12,179) (7,407) Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,282 770 1,964 1,403 Net income attributable to non-controlling interest in the operating partnership (19) (37) (69) (143) NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 2,315 $ 3,691 $ 7,297 $ 14,468 BASIC AND DILUTED PER SHARE AMOUNTS Net income attributable to common stockholders—basic $ 0.02 $ 0.02 0.05 0.09 Net income attributable to common stockholders—diluted $ 0.02 $ 0.02 0.05 0.09 Weighted average shares of common stock outstanding—basic 151,169,612 153,306,976 150,997,564 153,869,789 Weighted average shares of common stock outstanding—diluted 152,683,463 155,621,513 151,302,845 156,515,326
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Page 12 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Funds from Operations(1) Unaudited, in thousands, except per share data Three Months Ended Quarter To Date June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 NET INCOME (LOSS) $ 7,030 $ 11,411 $ (3,168) $ (1,362) $ 7,011 Adjustments: Depreciation and amortization—Consolidated 84,178 82,761 77,351 75,052 73,516 Depreciation and amortization—Corporate-related (590) (577) (566) (581) (574) Depreciation and amortization—Company’s Share from unconsolidated real estate entities 1,550 1,511 1,424 1,445 1,355 Unrealized (gain) loss on non-real estate investments (5,018) (5,775) 128 (513) 2,267 Tax impact of unrealized gain on non-real estate investment 1,876 — — — — FFO attributable to non-controlling interests (15,839) (16,717) (13,025) (10,725) (6,801) FFO attributable to preferred units (153) (153) (153) (153) (153) FFO to common stockholders and unitholders 73,034 72,461 61,991 63,163 76,621 Specified items impacting FFO: Transaction-related expenses 1,064 — — 181 157 One-time tax reassessment management cost — — 5,500 — — One-time prior period net property tax adjustment 335 1,050 (702) — — One-time debt extinguishment cost — — — 2,654 — FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 74,433 $ 73,511 $ 66,789 $ 65,998 $ 76,778 Weighted average common stock/units outstanding—diluted 152,683 152,504 152,576 154,774 155,013 FFO per common stock/unit—diluted $ 0.48 $ 0.48 $ 0.41 $ 0.41 $ 0.49 FFO (excluding specified items) per common stock/unit—diluted $ 0.49 $ 0.48 $ 0.44 $ 0.43 $ 0.50
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Page 13 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (1) See definitions starting on page 56. Six Months Ended Three Months Ended Twelve Months Ended Nine Months Ended Six Months Ended Year To Date June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 NET INCOME $ 18,441 $ 11,411 $ 16,430 $ 19,598 $ 20,960 Adjustments: Depreciation and amortization—Consolidated 166,939 82,761 299,682 222,331 147,279 Depreciation and amortization—Corporate-related (1,167) (577) (2,286) (1,720) (1,139) Depreciation and amortization—Company’s Share from unconsolidated real estate entities 3,061 1,511 5,605 4,181 2,736 Unrealized (gain) loss on non-real estate investments (10,793) (5,775) 2,463 2,335 2,848 Tax impact of unrealized gain on non-real estate investment 1,876 — — — — FFO attributable to non-controlling interests (32,462) (16,717) (37,644) (24,619) (13,894) FFO attributable to preferred units (306) (153) (612) (459) (306) FFO to common stockholders and unitholders 145,589 72,461 283,638 221,647 158,484 Specified items impacting FFO: Transaction-related expenses 1,064 — 440 440 259 One-time tax reassessment management cost — — 5,500 — — One-time straight-line rent reserve — — 2,620 2,620 2,620 One-time prior period net property tax adjustment 1,372 1,050 (937) — — One-time debt extinguishment cost — — 2,654 2,654 — FFO (EXCLUDING SPECIFIED ITEMS) TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 148,025 $ 73,511 $ 293,915 $ 227,361 $ 161,363 Weighted average common stock/units outstanding—diluted 152,675 152,504 154,084 155,422 155,908 FFO per common stock/unit—diluted $ 0.95 $ 0.48 $ 1.84 $ 1.43 $ 1.02 FFO (excluding specified items) per common stock/unit—diluted $ 0.97 $ 0.48 $ 1.91 $ 1.46 $ 1.03 Funds from Operations(1) (continued) Unaudited, in thousands, except per share data
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Page 14 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Adjusted Funds from Operations(1) Unaudited, in thousands Three Months Ended Quarter To Date June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 FFO $ 73,034 $ 72,461 $ 61,991 $ 63,163 $ 76,621 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (6,811) (8,708) (806) (5,230) (14,330) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 804 826 826 827 826 Amortization of deferred financing costs and loan discounts/ premiums, net 1,717 1,714 1,639 4,361 1,281 Non-cash compensation expense 6,340 3,538 8,314 4,791 4,723 Recurring capital expenditures, tenant improvements and lease commissions (15,580) (18,022) (20,149) (19,922) (20,980) AFFO $ 59,504 $ 51,809 $ 51,815 $ 47,990 $ 48,141 Dividends paid to common stock and unitholders $ 38,742 $ 38,426 $ 38,370 $ 38,853 $ 38,890 AFFO payout ratio 65.1 % 74.2 % 74.1 % 81.0 % 80.8 % Six Months Ended Three Months Ended Twelve Months Ended Nine Months Ended Six Months Ended Year To Date June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 FFO $ 145,589 $ 72,461 $ 283,638 $ 221,647 $ 158,484 Adjustments: GAAP non-cash revenue (straight-line rent and above-below-market rents) (15,519) (8,708) (36,250) (35,444) (30,214) GAAP non-cash expense (straight-line rent expense and above- below-market ground rent) 1,630 826 3,305 2,479 1,652 Amortization of deferred financing costs and loan discounts/ premiums, net 3,431 1,714 8,564 6,925 2,564 Non-cash compensation expense 9,878 3,538 22,723 14,409 9,618 Recurring capital expenditures, tenant improvements and lease commissions (33,602) (18,022) (85,195) (65,046) (45,124) AFFO $ 111,407 $ 51,809 $ 196,785 $ 144,970 $ 96,980 Dividends paid to common stock and unitholders $ 77,168 $ 38,426 $ 154,996 $ 116,626 $ 77,773 AFFO payout ratio 69.3 % 74.2 % 78.8 % 80.4 % 80.2 % (1) See definitions starting on page 56.
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Page 15 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Same-Store Property Performance—Consolidated(1) Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS—NET OPERATING INCOME Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME(6) Total office revenues $ 167,413 $ 168,700 (0.8) % $ 332,654 $ 338,419 (1.7) % Total studio revenues 19,899 14,302 39.1 40,875 34,102 19.9 Same-store revenues 187,312 183,002 2.4 373,529 372,521 0.3 Total office expenses 59,237 58,217 1.8 115,911 (7) 114,451 1.3 Total studio expenses 12,466 (8) 7,951 56.8 23,919 (9) 18,601 28.6 Same-store expenses 71,703 66,168 8.4 139,830 133,052 5.1 Same-store office net operating income 108,176 110,483 (2.1) 216,743 223,968 (3.2) NOI margin 64.6 % 65.5 % (0.9) 65.2 % 66.2 % (1.0) Same-store studio net operating income 7,433 6,351 17.0 16,956 15,501 9.4 NOI margin 37.4 % 44.4 % (7.0) 41.5 % 45.5 % (4.0) TOTAL SAME-STORE NET OPERATING INCOME $ 115,609 $ 116,834 (1.0) % $ 233,699 $ 239,469 (2.4) % NOI margin 61.7 % 63.8 % (2.1) 62.6 % 64.3 % (1.7) SAME-STORE STATISTICS Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % change 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 44 44 43 43 Rentable square feet 11,169,954 11,169,954 11,125,041 11,125,041 Ending % leased 91.7 % 94.7 % (3.0) % 91.6 % 94.6 % (3.0) % Ending % occupied 90.6 % 94.2 % (3.6) % 90.6 % 94.0 % (3.4) % Average % occupied for the period 90.5 % 94.3 % (3.8) % 91.2 % 94.6 % (3.4) % SAME-STORE STUDIO STATISTICS(4) Number of properties 3 3 3 3 Rentable square feet 1,224,403 1,224,403 1,224,403 1,224,403 Average % occupied for the period(5) 88.0 % 92.6 % (4.6) 88.0 % 92.6 % (4.6)
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Page 16 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Same-Store Property Performance—Consolidated(1) (continued) Unaudited, in thousands, except number of properties and square feet (1) The consolidated same-store property performance excludes the impact of our unconsolidated joint venture, Bentall Centre. (2) Same-store office for the three months ended June 30, 2021 defined as all properties owned and included in our stabilized office portfolio as of April 1, 2020 and still owned and included in the stabilized office portfolio as of June 30, 2021. Same-store office for the six months ended June 30, 2021 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2020 and still owned and included in the stabilized office portfolio as of June 30, 2021. (3) See pages 27 and 28 for same-store office properties. (4) Same-store studio for the three months ended June 30, 2021 defined as all properties owned and included in our studio portfolio as of April 1, 2020 and still owned and included in our studio portfolio as of June 30, 2021. Same-store studio for the six months ended June 30, 2021 defined as all properties owned and included in our studio portfolio as of January 1, 2020 and still owned and included in our studio portfolio as of June 30, 2021. (5) Percent occupied for same-store studio is the average percent occupied for the 12 months ended as of the periods indicated. (6) See page 58 for the reconciliation of net income to net operating income (NOI). (7) Same-store office expenses for the six months ended June 30, 2021 included a one-time property tax increase of $1.0 million resulting from reassessments at ICON and CUE. Adjusted for this item, the consolidated same-store office net operating income and consolidated same store office net operating income (cash basis) for the six months ended June 30, 2021 would have been (2.8)% and 3.8%, respectively. (8) Same-store studio expenses for the three months ended June 30, 2021 included a one-time property tax increases of $0.4 million resulting from a reassessment at Sunset Gower Studios. Adjusted for this item, the consolidated same-store studio net operating income and consolidated same store studio net operating income (cash basis) for the three months ended June 30, 2021 would have been 22.8% and 35.8%, respectively. (9) Same-store studio expenses for the six months ended June 30, 2021 included one-time property tax increases of $0.4 million resulting from reassessments at Sunset Gower and Sunset Bronson Studios. Adjusted for this item, the consolidated same-store studio net operating income and consolidated same store studio net operating income (cash basis) for the six months ended June 30, 2021 would have been 12.2% and 18.3%, respectively. SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 161,616 $ 155,781 3.7 % $ 318,856 $ 310,742 2.6 % Total studio cash revenues 19,741 13,637 44.8 40,694 33,289 22.2 Same-store cash revenues 181,357 169,418 7.0 359,550 344,031 4.5 Total office cash expenses 58,316 57,265 1.8 114,027 (7) 112,548 1.3 Total studio cash expenses 12,387 (8) 7,951 55.8 23,762 (9) 18,601 27.7 Same-store cash expenses 70,703 65,216 8.4 137,789 131,149 5.1 Same-store office net operating income (cash basis) 103,300 98,516 4.9 204,829 198,194 3.3 NOI margin 63.9 % 63.2 % 0.7 64.2 % 63.8 % 0.4 Same-store studio net operating income (cash basis) 7,354 5,686 29.3 16,932 14,688 15.3 NOI margin 37.3 % 41.7 % (4.4) 41.6 % 44.1 % (2.5) SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 110,654 $ 104,202 6.2 % $ 221,761 $ 212,882 4.2 % NOI margin 61.0 % 61.5 % (0.5) 61.7 % 61.9 % (0.2)
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Page 17 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Same-Store Property Performance—Company’s Share(1) Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS—NET OPERATING INCOME Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME(4) Total office revenues $ 142,537 $ 142,765 (0.2) % $ 283,096 $ 286,619 (1.2) % Same-store revenues 142,537 142,765 (0.2) 283,096 286,619 (1.2) Total office expenses 50,121 50,416 (0.6) 97,672 99,162 (1.5) Same-store expenses 50,121 50,416 (0.6) 97,672 99,162 (1.5) TOTAL SAME-STORE NET OPERATING INCOME $ 92,416 $ 92,349 0.1 % $ 185,424 $ 187,457 (1.1) % NOI margin 64.8 % 64.7 % 0.1 65.5 % 65.4 % 0.1 SAME-STORE STATISTICS Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % change 2021 2020 % change SAME-STORE OFFICE STATISTICS(2)(3) Number of properties 41 41 40 40 Rentable square feet 9,905,097 9,905,097 9,871,412 9,871,412 Ending % leased 90.7 % 94.1 % (3.4) % 90.7 % 94.0 % (3.3) % Ending % occupied 89.6 % 93.3 % (3.7) % 89.5 % 93.2 % (3.7) % Average % occupied for the period 90.6 % 93.7 % (3.1) % 91.3 % 94.3 % (3.0) % SAME-STORE ANALYSIS—NET OPERATING INCOME (CASH BASIS) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % change 2021 2020 % change SAME-STORE NET OPERATING INCOME (CASH BASIS) Total office cash revenues $ 137,701 $ 133,972 2.8 % $ 271,281 $ 273,130 (0.7) % Same-store cash revenues 137,701 133,972 2.8 271,281 273,130 (0.7) Total office cash expenses 49,318 49,591 (0.6) 96,046 97,513 (1.5) Same-store cash expenses 49,318 49,591 (0.6) 96,046 97,513 (1.5) SAME-STORE NET OPERATING INCOME (CASH BASIS) $ 88,383 $ 84,381 4.7 % $ 175,235 $ 175,617 (0.2) % NOI margin 64.2 % 63.0 % 1.2 64.6 % 64.3 % 0.3
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Page 18 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Same-Store Property Performance—Company’s Share(1) (continued) Unaudited, in thousands, except number of properties and square feet (1) On July 30, 2020, funds affiliated with Blackstone Property Partners acquired a 49% interest in our three Hollywood studios (Sunset Gower, Sunset Bronson and Sunset Las Palmas Studios) and five office properties (6040 Sunset, ICON, CUE, EPIC and Harlow). We retained a 51% ownership stake. Based on the change in our ownership percentage, these properties have been omitted from the Company’s Share of same-store population for the three months and six months ended June 30, 2021. Included as part of the Company’s Share of same-store population for the three months and six months ended June 30, 2021 is our unconsolidated joint venture, Bentall Centre, that was acquired during second quarter 2019. (2) Same-store office for the three months ended June 30, 2021 defined as the Company’s Share of all properties owned and included in our stabilized office portfolio as of April 1, 2020 and still owned and included in the stabilized office portfolio as of June 30, 2021. Same-store office for the six months ended June 30, 2021 defined as the Company’s Share of all properties owned and included in our stabilized office portfolio as of January 1, 2020 and still owned and included in the stabilized office portfolio as of June 30, 2021. (3) See pages 27 and 28 for same-store office properties. (4) See page 59 for the reconciliation of net income to net operating income (NOI).
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Page 19 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Net Operating Income (NOI) Detail Three Months Ended June 30, 2021 | Unaudited, in thousands Same-Store Office Properties(1) Same-Store Studio Properties(2) Non-Same- Store Office Properties(3) Repositioning/ Redevelopment /Development Properties(4) Lease-Up Properties(3) Total Properties REVENUE Cash rent $ 132,843 $ 11,130 $ 10,251 $ — $ 10,340 $ 164,564 Cash tenant recoveries 25,893 263 3,610 — 1,527 31,293 Straight-line rent 4,489 167 535 — 791 5,982 Amortization of above-market and below-market leases, net 1,751 — 959 — 29 2,739 Amortization of lease incentive costs (443) (9) — — (23) (475) Total rental revenue(5) 164,533 11,551 15,355 — 12,664 204,103 Service and other revenues 2,880 8,348 111 — 160 11,499 Total revenue 167,413 19,899 15,466 — 12,824 215,602 OPERATING EXPENSES Property operating expenses 58,316 12,387 4,290 14 5,567 80,574 Straight-line rent 325 — — — — 325 Non-cash portion of interest expense 10 79 — — 1 90 Amortization of above-market and below-market ground leases, net 586 — — — 2 588 Total operating expenses 59,237 12,466 4,290 14 5,570 81,577 TOTAL CONSOLIDATED NOI(5) $ 108,176 $ 7,433 $ 11,176 $ (14) $ 7,254 $ 134,025 COMPANY’S SHARE OF NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 3,136 (6) — — 3,136 TOTAL NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 12,485 (7) 3,485 (8) 3,816 (9) — 349 (10) 20,135 Square feet(11) 11,169,954 1,224,403 899,041 974,088 1,049,706 15,317,192 Ending % leased 91.7 % 88.0 % 97.4 % 60.0 % 75.3 % 88.7 % Ending % occupied 90.6 % 88.0 % 97.1 % — % 75.0 % 84.1 % NOI margin 64.6 % 37.4 % 72.3 % — % 56.6 % 62.2 % RECONCILIATION TO CASH NOI TOTAL NOI $ 108,176 $ 7,433 $ 11,176 $ (14) $ 7,254 $ 134,025 Straight-line rent, net (4,164) (167) (535) — (791) (5,657) Non-cash portion of interest expense 10 79 — — 1 90 Amortization of above-market and below-market leases, net (1,751) — (959) — (29) (2,739) Amortization of lease incentive costs 443 9 — — 23 475 Amortization of above-market and below-market ground leases, net 586 — — — 2 588 TOTAL CONSOLIDATED CASH NOI $ 103,300 $ 7,354 $ 9,682 $ (14) $ 6,460 $ 126,782 COMPANY’S SHARE OF CASH NOI FROM UNCONSOLIDATED REAL ESTATE ENTITY — — 2,115 (6) — — 2,115 TOTAL CASH NOI ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 11,765 (7) 3,446 (8) 3,816 (9) — (113) (10) 18,914
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Page 20 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (1) See pages 27 and 28 for same-store office for the three months ended June 30, 2021. The consolidated same-store property performance in this table excludes the impact of our unconsolidated joint venture, Bentall Centre. (2) Same-store studio includes Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (3) See page 28 for non-same-store office and lease-up properties. (4) See page 34 for repositioning, redevelopment, development and held for sale properties. (5) See page 58 and 59 for all non-GAAP NOI reconciliations. (6) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. The amounts reflected have been converted from Canadian Dollars (“CAD”) to United States Dollars (“USD”) using the average monthly foreign currency exchange rate for the period presented. (7) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market, Hill7 and Ferry Building. We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE and EPIC. (8) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (9) We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (10) We own 51% of the ownership interest in the consolidated joint venture that owns Harlow. (11) Represents 100% ownership of our consolidated portfolio. Excludes square footage related to our unconsolidated joint venture, Bentall Centre. Net Operating Income Detail (NOI) (continued)
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Page 21 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Debt Summary As of June 30, 2021 | Unaudited, in thousands Unsecured revolving credit facility Principal Amount(1) Interest Rate(2)(3) Contractual Maturity Date(4) Annual Debt Service(1) Balance at Maturity Capacity Undrawn Capacity Unsecured revolving credit facility $ — LIBOR + 1.05% to 1.50% 3/13/2022 $ — $ — $ 600,000 $ 600,000 Unsecured private placement Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Series A notes $ 110,000 4.34% 1/2/2023 $ 4,774 $ 110,000 Series B notes 259,000 4.69% 12/16/2025 12,147 259,000 Series C notes 56,000 4.79% 12/16/2027 2,682 56,000 Series D notes 150,000 3.98% 7/6/2026 5,970 150,000 Series E notes 50,000 3.66% 9/15/2023 1,830 50,000 TOTAL $ 625,000 $ 27,403 $ 625,000 Unsecured registered senior notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Issue Price as Percentage of Par Effective Yield 3.95% Registered senior notes—October 2017 $ 400,000 3.95% 11/1/2027 $ 15,800 $ 400,000 99.815 % 3.97% 4.65% Registered senior notes—February 2019 500,000 4.65% 4/1/2029 23,250 500,000 100.427 % 4.61% 3.25% Registered senior notes—October 2019 400,000 3.25% 1/15/2030 13,000 400,000 99.268 % 3.46% TOTAL $ 1,300,000 $ 52,050 $ 1,300,000 Secured notes Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share Undrawn Capacity Hollywood Media Portfolio(5) $ 900,000 LIBOR + 2.15% 8/9/2022 $ — $ 900,000 $ 459,000 $ — Acquired Hollywood Media Portfolio debt(5) (107,814) LIBOR + 3.31% 8/9/2022 — (107,814) (107,814) — Hollywood Media Portfolio, net 792,186 — 792,186 351,186 — 10950 Washington(6) 25,404 5.32% 3/11/2022 2,003 24,981 25,404 — One Westside and 10850 Pico 192,923 LIBOR + 1.70% 12/18/2023 — 192,923 144,692 221,677 Element LA 168,000 4.59% 11/6/2025 7,716 168,000 168,000 — 1918 Eighth(7) 314,300 LIBOR + 1.70% 12/18/2025 — 314,300 172,865 — Hill7(8) 101,000 3.38% 11/6/2028 3,414 101,000 55,550 — TOTAL $ 1,593,813 $ 13,133 $ 1,593,390 $ 917,697 $ 221,677
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Page 22 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Debt Summary (continued) As of June 30, 2021 | Unaudited, in thousands Other consolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share In-substance defeased debt(9) $ 129,971 4.47% 10/1/2022 $ 9,391 $ 125,489 $ 97,478 Joint venture debt(10) $ 66,136 4.50% 10/9/2028 $ 2,976 $ 66,136 $ — Unconsolidated debt Principal Amount(1) Interest Rate(2) Contractual Maturity Date Annual Debt Service(1) Balance at Maturity Company’s Share Bentall Centre(11) $ 520,997 CDOR + 1.75% 7/1/2024 $ — $ 520,997 $ 104,199 (1) See definitions starting on page 56. (2) Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. (3) We have an option to make an irrevocable election to change the interest rate depending on our credit rating or a specified base rate plus an applicable margin. As of June 30, 2021, no such election had been made. (4) The maturity date may be extended once for an additional one-year term. (5) We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. The joint venture holds a $900.0 million mortgage loan secured by the Hollywood Media Portfolio. This loan has an initial term of two years from the first payment date, with three one-year extension options, subject to certain requirements. The Company and Blackstone each purchased bonds comprising the loan in the amounts of $107.8 million and $12.5 million, respectively. (6) Monthly debt service includes debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity. (7) We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. This loan has an initial interest rate of LIBOR plus 1.70% per annum and is interest-only through the five-year term. (8) We own 55% of the ownership interest in the consolidated joint venture that owns Hill7. This loan bears interest only at 3.38% until November 6, 2026, at which time the interest rate will increase and monthly debt service will include principal payments with a balloon payment at maturity. The balance at maturity above excludes principal amortization. (9) We own 75% of the ownership interest in the consolidated joint venture that owns One Westside and 10850 Pico. The joint venture has, in substance, defeased the debt by purchasing U.S. Government securities, which are intended to generate cash flows to fund loan obligations through the early prepayment date of the debt. Monthly debt service includes debt amortization payments based on a 10-year amortization schedule with a balloon payment at maturity. (10) This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), our partner in the joint venture that owns Ferry Building. The maturity date may be extended twice for an additional two-year term each. (11) We own 20% of the ownership interest in the unconsolidated real estate investment that owns Bentall Centre. The loan was transacted in CAD. The principal balance shown is in USD using the foreign currency exchange rate as of June 30, 2021. The interest on the full amount has been effectively capped at 5.25% per annum through the use of an interest rate cap.
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Page 23 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Capital Structure As of June 30, 2021 | Unaudited, in thousands, except share data and percentages Shares/Units Aggregate Principal Amount or $ Equivalent Unsecured private placement $ 625,000 Unsecured registered senior notes 1,300,000 Secured debt 1,593,813 Total Consolidated unsecured and secured debt(1) $ 3,518,813 Add: Series A preferred units 392,598 9,815 Total Consolidated debt(1) $ 3,528,628 Less: Cash and cash equivalents (110,978) Total Consolidated debt, net(1) $ 3,417,650 Add: Company’s share of unconsolidated real estate entity debt(2) 104,199 Less: Partners’ share of consolidated debt(3) (676,116) Less: Company’s share of unconsolidated real estate entities’ cash and cash equivalents (3,479) Add: Partners’ share of cash and cash equivalents 21,384 Company’s share of debt, net(1) $ 2,863,638 EQUITY Common stock 152,319,084 $ 4,237,517 Operating partnership units 1,381,624 38,437 Restricted stock and units 1,103,740 30,706 Dilutive shares(1) 738,457 20,544 TOTAL EQUITY 155,542,905 $ 4,327,204 (4) CONSOLIDATED MARKET CAPITALIZATION(1) $ 7,855,832 COMPANY’S SHARE OF MARKET CAPITALIZATION(1) $ 7,283,915 CONSOLIDATED DEBT, NET/CONSOLIDATED MARKET CAPITALIZATION 43.5 % COMPANY’S SHARE OF DEBT, NET/COMPANY’S SHARE OF MARKET CAPITALIZATION 39.3 % (1) See definitions starting on page 56. (2) Amount is calculated based on our percentage ownership interest in our unconsolidated joint venture entity. The amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (3) Amount is calculated based on the outside partner’s percentage ownership interest in the consolidated joint venture entity. (4) Amount is calculated based on June 30, 2021 closing price of $27.82 per share of common stock.
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Page 24 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Unsecured and Secured Debt Maturities, Composition and Covenant Compliance Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Interest Rate(3) Years to Maturity COMPANY’S SHARE OF SECURED AND UNSECURED DEBT(1) Unsecured debt $1,925,000 65.3% 4.1% 6.4 Secured debt(4) 1,021,897 34.7% 2.5% 2.9 TOTAL $2,946,897 100.0% 5.2 COMPANY’S SHARE OF FLOATING AND FIXED-RATE DEBT Floating-rate debt $421,757 14.3% 1.9% 3.4 Fixed-rate debt(4)(5) 2,525,140 85.7% 3.8% 5.5 TOTAL $2,946,897 100.0% 5.2 Weighted average stated interest rate(3) 3.6% GAAP effective rate including unamortized deferred financing costs and loan discounts/premiums(6) 3.8% DEBT COVENANT COMPLIANCE Covenant Actual Performance UNSECURED REVOLVING CREDIT FACILITY, TERM LOAN AND PRIVATE PLACEMENT(7) Total liabilities to total asset value ≤ 60% 39.4% Unsecured indebtedness to unencumbered asset value ≤ 60% 37.7% Adjusted EBITDA to fixed charges ≥ 1.5x 3.6x Secured indebtedness to total asset value ≤ 45% 18.7% Unencumbered NOI to unsecured interest expense ≥ 2.0x 3.4x UNSECURED REGISTERED SENIOR NOTES(8) Debt to total assets ≤ 60% 41.0% Total unencumbered assets to unsecured debt ≥ 150% 291.7% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 3.8x Secured debt to total assets ≤ 45% 19.2%
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Page 25 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (1) Includes the Company’s Share of principal amortization and maturities, based on contractual maturity dates, excluding: (i) in-substance defeased debt related to One Westside and 10850 Pico, (ii) unamortized deferred financing costs and loan discounts/premiums, and (iii) debt due to Allianz, our partner in the joint venture that owns Ferry Building. The Bentall Centre loan was transacted in CAD; the amounts reflected are shown in USD using the foreign currency exchange rate as of June 30, 2021. (2) Includes $351.2 million related to the Hollywood Media Portfolio loan maturing August 8, 2022. This loan has an initial term of two years from the first payment date with three one-year extension options, subject to certain requirements. (3) Rates as of June 30, 2021 include fixed-rate loans and variable-rate loans with effective fixed-rate as a result of derivative instruments on the full principal balance. Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rate for the unsecured revolving credit facility includes the LIBOR rate as of June 30, 2021. (4) On July 30, 2020 we closed a $900.0 million mortgage loan secured by the Hollywood Media Portfolio. We own 51% of the ownership interest in the consolidated joint venture that owns the Hollywood Media Portfolio. In addition, we purchased $107.8 million in bonds making up the Hollywood Media Portfolio loan. We repaid Term Loans B ($350.0 million) and D ($125.0 million) and instead of terminating the interest rate swaps on these loans, the swaps were designated under a first payments approach within hedge accounting, rather than of a specific piece of debt. Therefore, the interest rate on $475.0 million of the outstanding balance has been effectively fixed through the use of interest rate swaps. As of June 30, 2021 fixed LIBOR was 1.76% with respect to $350.0 million and 1.43% with respect to $125.0 million of the Hollywood Media Portfolio loan, respectively. The interest on the full amount has been effectively capped at 3.50% per annum through the use of an interest rate cap. (5) Includes instruments of fixed-rate debt and effective fixed-rate debt as a result of derivative instruments on the full principal balance. (6) Rates are as of June 30, 2021 and include deferred financing costs and loan discounts/premiums. (7) In November 2015 and July 2016, the operating partnership entered into private placement of debt. In March 2018, the operating partnership entered into an amended and restated credit agreement (the “Facility”), which modified terms related to its unsecured revolving credit facility and term loans. The table summarizes the existing covenants of these agreements and their covenant levels, when considering the most restrictive terms. The covenant and actual performance metrics above represent terms and definitions reflected in the Facility based on the financial results as of June 30, 2021. As of June 30, 2021, the operating partnership was in compliance with both the prior amended and restated credit agreements and the Facility. (8) On October 2017, the operating partnership completed an underwritten public offering of senior notes (the “3.95% Senior Notes”). On February 27, 2019, the operating partnership completed an underwritten public offering of $350.0 million of 4.65% Senior Notes, which were issued at 98.663% of par. On June 14, 2019, the operating partnership completed an underwritten public offering of $150.0 million of additional 4.65% Senior Notes, which were issued at a premium at 103.544% of par. On October 3, 2019, the operating partnership completed an underwritten public offering of $400.0 million of 3.25% Senior Notes, which were issued at 99.268% of par. The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.95% Senior Notes, 4.65% Senior Notes and 3.25% Senior Notes based on the financial results as of June 30, 2021. As of June 30, 2021, the operating partnership was in compliance with such indentures. Unsecured and Secured Debt Maturities, Composition and Covenant Compliance (continued)
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Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Operational and Portfolio Information
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Page 27 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 In-Service Office Properties(1) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) SAME-STORE(5) Vancouver, British Columbia Bentall Centre(6) Downtown Vancouver 1,491,858 95.5 % 97.6 % $ 41,677,109 $ 29.24 Subtotal 1,491,858 95.5 97.6 41,677,109 29.24 Greater Seattle, Washington Northview Center Lynnwood 182,009 63.6 67.7 2,742,801 23.70 Met Park North Denny Triangle 189,511 100.0 100.0 5,529,972 29.18 Hill7(7) Denny Triangle 285,310 99.1 99.1 11,302,924 40.00 450 Alaskan Pioneer Square 170,974 95.4 95.4 6,700,074 41.08 411 First Pioneer Square 163,768 65.7 65.7 3,738,069 34.73 505 First Pioneer Square 288,009 84.2 84.2 6,249,285 25.78 83 King Pioneer Square 183,939 78.1 78.1 6,175,095 43.01 Subtotal 1,463,520 85.0 85.6 42,438,220 34.10 San Francisco Bay Area, California 1455 Market(7) San Francisco 1,034,977 96.9 96.9 52,664,573 52.50 275 Brannan San Francisco 57,120 100.0 100.0 4,786,113 83.79 625 Second San Francisco 138,094 51.2 51.2 4,829,819 68.33 875 Howard San Francisco 286,003 99.9 99.9 15,353,671 53.74 901 Market San Francisco 205,530 96.9 96.9 12,783,019 64.20 Rincon Center(8) San Francisco 539,461 96.4 96.4 32,521,814 62.52 Ferry Building(7) San Francisco 268,018 92.5 94.9 20,455,731 82.47 Towers at Shore Center Redwood Shores 334,483 90.4 92.9 21,587,951 71.41 Skyway Landing Redwood Shores 247,173 77.1 79.8 11,240,744 58.99 555 Twin Dolphin Redwood Shores 198,936 83.8 85.4 10,530,403 63.14 Palo Alto Square(9) Palo Alto 320,514 87.9 89.5 26,365,898 93.57 3176 Porter Palo Alto 42,899 100.0 100.0 3,346,122 78.00 3400 Hillview Palo Alto 207,857 100.0 100.0 15,008,606 72.21 Clocktower Square Palo Alto 100,655 100.0 100.0 8,886,250 88.28 Foothill Research Center Palo Alto 195,385 100.0 100.0 14,501,815 74.22 Page Mill Center(10) Palo Alto 94,542 82.4 82.4 6,236,184 80.01 Page Mill Hill Palo Alto 182,676 82.0 82.0 11,731,809 78.33 Gateway North San Jose 609,093 83.4 83.7 21,759,174 42.81 1740 Technology North San Jose 206,879 99.5 99.5 8,844,071 42.96 Concourse North San Jose 944,386 89.4 89.7 34,321,560 40.66 Metro Plaza(11) North San Jose 408,594 89.1 89.1 15,925,130 43.74 Skyport Plaza North San Jose 418,086 96.2 96.2 15,713,170 39.06 Techmart Santa Clara 284,440 76.3 77.9 10,686,950 49.23 Subtotal 7,325,801 90.7 91.2 380,080,577 57.23
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Page 28 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 In-Service Office Properties(1) (continued) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) Los Angeles, California 6922 Hollywood Hollywood 202,528 68.9 68.9 7,153,747 51.28 6040 Sunset(12) Hollywood 114,958 100.0 100.0 6,607,096 57.47 ICON(12) Hollywood 326,792 100.0 100.0 19,955,849 61.07 CUE(12) Hollywood 94,386 100.0 100.0 5,696,484 60.35 EPIC(12) Hollywood 301,127 100.0 100.0 21,211,386 70.44 Fourth & Traction Downtown Los Angeles 131,701 93.5 100.0 5,383,660 43.74 Maxwell(13) Downtown Los Angeles 102,963 94.8 100.0 — (13) — 604 Arizona West Los Angeles 44,260 100.0 100.0 3,238,742 73.18 3401 Exposition West Los Angeles 63,376 100.0 100.0 3,042,105 48.00 10850 Pico(14) West Los Angeles 44,913 100.0 100.0 1,940,536 43.21 10900 Washington West Los Angeles 9,919 100.0 100.0 448,736 45.24 10950 Washington West Los Angeles 159,198 100.0 100.0 7,133,760 44.81 11601 Wilshire West Los Angeles 500,475 87.0 97.6 20,799,360 47.76 Element LA West Los Angeles 284,037 100.0 100.0 17,864,002 62.89 Subtotal 2,380,633 94.0 96.9 120,475,463 53.82 Total same-store 12,661,812 91.2 92.4 584,671,369 50.62 NON-SAME-STORE Greater Seattle, Washington 1918 Eighth(7) Denny Triangle 668,109 99.6 99.6 20,490,251 30.79 Subtotal 668,109 99.6 99.6 20,490,251 30.79 San Francisco Bay Area, California Shorebreeze Redwood Shores 230,932 89.9 91.0 13,112,309 63.15 Subtotal 230,932 89.9 91.0 13,112,309 63.15 Total non-same-store 899,041 97.1 97.4 33,602,560 38.48 Total Stabilized 13,560,853 91.6 92.7 618,273,929 49.77 Company’s Share of Total Stabilized 10,930,495 90.3 91.4 511,035,343 51.77 LEASE-UP San Francisco Bay Area, California Metro Center Foster City 736,986 78.7 78.7 34,850,175 60.08 333 Twin Dolphin Redwood Shores 182,789 74.9 76.9 8,349,326 60.99 Subtotal 919,775 77.9 78.4 43,199,501 60.26 Los Angeles, California Harlow(12) Hollywood 129,931 54.1 54.1 3,821,784 54.38 Subtotal 129,931 54.1 54.1 3,821,784 54.38 Total lease-up 1,049,706 75.0 75.3 47,021,285 59.73
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Page 29 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (1) In-service office excludes the land, repositioning, redevelopment, development and held for sale properties described on pages 33 and 34. We define lease-up properties as office properties that have not yet reached 92.0% occupancy since the date acquired or placed under redevelopment or development. (2) Square footage for office properties determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to re-measurement or re-leasing. (3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of June 30, 2021, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. (4) Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of June 30, 2021, by (ii) 12. Annualized base rent per square foot for the office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced leases as of June 30, 2021. Annualized base rent does not reflect tenant reimbursements. (5) Defined as all properties owned and included in our stabilized office portfolio as of April 1, 2020 and still owned and included in the stabilized office portfolio as of June 30, 2021. (6) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (7) We own 55% of the ownership interest in the consolidated joint ventures that own Hill7, 1455 Market, Ferry Building and 1918 Eighth. (8) 20,047 square feet at Rincon Center was taken off-line for repositioning as of third quarter 2019. An additional 1,935 square feet was take off-line for repositioning as of third quarter 2020, and an additional 14,923 square feet was taken off-line for repositioning as of fourth quarter 2020. (9) 12,740 square feet at Palo Alto Square was taken off-line for repositioning as of second quarter 2021. (10) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was take off-line for repositioning as of third quarter 2020. (11) 17,624 square feet at Metro Plaza was taken off-line for repositioning as of fourth quarter 2019. An additional 30,851 square feet was taken off-line for repositioning as of first quarter 2020. The total repositioning space was re-measured during third quarter 2020 to 61,066 square feet. (12) We own 51% of the ownership interest in the consolidated joint venture that owns 6040 Sunset, ICON, CUE, EPIC and Harlow. (13) WeWork Companies Inc. shall pay substitution rent in an amount equal to 70% of net revenues actually received during each full calendar month for the remainder of the lease term in lieu of paying monthly base rent. We reserve the option to terminate this lease in its entirety or as to a full floor of the premises at any time by providing a minimum 60 days’ written notice. Wework Companies Inc. will vacate 24,057 square feet during third quarter 2021. The vacant suites are anticipated to be occupied by Califia Farm, LLC during third quarter 2021. (14) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. 40,337 square feet at 10850 Pico was taken off-line for repositioning as of first quarter 2020. An additional 10,737 square feet was taken off-line for repositioning as of first quarter 2021. The total repositioning space was re-measured during first quarter 2021 to 51,417 square feet. (15) Included as part of total in-service occupied and leased square footage is 162,608 square feet of existing leases that have been amended or signed as of second quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $50.99. (16) Included as part of the Company’s share of total in-service occupied and leased square footage is 144,279 square feet of existing leases that have been amended or signed as of second quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $53.07. In-Service Office Properties(1) (continued) Submarket Square Feet(2) Percent Occupied(3) Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) TOTAL IN-SERVICE 14,610,559 90.4 91.4 665,295,214 50.36 (15) COMPANY’S SHARE OF TOTAL IN-SERVICE 11,916,535 89.2 % 90.2 % $ 556,183,954 $ 52.35 (16)
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Page 30 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 In-Service Office Properties by Location(1) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 29. (5) Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. Properties Square Feet(2) Occupied Square Feet Percent Occupied(3) Leased Square Feet Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) STABILIZED Vancouver, British Columbia Downtown Vancouver(5) 1 1,491,858 1,425,383 95.5 % 1,455,828 97.6 % $ 41,677,109 $ 29.24 Subtotal 1 1,491,858 1,425,383 95.5 1,455,828 97.6 41,677,109 29.24 Greater Seattle, Washington Lynnwood 1 182,009 115,728 63.6 123,180 67.7 2,742,801 23.70 Denny Triangle 3 1,142,930 1,137,657 99.5 1,137,657 99.5 37,323,147 32.81 Pioneer Square 4 806,690 656,752 81.4 656,752 81.4 22,862,523 34.81 Subtotal 8 2,131,629 1,910,137 89.6 1,917,589 90.0 62,928,471 32.94 San Francisco Bay Area, California San Francisco 7 2,529,203 2,383,863 94.3 2,390,119 94.5 143,394,740 60.15 Redwood Shores 4 1,011,524 867,272 85.7 887,903 87.8 56,471,407 65.11 Palo Alto 7 1,144,528 1,056,283 92.3 1,061,531 92.7 86,076,684 81.49 North San Jose 5 2,587,038 2,324,704 89.9 2,329,567 90.0 96,563,105 41.54 Santa Clara 1 284,440 217,076 76.3 221,665 77.9 10,686,950 49.23 Subtotal 24 7,556,733 6,849,198 90.6 6,890,785 91.2 393,192,886 57.41 Los Angeles, California Hollywood 5 1,039,791 976,778 93.9 976,778 93.9 60,624,562 62.07 West Los Angeles 7 1,106,178 1,041,160 94.1 1,094,322 98.9 54,467,241 52.31 Downtown Los Angeles 2 234,664 220,676 94.0 234,663 100.0 5,383,660 24.40 Subtotal 14 2,380,633 2,238,614 94.0 2,305,763 96.9 120,475,463 53.82 Total Stabilized 47 13,560,853 12,423,332 91.6 12,569,965 92.7 618,273,929 49.77 Company's Share of Total Stabilized 47 10,930,495 9,871,883 90.3 9,991,345 91.4 511,035,343 51.77
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Page 31 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 In-Service Office Properties by Location(1) (continued) Properties Square Feet(2) Occupied Square Feet Percent Occupied(3) Leased Square Feet Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4) LEASE-UP San Francisco Bay Area, California Foster City 1 736,986 580,025 78.7 580,025 78.7 34,850,175 60.08 Redwood Shores 1 182,789 136,903 74.9 140,627 76.9 8,349,326 60.99 Subtotal 2 919,775 716,928 77.9 720,652 78.4 43,199,501 60.26 Los Angeles, California Hollywood 1 129,931 70,285 54.1 70,285 54.1 3,821,784 54.38 Subtotal 1 129,931 70,285 54.1 70,285 54.1 3,821,784 54.38 Total lease-up 3 1,049,706 787,213 75.0 790,937 75.3 47,021,285 59.73 TOTAL IN-SERVICE 50 14,610,559 13,210,545 90.4 % 13,360,902 91.4 % $ 665,295,214 $ 50.36 (6) COMPANY'S SHARE OF TOTAL IN-SERVICE 50 11,916,535 10,624,656 89.2 % 10,747,842 90.2 % $ 556,183,954 $ 52.35 (7) For footnotes (1), (2), (3) and (4) above refer to the descriptions on page 29. (6) Included as part of total in-service occupied and leased square footage is 162,608 square feet of existing leases that have been amended or signed as of second quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $50.99. (7) Included as part of the Company’s share of total in-service occupied and leased square footage is 144,279 square feet of existing leases that have been amended or signed as of second quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the annualized base rent per square foot is $53.07.
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Page 32 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (1) Same-store studio defined as all studios owned and included in our portfolio as of January 1, 2020 and still owned and included in our portfolio as of June 30, 2021. (2) Percent leased for same-store studio is the average percent leased for the 12 months ended June 30, 2021. (3) Annual base rent for same-store studio reflects actual base rent for the 12 months ended June 30, 2021, excluding tenant reimbursements. (4) Annual base rent per leased square foot for same-store studio calculated as (i) annual base rent divided by (ii) square footage under lease as of June 30, 2021. (5) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios. Square Feet Percent of Total Percent Leased Annual Base Rent Annual Base Rent Per Leased Square Foot Sunset Gower Studios 531,756 43.4 % 87.9 % $ 18,653,202 $ 39.89 Sunset Bronson Studios 308,026 25.2 98.0 12,233,807 40.54 Sunset Las Palmas Studios 384,621 31.4 80.1 13,321,077 44.02 Total same-store studio(1) 1,224,403 100.0 % 88.0 % (2) $ 44,208,085 (3) $ 41.02 (4) TOTAL STUDIO 1,224,403 100.0 % 88.0 % $ 44,208,085 $ 41.02 COMPANY'S SHARE OF TOTAL STUDIO(5) 624,446 88.0 % $ 22,546,124 $ 41.02 Studio Properties
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Page 33 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Land Properties (1) Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals that have not yet been obtained. (2) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. The construction of Bentall Centre—Development may require the demolition of certain retail square footage. (3) The final purchase of Washington 1000 is pending as of June 30, 2021. Square footage represents condominium rights to build a fully entitled 16-story office tower. (4) Square footage for Sunset Bronson Studios Lot D—Development represents management’s estimate of developable square footage for 33 residential units. (5) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (6) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (7) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios—Development. Submarket Square Feet(1) Percent of Total Vancouver, British Columbia Bentall Centre—Development(2) Downtown Vancouver 450,000 14.1 % Subtotal 450,000 14.1 % Greater Seattle, Washington Washington 1000(3) Denny Triangle 538,164 16.8 % Subtotal 538,164 16.8 % San Francisco Bay Area, California Cloud10 North San Jose 350,000 11.0 % Subtotal 350,000 11.0 % Los Angeles, California Sunset Bronson Studios Lot D—Development(4)(5) Hollywood 19,816 0.6 % Sunset Gower Studios—Development(5)(6) Hollywood 478,845 15.0 % Sunset Las Palmas Studios—Development(5) Hollywood 617,581 19.3 % Sunset Glenoaks Studios—Development(7) Los Angeles 241,000 7.5 % Element LA West Los Angeles 500,000 15.7 % Subtotal 1,857,242 58.1 % TOTAL LAND 3,195,406 100.0 % COMPANY’S SHARE OF TOTAL LAND 2,167,947
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Page 34 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Repositioning, Redevelopment, Development and Held For Sale Properties(1) Estimated Square Feet(2) Occupied Square Feet Percent Occupied(3) Leased Square Feet Percent Leased(3) Annualized Base Rent(4) Annualized Base Rent Per Square Foot(4)Submarket REPOSITIONING(5) Greater Seattle, Washington 95 Jackson(6) Pioneer Square 35,904 — — % — — % — $ — Subtotal 35,904 — — — — — — San Francisco Bay Area, California Rincon Center(7) San Francisco 36,905 — — — — — — Page Mill Center(8) Palo Alto 79,056 — — — — — — Palo Alto Square(9) Palo Alto 12,740 — — — — — — Metro Plaza(10) North San Jose 61,066 — — — — — — Subtotal 189,767 — — — — — — Los Angeles, California 10850 Pico(11) West Los Angeles 51,417 — — — — — — Subtotal 51,417 — — — — — — Total repositioning 277,088 — — — — — — REDEVELOPMENT Los Angeles, California One Westside West Los Angeles 584,000 — — 584,000 (12) 100.0 — — Del Amo(13) Torrance 113,000 — — — — — — Total redevelopment 697,000 — — 584,000 83.8 — — TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD FOR SALE 974,088 — — % 584,000 60.0 % $ — $ — COMPANY’S SHARE OF TOTAL REPOSITIONING, REDEVELOPMENT, DEVELOPMENT AND HELD FOR SALE 815,234 — — % 438,000 53.7 % $ — $ — (1) Excludes in-service office and land properties with exception of land properties held for sale (see pages 27, 28 and 33). The timing of completion of our projects may be impacted by factors outside of our control. (2) Square footage determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association, or BOMA, rentable area. Square footage may change over time due to re-measurement or re-leasing. (3) Percent occupied for office properties is calculated as (i) square footage under commenced leases as of June 30, 2021, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases.
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Page 35 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (4) Rent data for our office properties is presented on an annualized basis. Annualized base rent for office properties is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of June 30, 2021, by (ii) 12. Annualized base rent per square foot for office properties is calculated as (i) annualized base rent divided by (ii) square footage under commenced lease as of June 30, 2021. Annualized base rent does not reflect tenant reimbursements. (5) Reclassification of a portion of an asset for purposes of improving its quality and value through investment of significant capital, resulting in substantial down time in occupancy. (6) 35,904 square feet at 95 Jackson was taken off-line for repositioning as of first quarter 2021. (7) 20,047 square feet at Rincon Center was taken off-line for repositioning as of third quarter 2019. An additional 1,935 square feet was take off-line for repositioning as of third quarter 2020, and an additional 14,923 square feet was taken off-line for repositioning as of fourth quarter 2020. (8) 63,201 square feet at Page Mill Center was taken off-line for repositioning as of first quarter 2020. This space was re-measured during second quarter 2020 to 64,038 square feet. An additional 15,018 square feet was take off-line for repositioning as of third quarter 2020. (9) 12,740 square feet at Palo Alto Square was taken off-line for repositioning as of second quarter 2021 following the termination of Century Theaters, Inc. as we evaluate the change of use for the space. (10) 17,624 square feet at Metro Plaza was taken off-line for repositioning as of fourth quarter 2019. An additional 30,851 square feet was taken off-line for repositioning as of first quarter 2020. The total repositioning space was re-measured during third quarter 2020 to 61,066 square feet. (11) We own 75% of the ownership interest in the consolidated joint venture that owns 10850 Pico. 40,337 square feet at 10850 Pico was taken off-line for repositioning as of first quarter 2020. An additional 10,737 square feet was taken off-line for repositioning as of first quarter 2021. The total repositioning space was re-measured during first quarter 2021 to 51,417 square feet. (12) Google, Inc. signed a 584,000-square-foot lease for approximately 14.3 years. The entire premises is anticipated to be delivered for construction of tenant improvements to Google, Inc. during first quarter 2022. Monthly base rent payments are anticipated to commence during third quarter 2022 with base rent abatements from the second through ninth month following rent commencement. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (13) 113,000 square feet at Del Amo was taken off-line for redevelopment as of first quarter 2020. Repositioning, Redevelopment, Development and Held For Sale Properties(1) (continued)
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Page 36 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Under Construction and Future Development Projects Unaudited, in thousands, except square feet (1) Project costs exclude interest costs capitalized in accordance with Accounting Standards Codification (“ASC”) 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. (2) Based on issuance of building permit or equivalent. (3) Based on receipt of a temporary certificate of occupancy or equivalent. The timing of completion of our projects may be impacted by factors outside of our control. (4) Based on management’s estimate of stabilized occupancy (92.0%). Occupancy for stabilization purposes defined as the commencement of base rental payments (defined as cash base rents (after abatements)). (5) Square footage for office properties determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained. Estimated Construction Period Project Costs(1) Submarket Start Date(2) Estimated Completion Date(3) Estimated Stabilization Date(4) Estimated Square Feet(5) Total % Leased Project Costs as of 6/30/21 Total Estimated Project Costs Estimated Initial Stabilized Yield on Project Costs(6) UNDER CONSTRUCTION One Westside West Los Angeles Q4-2019 Q1-2022 Q2-2023 584,000 100.0 % (7) $ 358,134 (8) $500,000- $550,000 (8) 7.50%-8.00% (8) Total under construction 584,000 $ 358,134 FUTURE DEVELOPMENT PIPELINE Washington 1000 Denny Triangle TBD TBD TBD 538,164 N/A $ 27,584 (9) $325,000- $350,000 (9) 6.75%-7.25% Bentall Centre—Development(10) Downtown Vancouver TBD TBD TBD 450,000 N/A $ 2,470 TBD TBD Element LA—Development West Los Angeles TBD TBD TBD 500,000 N/A N/A TBD TBD Sunset Glenoaks Studios — Development(11) Los Angeles Q4-2021 Q3-2023 Q2-2024 241,000 N/A $ 29,795 (12) $170,000- $190,000 (12) 7.75%-8.25% Sunset Bronson Studios Lot D—Development(13) Hollywood TBD TBD TBD 19,816 N/A N/A TBD TBD Sunset Gower Studios— Development(13)(14) Hollywood TBD TBD TBD 478,845 N/A $ 7,824 TBD TBD Sunset Las Palmas Studios—Development(13) Hollywood TBD TBD TBD 617,581 N/A $ 22,199 (15) TBD TBD Cloud10 North San Jose TBD TBD TBD 350,000 N/A $ 12,878 (16) TBD TBD Total future development 3,195,406 TOTAL 3,779,406
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Page 37 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (6) Estimated initial stabilized yield on project costs calculated as the quotient of the estimated NOI and our investment in the property once the project has reached stabilization and initial rental concessions, if any, have elapsed. Our estimated initial stabilized yield excludes the impact of leverage. Our cash rents related to our value creation projects are expected to increase over time and our average cash yields are expected, in general, to be greater than our estimated initial stabilized yields on a cash basis. Our estimates for initial cash yields and total costs at completion represent our current estimates, which may be updated upon completion of the project or sooner if there are significant changes to the expected project yields or costs. We caution against placing undue reliance on the estimated initial stabilized yields because they are based solely on our estimates, using data available to us throughout the development process. The amount of total investment required to reach stabilized occupancy may differ substantially from our estimates due to various factors. We can provide no assurance that the actual initial stabilized yields will be consistent with the estimated initial stabilized yields set forth herein. (7) Google, Inc. signed a 584,000-square-foot lease for approximately 14.3 years anticipated to commence upon completion of construction and build-out of tenant improvements in 2022. Please see page 35 for description of rent phasing and abatements. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (8) On March 1, 2018, we entered into a joint venture with Macerich WSP, LLC (“Macerich”) to redevelop Westside Pavilion, a shopping mall in West Los Angeles, into 584,000 square feet of creative office space (now referred to as One Westside), while preserving 95,987 square feet of existing retail and entertainment space (now referred to as 10850 Pico). Total estimated projects costs for One Westside are in the range of $500.0 - $550.0 million, with each partner contributing its prorata share. Total estimated project costs, as well as project costs as of June 30, 2021 for One Westside include the $140.0 million purchase price paid by the joint venture in August 2018 for related existing buildings and land, and exclude an additional $50.0 million paid by the joint venture, which is allocated to the fully operational 10850 Pico. One Westside total estimated project costs and project costs as of June 30, 2021 are not prorated for the joint venture ownership and do not include: (i) operating results from March 1, 2018 through February 1, 2019, (ii) defeasance costs, and (iii) debt service associated with the defeased debt. Estimated yields at stabilization for One Westside will range between 7.50% - 8.00%. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. (9) Total estimated project costs for Washington 1000 include $86.0 million for management’s estimate of allocated land and acquisition costs. As of June 30, 2021 we have incurred $27.6 million of project costs with the remaining $58.4 million of management’s estimate of allocated land and acquisition costs due upon the deliverance of the podium by the State of Washington, which is anticipated to occur during fourth quarter 2021. The Company could commence construction upon delivery of the podium. (10) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre—Development. Amounts reflected have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (11) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios—Development. (12) Total estimated project costs for Sunset Glenoaks Studios—Development include $28.8 million for management’s estimate of allocated land and acquisition costs. (13) We own 51% of the ownership interest in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios. (14) Estimated square footage for Sunset Gower Studios—Development is net of 130,169 square feet of anticipated demolition in connection with the development. (15) Project costs as of June 30, 2021 for Sunset Las Palmas Studios—Development include $20.8 million for management’s estimate of allocated land and acquisition costs. (16) Project costs as of June 30, 2021 for Cloud10 include approximately $10.5 million for management’s estimate of allocated land and acquisition costs. Under Construction and Future Development Projects (continued)
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Page 38 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Recently Completed, Under Construction and Planned Project Images Maxwell | Redevelopment Los Angeles (Arts District) 102,963 SF | Completed 1Q19 Multi-Tenant EPIC | Development Los Angeles (Hollywood) 301,127 SF | Completed 4Q19 Single Tenant (Netflix, Inc.) Harlow | Development Los Angeles (Hollywood) 129,931 SF | Completed 3Q20 Single or Multi-Tenant One Westside | Redevelopment Los Angeles (West Los Angeles) 584,000 SF | Completion 1Q22 Single Tenant (Google, Inc.) Cloud10 | Development Silicon Valley (North San Jose) 350,000(1) SF | Completion TBD Single Tenant (Build-to-Suit) Sunset Gower Studios | Development Los Angeles (Hollywood) 478,845(1) SF | Completion TBD Single or Multi-Tenant (1) Square footage for office properties determined by management based upon estimated leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. Square footage for land properties represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained. Washington 1000 | Development Seattle (Denny Triangle) 538,164(1) SF | Completion TBD Single or Multi-Tenant Recently Completed Under Construction Planned Bentall Centre | Development Vancouver (Downtown) 450,000(1) SF | Completion TBD Single or Multi-Tenant Sunset Glenoaks Studios | Development Los Angeles (Los Angeles) 241,000(1) SF | Completion 3Q23 Single or Multi-Tenant
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Page 39 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Office Tenant Industry Diversification(1) INDUSTRY DIVERSIFICATION Company’s Share Industry Square Feet(2)(3) Annualized Base Rent as Percent of Total Square Feet(2)(4) Annualized Base Rent as Percent of Total Technology 4,763,852 38.0 % 4,192,665 40.4 % Media and Entertainment 1,833,338 16.3 1,317,297 13.9 Legal 688,459 7.2 629,359 8.3 Business Services 1,200,250 (5) 8.3 936,017 (6) 8.1 Financial Services 1,160,067 8.4 823,943 7.8 Other 785,273 6.1 614,262 6.4 Retail 1,224,778 (7) 6.0 921,666 (8) 5.5 Real Estate 474,019 3.0 255,691 2.3 Healthcare 216,236 2.0 205,960 2.3 Insurance 247,957 1.7 192,711 1.7 Educational 137,326 1.2 132,371 1.4 Government 229,963 1.2 179,602 1.2 Advertising 60,075 0.6 55,656 0.7 TOTAL 13,021,593 100.0 % 10,457,200 100.0 % (1) Industries and sectors are determined by management using Thompson Reuters Business Classification and are presented in order of Company’s Share of annualized base rent. (2) Excludes signed leases not commenced. (3) Excludes 188,952 square feet occupied by the Company. (4) Excludes 167,456 square feet occupied by the Company. (5) Includes 543,757 square feet occupied by co-working tenants (represents 3.3% of total annualized base rent). (6) Includes 351,684 square feet occupied by co-working tenants (represents 2.4% of the Company’s Share of total annualized base rent). (7) Includes 429,079 square feet of storefront retail (represents 1.9% of total annualized base rent). (8) Includes 382,934 square feet of storefront retail (represents 2.0% of the Company’s Share of total annualized base rent). TECHNOLOGY DIVERSIFICATION Company’s Share Sector Square Feet(2) Annualized Base Rent as Percent of Total Square Feet(2) Annualized Base Rent as Percent of Total Online services 1,110,448 30.0 % 1,004,952 31.4 % Software 1,279,099 25.5 1,216,294 27.4 Computer hardware and technology equipment 1,097,405 17.5 1,062,508 19.2 Business support services 707,776 14.8 493,720 11.9 Other 410,894 8.6 264,444 6.2 Biotechnology, healthcare and medical research 107,013 2.6 107,013 2.9 Telecommunications and networking 51,217 1.0 43,734 1.0 TOTAL 4,763,852 100.0 % 4,192,665 100.0 % MEDIA AND ENTERTAINMENT DIVERSIFICATION Company’s Share Sector Square Feet(2) Annualized Base Rent as Percent of Total Square Feet(2) Annualized Base Rent as Percent of Total Entertainment production and service 1,317,683 71.5 % 822,484 61.2 % Gaming 361,056 21.5 351,274 29.6 Advertising and marketing 109,112 5.1 109,112 7.2 Other 45,487 1.9 34,427 2.0 TOTAL 1,833,338 100.0 % 1,317,297 100.0 %
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Page 40 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Company’s Share Tenant(1) Property Lease Expiration Total Occupied Square Feet Total Occupied Square Feet Percent of Rentable Square Feet Annualized Base Rent(2) Percent of Annualized Base Rent Credit Rating(3) Market Capitalization (in billions)(3)Moody’s S&P 1 Google, Inc. Various Various 640,726 (4) 622,117 4.9% $ 48,315,895 8.7% Aa2 AA+ $ 1,658.8 2 Netflix, Inc. Various 9/30/2031 722,305 (5) 368,376 2.9 23,900,497 4.3 Ba1 BB+ 234.2 3 Nutanix, Inc. Various 5/31/2024 439,406 (6) 439,406 3.5 18,492,396 3.3 8.1 4 Riot Games, Inc. Element LA 3/31/2030 284,037 (7) 284,037 2.2 17,864,002 3.2 5 Qualcomm Skyport Plaza 7/31/2022 376,817 376,817 3.0 14,940,041 2.7 A2 A- 161.2 6 Salesforce.com Rincon Center Various 265,394 (8) 265,394 2.1 14,204,667 2.6 A2 A+ 226.2 7 Amazon Various Various 710,862 (9) 453,895 3.6 13,813,709 2.5 A1 AA 1,735.0 8 Square, Inc. 1455 Market(10) 9/27/2023 469,056 257,981 2.0 12,973,776 2.3 111.0 9 Dell EMC Corporation Various Various 311,795 (11) 311,795 2.4 12,241,847 2.2 10 Uber Technologies, Inc. 1455 Market(10) 2/28/2025 325,445 178,995 1.4 9,616,316 1.7 B2 B 94.1 11 NFL Enterprises Various 12/31/2023 167,606 (12) 167,606 1.3 7,582,495 1.4 12 GitHub, Inc. Various 6/30/2025 92,450 (13) 92,450 0.7 6,751,168 1.2 13 Weil, Gotshal & Manges LLP Towers at Shore Center 8/31/2026 76,278 76,278 0.6 5,580,351 1.0 14 Regus Various Various 123,420 (14) 123,420 1.0 5,505,789 1.0 4.3 15 WeWork Companies Inc. Various Various 374,542 (15) 203,077 1.6 5,491,260 1.0 TOTAL 5,380,139 4,221,644 33.2% $ 217,274,209 39.1% (1) Presented in order of Company’s Share of annualized base rent. (2) Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of June 30, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. Annualized base rents related to Bentall Centre have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (3) Credit rating and market capitalization data provided by Bloomberg as of June 30, 2021. (4) Google, Inc. expirations by square footage and property: (i) 182,672 square feet at Foothill Research Center expiring on February 28, 2025, (ii) 208,843 square feet at Rincon Center expiring on February 29, 2028, (iii) 207,857 square feet at 3400 Hillview expiring on November 30, 2028, and (iv) 41,354 square feet at Ferry Building expiring on October 31, 2029. We own 55% of the ownership interest in the consolidated joint venture that owns Ferry Building. Google, Inc. may elect to exercise its early termination right at Rincon Center for 166,460 square feet effective April 15, 2025 by delivering written notice on or before January 15, 2024. Google, Inc. may elect to exercise its early termination right at 3400 Hillview for 207,857 square feet effective no earlier than February 1, 2025 and no later than February 1, 2027 by delivering written notice at least 12 months prior to the early termination date. At One Westside, Google, Inc. is expected to take possession of an additional 584,000 square feet during first quarter 2022. We own 75% of the ownership interest in the consolidated joint venture that owns One Westside. Please see page 35 for description of rent phasing and abatements. (5) Netflix, Inc. expirations by square footage and property: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC, and (iii) 94,386 square feet at CUE. We own 51% of the ownership interest in the consolidated joint venture that owns ICON, EPIC and CUE. Fifteen Largest Office Tenants
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Page 41 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (6) Nutanix, Inc. expirations by square footage and property: (i) 199,445 square feet at 1740 Technology, (ii) 131,351 square feet at Concourse, and (iii) 108,610 square feet at Metro Plaza. At 1740 Technology, Nutanix, Inc. is expected to take possession of an additional 6,413 square feet during second quarter 2022. All leases for Nutanix, Inc. will expire on May 31, 2024. (7) Riot Games, Inc. may elect to exercise its early termination right for the entire premises effective February 28, 2025 by delivering written notice on or before February 29, 2024. (8) Salesforce.com expirations by square footage: (i) 83,016 square feet expiring on July 31, 2025, (ii) 83,372 square feet expiring on April 30, 2027, (iii) 93,028 square feet expiring on October 31, 2028, and (iv) 5,978 square feet of month-to-month storage space. Salesforce.com subleased 259,416 square feet at Rincon Center to Twilio Inc. during third quarter 2018. Effective January 30, 2019, we entered into an agreement to reimburse Salesforce.com approximately $6.3 million for costs incurred in connection with the sublease. We are entitled to recoup this cost from amounts paid pursuant to the sublease commencing February 1, 2019, of which we have been fully reimbursed as of March 31, 2020. Thereafter, Salesforce.com has paid us 50% of any amounts received pursuant to the sublease, such that we began receiving an average of $340,000 per month of sublease cash rents starting June 2020, with annual growth thereafter. (9) Amazon expirations by square footage and property: (i) 139,824 square feet at Met Park North expiring on November 30, 2023 and (ii) 571,038 square feet at 1918 Eighth expiring on September 30, 2030. At 1918 Eighth, Amazon is expected to take possession of an additional 35,524 square feet during third quarter 2021. We own 55% of the ownership interest in the consolidated joint venture that owns 1918 Eighth. (10) We own 55% of the ownership interest in the consolidated joint venture that owns 1455 Market. (11) Dell EMC Corporation expirations by square footage and property: (i) 138,820 square feet at 505 First expiring on October 18, 2021, (ii) 42,954 square feet at 505 First expiring on December 31, 2023, (iii) 83,549 square feet at 875 Howard expiring on June 30, 2026 and (iv) 46,472 square feet at 505 First expiring on January 31, 2027. (12) NFL Enterprises by square footage and property: (i) 157,687 square feet at 10950 Washington and (ii) 9,919 square feet at 10900 Washington. NFL Enterprises may elect to exercise its early termination right for the entire premises effective December 31, 2022 by delivering written notice on or before September 30, 2021. (13) GitHub Inc. expirations by square footage and property: (i) 57,120 square feet at 275 Brannan and (ii) 35,330 square feet at 625 Second. (14) Regus expirations by square footage and property: (i) 44,957 square feet at Gateway expiring on March 31, 2022, (ii) 20,059 square feet at 11601 Wilshire expiring on February 29, 2024, (iii) 27,369 square feet at Techmart expiring on April 30, 2025, (iv) 9,739 square feet at Palo Alto Square expiring on April 30, 2026, and (v) 21,296 square feet at 450 Alaskan expiring on October 31, 2030. (15) WeWork Companies Inc. expirations by square footage and property: (i) 24,057 square feet at Maxwell expiring July 23, 2021 (We have signed a lease with Califia Farms, LLC to occupy this space effective third quarter 2021); (ii) 12,713 square feet at Foothill Research Center expiring June 30, 2022; (iii) 54,336 square feet at Hill7 expiring January 31, 2030; (iv) 70,769 square feet at Maxwell expiring June 30, 2031; (v) 66,056 square feet at 1455 Market expiring October 31, 2031; and (vi) 146,611 square feet at Bentall Centre expiring October 31, 2033. We own 55% of the ownership interest in the consolidated joint ventures that own Hill7 and 1455 Market, and 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. We entered into an agreement with WeWork Companies Inc. with respect to its lease at Maxwell stipulating that the tenant shall pay substitution rent in an amount equal to 70% of net revenues actually received during each full calendar month for the remainder of the lease term in lieu of paying monthly base rent. We reserve the option to terminate the Maxwell lease in its entirety or as to a full floor of the premises at any time by providing a minimum 60 days’ written notice. Fifteen Largest Office Tenants (continued)
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Page 42 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Office Property Leasing Activity(1) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Total gross leasing activity Rentable square feet(2) 510,197 1,034,550 Gross new leasing activity Rentable square feet 173,799 312,706 New cash rate(3) $59.98 $54.08 Gross renewal leasing activity Rentable square feet 336,398 721,844 Renewal cash rate(4) $47.08 $57.09 Total leases expired and terminated Contractual (scheduled) expiration 63,202 259,139 Early termination 77,767 222,635 Total 140,969 481,774 Net absorption Leased rentable square feet 32,830 (169,068) Cash rent growth(5) Expiring rate $42.93 $52.36 New/renewal rate(6) $48.14 $55.66 Change(5) 12.1 % 6.3 % Straight-line rent growth(7) Expiring rate $39.10 $48.36 New/renewal rate(6) $46.41 $55.50 Change(7) 18.7 % 14.7 % Weighted average lease terms New (in months) 70.7 93.3 Renewal (in months) 31.4 50.1 Blended 42.9 62.2 TENANT IMPROVEMENTS AND LEASING COMMISSIONS(8) Per Square Foot Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Total Annual Total Annual New leases $66.15 $11.23 $79.62 $10.24 Renewal leases $13.82 $5.28 $14.31 $3.43 Blended $29.11 $8.14 $32.61 $6.29 NET EFFECTIVE RENT(9) Per Square Foot Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Total Total New leases $43.66 $38.88 Renewal leases $41.01 $51.15 Blended $41.78 $47.71
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Page 43 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (1) Represents 100% share of consolidated and unconsolidated joint ventures. (2) Includes square footage related to the Company’s management office totaling 37,405 and 46,413 square feet for the three and six months ended June 30, 2021. The three months and six months ended June 30, 2021 excludes 1,831 and 3,829 square feet, respectively, of short-term temporary leases with no base rent, primarily utilized as swing spaces for tenants with pending move-in dates. (3) Excludes the impact of 1,493 and 2,010 square feet related to tenants paying percentage rent in lieu of base rent for the three and six months ended June 30, 2021, respectively. (4) Excludes the impact of 9,429 and 10,443 square feet related to tenants paying percentage rent in lieu of base rent for the three and six months ended June 30, 2021, respectively. (5) Represents a comparison between initial stabilized cash rents on new and renewal leases as compared to the expiring cash rents in the same space. New leases are only included if the same space was leased within the previous twelve months. Excludes tenants paying percentage rent in lieu of base rent. (6) The new rates being compared to expiring rates for the three and six months ended June 30, 2021 are calculated using the weighted average starting rates for 107,850 and 161,359 square feet of new leases, respectively. The renewal rates are a weighted average calculation of the total executed renewals for the period indicated. (7) Represents a comparison between initial straight-line rents on new and renewal leases as compared to the straight-line rents on expiring leases in the same space. New leases are only included if the same space was leased within the previous twelve months. Excludes tenants paying percentage rent in lieu of base rent. (8) Represents per-square-foot weighted average lease transaction costs based on the leases executed in the current quarter. (9) Represents the weighted average initial annual cash rent, net of the annualized concessions (i.e. free rent), tenant improvements and lease commissions. Office Property Leasing Activity(1) (continued)
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Page 44 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date Vancouver, British Columbia Bentall Centre(3) Downtown Vancouver 1,667 10/1/2020 7/1/2021 $ 40.33 9/30/2025 Bentall Centre(3) Downtown Vancouver 2,533 6/1/2021 7/1/2021 $ 42.75 5/31/2023 Greater Seattle, Washington 1918 Eighth(4) Denny Triangle 9,945 1/1/2021 4/1/2023 $ 48.80 9/30/2030 411 First Pioneer Square 1,677 1/1/2021 1/1/2022 $ 31.00 12/31/2030 San Francisco Bay Area, California Rincon Center San Francisco 34,779 10/8/2020 4/8/2021 $ 85.00 2/29/2028 Clocktower Square Palo Alto 36,630 1/12/2021 10/1/2021 $ 84.60 6/30/2026 Concourse North San Jose 5,741 2/1/2021 8/1/2021 $ 46.80 7/31/2022 Techmart Santa Clara 2,289 3/1/2021 7/1/2021 $ 48.00 4/30/2024 Shorebreeze Redwood Shores 1,998 4/1/2021 6/1/2021 $ 21.02 9/8/2021 Gateway North San Jose 1,490 4/1/2021 5/1/2021 $ 49.20 4/30/2022 1740 Technology North San Jose 176,004 4/1/2021 5/1/2021 $ 43.01 5/31/2024 Concourse North San Jose 15,777 4/1/2021 5/1/2021 $ 42.00 3/31/2026 Metro Plaza North San Jose 28,121 4/1/2021 5/1/2021 $ 43.01 5/31/2024 Towers at Shore Center Redwood Shores 4,019 5/1/2021 6/1/2021 $ 72.00 7/31/2022 Shorebreeze Redwood Shores 1,908 5/1/2021 7/1/2021 $ 63.00 10/31/2022 Gateway North San Jose 3,637 5/1/2021 6/1/2021 $ 49.20 4/30/2022 Gateway North San Jose 2,881 5/1/2021 6/1/2021 $ 48.60 6/30/2024 Concourse North San Jose 1,209 5/1/2021 6/1/2021 $ 49.20 4/30/2024 Concourse North San Jose 1,965 5/5/2021 5/5/2021 (5) $ 47.40 8/31/2024 Techmart Santa Clara 1,738 5/13/2021 5/13/2021 (5) $ 48.60 6/30/2022 Concourse North San Jose 2,841 5/21/2021 7/22/2021 $ 48.96 10/31/2024 Towers at Shore Center Redwood Shores 6,368 6/1/2021 9/1/2021 $ 75.00 5/31/2023 Towers at Shore Center Redwood Shores 1,756 6/1/2021 7/1/2021 $ 75.00 5/31/2022 Shorebreeze Redwood Shores 3,407 6/1/2021 8/1/2021 $ 61.20 5/31/2026 Palo Alto Square Palo Alto 4,638 6/1/2021 7/1/2021 $ 36.00 5/31/2031 Palo Alto Square Palo Alto 3,835 6/1/2021 10/1/2021 $ 96.24 5/31/2031 Concourse North San Jose 3,195 6/1/2021 7/1/2021 $ 48.60 8/31/2026
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Page 45 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Commenced Office Leases with Non-Recurring Upfront Abatements(1) continued (1) Consists of leases that commenced on or prior to June 30, 2021 with up-front free rent resulting in a rent start date after the commencement of the three-month period ending June 30, 2021. (2) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. (3) We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Rental rates have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (4) We own 55% in the consolidated joint venture that owns 1918 Eighth. (5) Subsequent to the rent start date, monthly base rent was abated for the one-month period June 2021. (6) We own 51% in the consolidated joint venture that owns Harlow. Submarket Square Feet Lease Start Date Rent Start Date Starting Base Rents(2) Lease Expiration Date Los Angeles, California 11601 Wilshire West Los Angeles 2,579 4/1/2021 5/1/2021 $ 63.60 5/31/2027 Harlow(6) Hollywood 56,480 4/1/2021 4/1/2022 $ 61.80 3/31/2033 Harlow(6) Hollywood 13,805 4/1/2021 4/1/2022 $ 24.00 3/31/2033
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Page 46 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) (1) Consists of uncommenced leases, defined as new leases with respect to vacant space executed on or prior to June 30, 2021, but with commencement dates after June 30, 2021 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no uncommenced leases commencing in third quarter 2022 and first quarter 2023 through second quarter 2023. (3) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any. (4) Starting rental rates have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (5) Management office to be occupied by the Company. Company’s Share Q3 2021 Q4 2021 Q3 2021 Q4 2021 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 20,098 $ 31.73 5,334 $ — (5) 4,020 $ 31.73 1,067 $ — (5) Subtotal 20,098 31.73 5,334 — 4,020 31.73 1,067 — Greater Seattle, Washington Lynnwood 7,452 19.75 — — 7,452 19.75 — — Subtotal 7,452 19.75 — — 7,452 19.75 — — San Francisco Bay Area, California San Francisco 6,256 115.67 — — 3,441 115.67 — — Redwood Shores 12,674 50.32 11,681 51.03 12,674 50.32 11,681 51.03 Palo Alto 5,248 193.01 — — 5,248 193.01 — — Santa Clara 4,589 54.06 — — 4,589 54.06 — — North San Jose 4,863 46.99 — — 4,863 46.99 — — Subtotal 33,630 84.77 11,681 51.03 30,815 81.95 11,681 51.03 Los Angeles, California Downtown Los Angeles 5,383 46.20 — — 5,383 46.20 — — West Los Angeles 28,683 34.10 4,139 — (5) 28,683 34.10 4,139 — (5) Subtotal 34,066 36.01 4,139 — 34,066 36.01 4,139 — TOTAL UNCOMMENCED 95,246 $ 51.05 21,154 $ 28.18 76,353 $ 52.74 16,887 $ 35.30
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Page 47 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Uncommenced Office Leases—Next Eight Quarters(1)(2) (continued) Company’s Share Q1 2022 Q2 2022 Q4 2022 Q1 2022 Q2 2022 Q4 2022 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 5,013 $ 50.01 — $ — — $ — 1,003 $ 50.01 — $ — — $ — Subtotal 5,013 50.01 — — — — 1,003 50.01 — — — — Los Angeles, California Downtown Los Angeles — — 8,604 31.88 — — — — 8,604 31.88 — — West Los Angeles 584,000 62.01 — — 20,340 — (5) 438,000 62.01 — — 20,340 — (5) Subtotal 584,000 62.01 8,604 31.88 20,340 — 438,000 62.01 8,604 31.88 20,340 — TOTAL UNCOMMENCED 589,013 $ 61.91 8,604 $ 31.88 20,340 $ — 439,003 $ 61.98 8,604 $ 31.88 20,340 $ — For footnotes (1), (2), (3), (4) and (5) above refer to the descriptions on page 46.
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Page 48 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) Company’s Share Q3 2021 Q4 2021 Q3 2021 Q4 2021 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) Vancouver, British Columbia Downtown Vancouver(4) 1,831 $ — 3,084 $ 32.26 366 $ — 617 $ 32.26 Subtotal 1,831 — 3,084 32.26 366 — 617 32.26 Greater Seattle, Washington Denny Triangle 35,524 47.38 — — 19,538 47.38 — — Subtotal 35,524 47.38 — — 19,538 47.38 — — San Francisco Bay Area, California Redwood Shores 2,710 61.80 — — 2,710 61.80 — — Santa Clara 2,167 51.00 — — 2,167 51.00 — — North San Jose 5,241 46.20 — — 5,241 46.20 — — Subtotal 10,118 51.41 — — 10,118 51.41 — — Los Angeles, California Downtown Los Angeles 24,057 46.20 — — 24,057 46.20 — — Subtotal 24,057 46.20 — — 24,057 46.20 — — TOTAL BACKFILLED 71,530 46.34 3,084 32.26 54,079 47.29 617 32.26 TOTAL UNCOMMENCED AND BACKFILLED 166,776 $ 49.03 24,238 $ 28.70 130,432 $ 50.48 17,504 $ 35.19 (1) Consists of backfilled leases, defined as new leases with respect to occupied space executed on or prior to June 30, 2021, but with commencement dates after June 30, 2021 and within the next eight quarters. This table omits submarkets and quarters without any activity. (2) There are no backfilled leases commencing in third quarter 2022 through second quarter 2023. (3) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease commencement date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. Rent commencement dates do not reflect up-front free rents, if any. (4) Starting rental rates have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021.
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Page 49 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Backfilled Office Leases—Next Eight Quarters(1)(2) (continued) Company’s Share Q1 2022 Q2 2022 Q4 2022 Q1 2022 Q2 2022 Q4 2022 SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) SF Starting Rent per SF(3) San Francisco Bay Area, California North San Jose 2,979 $ 48.60 6,413 $ 44.30 — $ — 2,979 $ 48.60 6,413 $ 44.30 — $ — Subtotal 2,979 48.60 6,413 44.30 — — 2,979 48.60 6,413 44.30 — — TOTAL BACKFILLED 2,979 48.60 6,413 44.30 — — 2,979 48.60 6,413 44.30 — — TOTAL UNCOMMENCED AND BACKFILLED 591,992 $ 61.84 15,017 $ 37.18 20,340 $ — (4) 441,982 $ 61.89 15,017 $ 37.18 20,340 $ — (4) For footnotes (1), (2) and (3) above refer to the descriptions on page 48. (4) Management office to be occupied by the Company.
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Page 50 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) Company’s Share Q3 2021(2) Q4 2021 Q1 2022 Q2 2022 Q3 2021(3) Q4 2021 Q1 2022 Q2 2022 Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Vancouver, British Columbia Downtown Vancouver(6) 21,500 $ 22.48 12,645 $ 23.12 36,174 $ 28.02 55,447 $ 28.61 (7) 4,300 $22.48 2,529 $ 23.12 7,235 $ 28.02 11,089 $ 28.61 Subtotal 21,500 22.48 12,645 23.12 36,174 28.02 55,447 28.61 4,300 22.48 2,529 23.12 7,235 28.02 11,089 28.61 Greater Seattle, Washington Denny Triangle 35,424 50.47 2,958 — (8) — — 1,194 — (8) 19,483 50.47 1,627 — — — 657 — Lynnwood — — — — 2,842 22.81 21,563 21.64 — — — — 2,842 22.81 21,563 21.64 Pioneer Square 32,641 38.68 148,256 25.12 (9) 15,144 19.26 8,063 42.79 32,641 38.68 148,256 25.12 15,144 19.26 8,063 42.79 Subtotal 68,065 44.81 151,214 24.62 17,986 19.82 30,820 26.33 52,124 43.08 149,883 24.84 17,986 19.82 30,283 26.80 San Francisco Bay Area, California Foster City 37,490 46.04 17,045 70.65 25,815 54.71 55,716 70.68 (10) 37,490 46.04 17,045 70.65 25,815 54.71 55,716 70.68 Palo Alto 11,524 98.03 13,065 98.77 18,631 94.74 36,803 75.65 11,524 98.03 13,065 98.77 18,631 94.74 36,803 75.65 Redwood Shores 39,086 63.05 44,676 63.99 23,496 67.40 30,526 59.41 39,086 63.05 44,676 63.99 23,496 67.40 30,526 59.41 San Francisco 44,231 28.71 4,205 118.62 15,270 17.80 2,222 42.09 42,433 29.93 2,313 118.62 14,541 12.34 2,222 42.09 North San Jose 56,183 38.89 (11) 50,893 39.76 (12) 100,699 44.30 (13) 105,583 39.20 (14) 56,183 38.89 50,893 39.76 100,699 44.30 105,583 39.20 Santa Clara 11,986 54.96 11,613 53.81 24,294 52.20 6,773 35.90 11,986 54.96 11,613 53.81 24,294 52.20 6,773 35.90 Subtotal 200,500 47.05 141,497 60.07 208,205 51.69 237,623 54.75 198,702 47.48 139,605 59.28 207,476 51.43 237,623 54.75 Los Angeles, California Downtown Los Angeles 24,057 — (15) — — — — — — 24,057 — — — — — — — Hollywood — — — — — — 3,273 56.05 — — — — — — 3,273 56.05 West Los Angeles 6,302 21.90 12,418 52.09 4,052 60.98 5,901 64.08 6,302 21.90 12,418 52.09 4,052 60.98 5,901 64.08 Subtotal 30,359 4.55 12,418 52.09 4,052 60.98 9,174 61.21 30,359 4.55 12,418 52.09 4,052 60.98 9,174 61.21 TOTAL 320,424 $ 40.90 317,774 $ 41.42 266,417 $ 46.47 333,064 $ 47.95 285,485 $ 41.73 304,435 $41.73 236,749 $ 48.47 288,169 $ 51.02 Expirations as % of Total In-Service Portfolio 2.2% 2.2% 1.8% 2.3% 2.4% 2.6% 2.0% 2.4%
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Page 51 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Expiring Office Leases—Next Eight Quarters(1) (continued) (1) This does not reflect 40,968 square feet, of which 33,191 square feet represents the Company’s Share, that expired on June 30, 2021. This table omits submarkets without any expirations over the next eight quarters. (2) Third quarter 2021 expiring square footage representing 100% share of joint ventures does not include 26,711 square feet of month-to-month leases. (3) Third quarter 2021 expiring square footage representing the Company’s Share of joint ventures does not include 16,148 square feet of month-to-month leases. Company’s Share Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Expiring SF(4) Rent/ SF(5) Vancouver, British Columbia Downtown Vancouver(6) 58,212 $ 27.76 (16) 60,608 $ 29.28 (17) 113,449 $ 31.16 (18) 61,049 $ 31.75 (19) 11,642 $27.76 12,122 $29.28 22,690 $31.16 12,210 $ 31.75 Subtotal 58,212 27.76 60,608 29.28 113,449 31.16 61,049 31.75 11,642 27.76 12,122 29.28 22,690 31.16 12,210 31.75 Greater Seattle, Washington Denny Triangle — — 51,909 31.41 (20) 656 34.13 2,486 32.72 — — 28,550 31.41 656 34.13 2,486 32.72 Lynnwood — — — — — — 19,583 23.20 — — — — — — 19,583 23.20 Pioneer Square — — 924 42.08 — — — — — — 924 42.08 — — — — Subtotal — — 52,833 31.60 656 34.13 22,069 24.28 — — 29,474 31.74 656 34.13 22,069 24.28 San Francisco Bay Area, California Foster City 3,534 76.71 42,542 71.96 9,903 48.83 3,502 72.26 3,534 76.71 42,542 71.96 9,903 48.83 3,502 72.26 Palo Alto 6,289 102.89 78,519 86.05 (21) — — 39,616 97.10 6,289 102.89 78,519 86.05 — — 39,616 97.10 Redwood Shores 94,597 58.40 (22) 108,117 64.87 (23) 41,799 68.67 76,198 66.44 (24) 94,597 58.40 108,117 64.87 41,799 68.67 76,198 66.44 San Francisco 20,472 65.78 2,982 48.92 515 202.59 1,592 — (25) 18,779 66.39 1,640 48.92 283 202.59 876 — North San Jose 439,965 41.38 (26) 63,218 45.33 (27) 74,771 41.52 (28) 63,733 48.34 (29) 439,965 41.38 63,218 45.33 74,771 41.52 63,733 48.34 Santa Clara 26,431 55.84 8,423 54.67 16,015 56.41 887 62.29 26,431 55.84 8,423 54.67 16,015 56.41 887 62.29 Subtotal 591,288 46.46 303,801 66.83 143,003 52.21 185,528 66.29 589,595 46.43 302,459 66.91 142,771 51.96 184,812 66.55 Los Angeles, California Hollywood — — 10,429 63.14 — — — — — — 10,429 63.14 — — — — West Los Angeles 47,900 47.12 29,718 62.48 10,557 65.69 — — 37,147 47.70 29,718 62.48 10,557 65.69 — — Subtotal 47,900 47.12 40,147 62.65 10,557 65.69 — — 37,147 47.70 40,147 62.65 10,557 65.69 — — TOTAL 697,400 $ 44.95 457,389 $ 57.42 267,665 $ 43.77 268,646 $ 54.99 638,384 $46.16 384,202 $62.58 176,674 $50.05 219,091 $ 60.35 Expirations as % of Total In-Service Portfolio 4.8% 3.1% 1.8% 1.8% 5.4% 3.2% 1.5% 1.8%
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Page 52 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (4) Includes leases that expire on the last day of the quarter. (5) Calculated by dividing (a) the product of (i) monthly base rental payments (defined as cash base rents (before abatements or deferments)) as of the lease expiration date, and (ii) 12, by (b) the leased square footage. Base rents do not include tenant reimbursements. (6) Expiring rental rates have been converted from CAD to USD using the foreign currency exchange rate as of June 30, 2021. (7) Top three expiring tenants at Bentall Centre by square footage: (i) B2Gold Corporation for 24,844 square feet, (ii) Business Development Bank of Canada for 23,054 square feet, and (iii) Calibre Mining Corporation for 2,928 square feet. (8) Total expiring square footage consists of space occupied by the Company’s management office. (9) Total expiring square footage consists of: (i) Dell EMC Corporation at 505 First for 138,820 square feet, (ii) Armoire, Inc. at 505 First for 7,342 square feet, and (iii) Picket Houses, Inc. at 411 First for 2,094 square feet. (10) Top three expiring tenants by square footage: (i) Jefferies LLC at Metro Center for 14,562 square feet, (ii) Conversica, Inc. at Metro Center for 11,243 square feet, and (iii) Z&L Properties at Metro Center for 9,037 square feet. (11) Top three expiring tenants by square footage: (i) Globallogic, Inc. at Concourse for 28,930 square feet, (ii) Earth Networks at Gateway for 5,222 square feet, and (iii) Ambiq Micro, Inc. at Gateway for 3,572 square feet. (12) Top three expiring tenants by square footage: (i) Level 3 Communications, LLC at Concourse for 13,258 square feet, (ii) FICO at Metro Plaza for 9,244 square feet, and SUMCO Phoenix Corporation at Gateway for 6,053 square feet. (13) Top three expiring tenants by square footage: (i) Regus at Gateway for 44,957 square feet, (ii) Vital Connect, Inc. at Concourse for 19,296 square feet, and (iii) PNY Technologies, Inc. at Gateway for 7,211 square feet. (14) Top three expiring tenants by square footage: (i) Fenwick & West LLP at Metro Plaza for 18,428 square feet, (ii) GEO Semiconductor, Inc. at Metro Plaza for 13,027 square feet, and (iii) PeerNova, Inc. at Gateway for 8,737 square feet. (15) Total expiring square footage consists of space occupied by WeWork Companies Inc at Maxwell. We have signed a lease with Califia Farms, LLC to occupy this space effective third quarter 2021. WeWork Companies Inc. pays substitution rent in an amount equal to 70% of net revenues actually received during each full calendar month for the remainder of the lease term in lieu of paying monthly base rent. (16) Top three expiring tenants at Bentall Centre by square footage: (i) Lysistrata Services LP for 23,957 square feet, (ii) LNG Canada Development Inc. for 6,362 square feet, and (iii) RCI Capital Group Inc. for 5,888 square feet. (17) Top three expiring tenants at Bentall Centre by square footage: (i) Omicron Consulting for 15,500 square feet, (ii) Robert Half Inc. for 10,301 square feet, and (iii) Shank Management LTD for 9,866 square feet. (18) Top three expiring tenants at Bentall Centre by square footage: (i) Blake Services Inc. for 63,292 square feet, (ii) Thorsteinssons for 20,904 square feet, and (iii) Adera Development Corporation for 8,662 square feet. (19) Top three expiring tenants at Bentall Centre by square footage: (i) Bentall Kennedy LP for 37,474 square feet, (ii) Sabina Gold Silver Corporation for 10,605 square feet, and (iii) Coeur Silvertip Holdings LTD. for 3,010 square feet. (20) Total expiring square footage consists of KPMG, LLP at 1918 Eighth for 51,909 square feet. (21) Top three expiring tenants by square footage: (i) Stanford University at Page Mill Center for 43,215 square feet, (ii) Frank, Rimerman & Co. LLC at Page Mill Hill for 24,968 square feet, and (iii) K&L Gates LLP at Clocktower Square for 9,234 square feet. (22) Top three expiring tenants by square footage: (i) Ernst & Young U.S. LLP at Shorebreeze for 20,253 square feet, (ii) McKool Smith a Professional Corporation at Shorebreeze for 13,529 square feet, and (iii) Hudson Pacific Properties management office at 333 Twin Dolphin for 12,651 square feet. (23) Top three expiring tenants by square footage: (i) Auris Health, Inc. at Skyway Landing for 37,801 square feet, (ii) Auris Health, Inc. at 333 Twin Dolphin for 27,416 square feet, and (iii) Project Worldwide, Inc. at Skyway Landing for 19,467 square feet. (24) Top three expiring tenants by square footage: (i) MarkLogic Corporation at Skyway Landing for 40,268 square feet, (ii) Zum Services, Inc. at Shorebreeze for 20,198 square feet, and (iii) Kartos Therapeutics, Inc. at Shorebreeze for 7,464 square feet. (25) Total expiring square footage consists of space occupied by Red Bay Coffee Company Inc. at Ferry Building. Red Bay Coffee Company Inc. pays percentage rent in an amount equal to 6.0% of gross sales with respect to the first twelve full calendar months of the lease term, and 8.0% of gross sales with respect to the thirteenth month through the remainder of the lease term in lieu of paying monthly base rent. (26) Top three expiring tenants by square footage: (i) Qualcomm at Skyport Plaza for 376,817 square feet, (ii) Silicon Valley Leadership Group at Gateway for 8,193 square feet, and (iii) InnoGrit Corporation at Concourse for 7,281 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)
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Page 53 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 (27) Top three expiring tenants by square footage: (i) Ooyala, Inc. at Gateway for 18,152 square feet, (ii) The Prudential Insurance Company at Concourse for 11,827 square feet, and (iii) Adara Networks, Inc. at Concourse for 7,647 square feet. (28) Top three expiring tenants by square footage: (i) New York Life Insurance at Concourse for 28,489 square feet, (ii) Sensiba San Filippo LLP at Metro Plaza for 12,611 square feet, and (iii) Massachusetts Mutual Life Insurance at Gateway for 8,086 square feet. (29) Top three expiring tenants by square footage: (i) Amkor Technology, Inc. at Metro Plaza for 21,942 square feet, (ii) Dexerials America Corporation at Gateway for 7,872 square feet, and (iii) Principal Life Insurance Company at Gateway for 7,359 square feet. Expiring Office Leases—Next Eight Quarters(1) (continued)
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Page 54 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Expiring Office Leases—Annual Company’s Share Year of Lease Expiration Number of Leases Expiring Square Footage of Expiring Leases(1) Square Footage of Expiring Leases(2) Percent of Office Portfolio Square Feet Annualized Base Rent(3) Percentage of Office Portfolio Annualized Base Rent Annualized Base Rent Per Leased Square Foot(4) Annualized Base Rent at Expiration Annualized Base Rent Per Lease Square Foot at Expiration(5) Vacant 1,639,745 1,545,927 12.2 % 2021 104 653,302 600,851 4.7 $ 25,846,529 4.4 % $ 43.02 $ 26,304,814 $ 43.78 2022 201 1,708,680 1,502,451 11.8 76,367,384 13.0 50.83 79,689,623 53.04 2023 132 1,869,030 1,452,382 11.4 68,253,288 11.6 46.99 73,196,185 50.40 2024 144 1,939,847 1,704,771 13.4 89,218,528 15.1 52.33 97,516,659 57.20 2025 83 1,604,636 1,305,986 10.3 76,996,070 13.1 58.96 86,085,604 65.92 2026 49 694,380 604,716 4.8 36,679,207 6.2 60.66 42,290,014 69.93 2027 34 625,004 523,941 4.1 28,675,892 4.9 54.73 34,584,575 66.01 2028 26 933,095 850,661 6.7 56,802,624 9.7 66.77 69,218,649 81.37 2029 17 316,024 220,921 1.7 16,687,175 2.8 75.53 20,236,336 91.60 2030 13 1,259,659 913,472 7.2 41,519,395 7.1 45.45 56,400,853 61.74 Thereafter 23 1,391,225 760,900 6.0 38,679,459 6.6 50.83 53,134,158 69.83 Building management use(6) 37 188,952 167,456 1.3 — — — — — Signed leases not commenced(7) 30 734,357 561,186 4.4 32,107,744 5.5 57.21 46,207,376 82.34 TOTAL/WEIGHTED AVERAGE 893 15,557,936 12,715,621 100.0 % $ 587,833,295 100.0 % $ 52.63 (8) $ 684,864,846 $ 61.31 (9) (1) Total expiring square footage does not include 26,711 square feet of month-to-month leases. (2) Total expiring square footage does not include 16,148 square feet of month-to-month leases. (3) Rent data for our office properties is presented on an annualized basis without regard to cancellation options. Annualized base rent for office properties is calculated multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) as of June 30, 2021, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. (4) Annualized base rent per square foot for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced leases as of June 30, 2021. (5) Annualized base rent per square foot at expiration for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced lease as of June 30, 2021. (6) Reflects management offices occupied by the Company with various expiration dates. (7) Annualized base rent per leased square foot and annualized base rent per square foot at expiration for signed leases not commenced reflects uncommenced leases for space not occupied as of June 30, 2021 and is calculated as (i) base rental payments (defined as cash base rents at expiration (before abatements or deferments)) under uncommenced leases for vacant space as of June 30, 2021, divided by (ii) square footage under uncommenced leases as of June 30, 2021. (8) Included as part of the Company’s share of total expiring square footage is 140,281 square feet of existing leases that have been amended or signed as of second quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the weighted average annualized base rent per square foot is $53.30. (9) Included as part of the Company’s share of total expiring square footage is 102,855 square feet of existing leases that have been amended or signed as of second quarter 2021 to pay percent rent in lieu of base rent. Excluding the impact of these tenants, the weighted average annualized base rent per square foot at expiration is $61.88.
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Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Definitions and Reconciliations
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Page 56 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Definitions Adjusted EBITDAre: Represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share of interest and depreciation from the unconsolidated real estate entities and further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that Adjusted EBITDAre is useful because it allows investors and management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. Adjusted EBITDAre is not a measurement of financial performance under GAAP and should not be considered as an alternative to income attributable to common shareholders, as an indicator of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited. Adjusted Funds from Operations (“AFFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non- cash compensation expense and the Company’s Share of amortization of deferred financing costs, and subtracting recurring capital expenditures related to the Company’s Share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of the Company’s Share of straight-line rents, amortization of lease buy-out costs, amortization of above-and below-market lease intangible assets and liabilities, amortization of above-and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Annual Debt Service: Includes principal payments based on amortization schedule and annual interest payments of fixed rate loans and variable rate loans with effective fixed rate as a result of derivative instruments on the full principal balance. In instances where interest is paid based on a LIBOR margin, we used the current margin based on the leverage ratio as of the current period. Amount does not include interest payment of variable rate loans that are partially effectively fixed through derivative instruments. Excludes amortization of deferred financing costs and loan discounts/premiums. Company’s Share: Non-GAAP financial measures calculated as the consolidated amount, in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interests), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting the “Company’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting the Company’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. Company’s Share of Debt: Similar to Consolidated Debt except it includes the Company’s Share of unconsolidated joint venture debt and excludes partners’ share of consolidated joint venture partner debt. Company’s Share of Debt, Net: Similar to Company’s Share of Debt, except it includes the Company’s Share of unconsolidated joint venture cash and cash equivalents and excludes partners’ share of consolidated joint venture cash and cash equivalents. Company’s Share of Market Capitalization: Similar to Consolidated Market Capitalization except it includes the Company’s Share of Debt. Consolidated Debt: Equal to the sum of (i) Unsecured and Secured Debt and (ii) series A preferred units Consolidated Debt, Net: Similar to Consolidated debt, less consolidated cash and cash equivalents. Consolidated Market Capitalization: Equal to the sum of (i) Unsecured and Secured Debt, (ii) series A preferred units and (iii) common equity capitalization. Common equity capitalization represents the total Shares of Common Stock/Units Outstanding at End of Period multiplied by the closing price at quarter end. Consolidated Unsecured and Secured Debt: Excludes in-substance defeased debt related to our Hudson Pacific/Macerich joint venture and unamortized deferred financing costs and unamortized loan discounts/premiums related to our registered senior debt. The full amount of debt related to the Hill7, Hollywood Media Portfolio and 1918 Eighth joint ventures is included. The full amount of the construction loan related to our One Westside and 10850 Pico joint venture is included.
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Page 57 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Funds from Operations (“FFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. The White Paper defines FFO as net income or loss calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus the Company’s Share of real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets). The calculation of FFO includes the Company’s Share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs. Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees. However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations. Net Operating Income (“NOI”): We evaluate performance based upon property NOI from continuing operations. NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to income from continuing operations, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses. Principal Amount: Outstanding debt balances including partner share of consolidated entities and excludes unamortized deferred financing costs and loan discounts/premiums. Shares of Common Stock/Units Outstanding at End of Period: Represents shares of common stock outstanding (including unvested restricted shares), OP units outstanding and an estimate for our dilutive Outperformance Programs (“OPPs,” or individually, “OPP”) and Performance Stock Units (“PSU”), including stock grants under our 2019 OPP, 2020 PSU and 2021 PSU Plans (collectively, the “Dilutive Shares”). Weighted Average Fully Diluted Common Stock/Units Outstanding: Includes an estimate for the dilution impact of stock grants to the Company's executives under our 2019 OPP, 2020 PSU and 2021 PSU Plans. This estimate is based on the projected award potential of such programs as of the end of such periods, as calculated in accordance with the ASC 260, Earnings Per Share. Definitions (continued)
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Page 58 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Reconciliation of Net Income to Net Operating Income Unaudited, in thousands Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income $ 7,030 $ 7,011 $ 18,441 $ 20,960 Adjustments: Income from unconsolidated real estate entities (470) (410) (1,105) (174) Fee income (797) (556) (1,645) (1,166) Interest expense 30,689 27,930 60,975 54,347 Interest income (937) (1,048) (1,934) (2,073) Management services reimbursement income - unconsolidated joint ventures (626) — (626) — Management services expense - unconsolidated joint ventures 626 — 626 — Transaction-related expenses 1,064 157 1,064 259 Unrealized (gain) loss on non-real estate investments (5,018) 2,267 (10,793) 2,848 Other expense (income) 1,177 (716) 1,629 (1,030) General and administrative 17,109 17,897 35,558 36,515 Depreciation and amortization 84,178 73,516 166,939 147,279 Net Operating Income $ 134,025 $ 126,048 $ 269,129 $ 257,765 Net Operating Income Breakdown Same-Store Office cash revenues $ 161,616 $ 155,781 $ 318,856 $ 310,742 Straight-line rent 4,489 11,090 11,136 23,962 Amortization of above-market and below-market leases, net 1,751 2,295 3,548 4,621 Amortization of lease incentive costs (443) (466) (886) (906) Same-Store Office revenues 167,413 168,700 332,654 338,419 Same-Store Studios cash revenues 19,741 13,637 40,694 33,289 Straight-line rent 167 674 200 832 Amortization of lease incentive costs (9) (9) (19) (19) Same-Store Studio revenues 19,899 14,302 40,875 34,102 Same-Store property revenues 187,312 183,002 373,529 372,521 Same-Store Office cash expenses 58,316 57,265 114,027 112,548 Straight-line rent 325 366 691 731 Non-cash portion of interest expense 10 — 21 — Amortization of above-market and below-market ground leases, net 586 586 1,172 1,172 Same-Store Office expenses 59,237 58,217 115,911 114,451 Same-Store Studio cash expenses 12,387 7,951 23,762 18,601 Non-cash portion of interest expense 79 — 157 — Same-Store Studio expenses 12,466 7,951 23,919 18,601 Same-Store property expenses 71,703 66,168 139,830 133,052 Same-Store net operating income 115,609 116,834 233,699 239,469 Non-Same-Store net operating income 18,416 9,214 35,430 18,296 Net Operating Income $ 134,025 $ 126,048 $ 269,129 $ 257,765
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Page 59 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Reconciliation of Net Income to Company’s Share of Net Operating Income Unaudited, in thousands Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income $ 7,030 $ 7,011 $ 18,441 $ 20,960 Adjustments: Income from unconsolidated real estate entities (470) (410) (1,105) (174) Fee income (797) (556) (1,645) (1,166) Interest expense 30,689 27,930 60,975 54,347 Interest income (937) (1,048) (1,934) (2,073) Management services reimbursement income - unconsolidated joint ventures (626) — (626) — Management services expense - unconsolidated joint ventures 626 — 626 — Transaction-related expenses 1,064 157 1,064 259 Unrealized (gain) loss on non-real estate investments (5,018) 2,267 (10,793) 2,848 Realized gain/loss on foreign currency exchange, net — — — — Gain on sale of real estate — — — — Impairment loss — — — — Other expense (income) 1,177 (716) 1,629 (1,030) General and administrative 17,109 17,897 35,558 36,515 Depreciation and amortization 84,178 73,516 166,939 147,279 Company's Share of NOI from unconsolidated real estate entities 3,136 2,853 6,125 5,313 Net Operating Income Partner's Share (20,135) (7,347) (40,938) (14,969) Net Operating Income Company's Share $ 117,026 $ 121,554 $ 234,316 $ 248,109 Net Operating Income Breakdown Same-Store Office cash revenues $ 137,701 $ 133,972 $ 271,281 $ 273,130 Straight-line rent 3,351 6,767 8,781 9,362 Amortization of above-market and below-market leases, net 1,905 2,468 3,876 4,984 Amortization of lease incentive costs (420) (442) (842) (857) Same-Store Office revenues Company’s Share 142,537 142,765 283,096 286,619 Same-Store property revenues Company’s Share 142,537 142,765 283,096 286,619 Same-Store Office cash expenses 49,318 49,591 96,046 97,513 Straight-line rent 227 249 475 498 Amortization of above-market and below-market ground leases, net 576 576 1,151 1,151 Same-Store Office expenses Company’s Share 50,121 50,416 97,672 99,162 Same-Store property expenses Company’s Share 50,121 50,416 97,672 99,162 Same-Store net operating income Company’s Share 92,416 92,349 185,424 187,457 Non-Same-Store net operating income Company’s Share 24,610 29,205 48,892 60,652 Net Operating Income Company’s Share $ 117,026 $ 121,554 $ 234,316 $ 248,109
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Page 60 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Three Months Ended Quarter To Date June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Net income (loss) $ 7,030 $ 11,411 $ (3,168) $ (1,362) $ 7,011 Interest income—Consolidated (937) (997) (960) (1,056) (1,048) Interest expense—Consolidated 30,689 30,286 29,638 32,492 27,930 Depreciation and amortization—Consolidated 84,178 82,761 77,351 75,052 73,516 EBITDA 120,960 123,461 102,861 105,126 107,409 Unconsolidated real estate entities depreciation and amortization 1,550 1,511 1,424 1,445 1,355 Unconsolidated real estate entities interest expense 640 604 605 630 630 EBITDAre 123,150 125,576 104,890 107,201 109,394 Unrealized (gain) loss on non-real estate investments (5,018) (5,775) 128 (513) 2,267 Other expense (income) 1,177 452 1,058 (576) (716) Transaction-related expenses 1,064 — — 181 157 Non-cash compensation expense 6,340 3,538 8,314 4,791 4,723 Straight-line rent receivables, net (5,657) (6,765) 1,191 (4,681) (12,062) Non-cash amortization of above-market and below-market leases, net (2,739) (2,519) (2,178) (2,449) (2,464) Non-cash amortization of above-market and below-market ground leases, net 588 588 588 588 588 Amortization of lease incentive costs 475 475 477 466 499 Adjusted EBITDAre 119,380 115,570 114,468 105,008 102,386 One-time prior period net property tax adjustment — 1,050 — — — Adjusted EBITDAre (excluding specified items) 119,380 116,620 114,468 105,008 102,386 Studio cash NOI (7,354) (9,579) (9,623) (6,319) (5,686) Office property adjusted EBITDAre 112,026 107,041 104,845 98,689 96,700 x Annualization factor 4 4 4 4 4 Annualized office property adjusted EBITDAre 448,104 428,164 419,380 394,756 386,800 Trailing 12-mo studio cash NOI 32,974 31,306 30,629 30,704 34,943 Adjusted EBITDAre (Annualized) $ 481,078 $ 459,470 $ 450,009 $ 425,460 $ 421,743 Total Consolidated unsecured and secured debt 3,518,813 3,485,093 3,432,276 3,087,168 2,998,350 Less: Consolidated cash and cash equivalents (110,978) (134,278) (113,686) (365,294) (45,052) Consolidated debt, net(1) $ 3,407,835 $ 3,350,815 $ 3,318,590 $ 2,721,874 $ 2,953,298 Adjusted EBITDAre (annualized) / Consolidated debt, net 7.1x 7.3x 7.4x 6.4x 7.0x Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized) Unaudited, in thousands (1) Excluding Series A preferred units.
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Page 61 of 61 Hudson Pacific Properties, Inc. Supplemental Information | Second Quarter 2021 Current Guidance Full Year 2021 Metric Low High FFO per share $1.90 $1.96 Growth in same-store office property cash NOI(1)(2)(3) 3.75% 4.75% Growth in same-store studio property cash NOI(1)(2)(4) 13.00% 14.00% GAAP non-cash revenue (straight-line rent and above/below-market rents)(5) $20,000 $30,000 GAAP non-cash expense (straight-line rent expense and above/below-market ground rent) $(3,750) $(3,750) General and administrative expenses(6) $(68,000) $(72,000) Interest expense(7) $(121,500) $(124,500) Interest income $3,700 $3,800 Corporate-related depreciation and amortization $(2,300) $(2,400) FFO from unconsolidated joint ventures $7,500 $8,500 FFO attributable to non-controlling interests $(77,000) $(81,000) Weighted average common stock/units outstanding—diluted(8) 153,000 154,000 Company Outlook Unaudited, in thousands (1) Same-store for the full year 2021 is defined as the 43 office properties or three studio properties, as applicable, owned and included in the Company's stabilized portfolio as of January 1, 2020, and anticipated to still be owned and included in the stabilized portfolio through December 31, 2021. (2) Please see non-GAAP information below for definition of cash NOI. (3) This estimate excludes approximately $1.0 million of a one-time, prior-period supplemental property tax expense related to ICON and CUE. Please see the Same-Store Analysis in the Company’s Second Quarter 2021 Supplemental Operating and Financial Information report for further detail regarding these reimbursements. (4) This estimate excludes approximately $0.4 million of one-time, prior period supplemental property tax expenses related to Sunset Bronson and Sunset Gower. Please see the Same- Store Analysis in the Company’s First and Second Quarter 2021 Supplemental Operating and Financial Information reports for further detail regarding these reimbursements. (5) Includes non-cash straight-line rent associated with the studio and office properties. (6) Includes non-cash compensation expense, which the Company estimates at $20,000 in 2021. (7) Includes amortization of deferred financing costs and loan discounts/premiums, which the Company estimates at $10,000 in 2021. (8) Diluted shares represent ownership in the Company through shares of common stock, OP Units and other convertible or exchangeable instruments. The weighted average fully diluted common stock/units outstanding for 2021 includes an estimate for the dilution impact of stock grants to the Company's executives under its 2019, 2020 and 2021 long-term incentive programs. This estimate is based on the projected award potential of such programs as of the end of the most recently completed quarter, as calculated in accordance with the ASC 260, Earnings Per Share.
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