Hudson Pacific Properties, Inc. (NYSE:HPP) Q3 2022 Earnings Conference Call November 3, 2022 2:00 PM ET Company Participants Laura Campbell - EVP, IR & Marketing Victor Coleman - Chairman, CEO Mark Lammas - President Harout Diramerian - CFO Arthur Suazo - EVP of Leasing Conference Call Participants Alexander Goldfarb - Piper Sandler Blaine Heck - Wells Fargo Michael Griffin - Citigroup John Kim - BMO Capital Markets David Rodgers - Robert W. Baird Daniel Ismail - Green Street Advisors Sumit Sharma - Mor ...

Financial Performance - Total revenues for the three months ended September 30, 2022, were $260,354 thousand, up 14.3% from $227,632 thousand in the same period of 2021[24] - Net loss attributable to common stockholders for the three months ended September 30, 2022, was $(17,286) thousand, compared to a net loss of $(9,295) thousand in the same period of 2021, reflecting an increase in losses of 86.5%[24] - Comprehensive loss attributable to common stockholders for the three months ended September 30, 2022, was $(27,301) thousand, compared to $(11,007) thousand in the same period of 2021, reflecting an increase in comprehensive losses of 147.5%[25] - For the nine months ended September 30, 2022, Hudson Pacific Properties reported a net loss of $10,861,000 compared to a net income of $12,259,000 for the same period in 2021[34] - The company reported a net loss available to common unitholders of $17.51 million for the three months ended September 30, 2022, compared to a loss of $9.38 million in the same period of 2021[41] - Basic earnings per share for the three months ended September 30, 2022, was $(0.12), compared to $(0.06) in 2021[186] Revenue Streams - The company reported total studio revenues of $46,863 thousand for the three months ended September 30, 2022, a significant increase of 82.0% from $25,766 thousand in the same period of 2021[24] - Office rental revenue increased to $208.78 million for the three months ended September 30, 2022, from $197.94 million in the same period of 2021, a rise of 5.9%[41] - Studio service and other revenues surged to $31.56 million for the three months ended September 30, 2022, compared to $12.99 million in the same period of 2021, marking a significant increase of 143.5%[41] - For the three months ended September 30, 2022, ancillary revenues increased to $29.9 million, up 144.5% from $12.2 million in the same period of 2021[79] Expenses and Losses - Operating expenses for the three months ended September 30, 2022, totaled $217,893 thousand, an increase of 14.2% from $190,765 thousand in the same period of 2021[24] - The company incurred total depreciation and amortization expenses of $276,701,000 for the nine months ended September 30, 2022, up from $255,507,000 in 2021[34] - General and administrative expenses for the nine months ended September 30, 2022, were $62.178 million, up from $53.846 million in the same period of 2021[212] - Interest expense for the nine months ended September 30, 2022, was $101.816 million, compared to $91.800 million for the same period in 2021, reflecting a 10.9% increase[212] Assets and Liabilities - Total assets increased to $9,320,419 thousand as of September 30, 2022, compared to $8,990,189 thousand at December 31, 2021, representing a growth of 3.67%[22] - Total liabilities increased to $5.39 billion as of September 30, 2022, from $4.65 billion at December 31, 2021, an increase of 15.9%[39] - Total equity decreased to $3,792,330 thousand as of September 30, 2022, down from $4,196,992 thousand at December 31, 2021, a decline of 9.7%[22] - Cash and cash equivalents rose to $161,667 thousand as of September 30, 2022, compared to $96,555 thousand at December 31, 2021, indicating a significant increase of 67.5%[22] Cash Flow and Investments - Cash provided by operating activities increased to $328,549,000 in 2022 from $285,512,000 in 2021, reflecting a growth of approximately 15%[34] - The company reported total cash used in investing activities of $335,427,000 for the nine months ended September 30, 2022, compared to $560,602,000 in 2021[34] - Proceeds from sales of real estate amounted to $44,537,000 in 2022, with no sales reported in the same period of 2021[34] - The company made property acquisitions totaling $96,443,000 during the nine months ended September 30, 2022[34] Debt and Financing - Unsecured and secured debt increased to $4,449,316 thousand as of September 30, 2022, from $3,733,903 thousand at December 31, 2021, marking a rise of 19.2%[22] - The company completed a public offering of $350 million of 5.95% Senior Notes due in 2028, with net proceeds of approximately $346.5 million used to repay outstanding borrowings[144] - The Company has a total debt of $4.5 billion, with $1.3 billion due in 2026[148] Acquisitions and Goodwill - The total consideration for the Quixote acquisition was $357.9 million, which included $197.9 million in cash and a seller note payable of $160 million[87] - Goodwill recognized from the Quixote acquisition amounted to $151.7 million, reflecting expected synergies and the assembled workforce[88] - The acquisition of Zio and Star Waggons resulted in goodwill of $70.6 million and $30.1 million, respectively, attributed to expected synergies[95] Joint Ventures and Partnerships - As of September 30, 2022, the Company has determined that 13 of its joint ventures met the definition of a variable interest entity (VIE) and are consolidated[64] - The Company accounts for its unconsolidated joint ventures using the equity method, reflecting its net equity investment on the balance sheet[67] - The Company recognized a net loss of $1.636 million from unconsolidated joint ventures for the three months ended September 30, 2022[119] Shareholder Returns - The total dividends paid to common stock and unitholders were $109,388,000 in 2022, slightly down from $115,913,000 in 2021[34] - The Company declared a quarterly dividend of $0.25 per share for common stock and common units for the three months ended September 30, 2022[209] - The Company repurchased common stock worth $37,206,000 in 2022, compared to $14,756,000 in 2021[34] Other Financial Metrics - The Company’s investment in real estate at cost as of September 30, 2022, was $8.7 billion, an increase from $8.4 billion as of December 31, 2021[97] - The Company has maintained compliance with its financial covenants as of September 30, 2022[151] - Future minimum base rents total $3.9 billion as of September 30, 2022, with $161.1 million expected in the remaining 2022[165]

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 June 30, 2022 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.) Commiss ...

Hudson Pacific Properties, Inc. (NYSE:HPP) Q2 2022 Results Conference Call July 27, 2022 2:00 PM ET Company Participants Laura Campbell - EVP, IR & Marketing Victor Coleman - Chairman, CEO Mark Lammas - President Harout Diramerian - CFO Art Suazo - EVP of Leasing Conference Call Participants Alexander Goldfarb - Piper Sandler Daniel Ismail - Green Street David Rodgers - Baird Jamie Feldman - Bank of America Michael Griffin - Citi Tayo Okusanya - Credit Suisse Ronald Kamdem - Morgan Stanley Vikram Malhotr ...

Financial Performance - Total revenues for the three months ended March 31, 2022, were $244.5 million, an increase of 14.7% compared to $213.1 million for the same period in 2021[23] - Net loss attributable to common stockholders for Q1 2022 was $19.8 million, compared to a net income of $5.0 million in Q1 2021, reflecting a significant decline[23] - The company reported a comprehensive loss of $6.5 million for Q1 2022, compared to a comprehensive income of $14.3 million in Q1 2021[25] - Net income for Q1 2022 was a loss of $7.615 million, compared to a profit of $11.411 million in Q1 2021, indicating a significant decline in profitability[32] - The company reported a net loss of $7.6 million for Q1 2022, compared to a net income of $11.4 million in Q1 2021[184] Revenue Breakdown - Office rental revenues for Q1 2022 were $206.2 million, up 8.5% from $189.9 million in Q1 2021[23] - Studio rental revenues increased to $13.4 million in Q1 2022, compared to $12.2 million in Q1 2021, marking a growth of 10.1%[23] - Total studio revenues for Q1 2022 were $33.1 million, a significant increase of 58.2% compared to $21.0 million in Q1 2021[37] - Office segment revenues increased to $211.4 million in Q1 2022, up from $192.1 million in Q1 2021, representing a growth of 10.7%[184] - Studio segment revenues rose to $33.1 million in Q1 2022, compared to $21.0 million in Q1 2021, marking a significant increase of 57.1%[184] Assets and Liabilities - Total assets as of March 31, 2022, amounted to $9.0 billion, a slight increase from $8.99 billion as of December 31, 2021[21] - Total liabilities increased to $4.9 billion as of March 31, 2022, compared to $4.7 billion at the end of 2021, indicating a rise in financial obligations[21] - Total assets as of March 31, 2022, were $9.004 billion, a slight increase from $8.990 billion at the end of 2021[35] - The total liabilities increased to $4.923 billion as of March 31, 2022, compared to $4.654 billion at the end of 2021, marking an increase of approximately 5.8%[35] Cash and Liquidity - Cash and cash equivalents rose to $137.6 million as of March 31, 2022, up from $96.6 million at the end of 2021, showing improved liquidity[21] - Cash provided by operating activities in Q1 2022 was $95.454 million, down from $114.695 million in Q1 2021, reflecting a decrease of approximately 16.7%[32] - Cash and cash equivalents increased to $137.598 million as of March 31, 2022, compared to $96.555 million at the end of 2021, showing a growth of approximately 42.5%[35] - Cash and cash equivalents at the end of Q1 2022 were $137.6 million, slightly up from $134.3 million at the end of Q1 2021[193] Operating Expenses - Operating expenses for the three months ended March 31, 2022, totaled $205.3 million, an increase of 14.6% from $179.2 million in the same period last year[23] - Total operating expenses increased to $205.3 million in Q1 2022, up from $179.2 million in Q1 2021, reflecting a rise of 14.6%[37] Debt and Financing - Unsecured and secured debt rose to $3.973 billion as of March 31, 2022, up from $3.734 billion at the end of 2021, representing an increase of approximately 6.4%[35] - The Company’s unsecured debt as of March 31, 2022, has a carrying value of $2,260.000 million and a fair value of $2,246.311 million[149] - The Company’s secured debt as of March 31, 2022, has a carrying value of $1,740.720 million and a fair value of $1,734.332 million[149] Impairment and Valuation - The company reported an impairment loss of $20.503 million in Q1 2022, indicating challenges in asset valuation[32] - The company recognized an impairment loss of $8.5 million related to the Zio trade name during the three months ended March 31, 2022, due to rebranding efforts[103] - The Company recorded $12.0 million of impairment charges related to its Del Amo office property during the three months ended March 31, 2022, due to a reduction in estimated fair value[89] Shareholder Information - The weighted average shares of common stock outstanding decreased to 149.2 million in Q1 2022 from 150.8 million in Q1 2021[23] - The number of common units outstanding decreased to 146.405 million as of March 31, 2022, from 152.967 million at the end of 2021[35] - The Company has a share repurchase program authorized for up to $250 million, with cumulative repurchases totaling $176.2 million since inception, but no repurchases were made in Q1 2022[176] - The Company entered into an uncollared accelerated share repurchase agreement for $100 million, with an initial payment made and approximately 3.3 million shares received during Q1 2022[177] Market Conditions and Risks - The debt market remains sensitive to macroeconomic factors, which may impact refinancing options and terms[205] - Future declines in rental rates and potential concessions may decrease cash flows from properties, affecting overall revenue[203] - The company faces uncertainties related to the economic environment, which could negatively impact commercial real estate fundamentals[204] - The overall market conditions are highly competitive, with potential impacts from the COVID-19 pandemic still being assessed[202]

Financial Data and Key Metrics Changes - Revenue for Q1 2022 increased by 14.7% to $244.5 million compared to Q1 2021 [31] - FFO excluding specified items rose by 3.3% to $75.2 million, or $0.50 per diluted share [31] - AFFO grew by 11.8% to $58.6 million, while same-store property cash NOI increased by 1.4% to $120.3 million [33] Business Line Data and Key Metrics Changes - Over 500,000 square feet of leases were signed in the quarter, with a 12% GAAP and 5.8% cash increase in rents from prior levels [19] - The in-service office portfolio ended the quarter at 91.1% occupied and 92.3% leased [21] - The leasing pipeline includes 2.2 million square feet of activity, up about 35% from the long-term average [21] Market Data and Key Metrics Changes - The Vancouver market fundamentals remain strong with sub 6% vacancy [28] - The South Lake Union submarket in Seattle has a vacancy rate below 10% [26] - Demand for large tenants in Silicon Valley and the Peninsula has notably increased, with significant leasing activity reported [50] Company Strategy and Development Direction - The company aims to create shareholder value by selectively growing its real estate portfolio, focusing on tech and media industries [6][7] - The strategy includes pursuing capital recycling opportunities and enhancing ESG leadership [5][12] - The company plans to capitalize on embedded development opportunities and pursue attractive acquisitions in a disciplined manner [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing market, noting a positive momentum in demand and active deals [48] - The company anticipates continued growth in same-store property cash NOI, despite some short-term fluctuations [37] - Management highlighted the importance of ESG initiatives and their integration into the company's strategy [13][15] Other Important Information - The company has repurchased $380 million of common stock over the last four years, with plans to reach $580 million by the end of the third quarter [12] - The anticipated proceeds from asset sales are expected to be between $325 million and $350 million, which will be used to pay down credit facilities and fund development [29] Q&A Session Summary Question: Can you talk about the change in leasing or same-store NOI presentation? - Management explained that the change was made to simplify financials and align with peers, with a minor sequential decline attributed to both office and media [40][42] Question: What drove the decline in occupancy? - The decline was primarily due to a significant tenant, Dell, vacating space, but overall there was positive net absorption without that impact [52][54] Question: Can you elaborate on the Washington 1000 project? - Management expressed confidence in the project due to attractive all-in costs and strong tenant demand in the South Lake Union submarket [56][58] Question: How does the company view the studio and office split in guidance? - Management clarified that combining guidance is consistent with industry practices and does not indicate unpredictability in studio demand [62][64] Question: What is the outlook for interest expense? - The increase in interest expense is attributed to the updated LIBOR curve, and the company plans to use asset sales to pay down debt [110][112]

FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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.) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Hudson Pacifi ...

Hudson Pacific Properties, Inc. (NYSE:HPP) Q4 2021 Earnings Conference Call February 17, 2022 2:00 PM ET Company Participants Laura Campbell - Executive Vice President, Investor Relations and Marketing Victor Coleman - Chief Executive Officer and Chairman Mark Lammas - President Harout Diramerian - Chief Financial Officer Art Suazo - Executive Vice President, Leasing Conference Call Participants Craig Mailman - KeyBanc Capital Markets John Kim - BMO Capital Markets Manny Korchman - Citi Jamie Feldman - Bank ...

| --- | --- | --- | --- | |----------------------------------------------|-------|-----------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | UDSON | | | | | P A C I F I C PROPERTIES | | | | | SUPPLEMENTAL INFORMATION FOURTH QUARTER 2021 | | | | | | | REIMAGINING NOW. TO CREATE WHAT'S NEXT. | | Hudson Pacific Properties, Inc. Supplemental Information | Fourth Quarter 2021 | --- | --- | |-------|-------------------------------------------------------------- ...

| --- | --- | --- | --- | |---------------------------------------------|-------|-----------------------------------------|-------| | | | | | | | | | | | | | | | | UDSON | | | | | P A C I F I C PROPERTIES | | | | | SUPPLEMENTAL INFORMATION THIRD QUARTER 2021 | | | | | | | REIMAGINING NOW. TO CREATE WHAT'S NEXT. | | Hudson Pacific Properties, Inc. Supplemental Information | Third Quarter 2021 | --- | --- | |-------|---------------------------------------------------------------------------------------------- ...