Hudson Pacific Properties, Inc.

Previous wording

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.

Current wording

Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at June 30, 2026, our portfolio of owned real estate included office properties comprising approximately 14.0 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet, and land properties comprising approximately 3.2 million square feet of undeveloped density rights. Our production services assets primarily consist of our vehicle fleet, following our decision to wind down leased stage, pro-supplies, and ancillary equipment businesses as part of Quixote’s restructuring.

Previous wording

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:

Current wording

The following table provides information regarding the 15 largest tenants in our office portfolio based on HPP’s share annualized base rent as of June 30, 2026:

Previous wording

City and County of San Francisco expirations: (i) 39,573 square feet at 1455 Market on September 19, 2033, (ii) 389,316 square feet at 1455 Market on April 30, 2045 and (iii) 706 square feet at Ferry Building on April 30, 2067.

Current wording

City and County of San Francisco expirations: (i) 39,573 square feet at 1455 Market on September 19, 2033, (ii) 864,084 square feet at 1455 Market on April 30, 2049 and (iii) 706 square feet at Ferry Building on April 30, 2067. City and County of San Francisco will backfill an additional 27,314 square feet at 1455 Market on January 1, 2028.

Previous wording

Weil, Gotshal & Manges, LLP expirations at Towers at Shore Center: (i) 29,846 square feet on August 31, 2026 and (ii) 59,403 square feet on February 28, 2038.

Current wording

Weil, Gotshal & Manges, LLP expirations at Towers at Shore Center: (i) 38,420 square feet on August 31, 2026 and (ii) 50,829 square feet on February 28, 2038.

Previous wording

We had no property acquisitions or dispositions during the three months ended March 31, 2026. No properties were classified as held for sale as of March 31, 2026.

Current wording

We had no property acquisitions or dispositions during the three and six months ended June 30, 2026.

Previous wording

We own 51% of the ownership interests in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios.

Current wording

We own 51.0% of the ownership interests in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios.

Previous wording

We own 20% of the ownership interests in the unconsolidated joint venture that owns Burrard Exchange.

Current wording

We own 20.0% of the ownership interests in the unconsolidated joint venture that owns Burrard Exchange.

Previous wording

We own 35% of the ownership interests in the unconsolidated joint venture that owns Sunset Waltham Cross Studios.

Current wording

We own 35.0% of the ownership interests in the unconsolidated joint venture that owns Sunset Waltham Cross Studios.

Previous wording

Does not include 33 month-to-month leases.

Current wording

Does not include 29 month-to-month leases.

Previous wording

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.

Current wording

During the six months ended June 30, 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 acquisitions of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes.

Previous wording

Net loss decreased $29.4 million, or 36.6%, to $50.9 million for the three months ended March 31, 2026 compared to $80.3 million for the three months ended March 31, 2025. The reasons for the change are discussed below with respect to the decrease in net operating income during the three months ended March 31, 2026, offset by the decrease in depreciation and amortization, general and administrative expenses and the change in other income and expenses.

Current wording

Net loss increased $16.9 million, or 19.3%, to $104.7 million for the three months ended June 30, 2026 compared to $87.8 million for the three months ended June 30, 2025. The reasons for the change are discussed below with respect to impairment loss and loss on lease terminations and other for the three months ended June 30, 2026, partially offset by the decrease in general and administrative expenses, depreciation and amortization and interest expense for the same period.

Previous wording

We evaluate performance based upon net operating income (“NOI”). NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to net income, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from net income. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, interest income, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses.

Current wording

We evaluate performance based upon net operating income (“NOI”). NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to net income, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from net income. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, interest income, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses).

Previous wording

NOI decreased $4.9 million, or 5.7%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily resulting from:

Current wording

NOI increased $2.7 million, or 3.3%, for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily resulting from:

Previous wording

•further offset by an increase in studio NOI of $1.4 million driven by higher production activity at our Sunset Gower Studios and Sunset Las Palmas Studios properties during the first quarter of 2026;

Current wording

•an increase in studio NOI of $2.3 million driven by higher production activity at our Sunset Gower Studios and Sunset Las Palmas Studios properties during the second quarter of 2026.

Previous wording

•an increase in studio NOI of $7.8 million mainly due to cost savings initiatives at Quixote.

Current wording

•an increase in studio NOI of $1.1 million due to cost-savings initiatives at Quixote and the deconsolidation of our Sunset Glenoaks Studios property during the third quarter of 2025.

Previous wording

We recorded a $0.4 million loss from unconsolidated real estate entities for the three months ended March 31, 2026 compared to a loss of $1.3 million for the three months ended March 31, 2025. The change was primarily driven by mark-to-market adjustments for an interest rate swap that does not qualify for hedge accounting.

Current wording

We recorded a $1.0 million loss from unconsolidated real estate entities for the three months ended June 30, 2026 compared to a loss of $0.2 million for the three months ended June 30, 2025. The change was primarily driven by mark-to-market adjustments for an interest rate swap that does not qualify for hedge accounting, as well as our Sunset Pier 94 Studios property becoming operational during the first quarter of 2026.

Previous wording

Gross interest expense decreased by $6.9 million or 14.1%, to $42.2 million for the three months ended March 31, 2026 compared to $49.1 million for the three months ended March 31, 2025. The decrease was primarily related to a lower outstanding balance on the unsecured line of credit and lower reference rates on our floating rate debt during the first quarter of 2026, as well as the 2025 repayments of the Element LA loan and Series B, C and D notes. The decrease was partially offset by the interest expense related to the Office Portfolio CMBS loan, which was obtained in March 2025.

Current wording

Gross interest expense decreased by $10.7 million, or 20.2%, to $42.4 million for the three months ended June 30, 2026 compared to $53.1 million for the three months ended June 30, 2025. The decrease was primarily due to a lower outstanding balance on the unsecured line of credit and lower reference rates on our floating rate debt during the second quarter of 2026, the deconsolidation of our Sunset Glenoaks Studios property in the third quarter of 2025 and the 2025 repayments of the Element LA loan and Series B, C and D notes.

Previous wording

Non-cash interest expense decreased by $3.0 million, or 66.5%, to $1.5 million for the three months ended March 31, 2026 compared to $4.5 million for the three months ended March 31, 2025. The decrease was primarily related to changes in the fair value of our derivative instruments.

Current wording

Non-cash interest expense decreased by $3.7 million, or 71.0%, to $1.5 million for the three months ended June 30, 2026 compared to $5.3 million for the three months ended June 30, 2025. The decrease was primarily related to changes in the fair value of our derivative instruments not accounted for as cash flow hedges.

Previous wording

We recognized an unrealized loss on non-real estate investments of $2.0 million for the three months ended March 31, 2026 compared to an unrealized loss of $0.4 million for the three months ended March 31, 2025, which were due to the observable changes in the fair value of the investments.

Current wording

We recognized an unrealized loss on non-real estate investments of $0.8 million for the three months ended June 30, 2026 compared to an unrealized gain of $0.2 million for the three months ended June 30, 2025, which were due to the observable changes in the fair value of the investments.

Previous wording

During the three months ended March 31, 2025, we recorded an impairment loss of $18.5 million due to a reduction in the estimated holding period for our 625 Second property. We did not record any impairment charges during the three months ended March 31, 2026.

Current wording

During the three months ended June 30, 2026, we recorded an impairment loss of $50.4 million primarily related to the phased wind-down of leased sound stage facilities at Quixote and our 2001 Gateway Place office property, which was held for sale as of June 30, 2026 and subsequently sold on July 1, 2026. We did not record any impairment charges during the three months ended June 30, 2025.

Previous wording

Depreciation and amortization expense decreased by $12.4 million, or 13.3%, to $80.7 million for the three months ended March 31, 2026 compared to $93.1 million for the three months ended March 31, 2025. The decrease was primarily driven by Quixote impairment adjustment during the fourth quarter of 2025, resulting in a lower depreciable basis, and the accelerated depreciation of tenant improvements related to early lease terminations at our 6040 Sunset and Hill 7 properties in 2025 with no comparable activity in 2026. The decrease was partially offset due to commencement of depreciation and amortization on Washington 1000, which became operational in 2026.

Current wording

Depreciation and amortization expense decreased by $12.6 million, or 13.3%, to $82.1 million for the three months ended June 30, 2026 compared to $94.8 million for the three months ended June 30, 2025. The decrease was primarily driven by the Quixote impairment charge recorded during the fourth quarter of 2025, which resulted in a lower depreciable basis for our non-real estate property, plant and equipment, and the accelerated depreciation of tenant improvements related to an early lease termination at our 6040 Sunset property in 2025 with no comparable activity in 2026. The decrease was partially offset by the commencement of depreciation and amortization at our Washington 1000 property, which was placed in service in 2026.

Previous wording

•a $0.4 million decrease in non-same-store NOI driven by:

Current wording

•a $5.2 million decrease in non-same-store NOI driven by:

Previous wording

•a decrease in office NOI of $8.2 million primarily resulting from the sales of our Element LA and Foothill Research Center properties in 2025 and increased operating expenses at Washington 1000 that became operational during the first quarter of 2026, partially offset by a reduction of expenses due to the sale of 625 Second in 2025; further offset by

Current wording

•a decrease in office NOI of $14.0 million primarily resulting from the sales of our Element LA, Foothill Research Center and 625 Second properties in 2025, increased operating expenses at our Washington 1000 property after it was placed in service during the first quarter of 2026 and the commencement of a repositioning project at our 6040 Sunset property in the first quarter of 2026; partially offset by

Previous wording

•a $0.9 million increase in office operating expenses primarily due to higher ground lease expense at our Palo Alto Square property and higher engineering, cleaning, security and owner’s expenses at various properties, partially offset by capitalization of expenses at our 901 Market property that is undergoing repositioning, as well as a prior year property tax refund received at our Skyport Plaza property during the first quarter of 2026;

Current wording

•a decrease in office NOI of $0.8 million primarily due to higher operating expenses at our 1455 Market property in 2026 due to the lease-up of the building and lower ground rent expense at our Palo Alto Square property in 2025, offset by prior period tax refunds at our Skyport Plaza property in 2026 and lower operating expenses at our 901 Market property in 2026 in connection with its repositioning project.

Previous wording

Interest income increased by $1.2 million, or 279.1%, to $1.6 million for the three months ended March 31, 2026 compared to $0.4 million for the three months ended March 31, 2025. The change was driven by an increase in cash deposits in interest-bearing accounts and interest earned on a refundable payroll tax credit.

Current wording

Interest income decreased by $0.4 million, or 13.4%, to $2.2 million for the six months ended June 30, 2026 compared to $2.6 million for the six months ended June 30, 2025. The change was driven by a decrease in cash deposits in interest-bearing accounts, partially offset by interest earned on a refundable payroll tax credit.

Previous wording

During the three months ended March 31, 2025, we recognized a net gain on sale of $10.0 million attributable to the sales of our Foothill Research and Maxwell properties. No gain or loss on sale was recognized during the three months ended March 31, 2026.

Current wording

During the six months ended June 30, 2025, we recognized a net gain on sale of real estate of $10.0 million attributable to the sales of our Foothill Research Center and Maxwell properties. No gain or loss on sale was recognized during the six months ended June 30, 2026.

Previous wording

During the three months ended March 31, 2025, we recognized a loss on extinguishment of debt of $1.9 million related to repaying the loan secured by our Element LA property. No gain or loss on extinguishment of debt was recognized during the three months ended March 31, 2026.

Current wording

During the six months ended June 30, 2025, we recognized a loss on extinguishment of debt of $3.5 million related to the early repayment of the loan secured by our Element LA property and the Series B, C and D notes. No gain or loss on extinguishment of debt was recognized during the six months ended June 30, 2026.

Previous wording

We had approximately $138.0 million of cash and cash equivalents at March 31, 2026. Our principal source of operating cash flow is related to leasing and operating the properties in our portfolio. Our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund quarterly dividend and distribution requirements.

Current wording

We had approximately $80.8 million of cash and cash equivalents at June 30, 2026. Our principal source of operating cash flow is related to leasing and operating the properties in our portfolio. Our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses and debt service and fund quarterly dividend and distribution requirements.

Previous wording

We have an ATM program that allows us to sell up to $125.0 million of common stock, $65.8 million of which has been sold through March 31, 2026. Any future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program.

Current wording

We have an ATM program that allows us to sell up to $125.0 million of common stock. We did not utilize the ATM program during the three and six months ended June 30, 2026. A cumulative total of $65.8 million has been sold from inception of the program through June 30, 2026. Any future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program.

Previous wording

Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $5.91, as reported by the NYSE, on March 31, 2026, as well as the aggregate value of the Series C preferred stock liquidation preference as of March 31, 2026.

Current wording

Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $15.19, as reported by the NYSE, on June 30, 2026, as well as the aggregate value of the Series C preferred stock liquidation preference as of June 30, 2026.

Previous wording

During the three months ended March 31, 2026, there were no material changes outside the ordinary course of business in the information regarding specified contractual obligations contained in our 2025 Annual Report on Form 10-K. Refer to Part I, Item 1 “Note 9 to the Consolidated Financial Statements—Debt” for information regarding our future minimum principal payments due on our outstanding debt. Refer to Part I, Item 1 “Note 12 to the Consolidated Financial Statements—Future Minimum Rents and Lease Payments” for information regarding our future minimum operating lease payments. Refer to Part I, Item 1 “Note 20 to the Consolidated Financial Statements—Commitments and Contingencies” for more detail.

Current wording

During the six months ended June 30, 2026, there were no material changes outside the ordinary course of business in the information regarding specified contractual obligations contained in our 2025 Annual Report on Form 10-K. Refer to Part I, Item 1 “Note 9 to the Consolidated Financial Statements—Debt” for information regarding our future minimum principal payments due on our outstanding debt. Refer to Part I, Item 1 “Note 12 to the Consolidated Financial Statements—Future Minimum Rents and Lease Payments” for information regarding our future minimum operating lease payments. Refer to Part I, Item 1 “Note 20 to the Consolidated Financial Statements—Commitments and Contingencies” for more detail.

Previous wording

Comparison of the cash flow activity for the three months ended March 31, 2026 to the three months ended March 31, 2025 is as follows (in thousands, except percentage change):

Current wording

Comparison of the cash flow activity for the six months ended June 30, 2026 to the six months ended June 30, 2025 is as follows (in thousands, except percentage change):

Previous wording

Cash and cash equivalents and restricted cash were $162.4 million and $162.1 million as of March 31, 2026 and December 31, 2025, respectively.

Current wording

Cash and cash equivalents and restricted cash were $105.4 million and $162.1 million as of June 30, 2026 and December 31, 2025, respectively.

Previous wording

Net cash provided by operating activities increased by $13.8 million, or 45.0%, to $44.3 million for the three months ended March 31, 2026 compared to $30.5 million for the three months ended March 31, 2025. The increase primarily resulted from favorable working capital movements during the three months ended March 31, 2026, including the timing of cash receipts and payments, which more than offset a reduction in net operating income during the same period as compared to the three months ended March 31, 2025, mainly driven by the 2025 tenant move-outs and asset sales.

Current wording

Net cash provided by operating activities increased by $7.8 million, or 27.3%, to $36.3 million for the six months ended June 30, 2026 compared to $28.5 million for the six months ended June 30, 2025. The increase primarily resulted from favorable working capital movements during the six months ended June 30, 2026, partially offset by higher payments related to lease incentive costs.

Previous wording

Net cash used in investing activities increased by $50.3 million, or 315.2%, to $34.3 million for the three months ended March 31, 2026 compared to $15.9 million of cash provided by investing activities for the three months ended March 31, 2025. The decrease primarily resulted from a $63.2 million decrease in proceeds from sales of real estate partially offset by a $12.7 million decrease in additions to investment in real estate during the three months ended March 31, 2026.

Current wording

Net cash used in investing activities increased by $66.1 million, or 818.5%, to $74.2 million for the six months ended June 30, 2026, compared to $8.1 million for the six months ended June 30, 2025. The increase primarily resulted from an $88.3 million decrease in proceeds from sales of real estate, partially offset by a $17.6 million decrease in additions to investment in real estate during the six months ended June 30, 2026.

Previous wording

(3)Amount drawn includes principal of $100.6 million and accrued payment-in-kind interest of $3.6 million as of March 31, 2026.

Current wording

(3)Amount drawn includes principal of $100.6 million and accrued payment-in-kind interest of $5.4 million as of June 30, 2026.

Previous wording

(4)This loan has an initial interest rate of SOFR + 4.75% per annum until stabilization of the project, at which time the effective interest rate will decrease to SOFR + 4.00%. This loan is interest-only through its term. The maturity date includes the effect of extension options.

Current wording

(5)This loan has an initial interest rate of SOFR + 4.75% per annum until stabilization of the project, at which time the effective interest rate will decrease to SOFR + 4.00%. This loan is interest-only through its term. The maturity date includes the effect of extension options.