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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
______________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number: 001-34789 (Hudson Pacific Properties, Inc.)
Commission File Number: 333-202799-01 (Hudson Pacific Properties, L.P.)
______________________________________
Hudson Pacific Properties, Inc.
Hudson Pacific Properties, L.P.
(Exact name of registrant as specified in its charter)

Hudson Pacific Properties, Inc.

Maryland
(State or other jurisdiction of incorporation or organization)
27-1430478
(I.R.S. Employer Identification Number)
Hudson Pacific Properties, L.P.

Maryland
(State or other jurisdiction of incorporation or organization)
80-0579682
(I.R.S. Employer Identification Number)

11601 Wilshire Blvd., Ninth Floor
Los Angeles, California 90025
(Address of principal executive offices) (Zip Code)
(310) 445-5700
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

______________________________________ 

Securities registered pursuant to Section 12(b) of the Act:

RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hudson Pacific Properties, Inc.Common Stock, $0.01 par value
HPP
New York Stock Exchange




Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
 
Hudson Pacific Properties, Inc. Yes  x   No  o
Hudson Pacific Properties, L.P. Yes  x   No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    

Hudson Pacific Properties, Inc. Yes  x   No  o
Hudson Pacific Properties, L.P. Yes  x   No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Hudson Pacific Properties, Inc.

Large accelerated filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company
Emerging growth company

Hudson Pacific Properties, L.P.

Large accelerated filer o
Accelerated filer o
Non-accelerated filer x
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hudson Pacific Properties, Inc. o
Hudson Pacific Properties, L.P. o  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   

Hudson Pacific Properties, Inc.  Yes      No  x
Hudson Pacific Properties, L.P. Yes      No  x

The number of shares of common stock of Hudson Pacific Properties, Inc. outstanding at November 2, 2020 was 152,144,950.



Table of Contents
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2020 of Hudson Pacific Properties, Inc., a Maryland corporation, and Hudson Pacific Properties, L.P., a Maryland limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or “our Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.
Hudson Pacific Properties, Inc. is a real estate investment trust, or REIT, and the sole general partner of our operating partnership. As of September 30, 2020, Hudson Pacific Properties, Inc. owned approximately 99.0% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 1.0% interest was owned by certain of our executive officers, directors and outside investors, including unvested operating partnership performance units. As the sole general partner of our operating partnership, Hudson Pacific Properties, Inc. has the full, exclusive and complete responsibility for our operating partnership’s day-to-day management and control.
We believe combining the quarterly reports on Form 10-Q of Hudson Pacific Properties, Inc. and the operating partnership into this single report results in the following benefits:
enhancing investors’ understanding of our Company and our operating partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminating duplicative disclosure and providing a more streamlined and readable presentation because a substantial portion of the disclosures apply to both our Company and our operating partnership; and

creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are a few differences between our Company and our operating partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between our Company and our operating partnership in the context of how we operate as an interrelated, consolidated company. Hudson Pacific Properties, Inc. is a REIT, the only material assets of which are the units of partnership interest in our operating partnership. As a result, Hudson Pacific Properties, Inc. does not conduct business itself, other than acting as the sole general partner of our operating partnership, issuing equity from time to time and guaranteeing certain debt of our operating partnership. Hudson Pacific Properties, Inc. itself does not issue any indebtedness but guarantees some of the debt of our operating partnership. Our operating partnership, which is structured as a partnership with no publicly traded equity, holds substantially all of the assets of our Company and conducts substantially all of our business. Except for net proceeds from equity issuances by Hudson Pacific Properties, Inc., which are generally contributed to our operating partnership in exchange for units of partnership interest in our operating partnership, our operating partnership generates the capital required by our Company’s business through its operations, its incurrence of indebtedness or through the issuance of units of partnership interest in our operating partnership.
Non-controlling interest, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our operating partnership. The common units in our operating partnership are accounted for as partners’ capital in our operating partnership’s consolidated financial statements and, to the extent not held by our Company, as a non-controlling interest in our Company’s consolidated financial statements. The differences between stockholders’ equity, partners’ capital and non-controlling interest result from the differences in the equity issued by our Company and our operating partnership.
To help investors understand the significant differences between our Company and our operating partnership, this report presents the consolidated financial statements and Note 15—Earnings Per Share separately for our Company and our operating partnership. All other sections of this report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are presented together for our Company and our operating partnership.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and our operating partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, or the Exchange Act and 18 U.S.C. §1350, this report also includes separate Part I, Item 4 “Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of Hudson Pacific Properties, Inc. and our operating partnership.
3



HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P.
TABLE OF CONTENTS


Page
ITEM 1.Financial Statements of Hudson Pacific Properties, Inc.
ITEM 1.Financial Statements of Hudson Pacific Properties, L.P.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

4

Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1.         FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)


September 30, 2020
(unaudited)
December 31, 2019
ASSETS
Investment in real estate, at cost$7,534,773 $7,269,128 
Accumulated depreciation and amortization(1,040,907)(898,279)
Investment in real estate, net6,493,866 6,370,849 
Cash and cash equivalents365,294 46,224 
Restricted cash38,979 12,034 
Accounts receivable, net 14,136 13,007 
Straight-line rent receivables, net226,510 195,328 
Deferred leasing costs and lease intangible assets, net255,907 285,448 
U.S. Government securities136,649 140,749 
Operating lease right-of-use asset266,059 269,029 
Prepaid expenses and other assets, net80,727 68,974 
Investment in unconsolidated real estate entity63,874 64,926 
TOTAL ASSETS$7,942,001 $7,466,568 
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net$3,055,197 $2,817,910 
In-substance defeased debt132,560 135,030 
Joint venture partner debt66,136 66,136 
Accounts payable, accrued liabilities and other282,766 212,673 
Operating lease liability270,827 272,701 
Lease intangible liabilities, net23,525 31,493 
Security deposits and prepaid rent75,987 86,188 
Total liabilities3,906,998 3,622,131 
Redeemable preferred units of the operating partnership9,815 9,815 
Redeemable non-controlling interest in consolidated real estate entities126,896 125,260 
Equity
Hudson Pacific Properties, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 authorized, 152,143,492 shares and 154,691,052 shares outstanding at September 30, 2020 and December 31, 2019, respectively
1,522 1,546 
Additional paid-in capital3,233,105 3,415,808 
Accumulated other comprehensive loss(12,795)(561)
Total Hudson Pacific Properties, Inc. stockholders’ equity3,221,832 3,416,793 
Non-controlling interest—members in consolidated entities644,924 269,487 
Non-controlling interest—units in the operating partnership31,536 23,082 
Total equity3,898,292 3,709,362 
TOTAL LIABILITIES AND EQUITY$7,942,001 $7,466,568 










The accompanying notes are an integral part of these consolidated financial statements.
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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share data)

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
REVENUES
Office
Rental$178,256 $179,197 $540,023 $521,650 
Service and other revenues2,460 6,162 11,428 18,339 
Total office revenues180,716 185,359 551,451 539,989 
Studio
Rental11,724 11,086 36,767 38,001 
Service and other revenues3,845 11,117 12,904 23,342 
Total studio revenues15,569 22,203 49,671 61,343 
Total revenues196,285 207,562 601,122 601,332 
OPERATING EXPENSES
Office operating expenses66,075 66,969 194,546 188,680 
Studio operating expenses9,034 11,440 27,635 32,088 
General and administrative17,428 17,661 53,943 54,099 
Depreciation and amortization75,052 69,781 222,331 207,892 
Total operating expenses167,589 165,851 498,455 482,759 
OTHER (EXPENSE) INCOME
(Loss) income from unconsolidated real estate entity(105)(260)69 (345)
Fee income575 656 1,741 931 
Interest expense(32,492)(26,590)(86,839)(77,492)
Interest income1,056 1,002 3,129 3,034 
Transaction-related expenses(181)(331)(440)(459)
Unrealized gain (loss) on non-real estate investment513  (2,335) 
Gain on sale of real estate 47,100  47,100 
Impairment loss   (52,201)
Other income (loss)576 (333)1,606 (258)
Total other (expense) income(30,058)21,244 (83,069)(79,690)
Net (loss) income(1,362)62,955 19,598 38,883 
Net income attributable to preferred units(153)(153)(459)(459)
Net income attributable to participating securities(109)(274)(321)(138)
Net income attributable to non-controlling interest in consolidated real estate entities(5,170)(3,660)(12,577)(9,798)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities1,304 347 2,707 1,505 
Net loss (income) attributable to non-controlling interest in the operating partnership54 (460)(89)(225)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(5,436)$58,755 $8,859 $29,768 
BASIC AND DILUTED PER SHARE AMOUNTS
Net (loss) income attributable to common stockholders—basic$(0.04)$0.38 $0.06 $0.19 
Net (loss) income attributable to common stockholders—diluted$(0.04)$0.38 $0.06 $0.19 
Weighted average shares of common stock outstanding—basic153,196,007 154,414,452 153,643,278 154,398,466 
Weighted average shares of common stock outstanding—diluted153,196,007 156,498,919 156,030,815 156,400,075 









The accompanying notes are an integral part of these consolidated financial statements.
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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited, in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net (loss) income$(1,362)$62,955 $19,598 $38,883 
Currency translation adjustments1,210 (720)(1,651)595 
Net unrealized gains (losses) on derivative instruments:
Unrealized losses(177)(1,957)(14,306)(15,847)
Reclassification adjustment for realized gains (losses)2,087 (1,360)3,598 (5,109)
Total net unrealized gains (losses) on derivative instruments1,910 (3,317)(10,708)(20,956)
Total other comprehensive income (loss)3,120 (4,037)(12,359)(20,361)
Comprehensive income1,758 58,918 7,239 18,522 
Comprehensive income attributable to preferred units(153)(153)(459)(459)
Comprehensive income attributable to participating securities(109)(274)(321)(138)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities(5,170)(3,660)(12,577)(9,798)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities1,304 347 2,707 1,505 
Comprehensive loss (income) attributable to non-controlling interest in the operating partnership27 (429)36 (92)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(2,343)$54,749 $(3,375)$9,540 
































The accompanying notes are an integral part of these consolidated financial statements.
7



HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and nine months ended September 30, 2020
(unaudited, in thousands, except share data)

Hudson Pacific Properties, Inc. Stockholders’ EquityNon-controlling interest
Shares of Common StockStock AmountAdditional Paid-in Capital Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeUnits in the Operating PartnershipMembers in Consolidated EntitiesTotal Equity
Balance at June 30, 2020
153,319,333 $1,534 $3,317,192 $ $(15,888)$28,767 $270,026 $3,601,631 
Contributions— — — — — — 372,451 372,451 
Distributions— — — — — — (2,723)(2,723)
Transaction costs— — (16,073)— — — — (16,073)
Issuance of unrestricted stock1,286 — — — — — —  
Shares repurchased(1,177,127)(12)(26,580)— — — — (26,592)
Declared dividend— — (43,730)5,327 — (450)— (38,853)
Amortization of stock-based
compensation
— — 2,296 — — 3,246 — 5,542 
Net (loss) income— — — (5,327)— (54)5,170 (211)
Other comprehensive income— — — — 3,093 27 — 3,120 
Balance at September 30, 2020
152,143,492 $1,522 $3,233,105 $ $(12,795)$31,536 $644,924 $3,898,292 
Balance at December 31, 2019
154,691,052 $1,546 $3,415,808 $ $(561)$23,082 $269,487 $3,709,362 
Contributions— — — — — — 372,451 372,451 
Distributions— — — — — — (9,591)(9,591)
Transaction costs— — (16,073)— — — — (16,073)
Issuance of unrestricted stock180,291 3 (3)— — — —  
Shares withheld to satisfy tax withholding obligations(136,717)(1)(5,500)— — — — (5,501)
Shares repurchased(2,591,134)(26)(61,917)— — — — (61,943)
Declared dividend— — (106,096)(9,180)— (1,350)— (116,626)
Amortization of stock-based compensation— — 6,886 — — 9,840 — 16,726 
Net income— — — 9,180 — 89 12,577 21,846 
Other comprehensive loss— — — — (12,234)(125)— (12,359)
Balance at September 30, 2020
152,143,492 $1,522 $3,233,105 $ $(12,795)$31,536 $644,924 $3,898,292 
















The accompanying notes are an integral part of these consolidated financial statements.
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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and nine months ended September 30, 2019
(unaudited, in thousands, except share data)


Hudson Pacific Properties, Inc. Stockholders’ EquityNon-controlling interest
Shares of Common StockStock AmountAdditional Paid-in Capital(Accumulated Deficit) Retained EarningsAccumulated Other Comprehensive Income (Loss)Units in the Operating PartnershipMembers in Consolidated EntitiesTotal Equity
Balance at June 30, 2019
154,396,755 $1,543 $3,450,155 $(31,355)$1,279 $18,999 $268,158 $3,708,779 
Distributions— — — — — — (2,156)(2,156)
Issuance of unrestricted stock17,697 — — — — — —  
Declared dividend— — (11,110)(27,674)— (348)— (39,132)
Amortization of stock-based compensation— — 3,091 — — 2,113 — 5,204 
Net income— — — 59,029 — 460 3,660 63,149 
Other comprehensive loss— — — — (4,006)(31)— (4,037)
Balance at September 30, 2019
154,414,452 $1,543 $3,442,136 $ $(2,727)$21,193 $269,662 $3,731,807 
Balance at December 31, 2018
154,371,538 $1,543 $3,524,502 $ $17,501 $18,338 $268,246 $3,830,130 
Cumulative adjustment related to adoption of ASC 842
— — — (2,105)— — — (2,105)
Distributions— — — — — — (8,382)(8,382)
Issuance of unrestricted stock169,794 1 (1)— — — —  
Shares withheld to satisfy tax withholding obligations(126,880)(1)(3,667)— — — — (3,668)
Declared dividend— — (89,140)(27,674)— (1,882)— (118,696)
Amortization of stock-based compensation— — 10,442 — — 5,043 — 15,485 
Net income— — — 29,779 — 352 9,798 39,929 
Other comprehensive loss— — — — (20,228)(133)— (20,361)
Redemption of operating partnership units— — — — — (525)— (525)
Balance at September 30, 2019
154,414,452 $1,543 $3,442,136 $ $(2,727)$21,193 $269,662 $3,731,807 




















The accompanying notes are an integral part of these consolidated financial statements.
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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Nine Months Ended September 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$19,598 $38,883 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization222,331 207,892 
Non-cash portion of interest expense7,257 4,422 
Amortization of stock-based compensation14,409 15,393 
(Income) loss from unconsolidated real estate entity(69)345 
Unrealized loss on non-real estate investment2,335  
Straight-line rents(31,182)(39,602)
Straight-line rent expenses1,096 1,097 
Amortization of above- and below-market leases, net(7,457)(9,919)
Amortization of above- and below-market ground leases, net1,763 1,845 
Amortization of lease incentive costs1,437 1,267 
Impairment loss 52,201 
Gains on sale of real estate (47,100)
Change in operating assets and liabilities:
Accounts receivable(1,129)(1,726)
Deferred leasing costs and lease intangibles(9,767)(36,069)
Prepaid expenses and other assets(17,586)(10,217)
Accounts payable, accrued liabilities and other55,055 59,101 
Security deposits and prepaid rent(10,201)(4,213)
Net cash provided by operating activities247,890 233,600 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to investment in real estate(308,909)(275,051)
Maturities of U.S. Government securities4,121 4,695 
Proceeds from sale of real estate 147,823 
Distributions from unconsolidated entities573 290 
Contributions to unconsolidated entities(989)(64,503)
Deposits for property acquisitions (20,500)
Net cash used in investing activities(305,204)(207,246)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt1,391,651 735,001 
Payments of unsecured and secured debt(1,149,943)(630,424)
Payments of in-substance defeased debt(2,470)(2,377)
Transaction costs(16,073) 
Repurchase of common stock(53,475) 
Redemption of operating partnership units (525)
Dividends paid to common stock and unitholders(116,626)(118,696)
Dividends paid to preferred unitholders(459)(459)
Contribution of redeemable non-controlling member in consolidated real estate entities4,351 10,587 
Distribution of redeemable non-controlling member in consolidated real estate entities(8)(7)
Contribution of non-controlling member in consolidated real estate entities372,451  
Distribution to non-controlling member in consolidated real estate entities(9,591)(8,382)
Payments to satisfy tax withholding(5,501)(3,668)
Payment of loan costs, net loan premium paid(10,978)(6,256)
Net cash provided by (used in) financing activities403,329 (25,206)
Net increase in cash and cash equivalents and restricted cash346,015 1,148 
Cash and cash equivalents and restricted cash—beginning of period58,258 68,191 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD
$404,273 $69,339 


The accompanying notes are an integral part of these consolidated financial statements.
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ITEM 1.     FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, L.P.

HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)

September 30, 2020
(unaudited)
December 31, 2019
ASSETS
Investment in real estate, at cost$7,534,773 $7,269,128 
Accumulated depreciation and amortization(1,040,907)(898,279)
Investment in real estate, net6,493,866 6,370,849 
Cash and cash equivalents365,294 46,224 
Restricted cash38,979 12,034 
Accounts receivable, net 14,136 13,007 
Straight-line rent receivables, net226,510 195,328 
Deferred leasing costs and lease intangible assets, net255,907 285,448 
U.S. Government securities