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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 March 31, 2021
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  
Hudson Pacific Properties, L.P. Yes      No  

The number of shares of common stock of Hudson Pacific Properties, Inc. outstanding at May 1, 2021 was 150,951,455.



Table of Contents
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 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. In statements regarding qualification as a REIT, such terms refer solely to Hudson Pacific Properties, Inc. 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 March 31, 2021, Hudson Pacific Properties, Inc. owned approximately 98.7% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 1.3% interest was owned by certain of our executive officers and directors, certain of their affiliates and other 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 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)


March 31, 2021
(unaudited)
December 31, 2020
ASSETS
Investment in real estate, at cost$8,303,478 $8,215,017 
Accumulated depreciation and amortization(1,162,452)(1,102,748)
Investment in real estate, net7,141,026 7,112,269 
Cash and cash equivalents134,278 113,686 
Restricted cash35,055 35,854 
Accounts receivable, net 19,634 22,105 
Straight-line rent receivables, net232,817 225,685 
Deferred leasing costs and lease intangible assets, net280,679 285,836 
U.S. Government securities133,790 135,115 
Operating lease right-of-use asset263,691 264,880 
Prepaid expenses and other assets, net78,948 72,667 
Investment in unconsolidated real estate entities83,917 82,105 
TOTAL ASSETS$8,403,835 $8,350,202 
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net$3,454,815 $3,399,492 
In-substance defeased debt130,828 131,707 
Joint venture partner debt66,136 66,136 
Accounts payable, accrued liabilities and other271,426 235,860 
Operating lease liability269,191 270,014 
Lease intangible liabilities, net46,190 49,144 
Security deposits and prepaid rent90,533 92,180 
Total liabilities4,329,119 4,244,533 
Commitments and contingencies (note 20)
Redeemable preferred units of the operating partnership9,815 9,815 
Redeemable non-controlling interest in consolidated real estate entities128,661 127,874 
Equity
Hudson Pacific Properties, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 authorized, 150,760,631 shares and 151,401,365 shares outstanding at March 31, 2021 and December 31, 2020, respectively
1,508 1,514 
Additional paid-in capital3,423,699 3,469,758 
Accumulated other comprehensive loss(5,327)(8,133)
Total Hudson Pacific Properties, Inc. stockholders’ equity3,419,880 3,463,139 
Non-controlling interest—members in consolidated real estate entities476,573 467,009 
Non-controlling interest—units in the operating partnership39,787 37,832 
Total equity3,936,240 3,967,980 
TOTAL LIABILITIES AND EQUITY$8,403,835 $8,350,202 








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 March 31,
20212020
REVENUES
Office
Rental$189,861 $181,113 
Service and other revenues2,282 5,314 
Total office revenues192,143 186,427 
Studio
Rental12,153 12,915 
Service and other revenues8,823 6,885 
Total studio revenues20,976 19,800 
Total revenues213,119 206,227 
OPERATING EXPENSES
Office operating expenses66,562 63,860 
Studio operating expenses11,453 10,650 
General and administrative18,449 18,618 
Depreciation and amortization82,761 73,763 
Total operating expenses179,225 166,891 
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate entities635 (236)
Fee income848 610 
Interest expense(30,286)(26,417)
Interest income997 1,025 
Transaction-related expenses (102)
Unrealized gain (loss) on non-real estate investments5,775 (581)
Other (expense) income(452)314 
Total other expense(22,483)(25,387)
Net income11,411 13,949 
Net income attributable to preferred units(153)(153)
Net income attributable to participating securities(278)(29)
Net income attributable to non-controlling interest in consolidated real estate entities(6,630)(3,517)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities682 633 
Net income attributable to non-controlling interest in the operating partnership(50)(106)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$4,982 $10,777 
BASIC AND DILUTED PER SHARE AMOUNTS
Net income attributable to common stockholders—basic$0.03 $0.07 
Net income attributable to common stockholders—diluted$0.03 $0.07 
Weighted average shares of common stock outstanding—basic150,823,605 154,432,602 
Weighted average shares of common stock outstanding—diluted151,141,079 158,109,912 












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

Three Months Ended March 31,
20212020
Net income$11,411 $13,949 
Currency translation adjustments1,009 (4,999)
Net unrealized gains (losses) on derivative instruments:
Unrealized gains (losses)24 (12,278)
Reclassification adjustment for realized gains (losses)1,811 (137)
Total net unrealized gains (losses) on derivative instruments1,835 (12,415)
Total other comprehensive income (loss)2,844 (17,414)
Comprehensive income (loss)14,255 (3,465)
Comprehensive income attributable to preferred units(153)(153)
Comprehensive income attributable to participating securities(278)(29)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities(6,630)(3,517)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities682 633 
Comprehensive (income) loss attributable to non-controlling interest in the operating partnership(88)65 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$7,788 $(6,466)



































The accompanying notes are an integral part of these consolidated financial statements.
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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(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 LossUnits in the Operating PartnershipMembers in Consolidated Real Estate EntitiesTotal Equity
Balance, December 31, 2020
151,401,365 $1,514 $3,469,758 $ $(8,133)$37,832 $467,009 $3,967,980 
Contributions— — — — — — 15,016 15,016 
Distributions— — — — — — (12,082)(12,082)
Issuance of unrestricted stock20,000 — — — — — —  
Shares repurchased(632,109)(6)(14,750)— — — — (14,756)
Shares withheld to satisfy tax withholding obligations(28,625)— (693)— — — — (693)
Declared dividend— — (32,598)(5,260)— (568)— (38,426)
Amortization of stock-based
compensation
— — 1,982 — — 2,435 — 4,417 
Net income— — — 5,260 — 50 6,630 11,940 
Other comprehensive income— — — — 2,806 38 — 2,844 
Balance, March 31, 2021
150,760,631 $1,508 $3,423,699 $ $(5,327)$39,787 $476,573 $3,936,240 

Balance, December 31, 2019
154,691,052 $1,546 $3,415,808 $ $(561)$23,082 $269,487 $3,709,362 
Distributions— — — — — — (2,768)(2,768)
Issuance of unrestricted stock155,577 2 (2)— — — —  
Shares repurchased(1,414,007)(14)(35,337)— — — — (35,351)
Shares withheld to satisfy tax withholding obligations(136,717)(1)(5,500)— — — — (5,501)
Declared dividend— — (27,627)(10,806)— (450)— (38,883)
Amortization of stock-based compensation— — 2,364 — — 3,516 — 5,880 
Net income— — — 10,806 — 106 3,517 14,429 
Other comprehensive loss— — — — (17,243)(171)— (17,414)
Balance, March 31, 2020
153,295,905 $1,533 $3,349,706 $ $(17,804)$26,083 $270,236 $3,629,754 



















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)

Three Months Ended March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$11,411 $13,949 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization82,761 73,763 
Non-cash portion of interest expense2,417 1,245 
Amortization of stock-based compensation3,538 4,895 
(Income) loss from unconsolidated real estate entities(635)236 
Unrealized (gain) loss on non-real estate investments(5,775)581 
Straight-line rents(7,132)(13,709)
Straight-line rent expenses366 365 
Amortization of above- and below-market leases, net(2,518)(2,544)
Amortization of above- and below-market ground leases, net588 588 
Amortization of lease incentive costs475 472 
Distribution of income from unconsolidated entities172  
Change in operating assets and liabilities:
Accounts receivable2,381 67 
Deferred leasing costs and lease intangibles(6,099)(4,139)
Prepaid expenses and other assets962 (1,054)
Accounts payable, accrued liabilities and other33,430 28,162 
Security deposits and prepaid rent(1,647)(12,779)
Net cash provided by operating activities114,695 90,098 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to investment in real estate(95,884)(79,058)
Maturities of U.S. Government securities1,324 1,284 
Contributions to non-real estate investments(2,215) 
Distributions from unconsolidated real estate entities 24 
Contributions to unconsolidated real estate entities(439)(351)
Net cash used in investing activities(97,214)(78,101)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt52,975 415,040 
Payments of unsecured and secured debt(159)(148)
Payments of in-substance defeased debt(879)(825)
Repurchase of common stock(14,756)(35,351)
Dividends paid to common stock and unitholders(38,426)(38,883)
Dividends paid to preferred unitholders(153)(153)
Contributions from redeemable non-controlling members in consolidated real estate entities1,469 2,456 
Contributions from non-controlling members in consolidated real estate entities15,016  
Distributions to non-controlling members in consolidated real estate entities(12,082)(2,768)
Payments to satisfy tax withholding obligations(693)(5,501)
Payment of loan costs (4)
Net cash provided by financing activities2,312 333,863 
Net increase in cash and cash equivalents and restricted cash19,793 345,860 
Cash and cash equivalents and restricted cash—beginning of period149,540 58,258 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD
$169,333 $404,118 







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)

March 31, 2021
(unaudited)
December 31, 2020
ASSETS
Investment in real estate, at cost$8,303,478 $8,215,017 
Accumulated depreciation and amortization(1,162,452)(1,102,748)
Investment in real estate, net7,141,026 7,112,269 
Cash and cash equivalents134,278 113,686 
Restricted cash35,055 35,854 
Accounts receivable, net 19,634 22,105 
Straight-line rent receivables, net232,817 225,685 
Deferred leasing costs and lease intangible assets, net280,679 285,836 
U.S. Government securities133,790 135,115 
Operating lease right-of-use asset263,691 264,880 
Prepaid expenses and other assets, net78,948 72,667 
Investment in unconsolidated real estate entities83,917 82,105 
TOTAL ASSETS$8,403,835 $8,350,202 
LIABILITIES AND CAPITAL
Liabilities
Unsecured and secured debt, net$3,454,815 $3,399,492 
In-substance defeased debt130,828 131,707 
Joint venture partner debt66,136 66,136 
Accounts payable, accrued liabilities and other271,426 235,860 
Operating lease liability269,191 270,014 
Lease intangible liabilities, net46,190 49,144 
Security deposits and prepaid rent90,533 92,180 
Total liabilities4,329,119 4,244,533 
Commitments and contingencies (note 20)
Redeemable preferred units of the operating partnership9,815 9,815 
Redeemable non-controlling interest in consolidated real estate entities128,661 127,874 
Capital
Hudson Pacific Properties, L.P. partners’ capital
Common units, 152,142,255 and 152,722,448 outstanding at March 31, 2021 and December 31, 2020, respectively
3,465,069 3,509,217 
Accumulated other comprehensive loss(5,402)(8,246)
Total Hudson Pacific Properties, L.P. partners’ capital3,459,667 3,500,971 
Non-controlling interest—members in consolidated real estate entities476,573 467,009 
Total capital3,936,240 3,967,980 
TOTAL LIABILITIES AND CAPITAL$8,403,835 $8,350,202 











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

Three Months Ended March 31,
20212020
REVENUES
Office
Rental$189,861 $181,113 
Service and other revenues2,282 5,314 
Total office revenues192,143 186,427 
Studio
Rental12,153 12,915 
Service and other revenues8,823 6,885 
Total studio revenues20,976 19,800 
Total revenues213,119 206,227 
OPERATING EXPENSES
Office operating expenses66,562 63,860 
Studio operating expenses11,453 10,650 
General and administrative18,449 18,618 
Depreciation and amortization82,761 73,763 
Total operating expenses179,225 166,891 
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate entities635 (236)
Fee income848 610 
Interest expense(30,286)(26,417)
Interest income997 1,025 
Transaction-related expenses (102)
Unrealized gain (loss) on non-real estate investments5,775 (581)
Other (expense) income(452)314 
Total other expense(22,483)(25,387)
Net income11,411 13,949 
Net income attributable to non-controlling interest in consolidated real estate entities(6,630)(3,517)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities682 633 
Net income attributable to Hudson Pacific Properties, L.P.5,463 11,065 
Net income attributable to preferred units(153)(153)
Net income attributable to participating securities(278)(72)
NET INCOME AVAILABLE TO COMMON UNITHOLDERS$5,032 $10,840 
BASIC AND DILUTED PER UNIT AMOUNTS
Net income attributable to common unitholders—basic$0.03 $0.07 
Net income attributable to common unitholders—diluted$0.03 $0.07 
Weighted average shares of common units outstanding—basic152,186,394 155,344,460 
Weighted average shares of common units outstanding—diluted152,503,868 157,501,233 












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

Three Months Ended March 31,
20212020
Net income$11,411 $13,949 
Currency translation adjustments1,009 (4,999)
Net unrealized gains (losses) on derivative instruments:
Unrealized gains (losses)24 (12,278)
Reclassification adjustment for realized gains (losses)1,811 (137)
Total net unrealized gains (losses) on derivative instruments1,835 (12,415)
Total other comprehensive income (loss)2,844 (17,414)
Comprehensive income (loss)14,255 (3,465)
Comprehensive income attributable to preferred units(153)(153)
Comprehensive income attributable to participating securities(278)(72)
Comprehensive income attributable to non-controlling interest in consolidated real estate entities(6,630)(3,517)
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities682 633 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARTNERS’ CAPITAL
$7,876 $(6,574)




































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

Hudson Pacific Properties, L.P. Partners’ Capital
Number of Common UnitsCommon UnitsAccumulated Other Comprehensive LossTotal Partners’ CapitalNon-controlling Interest—Members in Consolidated Real Estate EntitiesTotal Capital
Balance, December 31, 2020
152,722,448 $3,509,217 $(8,246)$3,500,971 $467,009 $3,967,980 
Contributions— — — — 15,016 15,016 
Distributions— — — — (12,082)(12,082)
Issuance of unrestricted units80,541 — — — —  
Repurchase of common units(632,109)(14,756)— (14,756)— (14,756)
Units withheld to satisfy tax withholding obligations(28,625)(693)— (693)— (693)
Declared distributions— (38,426)— (38,426)— (38,426)
Amortization of unit-based compensation— 4,417 — 4,417 — 4,417 
Net income— 5,310 — 5,310 6,630 11,940 
Other comprehensive income— — 2,844 2,844 — 2,844 
Balance, March 31, 2021
152,142,255 $3,465,069 $(5,402)$3,459,667 $476,573 $3,936,240 

Balance, December 31, 2019
155,602,910 $3,440,488 $(613)$3,439,875 $269,487 $3,709,362 
Distributions— — — — (2,768)(2,768)
Issuance of unrestricted units155,577 — — — —  
Repurchase of common units(1,414,007)(35,351)— (35,351)— (35,351)
Units withheld to satisfy tax withholding obligations(136,717)(5,501)— (5,501)— (5,501)
Declared distributions— (38,883)— (38,883)— (38,883)
Amortization of unit-based compensation— 5,880 — 5,880 — 5,880 
Net income— 10,912 — 10,912 3,517 14,429 
Other comprehensive loss— — (17,414)(17,414)— (17,414)
Balance, March 31, 2020
154,207,763 $3,377,545 $(18,027)