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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, 2026


☐			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:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Hudson Pacific Properties, Inc.

Common Stock, $0.01 par value

HPP

New York Stock Exchange

Hudson Pacific Properties, Inc.

4.750% Series C Cumulative Redeemable Preferred Stock

HPP Pr C

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 ☒ No ☐			Hudson Pacific Properties, L.P. Yes ☒ No ☐

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 ☒ No ☐			Hudson Pacific Properties, L.P. Yes ☒ No ☐

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 ☒						Accelerated filer ☐
Non-accelerated filer ☐						Smaller reporting company ☐
						Emerging growth company ☐

Hudson Pacific Properties, L.P.


Large accelerated filer ☐						Accelerated filer ☐
Non-accelerated filer ☒						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. ☐			Hudson Pacific Properties, L.P. ☐

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, 2026 was 54,242,024.

Table of Contents

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2026 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, 2026, Hudson Pacific Properties, Inc. owned approximately 96.6% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 3.4% interest was owned by certain of our executive officers and directors, certain of their affiliates and other outside investors and includes 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” and “Quantitative and Qualitative Disclosures About Market Risk,” 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.

HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P.

TABLE OF CONTENTS


		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	Financial Statements of Hudson Pacific Properties, Inc.
	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	5
	Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2026 and 2025	6
	Consolidated Statements of Comprehensive Loss (unaudited) for the three months ended March 31, 2026 and 2025	7
	Consolidated Statements of Equity (unaudited) for the three months ended March 31, 2026 and 2025	8
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and 2025	9
ITEM 1.	Financial Statements of Hudson Pacific Properties, L.P.
	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	10
	Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2026 and 2025	11
	Consolidated Statements of Comprehensive Loss (unaudited) for the three months ended March 31, 2026 and 2025	12
	Consolidated Statements of Capital (unaudited) for the three months ended March 31, 2026 and 2025	13
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and 2025	14
	Notes to Unaudited Consolidated Financial Statements	15
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	53
ITEM 4.	Controls and Procedures	53
PART II—OTHER INFORMATION
ITEM 1.	Legal Proceedings	55
ITEM 1A.	Risk Factors	55
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
ITEM 3.	Defaults Upon Senior Securities	55
ITEM 4.	Mine Safety Disclosures	55
ITEM 5.	Other Information	55
ITEM 6.	Exhibits	56
SIGNATURES		57

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.

HUDSON PACIFIC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	March 31, 2026 (unaudited)		December 31, 2025
ASSETS
Investment in real estate, at cost	$	7,831,517	$	7,793,299
Accumulated depreciation and amortization	(2,021,078)		(1,953,048)
Investment in real estate, net	5,810,439		5,840,251
Non-real estate property, plant and equipment, net	73,026		72,397
Cash and cash equivalents	138,008		138,358
Restricted cash	24,432		23,770
Accounts receivable, net	14,121		14,923
Straight-line rent receivables, net	200,387		195,425
Deferred leasing costs and intangible assets, net	307,900		307,390
Operating lease right-of-use assets	327,921		333,258
Prepaid expenses and other assets, net	77,135		86,607
Investment in unconsolidated real estate entities	248,178		246,835
Goodwill	8,754		8,754

TOTAL ASSETS	$	7,230,301	$	7,267,968

LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net	$	3,350,125	$	3,351,458
Joint venture partner debt	66,136		66,136
Accounts payable, accrued liabilities and other	229,078		209,382
Operating lease liabilities	339,815		343,886
Intangible liabilities, net	16,768		17,772
Security deposits, prepaid rent and other	81,078		74,369

Total liabilities	4,083,000		4,063,003

Commitments and contingencies (Note 20)

Redeemable preferred units of the operating partnership	2,795		2,795
Redeemable non-controlling interest in consolidated real estate entities	49,880		50,581

Equity
Hudson Pacific Properties, Inc. stockholders' equity:
4.750% Series C cumulative redeemable preferred stock, $0.01 par value, $25.00 per share liquidation preference, 18,400,000 authorized, 17,000,000 shares outstanding at March 31, 2026 and December 31, 2025	425,000		425,000
Common stock, $0.01 par value, 103,200,000 authorized, 54,242,024 and 54,227,096 shares outstanding at March 31, 2026 and December 31, 2025, respectively	529		529
Additional paid-in capital	2,495,302		2,548,488
Accumulated other comprehensive loss	(3,619)		(1,860)
Total Hudson Pacific Properties, Inc. stockholders’ equity	2,917,212		2,972,157
Non-controlling interest—members in consolidated real estate entities	64,903		67,869
Non-controlling interest—units in the operating partnership	112,511		111,563
Total equity	3,094,626		3,151,589
TOTAL LIABILITIES AND EQUITY	$	7,230,301	$	7,267,968

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,
	2026		2025
REVENUES
Office
Rental revenues	$	145,228	$	158,393
Service and other revenues	3,446		6,818
Total office revenues	148,674		165,211
Studio
Rental revenues	13,797		13,652
Service and other revenues	19,381		19,596
Total studio revenues	33,178		33,248
Total revenues	181,852		198,459
OPERATING EXPENSES
Office operating expenses	69,822		72,277
Studio operating expenses	31,709		40,981
General and administrative	12,575		18,483
Depreciation and amortization	80,722		93,085
Total operating expenses	194,828		224,826
OTHER (EXPENSES) INCOME
Loss from unconsolidated real estate entities	(437)		(1,254)
Fee income	1,107		1,359
Interest expense	(37,994)		(43,505)
Interest income	1,649		435
Management services reimbursement income—unconsolidated real estate entities	1,124		975
Management services expense—unconsolidated real estate entities	(1,124)		(975)
Transaction-related expenses	(101)		—
Unrealized loss on non-real estate investments	(1,962)		(449)
Gain on sale of real estate, net	—		10,023
Impairment loss	—		(18,476)

Loss on extinguishment of debt	—		(1,858)
Other income	158		8
Total other expenses	(37,580)		(53,717)
Loss before income tax provision	(50,556)		(80,084)
Income tax provision	(348)		(194)
Net loss	(50,904)		(80,278)
Net income attributable to Series A preferred units	(44)		(146)
Net income attributable to Series C preferred shares	(5,047)		(5,047)

Net loss attributable to non-controlling interest in consolidated real estate entities	1,610		7,467
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities	701		902
Net loss attributable to common units in the operating partnership	553		2,394
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(53,131)	$	(74,708)

BASIC AND DILUTED PER SHARE AMOUNTS
Net loss attributable to common stockholders—basic	$	(0.82)	$	(3.70)
Net loss attributable to common stockholders—diluted	$	(0.82)	$	(3.70)
Weighted average shares of common stock outstanding—basic	64,462,033		20,198,072
Weighted average shares of common stock outstanding—diluted	64,462,033		20,198,072

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

(unaudited, in thousands)


	Three Months Ended March 31,
	2026		2025
Net loss	$	(50,904)	$	(80,278)
Currency translation adjustments	(3,690)		3,539
Net unrealized gains (losses) on derivative instruments:
Unrealized gains (losses)	2,112		(1,009)
Reclassification adjustment for realized gains	(240)		(1,066)
Total net unrealized gains (losses) on derivative instruments	1,872		(2,075)
Total other comprehensive (loss) income	(1,818)		1,464
Comprehensive loss	(52,722)		(78,814)
Comprehensive income attributable to Series A preferred units	(44)		(146)
Comprehensive income attributable to Series C preferred stock	(5,047)		(5,047)

Comprehensive loss attributable to non-controlling interest in consolidated real estate entities	1,608		7,440
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities	701		902
Comprehensive loss attributable to non-controlling interest in the operating partnership	614		2,300
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(54,890)	$	(73,365)

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’ Equity											Non-controlling Interest
	Series C Cumulative Redeemable Preferred Stock		Shares of Common Stock	Stock Amount		Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Loss		Units in the Operating Partnership		Members in Consolidated Real Estate Entities		Total Equity
Balance, December 31, 2025	$	425,000	54,227,096	$	529	$	2,548,488	$	—	$	(1,860)	$	111,563	$	67,869	$	3,151,589
Contributions	—		—	—		—		—		—		—		2,597		2,597
Distributions	—		—	—		—		—		—		—		(3,955)		(3,955)





Transaction costs	—		—	—		(82)		—		—		—		—		(82)

Issuance of unrestricted stock	—		20,354	—		—		—		—		—		—		—
Shares withheld to satisfy tax withholding obligations	—		(5,426)	—		(78)		—		—		—		—		(78)
Declared dividend	(5,047)		—	—		(53,162)		53,131		—		(526)		—		(5,604)
Amortization of share/unit-based compensation	—		—	—		136		—		—		2,088		—		2,224

Net income (loss)	5,047		—	—		—		(53,131)		—		(553)		(1,610)		(50,247)
Other comprehensive (loss) income	—		—	—		—		—		(1,759)		(61)		2		(1,818)
Balance, March 31, 2026	$	425,000	54,242,024	$	529	$	2,495,302	$	—	$	(3,619)	$	112,511	$	64,903	$	3,094,626


	Hudson Pacific Properties, Inc. Stockholders’ Equity											Non-controlling Interest
	Series C Cumulative Redeemable Preferred Stock		Shares of Common Stock	Stock Amount		Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive (Loss) Income		Units in the Operating Partnership		Members in Consolidated Real Estate Entities		Total Equity
Balance, December 31, 2024	$	425,000	20,182,702	$	1,403	$	2,437,484	$	—	$	(8,417)	$	93,715	$	169,452	$	3,118,637
Contributions	—		—	—		—		—		—		—		2,989		2,989
Distributions	—		—	—		—		—		—		—		(4,789)		(4,789)



Issuance of unrestricted stock	—		25,426	1		(1)		—		—		—		—		—
Shares withheld to satisfy tax withholding obligations	—		(9,239)	(1)		(194)		—		—		—		—		(195)
Declared dividend	(5,047)		—	—		(74,794)		74,708		—		(267)		—		(5,400)
Amortization of share/unit-based compensation	—		—	—		425		—		—		4,776		—		5,201
Net income (loss)	5,047		—	—		—		(74,708)		—		(2,394)		(7,467)		(79,522)
Other comprehensive income	—		—	—		—		—		1,343		94		27		1,464

Balance, March 31, 2025	$	425,000	20,198,889	$	1,403	$	2,362,920	$	—	$	(7,074)	$	95,924	$	160,212	$	3,038,385

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,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(50,904)	$	(80,278)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	80,722		93,085
Non-cash interest expense	1,492		4,458
Amortization of share/unit-based compensation	1,941		5,140
Straight-line rents	(4,963)		(92)
Straight-line rent expense	1,266		731
Amortization of above- and below-market leases, net	(1,004)		(866)
Amortization of above- and below-market ground leases, net	641		651
Amortization of lease incentive costs	2,813		667
Loss from unconsolidated real estate entities	437		1,254
Unrealized loss on non-real estate investments	1,962		449
Loss on sale of non-real estate property, plant and equipment	264		—
Loss on extinguishment of debt	—		1,858
Gain on sale of real estate, net	—		(10,023)

Impairment loss	—		18,476
Deferred tax benefit	—		(7)
Change in operating assets and liabilities:
Accounts receivable	802		2,989
Deferred leasing costs and lease intangibles	(22,652)		(12,307)
Prepaid expenses and other assets	8,459		895
Accounts payable, accrued liabilities and other	16,307		14,700
Security deposits, prepaid rent and other	6,709		(11,244)
Net cash provided by operating activities	44,292		30,536
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of real estate	—		63,233
Additions to investment in real estate	(24,405)		(37,140)



Contributions to unconsolidated real estate entities	(5,775)		(4,487)
Distributions from unconsolidated real estate entities	407		378
Additions to non-real estate property, plant and equipment	(3,952)		(4,736)
Contributions to non-real estate investments	(589)		(1,303)

Net cash (used in) provided by investing activities	(34,314)		15,945
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	—		494,000
Payments of unsecured and secured debt	(2,500)		(484,705)
Payments of loan costs	—		(12,065)



Transaction costs	(82)		—
Redemption of series A preferred units	—		(1,421)

Dividends paid to common stock and unitholders	(557)		(353)
Dividends paid to preferred stock and unitholders	(5,091)		(5,193)


Contributions from non-controlling members in consolidated real estate entities	2,597		2,989
Distributions to non-controlling members in consolidated real estate entities	(3,955)		(4,789)

Payments to satisfy tax withholding obligations	(78)		(195)
Net cash used in financing activities	(9,666)		(11,732)
Net increase in cash and cash equivalents and restricted cash	312		34,749
Cash and cash equivalents and restricted cash—beginning of period	162,128		99,177
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	$	162,440	$	133,926

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

Table of Contents

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, 2026 (unaudited)		December 31, 2025
ASSETS
Investment in real estate, at cost	$	7,831,517	$	7,793,299
Accumulated depreciation and amortization	(2,021,078)		(1,953,048)
Investment in real estate, net	5,810,439		5,840,251
Non-real estate property, plant and equipment, net	73,026		72,397
Cash and cash equivalents	138,008		138,358
Restricted cash	24,432		23,770
Accounts receivable, net	14,121		14,923
Straight-line rent receivables, net	200,387		195,425
Deferred leasing costs and intangible assets, net	307,900		307,390
Operating lease right-of-use assets	327,921		333,258
Prepaid expenses and other assets, net	77,135		86,607
Investment in unconsolidated real estate entities	248,178		246,835
Goodwill	8,754		8,754

TOTAL ASSETS	$	7,230,301	$	7,267,968

LIABILITIES AND CAPITAL
Liabilities
Unsecured and secured debt, net	$	3,350,125	$	3,351,458
Joint venture partner debt	66,136		66,136
Accounts payable, accrued liabilities and other	229,078		209,382
Operating lease liabilities	339,815		343,886
Intangible liabilities, net	16,768		17,772
Security deposits, prepaid rent and other	81,078		74,369

Total liabilities	4,083,000		4,063,003

Commitments and contingencies (Note 20)

Redeemable preferred units of the operating partnership	2,795		2,795
Redeemable non-controlling interest in consolidated real estate entities	49,880		50,581

Capital
Hudson Pacific Properties, L.P. partners’ capital
4.750% Series C cumulative redeemable preferred units, $25.00 per unit liquidation preference, 17,000,000 units outstanding at March 31, 2026 and December 31, 2025	425,000		425,000
Common units, 55,451,138 and 54,933,015 outstanding at March 31, 2026 and December 31, 2025, respectively	2,608,471		2,660,648
Accumulated other comprehensive loss	(3,748)		(1,928)
Total Hudson Pacific Properties, L.P. partners’ capital	3,029,723		3,083,720
Non-controlling interest—members in consolidated real estate entities	64,903		67,869
Total capital	3,094,626		3,151,589
TOTAL LIABILITIES AND CAPITAL	$	7,230,301	$	7,267,968

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

Table of Contents

HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except unit data)


	Three Months Ended March 31,
	2026		2025
REVENUES
Office
Rental revenues	$	145,228	$	158,393
Service and other revenues	3,446		6,818
Total office revenues	148,674		165,211
Studio
Rental revenues	13,797		13,652
Service and other revenues	19,381		19,596
Total studio revenues	33,178		33,248
Total revenues	181,852		198,459
OPERATING EXPENSES
Office operating expenses	69,822		72,277
Studio operating expenses	31,709		40,981
General and administrative	12,575		18,483
Depreciation and amortization	80,722		93,085
Total operating expenses	194,828		224,826
OTHER (EXPENSES) INCOME
Loss from unconsolidated real estate entities	(437)		(1,254)
Fee income	1,107		1,359
Interest expense	(37,994)		(43,505)
Interest income	1,649		435
Management services reimbursement income—unconsolidated real estate entities	1,124		975
Management services expense—unconsolidated real estate entities	(1,124)		(975)
Transaction-related expenses	(101)		—
Unrealized loss on non-real estate investments	(1,962)		(449)
Gain on sale of real estate, net	—		10,023
Impairment loss	—		(18,476)

Loss on extinguishment of debt	—		(1,858)
Other income	158		8
Total other expenses	(37,580)		(53,717)
Loss before income tax provision	(50,556)		(80,084)
Income tax provision	(348)		(194)
Net loss	(50,904)		(80,278)
Net loss attributable to non-controlling interest in consolidated real estate entities	1,610		7,467
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities	701		902
Net loss attributable to Hudson Pacific Properties, L.P.	(48,593)		(71,909)
Net income attributable to Series A preferred units	(44)		(146)
Net income attributable to Series C preferred units	(5,047)		(5,047)

NET LOSS AVAILABLE TO COMMON UNITHOLDERS	$	(53,684)	$	(77,102)

BASIC AND DILUTED PER UNIT AMOUNTS
Net loss attributable to common unitholders—basic	$	(0.82)	$	(3.69)
Net loss attributable to common unitholders—diluted	$	(0.82)	$	(3.69)
Weighted average shares of common units outstanding—basic	65,563,988		20,916,866
Weighted average shares of common units outstanding—diluted	65,563,988		20,916,866

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 LOSS

(unaudited, in thousands)


	Three Months Ended March 31,
	2026		2025
Net loss	$	(50,904)	$	(80,278)
Currency translation adjustments	(3,690)		3,539
Net unrealized gains (losses) on derivative instruments:
Unrealized gains (losses)	2,112		(1,009)
Reclassification adjustment for realized gains	(240)		(1,066)
Total net unrealized gains (losses) on derivative instruments	1,872		(2,075)
Total other comprehensive (loss) income	(1,818)		1,464
Comprehensive loss	(52,722)		(78,814)
Comprehensive income attributable to Series A preferred units	(44)		(146)
Comprehensive income attributable to Series C preferred units	(5,047)		(5,047)

Comprehensive loss attributable to non-controlling interest in consolidated real estate entities	1,608		7,440
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities	701		902

COMPREHENSIVE LOSS ATTRIBUTABLE TO PARTNERS’ CAPITAL	$	(55,504)	$	(75,665)

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

For the three months ended March 31, 2026

(unaudited, in thousands, except share data)


	Hudson Pacific Properties, L.P. Partners’ Capital									Non-controlling Interest—Members in Consolidated Real Estate Entities
	Preferred Units		Number of Common Units	Common Units		Accumulated Other Comprehensive Loss		Total Partners’ Capital				Total Capital
Balance, December 31, 2025	$	425,000	54,933,015	$	2,660,648	$	(1,928)	$	3,083,720	$	67,869	$	3,151,589

Contributions	—		—	—		—		—		2,597		2,597
Distributions	—		—	—		—		—		(3,955)		(3,955)


Transaction costs	—		—	(82)		—		(82)		—		(82)

Issuance of common units	—		523,549	—		—		—		—		—

Units withheld to satisfy tax withholding obligations	—		(5,426)	(78)		—		(78)		—		(78)
Declared distributions	(5,047)		—	(557)		—		(5,604)		—		(5,604)
Amortization of unit-based compensation	—		—	2,224		—		2,224		—		2,224

Net income (loss)	5,047		—	(53,684)		—		(48,637)		(1,610)		(50,247)
Other comprehensive (loss) income	—		—	—		(1,820)		(1,820)		2		(1,818)
Balance, March 31, 2026	$	425,000	55,451,138	$	2,608,471	$	(3,748)	$	3,029,723	$	64,903	$	3,094,626


	Hudson Pacific Properties, L.P. Partners’ Capital									Non-controlling Interest—Members in Consolidated Real Estate Entities
	Preferred Units		Number of Common Units	Common Units		Accumulated Other Comprehensive (Loss) Income		Total Partners’ Capital				Total Capital
Balance, December 31, 2024	$	425,000	20,724,979	$	2,532,898	$	(8,713)	$	2,949,185	$	169,452	$	3,118,637
Contributions	—		—	—		—		—		2,989		2,989
Distributions	—		—	—		—		—		(4,789)		(4,789)



Issuance of common units	—		207,770	—		—		—		—		—

Units withheld to satisfy tax withholding obligations	—		(9,239)	(195)		—		(195)		—		(195)
Declared distributions	(5,047)		—	(353)		—		(5,400)		—		(5,400)
Amortization of unit-based compensation	—		—	5,201		—		5,201		—		5,201
Net income (loss)	5,047		—	(77,102)		—		(72,055)		(7,467)		(79,522)
Other comprehensive income	—		—	—		1,437		1,437		27		1,464

Balance, March 31, 2025	$	425,000	20,923,510	$	2,460,449	$	(7,276)	$	2,878,173	$	160,212	$	3,038,385

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

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HUDSON PACIFIC PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)


	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(50,904)	$	(80,278)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	80,722		93,085
Non-cash interest expense	1,492		4,458
Amortization of share/unit-based compensation	1,941		5,140
Straight-line rents	(4,963)		(92)
Straight-line rent expenses	1,266		731
Amortization of above- and below-market leases, net	(1,004)		(866)
Amortization of above- and below-market ground leases, net	641		651
Amortization of lease incentive costs	2,813		667
Loss from unconsolidated real estate entities	437		1,254
Unrealized loss on non-real estate investments	1,962		449
Loss on sale of non-real estate property, plant and equipment	264		—
Loss on extinguishment of debt	—		1,858
Gain on sale of real estate, net	—		(10,023)

Impairment loss	—		18,476
Deferred tax benefit	—		(7)
Change in operating assets and liabilities:
Accounts receivable	802		2,989
Deferred leasing costs and lease intangibles	(22,652)		(12,307)
Prepaid expenses and other assets	8,459		895
Accounts payable, accrued liabilities and other	16,307		14,700
Security deposits, prepaid rent and other	6,709		(11,244)
Net cash provided by operating activities	44,292		30,536
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of real estate	—		63,233
Additions to investment in real estate	(24,405)		(37,140)




Contributions to unconsolidated real estate entities	(5,775)		(4,487)
Distributions from unconsolidated real estate entities	407		378
Additions to non-real estate property, plant and equipment	(3,952)		(4,736)
Contributions to non-real estate investments	(589)		(1,303)

Net cash (used in) provided by investing activities	(34,314)		15,945
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	—		494,000
Payments of unsecured and secured debt	(2,500)		(484,705)
Payments of loan costs	—		(12,065)



Transaction costs	(82)		—
Redemption of series A preferred units	—		(1,421)

Distributions paid to common unitholders	(557)		(353)
Distributions paid to preferred unitholders	(5,091)		(5,193)


Contributions from non-controlling members in consolidated real estate entities	2,597		2,989
Distributions to non-controlling members in consolidated real estate entities	(3,955)		(4,789)

Payments to satisfy tax withholding obligations	(78)		(195)
Net cash used in financing activities	(9,666)		(11,732)
Net increase in cash and cash equivalents and restricted cash	312		34,749
Cash and cash equivalents and restricted cash—beginning of period	162,128		99,177
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	$	162,440	$	133,926

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

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

1. Organization

Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009 as a fully integrated, self-administered and self-managed real estate investment trust (“REIT”). Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. Unless otherwise indicated or unless the context requires otherwise, all references in these financial statements to “the 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.

The Company’s portfolio consists of properties primarily located throughout the United States, Western Canada and Greater London, United Kingdom. The following table summarizes the Company’s portfolio as of March 31, 2026:


Segments	Number of Properties	Square Feet (unaudited)
Consolidated portfolio
Office	40	12,393,845
Studio	3	1,229,910
Future development	4	1,544,865
Total consolidated portfolio	47	15,168,620
Unconsolidated portfolio(1)
Office(2)	1	1,551,051
Studio(3)	2	475,084
Future development(4)	2	1,617,347
Total unconsolidated portfolio	5	3,643,482
TOTAL	52	18,812,102

__________________

1.The Company owns 20% of the unconsolidated joint venture entity that owns the Bentall Centre property, 50% of the unconsolidated joint venture entity that owns Sunset Glenoaks Studios, 35% of the unconsolidated joint venture entity that owns Sunset Waltham Cross Studios and approximately 26% of the unconsolidated joint venture entity that owns Sunset Pier 94 Studios. The square footage shown above represents 100% of the properties.

2.Includes Bentall Centre.

3.Includes Sunset Pier 94 Studios and Sunset Glenoaks Studios.

4.Includes land for the Burrard Exchange and Sunset Waltham Cross Studios.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company and the operating partnership are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented.

The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in the 2025 Annual Report on Form 10-K of Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. and the notes thereto.

Reverse Stock Split and Partnership Agreement Amendment

On December 1, 2025, the Company effected a one-for-seven reverse stock split of its common stock (the "Reverse Stock Split"). Immediately following the Reverse Stock Split, the Company amended its charter to decrease the par value of the Company’s common stock from $0.07 per share back to $0.01 per share and decrease the number of authorized shares from 740,800,000 shares (consisting of 722,400,000 shares of common stock and 18,400,000 shares of preferred stock) to 121,600,000

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

shares (consisting of 103,200,000 shares of common stock and 18,400,000 shares of preferred stock). The Company’s common stock began trading on the NYSE on a split-adjusted basis at market open on December 2, 2025.

On December 1, 2025, the Company, as general partner of Hudson Pacific Properties, L.P., executed the Sixth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P. to give effect to a one-for-seven reverse unit split (the “Reverse Unit Split”) of the common units, LTIP units and performance units of the Operating Partnership, which corresponds to the Reverse Stock Split described above.

All common share, common unit, LTIP unit, performance unit, per-share and per-unit amounts in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively restated to reflect the effect of the Reverse Stock Split and Reverse Unit Split.

Principles of Consolidation

The unaudited interim consolidated financial statements of the Company include the accounts of the Company, the operating partnership and all wholly-owned and controlled subsidiaries. The consolidated financial statements of the operating partnership include the accounts of the operating partnership and all wholly-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

As of March 31, 2026, the Company has determined that its operating partnership and 18 joint ventures met the definition of a VIE. 10 of these joint ventures are consolidated and eight are unconsolidated.

Consolidated Joint Ventures

As of March 31, 2026, the operating partnership has determined that 10 of its joint ventures met the definition of a VIE and are consolidated:


Entity	Property	Ownership Interest
Hudson One Ferry REIT, L.P.	Ferry Building	55.0	%
Sunset Bronson Entertainment Properties, LLC	Sunset Bronson Studios, ICON, CUE	51.0	%
Sunset Gower Entertainment Properties, LLC	Sunset Gower Studios	51.0	%
Sunset 1440 North Gower Street, LLC	Sunset Gower Studios	51.0	%
Sunset Las Palmas Entertainment Properties, LLC	Sunset Las Palmas Studios, Harlow	51.0	%
Sunset Services Holdings, LLC	None(1)	51.0	%
Sunset Studios Holdings, LLC	EPIC	51.0	%
Hudson Media and Entertainment Management, LLC	None(2)	51.0	%
Hudson 6040 Sunset, LLC	6040 Sunset	51.0	%
Hudson 1918 Eighth, L.P.	1918 Eighth	55.0	%

__________________

1.Sunset Services Holdings, LLC is the taxable REIT subsidiary (“TRS”) which wholly owns Services Holdings, LLC, which owns 100% interests in Sunset Bronson Services, LLC, Sunset Gower Services, LLC and Sunset Las Palmas Services, LLC, which are the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios, respectively.

2.Hudson Media and Entertainment Management, LLC manages the following properties: Sunset Gower Studios, Sunset Bronson Studios, Sunset Las Palmas Studios, 6040 Sunset, ICON, CUE, EPIC and Harlow (collectively, “Hollywood Media Portfolio”).

As of March 31, 2026 and December 31, 2025, the Company has determined that its operating partnership met the definition of a VIE and is consolidated.

Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of certain VIEs can only be used to satisfy those VIEs’ own contractual obligations, and the VIEs’ creditors have no recourse to the general credit of the Company.

Unconsolidated Joint Ventures

As of March 31, 2026, the Company has determined it is not the primary beneficiary of eight of its joint ventures that are VIEs. Due to its significant influence over the unconsolidated entities, the Company accounts for them using the equity method of accounting. Under the equity method, the Company initially records the investment at cost and subsequently adjusts for equity in earnings or losses and cash contributions and distributions. Refer to Note 5 for further details regarding our investments in unconsolidated joint ventures.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

In the third quarter of 2025, a cash sweep for Sunset Glenoaks Studios commenced in accordance with the terms of the agreement for the loan secured by the property. As a result, the Company updated its VIE assessment of Sun Valley Peoria, LLC, the owner of Sunset Glenoaks Studios, and Sun Valley Services, LLC, the related TRS, and concluded that it is no longer the VIEs’ primary beneficiary as it does not have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Therefore, the VIEs are no longer consolidated and are now accounted for using the equity method of accounting as the Company determined that it continues to have significant influence over the entities.

Revenue from Contracts with Customers

The following table summarizes the Company’s revenue streams that are accounted for under ASC 606 for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Ancillary revenues	$	17,915	$	18,556
Other revenues	$	4,308	$	7,354
Studio-related tenant recoveries	$	604	$	504
Management fee income	$	1,107	$	1,359
Management services reimbursement income	$	1,124	$	975

The following table summarizes the Company’s receivables that are accounted for under ASC 606 as of:


	March 31, 2026		December 31, 2025
Ancillary revenues	$	6,972	$	5,609
Other revenues	$	1,164	$	961
Studio-related tenant recoveries	$	82	$	258

Goodwill

As of March 31, 2026 and December 31, 2025, the carrying value of goodwill was $8.8 million. No impairment was recorded during the three months ended March 31, 2026 and 2025.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments will require public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The amendments are effective for the Company’s annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.

3. Investment in Real Estate

The following table summarizes the Company’s investment in real estate, at cost as of:


	March 31, 2026		December 31, 2025
Land	$	1,116,786	$	1,116,786
Building and improvements	5,977,063		5,912,087
Tenant improvements	717,473		694,713
Furniture and fixtures	5,141		5,210
Property under development	15,054		64,503
INVESTMENT IN REAL ESTATE, AT COST	$	7,831,517	$	7,793,299

Acquisitions of Real Estate

The Company had no acquisitions of real estate during the three months ended March 31, 2026.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

Dispositions of Real Estate

The Company had no dispositions of real estate during the three months ended March 31, 2026.

The following table summarizes information on dispositions completed during the three months ended March 31, 2025. These properties were considered non-strategic to the Company’s portfolio:


Property	Segment	Date of Disposition	Square Feet (unaudited)	Sales Price(1) (in millions)		(Loss) Gain on Sale(2) (in millions)
Maxwell	Office	1/22/2025	102,963	$	46.0	$	(2.2)
Foothill Research Center	Office	3/4/2025	195,121	$	23.0	$	12.2

__________________

1.Represents gross sales price before certain credits, prorations and closing costs.

2.Included within gain on sale of real estate, net on the Consolidated Statements of Operations.

Impairment of Long-Lived Assets

The Company had no impairments of real estate during the three months ended March 31, 2026.

During the three months ended March 31, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflected a shortened expected holding period for the property and a reduction in the carrying value of the property to the estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statements of Operations.

4. Non-Real Estate Property, Plant and Equipment, net

The following table summarizes the Company’s non-real estate property, plant and equipment, net as of:


	March 31, 2026		December 31, 2025
Trailers	$	37,364	$	36,834
Production equipment	43,218		43,325
Trucks and other vehicles	19,213		17,195
Leasehold improvements	33,909		31,030
Furniture, fixtures and equipment	1,263		1,704
Other equipment	9,944		12,522
Non-real estate property, plant and equipment, at cost	144,911		142,610
Accumulated depreciation	(71,885)		(70,213)
NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET	$	73,026	$	72,397

The Company did not recognize any impairment charges for non-real estate property, plant and equipment during the three months ended March 31, 2026 and 2025.

5. Investment in Unconsolidated Real Estate Entities

The following table summarizes the Company’s investments in unconsolidated joint ventures:

Property

Property Type

Submarket

Ownership Interest

Functional Currency

Sunset Waltham Cross Studios

Future Development

Broxbourne, United Kingdom

35%

Pound sterling

(1)

Bentall Centre

Operating Property

Downtown Vancouver

20%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Operating Property

Manhattan

51%

U.S. dollar

(4)

Sunset Glenoaks Studios

Operating Property

Sun Valley

50%

U.S. dollar

(2)(5)

__________________

1.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios development and the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity.

2.The Company serves as the operating member of this joint venture.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

3.The Company has provided a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $94.8 million. The likelihood of loss relating to the guarantee is remote as of March 31, 2026.

4.The Company owns 51% of the ownership interests in an upper-tier joint venture entity that owns 50.1% of the ownership interests in the lower-tier joint venture entity that owns the Sunset Pier 94 Studios development. The Company’s resulting economic interest in the development is 25.6%. The Company has provided various guarantees for the lower-tier joint venture’s construction loan, including a recourse carve-out guarantee in the amount of $39.8 million, a completion guarantee and a guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of March 31, 2026.

5.The Company owns 50% of the ownership interests in the joint venture entity that owns Sunset Glenoaks Studios and the related TRS. The Company has provided a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $52.1 million. The likelihood of loss relating to the guarantee is remote as of March 31, 2026.

The Company’s maximum exposure related to its unconsolidated joint ventures is limited to its investment and the guarantees provided in relation to the joint ventures’ indebtedness. The Company’s investments in foreign real estate entities are subject to foreign currency fluctuation risk. Such investments are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. The Company’s share of the gain or loss from foreign unconsolidated real estate entities is translated using the monthly-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive loss as a separate component of total equity and are excluded from net loss.

The Company held ownership interests in other immaterial unconsolidated joint ventures in the total of $0.4 million and $0.1 million as of March 31, 2026 and December 31, 2025, respectively.

The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:


	March 31, 2026		December 31, 2025
ASSETS
Investment in real estate, net	$	1,198,558	$	1,216,273
Other assets	66,018		62,998
TOTAL ASSETS	$	1,264,576	$	1,279,271

LIABILITIES
Secured debt, net	$	576,710	$	583,173
Other liabilities	53,103		58,700
TOTAL LIABILITIES	629,813		641,873

Company’s capital(1)	182,908		184,912
Partners’ capital	451,855		452,486
TOTAL CAPITAL	634,763		637,398

TOTAL LIABILITIES AND CAPITAL	$	1,264,576	$	1,279,271

__________________

1.To the extent the Company’s cost basis is different from the basis reflected at the joint venture level, the basis is amortized over the life of the related asset and is included in the loss from unconsolidated real estate entities line item on the Consolidated Statements of Operations.

The table below presents the combined and condensed statements of operations for the Company’s unconsolidated joint ventures:


	Three Months Ended March 31,
	2026		2025(1)
TOTAL REVENUES	$	19,078	$	15,680

TOTAL EXPENSES	23,347		21,697

NET LOSS	$	(4,269)	$	(6,017)

__________________

1.The results of Sunset Glenoaks Studios are excluded for the three months ended March 31, 2025, as the entity was accounted for as a consolidated joint venture during that period.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

6. Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net

The following summarizes the Company’s deferred leasing costs and intangibles as of:


	March 31, 2026		December 31, 2025
Deferred leasing costs and in-place lease intangibles	$	237,773	$	235,693
Accumulated amortization	(115,894)		(113,541)
Deferred leasing costs and in-place lease intangibles, net	121,879		122,152
Lease incentives	130,733		126,607
Accumulated amortization	(10,086)		(7,384)
Lease incentives, net	120,647		119,223
Below-market ground leases	74,930		74,930
Accumulated amortization	(24,829)		(24,188)
Below-market ground leases, net	50,101		50,742










Parking easement	15,273		15,273
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET	$	307,900	$	307,390

Below-market leases	$	39,268	$	39,268
Accumulated amortization	(22,500)		(21,496)




INTANGIBLE LIABILITIES, NET	$	16,768	$	17,772

The Company recognized the following amortization related to deferred leasing costs and intangibles:


	Three Months Ended March 31,
	2026		2025
Deferred leasing costs and in-place lease intangibles(1)	$	(7,810)	$	(8,848)
Lease incentives(2)	$	(2,701)	$	(624)
Below-market ground leases(3)	$	(641)	$	(651)
Above-market leases(2)	$	—	$	(165)
Customer relationships(1)	$	—	$	(3,503)
Non-competition agreements(1)	$	—	$	(1,814)
Below-market leases(2)	$	1,004	$	1,031

__________________

1.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations.

2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.

3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations.

During the three months ended March 31, 2025, the Company recorded a $0.1 million impairment charge related to the deferred leasing costs and intangible assets of the 625 Second office property. See Note 3 for details. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations.

7. Accounts Receivable

The Company’s accounting policy and methodology used to estimate the allowance for doubtful accounts related to receivables are discussed in the Company’s 2025 Annual Report on Form 10-K.

Accounts Receivable

As of March 31, 2026, accounts receivable was $14.7 million and there was a $0.6 million allowance for doubtful accounts. As of December 31, 2025, accounts receivable was $15.2 million and there was a $0.3 million allowance for doubtful accounts.

Straight-Line Rent Receivables

As of March 31, 2026, straight-line rent receivables was $200.4 million and there was no allowance for doubtful accounts. As of December 31, 2025, straight-line rent receivables was $195.4 million and there was no allowance for doubtful accounts.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

8. Prepaid Expenses and Other Assets, net

The following table summarizes the Company’s prepaid expenses and other assets, net as of:


	March 31, 2026		December 31, 2025
Non-real estate investments	$	46,321	$	47,693

Interest rate derivative assets	1,270		3,360
Prepaid insurance	1,662		8,338
Deferred financing costs, net	4,389		4,667
Prepaid property tax	1,079		2,159
Other	22,414		20,390
PREPAID EXPENSES AND OTHER ASSETS, NET	$	77,135	$	86,607

Non-Real Estate Investments

The Company measures its investments in funds that do not have a readily determinable fair value using the Net Asset Value (“NAV”) practical expedient and uses NAV reported without adjustment unless it is aware of information indicating the NAV reported does not accurately reflect the fair value of the investment. Changes in the fair value of these non-real estate investments are included in unrealized loss on non-real estate investments on the Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company recognized unrealized losses of $2.0 million and $0.4 million, respectively, on its non-real estate investments due to the observable changes in fair value. As of March 31, 2026, the cumulative unrealized gain on the investments is $1.8 million.

9. Debt

The following table sets forth information with respect to the Company’s outstanding indebtedness:


	March 31, 2026		December 31, 2025		Interest Rate(1)	Contractual Maturity Date(2)
UNSECURED AND SECURED DEBT
Unsecured debt
Unsecured revolving credit facility(3)(4)	$	—	$	—	SOFR + 1.15% to 1.60%	12/31/2029	(5)
3.95% Registered senior notes	400,000		400,000		3.95%	11/1/2027
4.65% Registered senior notes	500,000		500,000		4.65%	4/1/2029
3.25% Registered senior notes	400,000		400,000		3.25%	1/15/2030
5.95% Registered senior notes(6)	350,000		350,000		5.95%	2/15/2028
Total unsecured debt	1,650,000		1,650,000

Secured debt
Hollywood Media Portfolio CMBS(7)(8)	1,100,000		1,100,000		SOFR + 1.10%	8/9/2026
Acquired Hollywood Media Portfolio CMBS debt	(30,233)		(30,233)		SOFR + 2.11%	8/9/2026
Hollywood Media Portfolio CMBS, net(9)(10)	1,069,767		1,069,767
1918 Eighth CMBS(8)	285,000		285,000		6.16%	9/11/2030
Hill7 CMBS(11)	101,000		101,000		3.38%	11/6/2028
Office Portfolio CMBS(12)(13)	259,583		262,083		SOFR + 4.15%	4/9/2030	(14)
Total secured debt	1,715,350		1,717,850
Total unsecured and secured debt	3,365,350		3,367,850
Unamortized deferred financing costs/loan discounts(15)	(15,225)		(16,392)
TOTAL UNSECURED AND SECURED DEBT, NET	$	3,350,125	$	3,351,458

JOINT VENTURE PARTNER DEBT(16)	$	66,136	$	66,136	4.50%	10/9/2032	(17)

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

_________________

1.Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rates are as of March 31, 2026, which may be different than the interest rates as of December 31, 2025 for the corresponding indebtedness.

2.Maturity dates include the effect of extension options.

3.The annual facility fee rate ranges from 0.15% or 0.30% based on the operating partnership’s leverage ratio. The Company has an option to make an irrevocable election to change the interest rate depending on the Company’s credit rating or a specified base rate plus an applicable margin. As of March 31, 2026, no such election had been made.

4.The Company has a total capacity of $795.3 million available under its unsecured revolving credit facility, which may be increased up to a total of $2.0 billion either in the form of an increase to an existing unsecured revolving credit facility or a new loan, including a term loan, subject to the satisfaction of certain conditions and lender commitments.

5.$333.3 million of the revolving commitments have an initial maturity date of December 21, 2025 with an option to extend the initial maturity date twice for an additional six-month term each at the sole discretion of the Company. The first extension option was exercised on December 10, 2025. $462.0 million of the revolving commitments have an initial maturity date of December 31, 2028 with an option to extend the initial maturity date twice for an additional six-month term each at the sole discretion of the Company.

6.An amount equal to the net proceeds from the 5.95% registered senior notes has been allocated to new or existing eligible green projects.

7.This loan is secured by eight properties: Sunset Gower Studios, Sunset Las Palmas Studios, Sunset Bronson Studios, 6040 Sunset, Harlow, ICON, CUE and EPIC.

8.This loan is interest-only through its term.

9.The Company purchased bonds comprising the loan in the amount of $30.2 million.

10.The floating interest rate on $539.0 million of principal has been capped at 4.95% through the use of an interest rate cap. The floating interest rate on $351.2 million of principal is effectively fixed at 3.31% through the use of an interest rate swap. The floating interest rate on $179.6 million of principal is effectively fixed at 4.13% through the use of an interest rate swap.

11.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.

12.This loan is secured by five office properties: 11601 Wilshire, 5th & Bell, 450 Alaskan, 1740 Technology and 275 Brannan.

13.The loan requires monthly payments of principal and interest. The floating interest rate on $250.0 million of principal has been effectively fixed at 3.41% through the use of an interest rate swap. The floating interest rate on $8.8 million of principal is effectively fixed at 3.35% through the use of an interest rate cap.

14.Includes the option to extend the initial maturity date of April 9, 2027 three times for an additional one-year term each, permitting certain financial and other covenants are met.

15.Excludes deferred financing costs related to the Company’s unsecured revolving credit facility, which are reflected in prepaid expenses and other assets, net on the Consolidated Balance Sheets. Refer to Note 8 for details.

16.This amount relates to debt attributable to PIMCO Prime Real Estate (“PIMCO”, formerly known as Allianz U.S. Private REIT LP), the Company’s partner in the joint venture that owns the Ferry Building property.

17.Includes the option to extend the initial maturity date of October 9, 2028 twice for additional two-year terms each, permitting certain financial covenants are met.

Current Year Activity

During the three months ended March 31, 2026, there were no repayments or borrowings on the unsecured revolving credit facility. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes.

Indebtedness

The Company presents its financial statements on a consolidated basis. Notwithstanding such presentation, except to the extent expressly indicated, the Company’s separate property-owning subsidiaries are not obligors of or under the debt of their respective affiliates and each property-owning subsidiary’s separate liabilities do not constitute obligations of its respective affiliates.

Loan agreements include events of default that the Company believes are usual for loans and transactions of this type. As of the date of this filing, there have been no events of default associated with the Company’s loans.

The following table provides information regarding the Company’s future minimum principal payments due on the Company’s debt (after the impact of extension options, if applicable) as of March 31, 2026:


Year	Unsecured and Secured Debt		Joint Venture Partner Debt
Remaining 2026	$	1,079,767	$	—
2027	410,000		—
2028	461,000		—
2029	510,000		—
2030	904,583		—
Thereafter	—		66,136
TOTAL	$	3,365,350	$	66,136

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

Debt Covenants

The operating partnership’s ability to borrow under its unsecured loan arrangements remains subject to ongoing compliance with financial and other covenants as defined in the respective agreements. Certain financial covenant ratios are subject to change in the occurrence of material acquisitions as defined in the respective agreements. Other covenants include certain limitations on dividend payouts and distributions, limits on certain types of investments outside of the operating partnership’s primary business and other customary affirmative and negative covenants.

The following table summarizes existing covenants and their covenant levels as of March 31, 2026 related to our unsecured revolving credit facility and term loans:

Covenant Ratio

Covenant Level

Actual Performance

Total liabilities to total asset value

≤ 60%

43.2%

Unsecured indebtedness to unencumbered asset value

≤ 60%

37.3%

Adjusted EBITDA to fixed charges

≥ 1.5x

1.6x

Secured indebtedness to total asset value

≤ 45%

23.1%

Unencumbered NOI to unsecured interest expense

≥ 1.75x

2.2x

Minimum liquidity coverage

> $125MM

Yes

The following table summarizes existing covenants and their covenant levels related to the registered senior notes as of March 31, 2026:

Covenant Ratio(1)

Covenant Level

Actual Performance

Debt to total assets

≤ 60%

39.5%

Total unencumbered assets to unsecured debt

≥ 150%

311.6%

Consolidated income available for debt service to annual debt service charge

≥ 1.5x

2.0x

Secured debt to total assets

≤ 40%

20.9%

_________________

1.The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.25% Senior Notes, 3.95% Senior Notes, 4.65% Senior Notes and 5.95% Senior Notes.

The operating partnership was in compliance with its financial covenants as of March 31, 2026.

Repayment Guarantees

Although the rest of the operating partnership’s loans are secured and non-recourse, the operating partnership provides limited customary secured debt guarantees for items such as voluntary bankruptcy, fraud, misapplication of payments and environmental liabilities.

The Company and certain of its subsidiaries guarantee the operating partnership’s unsecured debt. The likelihood of loss relating to this guarantee is remote as of March 31, 2026.

Interest Expense

The following table represents a reconciliation from gross interest expense to interest expense on the Consolidated Statements of Operations:


	Three Months Ended March 31,
	2026		2025
Gross interest expense(1)	$	42,185	$	49,127
Capitalized interest	(5,683)		(10,080)
Non-cash interest expense(2)	1,492		4,458
INTEREST EXPENSE	$	37,994	$	43,505

_________________

1.Includes interest on the Company’s debt and hedging activities.

2.Includes the amortization of deferred financing costs and fair market value adjustments for our mark-to-market interest rate derivatives.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

10. Derivatives

The Company enters into derivatives in order to hedge interest rate risk. Derivative assets are recorded in prepaid expenses and other assets and derivative liabilities are recorded in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.

The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments.

The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of March 31, 2026 and December 31, 2025:


								Fair Value Assets (Liabilities)
Underlying Debt Instrument	Type of Instrument	Accounting Policy(1)	Notional Amount		Effective Date	Maturity Date	Interest Rate	March 31, 2026		December 31, 2025
Hollywood Media Portfolio CMBS	Swap	Cash flow hedge	$	351,186	August 2023	June 2026	3.31%	262		430
Hollywood Media Portfolio CMBS	Swap	Cash flow hedge	$	180,000	February 2024	August 2026	4.13%	(304)		(660)
Hollywood Media Portfolio CMBS	Cap	Partial cash flow hedge(2)	$	1,100,000	August 2025	August 2026	4.95%	4		—
Hollywood Media Portfolio CMBS	Sold cap(3)	Mark-to-market	$	561,000	August 2025	August 2026	4.95%	(2)		—
Office Portfolio CMBS	Cap	Mark-to-market	$	475,000	March 2025	April 2027	4.96%	102		14
Office Portfolio CMBS	Sold cap(3)	Mark-to-market	$	475,000	March 2025	April 2027	4.96%	(101)		(14)
Office Portfolio CMBS(4)	Cap	Cash flow hedge	$	8,750	December 2025	February 2027	3.35%	14		15
Office Portfolio CMBS(5)	Swap	Cash flow hedge	$	250,000	December 2025	April 2029	3.41%	888		(732)
N/A	Corridor	Mark-to-market	$	425,000	January 2026	March 2026	0.53% - 3.35%	—		2,901
TOTAL								$	863	$	1,954

__________________

1.Accounting policy elections are as of March 31, 2026, which may be different than the policy elections as of December 31, 2025 for the corresponding instrument.

2.$539,000 of the notional amount of the Hollywood Media Portfolio CMBS cap has been designated as an effective cash flow hedge for accounting purposes. The remainder is accounted for under mark-to-market accounting.

3.The sold caps serve to offset the changes in fair value of the portion of the Hollywood Media Portfolio CMBS cap that is not designated as a cash flow hedge for accounting purposes and the change in fair value of the full Office Portfolio CMBS cap, which is not designated as a cash flow hedge for accounting purposes.

4.The notional amount decreases on a monthly basis to follow the amortization of the underlying debt instrument.

5.The notional amount will decrease on a monthly basis to follow the amortization of the underlying debt instrument commencing in February 2027.

The Company reclassifies unrealized gains and losses related to cash flow hedges into earnings in the same period during which the hedged forecasted transaction affects earnings. As of March 31, 2026, the Company expects $0.3 million of unrealized gain included in accumulated other comprehensive loss will be reclassified as a reduction to interest expense in the next 12 months.

11. Income Taxes

Hudson Pacific Properties, Inc. has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2010. Provided that it continues to qualify for taxation as a REIT, Hudson Pacific Properties, Inc. is generally not subject to corporate-level income tax on the earnings distributed currently to its stockholders.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

In general, the Company’s property-owning subsidiaries are limited liability companies and are treated as pass-through entities or disregarded entities (or, in the case of the entities that own the 1455 Market, Hill7, Ferry Building and 1918 Eighth properties, REITs) for federal income tax purposes. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements for the activities of these entities. In the case of the Bentall Centre property and the Sunset Waltham Cross Studios development, the Company owns its interest in the properties through non-U.S. entities treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes. Accordingly, a provision for foreign income taxes has been recorded in the accompanying consolidated financial statements based on the local tax laws and regulations of the respective tax jurisdictions.

The Company has elected, together with certain of its subsidiaries, to treat each such subsidiary as a TRS for federal income tax purposes. Certain activities that the Company may undertake, such as non-customary services for the Company’s tenants and holding assets that the Company cannot hold directly, will be conducted by a TRS. A TRS is subject to federal and, where applicable, state income taxes on its net income. During the three months ended March 31, 2026 and 2025, the Company recorded an income tax provision of $0.3 million and $0.2 million, respectively.

Deferred tax assets and liabilities are recognized for the net tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. A valuation allowance is recognized when it is determined that it is more likely than not that a deferred tax asset will not be realized. Considering all available evidence, the realizability of the Company’s deferred tax assets is not reasonably assured; therefore, the Company has recorded a valuation allowance against substantially all of its deferred tax assets as of March 31, 2026 and December 31, 2025. As additional evidence to support the realizability of the deferred tax assets becomes available, the Company may reverse the valuation allowance.

The Company is subject to the statutory requirements of the states in which it conducts business.

The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of March 31, 2026, the Company has not established a liability for uncertain tax positions.

The Company and certain of its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. The Company and its TRSs are no longer subject to tax examinations by tax authorities for years prior to 2021. The Company has assessed its tax positions for all open years, which as of March 31, 2026 included 2022 to 2024 for federal purposes and 2021 to 2024 for state purposes, and concluded that there are no material uncertainties to be recognized.

12. Future Minimum Rents and Lease Payments

The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2026 to 2045.

The following table summarizes the future minimum base rents (excluding tenant reimbursements for operating expenses and termination fees related to tenants exercising early termination options) for properties as of March 31, 2026:


Year	Amount
Remaining 2026	$	376,985
2027	441,450
2028	377,178
2029	307,289
2030	254,375
Thereafter	694,462
TOTAL	$	2,451,739

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of 10 ground leases, six sound stage leases, four office leases and 16 other leases as of March 31, 2026. The weighted average remaining lease term was 22 years as of March 31, 2026. The weighted average incremental borrowing rate used to calculate the right-of-use (“ROU”) assets and lease liabilities was 5.7% as of March 31, 2026. The Company’s operating lease obligations have expiration dates ranging from 2026 through 2067, including extension options which the Company is reasonably certain to exercise. Certain leases provide for variable rental payments based on third-party appraisals of fair market land value, CPI adjustments or a percentage of annual gross income. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

As of March 31, 2026, the present value of the remaining contractual payments of $623.0 million under the Company’s operating lease agreements was $339.8 million. The corresponding operating lease ROU assets amounted to $327.9 million.

The following table provides information regarding the Company’s future minimum lease payments for its operating leases (including the impact of the extension options which the Company is reasonably certain to exercise) as of March 31, 2026:


Year	Lease Payments(1)
Remaining 2026	$	26,771
2027	35,046
2028	34,442
2029	33,157
2030	30,540
Thereafter	463,072
Total operating lease payments	623,028
Less: interest portion	(283,213)
PRESENT VALUE OF OPERATING LEASE LIABILITIES	$	339,815

__________________

1.Future minimum lease payments for operating leases denominated in a foreign currency are translated to U.S. dollars using the exchange rate in effect as of the financial statement date.

The following table summarizes rental expense for operating leases:


	Three Months Ended March 31,
	2026		2025
Variable rental expense	$	2,521	$	995
Minimum rental expense	$	10,097	$	17,148

13. Fair Value of Financial Instruments

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivative assets(1)	$	—	$	1,270	$	—	$	1,270	$	—	$	3,360	$	—	$	3,360
Interest rate derivative liabilities(2)	$	—	$	(407)	$	—	$	(407)	$	—	$	(1,406)	$	—	$	(1,406)
Non-real estate investments measured at NAV(1)(3)	$	—	$	—	$	—	$	46,321	$	—	$	—	$	—	$	47,693

__________________

1.Included in prepaid expenses and other assets, net on the Consolidated Balance Sheets.

2.Included in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.

3.According to the relevant accounting standards, certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.

Level 2 items include interest rate derivatives, which are valued on a quarterly basis using a linear regression model. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values.

Other Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. The fair values of debt are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

The table below represents the carrying value and fair value of the Company’s debt as of:


	March 31, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
LIABILITIES
Unsecured debt(1)	$	1,650,000	$	1,457,221	$	1,650,000	$	1,520,998
Secured debt(1)	$	1,715,350	$	1,713,135	$	1,717,850	$	1,715,298
Consolidated joint venture partner debt	$	66,136	$	62,961	$	66,136	$	62,390

_________________

1.Amounts represent debt excluding unamortized deferred financing costs and loan discounts/premiums.

14. Share/Unit-Based Compensation

The Company’s 2010 Incentive Plan permits the Company’s board of directors (the “Board”) to grant, among other things, restricted stock, restricted stock units, operating partnership performance units and performance-based awards. As of March 31, 2026, 0.9 million common shares were available for grant under the 2010 Plan. The calculation of shares available for grant is determined after taking into account unvested restricted stock, unvested operating partnership performance units and unvested RSUs, assuming the maximum bonus pool eligible ultimately is earned and based on a stock price of $5.91.

The Board awards restricted shares to non-employee Board members on an annual basis as part of such Board members’ annual compensation and to newly elected non-employee Board members in accordance with the Non-Employee Director Compensation Program. The time-based awards are generally issued in the second quarter, in conjunction with the director’s election to the Board, and the individual share awards vest in equal annual installments over the applicable service vesting period, which is three years.

The Board awards time-based restricted shares, time-based cash settled restricted shares, or time-based operating partnership performance units to certain employees on an annual basis as part of the employees’ annual compensation. These time-based awards are generally issued in the first or fourth quarter and vest in equal annual installments over the applicable service vesting period, which is generally three years. Additionally, certain awards are subject to a mandatory holding period upon vesting if the grantee is an executive officer.

For 2023, the compensation committee of the Board (“Compensation Committee”) adopted an annual Hudson Pacific Properties, Inc. Performance Stock Unit Plan (“PSU Plan”). Under the PSU Plan, the Compensation Committee awards restricted stock units or performance units in the operating partnership to certain employees. The 2023 PSU Plan grants contain Operational Performance Units, which are eligible to vest based on the achievement of operational metrics over a one-year performance period and vest over three years. The number of Operational Performance Units that becomes eligible to vest based on the achievement of operational performance metrics may be adjusted based on the Company’s achievement of the Company’s Relative Total Shareholder Return (“TSR”) compared to the TSR of the FTSE NAREIT All Equity REITs index over a three-year performance period. Certain of the awards granted under the PSU Plan are subject to a two-year post-vesting restriction period, during which any awards earned may not be sold or transferred.

For 2024, the Compensation Committee adopted an annual equity award program for its top three executive officers consisting of a grant of time-based operating partnership performance units and a grant of market-based operating partnership performance units. The time-based awards were to vest in equal annual installments over the applicable service vesting period, which was five years. The market-based awards were to vest upon satisfaction of both the performance and service-based requirements. In June 2025, the top three executive officers agreed to a cancellation of their 2024 performance unit equity awards, which resulted in the accelerated recognition of the remaining unamortized compensation expense of $14.3 million during the second quarter of 2025, which was recorded in general and administrative on the Consolidated Statement of Operations.

The Compensation Committee did not adopt a performance-based equity award program for 2025.

For 2026, the Compensation Committee adopted an annual equity award program for five of its executive officers consisting of a grant of time-based operating partnership performance units and a grant of market-based operating partnership performance units. The time-based awards will vest in equal annual installments over the applicable service vesting period, which is three years. The market-based awards will vest upon satisfaction of both the performance and service-based requirements. The quantity earned is based on the achievement of relative total shareholder return goals over the three-year performance period commencing January 1, 2026 and ending December 31, 2028. The awards will satisfy the service-based requirement subject to the executives’ continued service with the Company through December 31, 2028. The awards are also subject to a two-year post-vesting restriction period, during which any awards earned may not be sold or transferred.

Table of Contents

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

The following table presents the classification and amount recognized for share/unit-based compensation related to the Company’s awards:


	Three Months Ended March 31,
	2026		2025
Expensed share/unit-based compensation(1)	$	1,941	$	5,140
Capitalized share/unit-based compensation(2)	206		413
TOTAL SHARE/UNIT-BASED COMPENSATION(3)	$	2,147	$	5,553

_________________

1.Amounts are recorded in general and administrative expenses, office operating expenses and studio operating expenses on the Consolidated Statements of Operations.

2.Amounts are recorded in investment in real estate, at cost on the Consolidated Balance Sheets.

3.Amounts are recorded in accounts payable, accrued liabilities and other, additional paid-in capital and non-controlling interest—units in the operating partnership on the Consolidated Balance Sheets.

15. Earnings Per Share

Hudson Pacific Properties, Inc.

The Company calculates basic earnings per share using the two-class method by dividing the net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Unvested time-based restricted stock awards, unvested time-based performance unit awards and unvested restricted stock units (“RSUs”) that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company calculates diluted earnings per share using the two-class method or the treasury stock and if-converted method, whichever results in more dilution. For the three months ended March 31, 2026 and 2025, both methods of calculation yielded the same diluted earnings per share amount. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.

The following table reconciles the numerator and denominator in computing the Company’s basic and diluted earnings per share to net loss available to common stockholders:


	Three Months Ended March 31,
	2026		2025
Numerator:
Basic and diluted net loss available to common stockholders	$	(53,131)	$	(74,708)


Denominator:
Basic weighted average common shares outstanding(1)	64,462,033		20,198,072
Effect of dilutive instruments(2)	—		—
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	64,462,033		20,198,072
Basic earnings per common share	$	(0.82)	$	(3.70)
Diluted earnings per common share	$	(0.82)	$	(3.70)

__________________

1.Basic weighted average common shares outstanding includes common shares issuable upon the exercise of pre-funded warrants in the amount of 10,223,269 for the three months ended March 31, 2026. The warrants are exercisable at any time for nominal consideration.

2.The Company includes unvested awards and convertible common and participating units as contingently issuable shares in the computation of diluted earnings per share once the market or performance criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.

Hudson Pacific Properties, L.P.

The operating partnership calculates basic earnings per unit using the two-class method by dividing the net income available to common unitholders for the period by the weighted average number of common units outstanding during the period. Unvested time-based restricted stock awards, unvested time-based performance unit awards and unvested RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per unit pursuant to the two-class method. The operating partnership calculates diluted earnings per unit using the two-class method or the treasury stock and if-converted method, whichever results in more dilution. For the three months ended March 31, 2026 and 2025, both methods of calculation yielded the same diluted earnings per unit amount. Diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

conversion would result in a lower earnings per unit amount.

The following table reconciles the numerator and denominator in computing the operating partnership’s basic and diluted earnings per unit to net loss available to common unitholders:


	Three Months Ended March 31,
	2026		2025
Numerator:
Basic and diluted net loss available to common unitholders	$	(53,684)	$	(77,102)
Denominator:
Basic weighted average common units outstanding(1)	65,563,988		20,916,866
Effect of dilutive instruments(2)	—		—
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	65,563,988		20,916,866
Basic earnings per common unit	$	(0.82)	$	(3.69)
Diluted earnings per common unit	$	(0.82)	$	(3.69)

__________________

1.Basic weighted average common units outstanding includes common units issuable upon the exercise of pre-funded warrants in the amount of 10,223,269 for the three months ended March 31, 2026. The warrants are exercisable at any time for nominal consideration.

2.The operating partnership includes unvested awards as contingently issuable units in the computation of diluted earnings per unit once the market or performance criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted earnings per unit calculation.

16. Redeemable Non-controlling Interest

Redeemable Preferred Units of the Operating Partnership

As of March 31, 2026 and December 31, 2025, there were 111,777 Series A preferred units of partnership interest in the operating partnership, or Series A preferred units, which are not owned by the Company. These Series A preferred units are entitled to preferential distributions at a rate of 6.25% per annum on the liquidation preference of $25.00 per unit. The units are convertible at the option of the holder into common units or redeemable for cash or, at the Company’s election, exchangeable for registered shares of common stock.

Redeemable Non-controlling Interest in Consolidated Real Estate Entities

On October 9, 2018, the Company entered into a joint venture with PIMCO (formerly known as Allianz U.S. Private REIT LP) to purchase the Ferry Building property. The Company has a 55% interest in the joint venture that owns the Ferry Building property. The Company has a put right, if certain events occur, to sell its interest at fair market value. PIMCO has a put right, if certain events occur, to sell its interest at fair market value, which is a redemption right that is not solely within the control of the Company. Therefore, the non-controlling interest related to this joint venture is included as temporary equity. The put right is not currently redeemable.

The following table reconciles the beginning and ending balances of redeemable non-controlling interests:


	Three Months Ended March 31, 2026
	Series A Redeemable Preferred Units		Consolidated Real Estate Entities
BEGINNING OF PERIOD	$	2,795	$	50,581


Declared dividend	(44)		—
Net income (loss)	44		(701)

END OF PERIOD	$	2,795	$	49,880

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

17. Equity

The table below presents the activity related to Hudson Pacific Properties, Inc.’s accumulated other comprehensive loss (“AOCI”):


	Derivative Instruments		Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss
BALANCE AT DECEMBER 31, 2025	$	(1,554)	$	(306)	$	(1,860)
Unrealized gain (loss) recognized in AOCI	2,038		(3,565)		(1,527)
Reclassification from AOCI into income(1)	(232)		—		(232)
Net change in AOCI	1,806		(3,565)		(1,759)
BALANCE AT MARCH 31, 2026	$	252	$	(3,871)	$	(3,619)

__________________

1.The gains and losses on the Company’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

The table below presents the activity related to Hudson Pacific Properties, L.P.’s AOCI:


	Derivative Instruments		Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss
BALANCE AT DECEMBER 31, 2025	$	(1,646)	$	(282)	$	(1,928)
Unrealized gain (loss) recognized in AOCI	2,110		(3,690)		(1,580)
Reclassification from AOCI into income(1)	(240)		—		(240)
Net change in AOCI	1,870		(3,690)		(1,820)
BALANCE AT MARCH 31, 2026	$	224	$	(3,972)	$	(3,748)

__________________

1.The gains and losses on the operating partnership’s derivative instruments classified as hedges are reported in interest expense on the Consolidated Statements of Operations.

Non-controlling Interests

Common Units in the Operating Partnership

Common units of the operating partnership and shares of common stock of the Company have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the operating partnership. Investors who own common units have the right to cause the operating partnership to repurchase any or all of their common units for cash at a value equal to the then-current market value of one share of common stock. However, in lieu of such payment of cash, the Company may, at its election, issue shares of its common stock in exchange for such common units on a one-for-one basis.

Performance Units in the Operating Partnership

Performance units are partnership interests in the operating partnership. Each performance unit awarded will be deemed equivalent to an award of one share of common stock under the 2010 Plan, reducing the availability for other equity awards on a one-for-one basis. Under the terms of the performance units, the operating partnership will revalue its assets for tax purposes upon the occurrence of certain specified events and any increase in valuation from the time of grant until such event will be allocated first to the holders of performance units to equalize the capital accounts of such holders with the capital accounts of common unitholders. Subject to any agreed upon exceptions, once vested and having achieved parity with common unitholders, performance units are convertible into common units in the operating partnership on a one-for-one basis.

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

Ownership Interest in the Operating Partnership

The following table summarizes the ownership interest in the operating partnership, excluding unvested restricted units and unvested restricted performance units, as of:


	March 31, 2026		December 31, 2025
Company-owned common units in the operating partnership	54,242,024		54,227,096
Company’s ownership interest percentage	97.8	%	98.7	%
Non-controlling common units in the operating partnership(1)	1,209,114		705,919
Non-controlling ownership interest percentage	2.2	%	1.3	%

_________________

1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of March 31, 2026, this amount represents both common units and performance units of 58,076 and 1,151,038, respectively. As of December 31, 2025, this amount represents both common units and performance units of 58,076 and 647,843, respectively.

Common Stock Activity

The Company did not complete any common stock offerings during the three months ended March 31, 2026.

The Company’s has an at-the-market (“ATM”) program that permits sales of up to $125.0 million of common stock. The Company did not utilize the ATM program during the three months ended March 31, 2026. A cumulative total of $65.8 million has been sold as of March 31, 2026.

Share Repurchase Program

The Company is authorized to repurchase shares of its common stock up to a total of $250.0 million under the share repurchase program. The Company did not utilize the share repurchase program during the three months ended March 31, 2026. Since commencement of the program through March 31, 2026, a cumulative total of $214.7 million has been repurchased. Share repurchases are accounted for on the trade date. The Company may make repurchases under the program at any time in its discretion, subject to market conditions, applicable legal requirements and other factors.

Series C Cumulative Redeemable Preferred Stock

Series C cumulative redeemable preferred stock relates to the 17,000,000 shares of our Series C preferred stock, $0.01 par value per share. Holders of Series C preferred stock, when and as authorized by the Board, are entitled to cumulative cash dividends at the rate of 4.750% per annum of the $25.00 per share, equivalent to $1.1875 per annum per share. Dividends are payable quarterly in arrears on or about the last day of December, March, June and September of each year. In addition to other preferential rights, the holders of Series C preferred stock are entitled to receive the liquidation preference, which is $25.00 per share, before the holders of common stock in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company’s affairs. Generally, shares of Series C preferred stock are not redeemable by the Company prior to November 16, 2026. However, upon the occurrence of a change of control, holders of the Series C preferred stock will have the right to convert into a specified number of shares of common stock, unless the Company has elected to redeem the Series C preferred stock.

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

Dividends

The Board has historically declared dividends on a quarterly basis and the Company has paid the dividends during the quarters in which the dividends were declared. Declaration of any future dividends will be determined by the Company’s Board of Directors after considering the Company’s obligations under its various financing agreements, projected taxable income, compliance with its debt covenants, long-term operating projections, expected capital requirements and the risks affecting the Company’s business. The following table summarizes dividends per share declared and paid for the periods presented:


	Three Months Ended March 31,
	2026		2025
Common stock(1)	$	—	$	—
Common units and vested performance units(1)	$	—	$	—
Series A preferred units	$	0.3906	$	0.3906
Series C preferred stock	$	0.296875	$	0.296875

Unvested performance units(1)(2)	$	—	$	—
Payment date	March 30, 2026		March 31, 2025
Record date	March 20, 2026		March 21, 2025

_________________

1.The Company suspended its quarterly common stock dividend during the first quarter of 2026 and 2025. As a result, the common unit and performance unit dividends were also suspended.

2.Performance-based units are entitled to dividends equal to the common stock dividends declared by the Company. During their vesting period, unvested performance-based units receive 10% of the declared dividend, with the remainder payable as soon as practicable after the vesting date. During the three months ended March 31, 2026, the Company paid $0.6 million of accrued dividends related to the performance units that vested on December 31, 2025.

Taxability of Dividends

Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition, compensation expense and the basis of depreciable assets and estimated useful lives used to compute depreciation.

18. Segment Reporting

The Company’s reporting segments are based on the Company’s method of internal reporting, which classifies its operations into two reportable segments: (i) office properties and related operations and (ii) studio properties and related operations. The Company evaluates performance based upon net operating income of the segment operations. General and administrative expenses and interest expense are not included in segment profit as the Company’s internal reporting addresses these items on a corporate level.

The President, Chief Financial Officer and Chief Operating Officer, collectively, are the Company’s Chief Operating Decision-Maker (“CODM”). They evaluate performance and allocate resources based on net operating income because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the segment level and presenting it on an unlevered basis.

Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense is not allocated among segments. Segment assets consist of investment in real estate, non-real estate property, plant and equipment, net, accounts receivable, net, straight-line rent receivables, net, deferred leasing costs and intangible assets, net, operating lease ROU assets and goodwill. Non-segment assets consist of assets in the Company’s corporate non-segment assets, including cash and cash equivalents, restricted cash, prepaid expenses and other assets, net, investment in unconsolidated real estate entities and assets associated with real estate held for sale. Reportable segment asset information is not provided to the CODM as the CODM do not use segment asset information to evaluate the business and allocate resources.

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

The table below presents the operating activity of the Company’s reportable segments:


	Three Months Ended March 31,
	2026		2025
Office segment
Core office revenues	$	145,864	$	162,168
Core office expenses
Utilities	(6,086)		(6,065)
Taxes	(15,607)		(16,973)
Administrative	(7,402)		(7,590)
Insurance	(5,213)		(6,664)
Other segment expenses(1)	(32,704)		(31,942)
Total core office expenses	(67,012)		(69,234)
Office net operating income	78,852		92,934
Studio segment
Studio revenues	33,178		33,248
Studio expenses
Rent expense & real estate taxes	(7,183)		(13,761)
Cost of goods sold	(6,005)		(4,804)
Other segment expenses(2)	(18,521)		(22,416)
Total studio expenses	(31,709)		(40,981)
Studio net operating income	1,469		(7,733)
TOTAL SEGMENT PROFIT	$	80,321	$	85,201

_________________

1.Includes ground lease rent, cleaning, parking, engineering, security, mechanical, electrical & plumbing and repairs & maintenance expenses.

2.Includes administrative, utilities, security, cleaning, engineering and repairs & maintenance expenses.

The table below presents the reconciliation of segment revenue to consolidated revenue:


	Three Months Ended March 31,
	2026		2025
Office segment
Core office revenues	$	145,864	$	162,168
Chargebacks	2,810		3,043
Total office revenues	148,674		165,211
Studio segment
Total studio revenues	33,178		33,248
Total revenues	$	181,852	$	198,459

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

The table below reconciles net loss to total profit from all segments:


	Three Months Ended March 31,
	2026		2025
NET LOSS	$	(50,904)	$	(80,278)
General and administrative	12,575		18,483
Depreciation and amortization	80,722		93,085
Loss from unconsolidated real estate entities	437		1,254
Fee income	(1,107)		(1,359)
Interest expense	37,994		43,505
Interest income	(1,649)		(435)
Management services reimbursement income—unconsolidated real estate entities	(1,124)		(975)
Management services expense—unconsolidated real estate entities	1,124		975
Transaction-related expenses	101		—
Unrealized loss on non-real estate investments	1,962		449
Gain on sale of real estate, net	—		(10,023)
Impairment loss	—		18,476

Loss on extinguishment of debt	—		1,858
Other income	(158)		(8)
Income tax provision	348		194
TOTAL PROFIT FROM ALL SEGMENTS	$	80,321	$	85,201

19. Related Party Transactions

Employment Agreements

The Company entered into employment agreements with certain of its executive officers, which became effective January 1, 2025, that provide for various severance and change in control benefits and other terms and conditions of employment.

Cost Reimbursements from Unconsolidated Real Estate Entities

The Company is reimbursed for certain costs incurred in managing certain of its unconsolidated real estate entities. During the three months ended March 31, 2026 and 2025, the Company recognized $1.1 million and $1.0 million, respectively, of such reimbursement income in management services reimbursement income—unconsolidated real estate entities on the Consolidated Statements of Operations.

Related Party Leases

The Company’s wholly-owned subsidiary is party to long-term operating lease agreements with an unconsolidated joint venture for office space and fitness and conference facilities. As of March 31, 2026, the Company’s ROU assets and lease liabilities related to these lease obligations were $3.9 million and $4.1 million, respectively, as compared to ROU assets and lease liabilities of $4.2 million and $4.4 million, respectively, as of December 31, 2025. During the three months ended March 31, 2026 and 2025, the Company recognized $0.3 million of related rental expense related to these leases in management services expense—unconsolidated real estate entities on the Consolidated Statements of Operations.

20. Commitments and Contingencies

Fund Investments

The Company invests in several non-real estate funds with an aggregate commitment to contribute up to $51.0 million. As of March 31, 2026, the Company has contributed $43.0 million to these funds, net of distributions, with $8.0 million remaining to be contributed.

Legal

From time to time, the Company is party to various lawsuits, claims and other legal proceedings arising out of, or incident

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

Notes to Unaudited Consolidated Financial Statements

(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

to, the ordinary course of business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. As of March 31, 2026, the risk of material loss from such legal actions impacting the Company’s financial condition or results from operations has been assessed as remote.

Letters of Credit

As of March 31, 2026, the Company had $2.0 million in outstanding letters of credit under the unsecured revolving credit facility, the majority of which was related to the completion guarantee associated with the Sunset Pier 94 Studios development. Additionally, the Company had $6.3 million in outstanding letters of credit related to tenant improvement obligations for the properties securing the Office Portfolio CMBS loan.

Contractual Obligations

The Company has entered into a number of construction agreements related to its development activities at various properties and its obligations under executed leases. As of March 31, 2026, the Company had $106.4 million in related commitments.

21. Supplemental Cash Flow Information

Supplemental cash flow information for Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. is included as follows:


	Three Months Ended March 31,
	2026		2025
Cash paid for interest, net of capitalized interest	$	27,961	$	41,418
Non-cash investing and financing activities
Accounts payable and accrued liabilities for real estate investments	$	121,739	$	69,013
Operating lease liability remeasurements	$	—	$	5,729

Restricted cash primarily consists of amounts held by lenders to fund reserves such as capital improvements, taxes, insurance, debt service and operating expenditures. The following table provides a reconciliation of cash and cash equivalents and restricted cash at the beginning and end of the periods presented for Hudson Pacific Properties, Inc and Hudson Pacific Properties, L.P.:


	Three Months Ended March 31,
	2026		2025
BEGINNING OF PERIOD
Cash and cash equivalents	$	138,358	$	63,256
Restricted cash	23,770		35,921
TOTAL	$	162,128	$	99,177

END OF PERIOD
Cash and cash equivalents	$	138,008	$	86,474
Restricted cash	24,432		47,452
TOTAL	$	162,440	$	133,926

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part I, Item 1 “Financial Statements of Hudson Pacific Properties, Inc.,” “Financial Statements of Hudson Pacific Properties, L.P.” and “Notes to Unaudited Consolidated Financial Statements.” Statements in this Item 2 contain forward-looking statements. For a discussion of important risks related to our business and related to investing in our securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking statements, refer to Part II, Item 1A “Risk Factors.” In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

Forward-looking Statements

Certain written and oral statements made or incorporated by reference from time to time by us or our representatives in this Quarterly Report on Form 10-Q, other filings or reports filed with the SEC, press releases, conferences, or otherwise, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, as amended, and Section 21E of the Exchange Act). In particular, statements relating to our liquidity and capital resources, portfolio performance and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations, or “FFO”, market conditions and demographics) are forward-looking statements. We are including this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any such forward-looking statements. We caution investors that any forward-looking statements presented in this Quarterly Report on Form 10-Q, or that management may make orally or in writing from time to time, are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•adverse economic or real estate developments in our target markets;

•general economic conditions;

•defaults on, early terminations of or non-renewal of leases by tenants;

•fluctuations in interest rates and increased operating costs;

•our failure to obtain necessary outside financing, maintain an investment grade rating or maintain compliance with covenants under our financing arrangements;

•our failure to generate sufficient cash flows to service our outstanding indebtedness and maintain dividend payments;

•lack or insufficient amounts of insurance;

•decreased rental rates or increased vacancy rates;

•difficulties in identifying properties to acquire or dispose and completing acquisitions or dispositions;

•our failure to successfully operate acquired properties and operations;

•our failure to maintain our status as a REIT;

•the loss of key personnel;

•environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•financial market and foreign currency fluctuations;

•risks related to acquisitions generally, including the diversion of management’s attention from ongoing business operations and the impact on customers, tenants, lenders, operating results and business;

•the inability to successfully integrate acquired properties, realize the anticipated benefits of acquisitions or capitalize on value creation opportunities;

•changes in the tax laws and uncertainty as to how those changes may be applied;

•changes in real estate and zoning laws and increases in real property tax rates; and

•other factors affecting the real estate industry generally.

The risks set forth above are not exhaustive. Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a highly competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor

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can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.

Executive Summary

Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at March 31, 2026, our portfolio of owned real estate included office properties comprising approximately 13.9 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet and land properties comprising approximately 3.7 million square feet of undeveloped density rights. Our production services assets include vehicles, lighting and grip, production supplies and other equipment and the lease rights to 20 sound stages.

The following table summarizes our consolidated and unconsolidated portfolio as of March 31, 2026:


	Number of Properties	Rentable Square Feet(1)	Percent Occupied(2)		Percent Leased(2)		Annualized Base Rent per Square Foot(3)
OFFICE
Same-store(4)	37	11,372,298	75.9	%	76.2	%	$	57.22
Non-same store	1	1,532,492	92.3		94.3		30.24
Total in-service office	38	12,904,790	77.8	%	78.4	%	$	53.42
STUDIO
Same-store(5)	3	1,204,666	84.5	%	84.5	%	$	46.15
Non-same store(6)	2	475,084	25.3		25.3		44.71
Total in-service studio	5	1,679,750	67.7	%	67.7	%	$	46.25
Total	43	14,584,540
Repositioning(7)	2	519,350	0.2	%	0.2	%	$	—
Development(8)	1	546,000	0.5		0.5		—
Held-for-sale	0	0	—		—		—

Total repositioning, development and held-for-sale	3	1,065,350	0.3	%	0.3	%	$	—
Total office and studio properties	46	15,649,890
Future development(9)	6	3,162,212
TOTAL	52	18,812,102

__________________

1.Determined by management based upon estimated leasable square feet, 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.

2.Percent occupied for office properties is calculated as (i) square footage under commenced leases as of March 31, 2026, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. Percent leased for studio properties is calculated as (i) average square footage under commenced leases for the 12 months ended March 31, 2026, divided by (ii) total square feet, expressed as a percentage. Percent occupied/leased for studio properties is calculated based on the average percent occupied during the three months ended March 31, 2026.

3.Annualized base rent (“ABR”) per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of March 31, 2026 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of March 31, 2026. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of March 31, 2026. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of March 31, 2026. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended March 31, 2026, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of March 31, 2026.

4.Same-store office for the three months ended March 31, 2026 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2025 and still owned and included in the stabilized office portfolio as of March 31, 2026.

5.Includes studio properties owned and included in our portfolio as of January 1, 2025 and still owned and included in our portfolio as of March 31, 2026.

6.Includes 231,784 square feet related to recently completed development Sunset Pier 94 studios and 243,300 square feet related to Sunset Glenoaks Studios.

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7.Refer to Repositioning table in this document for the office and studio projects under repositioning as of March 31, 2026.

8.Includes 546,000 square feet related to the office development Washington 1000.

9.Includes entitlement to develop up to 428,623 square feet (508 residential units) at 10900-10950 Washington.

The following table provides information regarding the 15 largest tenants in our office portfolio based on HPP’s share of annualized base rent as of March 31, 2026:


	Tenant	# of Properties	Lease Expiration	Total Occupied Square Feet		HPP’s Share
						Annualized Base Rent(1)		Percent of Annualized Base Rent
1	Google, Inc.	3	2028-2029	458,054	(2)	$	40,204,174	9.0	%
2	Netflix, Inc.	3	9/30/31	722,305	(3)	27,353,579

Hudson Pacific Properties, Inc. 10-Q