Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 19, 2025	Jun. 28, 2024
Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34789
Entity Registrant Name	Hudson Pacific Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1430478
Entity Address, Address Line One	11601 Wilshire Blvd., Ninth Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	445-5700
Title of each class	Common Stock, $0.01 par value
Trading Symbol(s)	HPP
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 666.1
Entity Common Stock, Shares Outstanding		141,353,435
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2025 Annual Meeting of Stockholders to be held May 15, 2025 are incorporated by reference in Part III of this Annual Report on Form 10-K. The proxy statement will be filed by the registrant with the United States Securities and Exchange Commission, or the SEC, not later than 120 days after the end of the registrant’s fiscal year.
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001482512
Hudson Pacific Partners, L.P.
Entity Information
Entity File Number	333-202799-01
Entity Registrant Name	Hudson Pacific Properties, L.P.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0579682
Title of each class	4.750% Series C Cumulative Redeemable Preferred Stock
Trading Symbol(s)	HPP Pr C
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Central Index Key	0001496264

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California
Hudson Pacific Partners, L.P.
Auditor
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Investment in real estate, at cost	$ 8,233,286	$ 8,212,896
Accumulated depreciation and amortization	(1,791,108)	(1,728,437)
Investment in real estate, net	6,442,178	6,484,459
Non-real estate property, plant and equipment, net	127,067	118,783
Cash and cash equivalents	63,256	100,391
Restricted cash	35,921	18,765
Accounts receivable, net	14,505	24,609
Straight-line rent receivables, net	199,748	220,787
Deferred leasing costs and intangible assets, net	327,514	326,950
Operating lease right-of-use assets	370,826	376,306
Prepaid expenses and other assets, net	90,114	94,145
Investment in unconsolidated real estate entities	221,468	252,711
Goodwill	156,529	264,144
Assets associated with real estate held for sale	83,113	0
TOTAL ASSETS	8,132,239	8,282,050
Liabilities
Accounts payable, accrued liabilities and other	193,861	203,736
Operating lease liabilities	380,004	389,210
Intangible liabilities, net	21,838	27,751
Security deposits, prepaid rent and other	84,708	88,734
Liabilities associated with real estate held for sale	31,117	0
Total liabilities	4,954,508	4,720,881
Commitments and contingencies (Note 21)
Redeemable preferred units of the operating partnership	9,815	9,815
Redeemable non-controlling interest in consolidated real estate entities	49,279	57,182
Hudson Pacific Properties, Inc. stockholders’ equity:
Common stock, $0.01 par value, 481,600,000 authorized, 141,279,102 and 141,034,806 shares outstanding at December 31, 2024 and 2023, respectively	1,403	1,403
Additional paid-in capital	2,437,484	2,651,798
Accumulated other comprehensive loss	(8,417)	(187)
Total Hudson Pacific Properties, Inc. stockholders’ equity	2,855,470	3,078,014
Total equity	3,118,637	3,494,172
TOTAL LIABILITIES AND CAPITAL	8,132,239	8,282,050
Non-controlling interest—members in consolidated real estate entities
Hudson Pacific Properties, Inc. stockholders’ equity:
Non-controlling interest	169,452	335,439
Non-controlling interest—units in the operating partnership
Hudson Pacific Properties, Inc. stockholders’ equity:
Non-controlling interest	93,715	80,719
4.750% Series C Cumulative Redeemable Preferred Stock
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 December 31, 2024 and 2023	425,000	425,000
Unsecured and secured debt, net
Liabilities
Debt, net	4,176,844	3,945,314
Joint venture partner debt
Liabilities
Debt, net	$ 66,136	$ 66,136

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, interest rate (as a percent)	6.25%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	481,600,000	481,600,000
Common stock/units, outstanding (in shares)	141,279,102	141,034,806
4.750% Series C Cumulative Redeemable Preferred Stock
Preferred stock, interest rate (as a percent)	4.75%	4.75%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, authorized (in shares)	18,400,000	18,400,000
Preferred stock, outstanding (in shares)	17,000,000	17,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service And Other Revenue [Member]	Service And Other Revenue [Member]	Service And Other Revenue [Member]
Cost, Product and Service [Extensible Enumeration]	Service And Other Revenue [Member]	Service And Other Revenue [Member]	Service And Other Revenue [Member]
Revenues	$ 842,082	$ 952,297	$ 1,026,224
OPERATING EXPENSES
General and administrative	79,451	74,958	79,501
Depreciation and amortization	354,425	397,846	373,219
Total operating expenses	887,955	923,269	866,538
OTHER INCOME (EXPENSES)
(Loss) income from unconsolidated real estate entities	(7,308)	(3,902)	943
Fee income	5,269	6,181	7,972
Interest expense	(177,393)	(214,415)	(149,901)
Interest income	2,467	2,182	2,340
Management services reimbursement income—unconsolidated real estate entities	4,119	4,125	4,163
Management services expense—unconsolidated real estate entities	(4,119)	(4,125)	(4,163)
Transaction-related expenses	(2,499)	1,150	(14,356)
Unrealized loss on non-real estate investments	(3,958)	(3,120)	(1,440)
Loss (gain) on sale of real estate	(2,453)	103,202	(2,164)
Impairment loss	(149,664)	(60,158)	(28,548)
Gain on extinguishment of debt	0	10,000	0
Other income (expense)	1,647	(6)	8,951
Loss on sale of bonds	0	(34,046)	0
Total other expenses	(333,892)	(192,932)	(176,203)
Loss before income tax provision	(379,765)	(163,904)	(16,517)
Income tax provision	(1,641)	(6,796)	0
NET (LOSS) INCOME	(381,406)	(170,700)	(16,517)
Net income attributable to participating securities	(409)	(850)	(1,194)
Net loss (income) attributable to non-controlling interest in consolidated real estate entities	25,056	9,331	(23,418)
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	4,059	(12,520)	4,964
Net loss attributable to common units in the operating partnership	9,357	3,358	709
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (364,143)	$ (192,181)	$ (56,499)
BASIC AND DILUTED PER SHARE AMOUNTS
Net loss attributable to common stockholders—basic (in dollars per share)	$ (2.58)	$ (1.36)	$ (0.39)
Net loss attributable to common stockholders—diluted (in dollars per share)	$ (2.58)	$ (1.36)	$ (0.39)
Weighted average shares of common stock outstanding—basic (in shares)	141,192,730	140,953,088	143,732,433
Weighted average shares of common stock outstanding—diluted (in shares)	141,192,730	140,953,088	143,732,433
Series A preferred units
OTHER INCOME (EXPENSES)
Net income attributable to preferred units/share	$ (612)	$ (612)	$ (612)
Series C preferred stock
OTHER INCOME (EXPENSES)
Net income attributable to preferred units/share	(20,188)	(20,188)	(20,431)
Office
REVENUES
Rental revenues	677,620	797,095	834,408
Service and other revenues	14,656	15,280	18,292
Revenues	692,276	812,375	852,700
OPERATING EXPENSES
Operating expenses	305,649	312,018	308,668
Studio
REVENUES
Rental revenues	53,897	59,276	59,672
Service and other revenues	95,909	80,646	113,852
Revenues	149,806	139,922	173,524
OPERATING EXPENSES
Operating expenses	$ 148,430	$ 138,447	$ 105,150

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net loss	$ (381,406)	$ (170,700)	$ (16,517)
Currency translation adjustments	(7,727)	6,325	(12,375)
Net unrealized (losses) gains on derivative instruments:
Unrealized gains	9,308	9,214	621
Reclassification adjustment for realized (gains) losses	(10,090)	(4,634)	2,097
Total net (losses) gains on derivative instruments:	(782)	4,580	2,718
Total other comprehensive (loss) income	(8,509)	10,905	(9,657)
Comprehensive loss	(389,915)	(159,795)	(26,174)
Comprehensive income attributable to participating securities	(409)	(850)	(1,194)
Comprehensive loss (income) attributable to non-controlling interest in consolidated real estate entities	24,914	9,824	(23,442)
Comprehensive loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	4,059	(12,520)	4,964
Comprehensive loss attributable to non-controlling interest in the operating partnership	9,778	3,045	879
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	(372,373)	(181,096)	(66,010)
Series A preferred units
Net unrealized (losses) gains on derivative instruments:
Comprehensive income attributable to preferred units/stock	(612)	(612)	(612)
Series C preferred stock
Net unrealized (losses) gains on derivative instruments:
Comprehensive income attributable to preferred units/stock	$ (20,188)	$ (20,188)	$ (20,431)

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Series C Cumulative Redeemable Preferred Stock	Common Stock	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss	Units in the Operating Partnership	Members in Consolidated Real Estate Entities
Beginning balance at Dec. 31, 2021	$ 4,196,992	$ 425,000	$ 1,511	$ 3,317,072	$ 0	$ (1,761)	$ 52,199	$ 402,971
Beginning balance (in shares) at Dec. 31, 2021			151,124,543
Increase (Decrease) in Stockholders' Equity
Contributions	23,689							23,689
Distributions	(72,346)							(72,346)
Transaction costs	(573)			(573)
Issuance of unrestricted stock (in shares)			234,741
Issuance of unrestricted stock	0		$ 2	(2)
Shares withheld to satisfy tax withholding obligations (in shares)			(70,722)
Shares withheld to satisfy tax withholding obligations	$ (695)		$ (1)	(694)
Repurchase of common stock (in shares)	(2,100,000)		(2,105,359)
Repurchase of common stock	$ (37,206)		$ (21)	(37,185)
Accelerated repurchase of common stock (in shares)			(8,128,725)
Accelerated repurchase of common stock	(200,000)		$ (82)	(199,918)
Declared dividend	(165,858)	(20,431)		(198,016)	55,305		(2,716)
Amortization of stock-based compensation	27,650			9,283			18,367
Net income (loss)	(12,165)	20,431			(55,305)		(709)	23,418
Other comprehensive (loss) income	(9,657)					(9,511)	(170)	24
Ending balance at Dec. 31, 2022	3,749,831	425,000	$ 1,409	2,889,967	0	(11,272)	66,971	377,756
Ending balance (in shares) at Dec. 31, 2022			141,054,478
Increase (Decrease) in Stockholders' Equity
Contributions	26,480							26,480
Distributions	(58,973)							(58,973)
Issuance of unrestricted stock (in shares)			232,358
Issuance of unrestricted stock	0		$ 1	(1)
Shares withheld to satisfy tax withholding obligations (in shares)			(64,630)
Shares withheld to satisfy tax withholding obligations	$ (606)		$ (1)	(605)
Repurchase of common stock (in shares)	(200,000)		(187,400)
Repurchase of common stock	$ (1,369)		$ (6)	(1,363)
Declared dividend	(75,148)	(20,188)		(244,552)	191,331		(1,739)
Amortization of stock-based compensation	26,884			8,352			18,532
Net income (loss)	(183,832)	20,188			(191,331)		(3,358)	(9,331)
Other comprehensive (loss) income	10,905					11,085	313	(493)
Ending balance at Dec. 31, 2023	$ 3,494,172	425,000	$ 1,403	2,651,798	0	(187)	80,719	335,439
Ending balance (in shares) at Dec. 31, 2023	141,034,806		141,034,806
Increase (Decrease) in Stockholders' Equity
Contributions	$ 34,056							34,056
Distributions	(29,204)							(29,204)
Transaction costs	(79)			(79)
Purchase of non-controlling interest	(41,019)			160,499				(201,518)
Issuance of unrestricted stock (in shares)			334,287
Issuance of unrestricted stock	0		$ 1	(1)
Consolidation of previously unconsolidated real estate entity	55,593							55,593
Shares withheld to satisfy tax withholding obligations (in shares)			(96,689)
Shares withheld to satisfy tax withholding obligations	$ (571)		$ (1)	(570)
Repurchase of common stock (in shares)	0
Declared dividend	$ (35,565)	(20,188)		(378,072)	363,734		(1,039)
Amortization of stock-based compensation	27,722			3,776			23,946
Net income (loss)	(377,959)	20,188			(363,734)		(9,357)	(25,056)
Other comprehensive (loss) income	(8,509)					(8,230)	(421)	142
Redemption of common units in the operating partnership (in shares)			6,698
Redemption of common units in the operating partnership	0			133			(133)
Ending balance at Dec. 31, 2024	$ 3,118,637	$ 425,000	$ 1,403	$ 2,437,484	$ 0	$ (8,417)	$ 93,715	$ 169,452
Ending balance (in shares) at Dec. 31, 2024	141,279,102		141,279,102

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (381,406)	$ (170,700)	$ (16,517)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	354,425	397,846	373,219
Non-cash interest expense	7,738	21,867	5,154
Amortization of stock-based compensation	26,009	23,863	24,296
Income from unconsolidated real estate entities	7,308	3,902	(943)
Unrealized loss on non-real estate investments	3,958	3,120	1,440
Straight-line rents	15,104	(701)	(38,508)
Straight-line rent expense	5,121	5,118	3,198
Amortization of above- and below-market leases, net	(4,925)	(6,235)	(8,032)
Amortization of above- and below-market ground lease, net	2,626	2,752	2,731
Amortization of lease incentive costs	1,659	1,115	1,545
Distribution of income from unconsolidated real estate entities	0	0	1,243
Impairment loss	149,664	60,158	28,548
Earnout liability fair value adjustment	0	(4,300)	1,757
Loss (gain) on sale of real estate	2,453	(103,202)	2,164
Loss on sale of bonds	0	34,046	0
Gain from insurance proceeds	0	0	(1,167)
Deferred tax provision	593	6,609	0
Gain on extinguishment of debt	0	(10,000)	0
Change in operating assets and liabilities:
Accounts receivable	10,440	(5,678)	16,150
Deferred leasing costs and lease intangibles	(31,450)	(16,145)	(33,940)
Prepaid expenses and other assets	(6,651)	(10,321)	(2,240)
Accounts payable, accrued liabilities and other	4,351	(3,115)	11,718
Security deposits, prepaid rent and other	(2,360)	2,257	(2,315)
Net cash provided by operating activities	164,657	232,256	369,501
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to investment property	(199,388)	(298,823)	(276,798)
Additions to non-real estate property, plant and equipment	(23,063)	(5,740)	(20,209)
Proceeds from sales of real estate	21,390	843,021	137,709
Property acquisitions	0	0	(96,459)
Acquisitions of businesses	0	0	(199,098)
Insurance proceeds for damaged property, plant and equipment	0	0	1,284
Contributions to unconsolidated real estate entities	(47,753)	(68,732)	(40,081)
Distributions from unconsolidated real estate entities	211	2,528	1,875
Cash acquired from consolidation of previously unconsolidated real estate entity	8,814	0	0
Contributions to non-real estate investments	(5,939)	(4,916)	(17,109)
Distributions from non-real estate investments	189	0	1,492
Proceeds from sale of non-real estate investment	0	503	0
Maturities of U.S. Government securities	0	0	129,300
Settlement of earnout liability	(5,000)	0	0
Net cash (used in) provided by investing activities	(250,539)	467,841	(378,094)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	180,741	382,356	1,197,556
Payments of unsecured and secured debt	(38,000)	(1,203,632)	(515,000)
Payments of in-substance defeased debt	0	0	(128,212)
Payment of loan costs	0	(839)	(1,573)
Repurchases of common stock	0	(1,369)	(37,206)
Transaction costs	(79)	0	(573)
Accelerated share repurchase	0	0	(200,000)
Dividends paid to common stock and unitholders	(15,377)	(54,960)	(145,427)
Dividends paid to preferred stock and unitholders	(20,800)	(20,800)	(23,324)
Contributions from redeemable non-controlling members in consolidated real estate entities	88	2,025	575
Distributions to redeemable non-controlling members in consolidated real estate entities	(3,932)	(82,407)	(16)
Contributions from non-controlling members in consolidated real estate entities	34,056	26,480	23,689
Distributions to non-controlling members in consolidated real estate entities	(29,204)	(58,973)	(72,346)
Purchase of non-controlling interest	(41,019)	0	0
Proceeds from sale of bonds	0	145,535	0
Payments to satisfy tax withholding obligations	(571)	(88)	(695)
Net cash provided by (used in) financing activities	65,903	(866,672)	97,448
Net (decrease) increase in cash and cash equivalents and restricted cash	(19,979)	(166,575)	88,855
Cash and cash equivalents and restricted cash—beginning of period	119,156	285,731	196,876
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	$ 99,177	$ 119,156	$ 285,731

CONSOLIDATED BALANCE SHEETS L.P. - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Investment in real estate, at cost	$ 8,233,286	$ 8,212,896
Accumulated depreciation and amortization	(1,791,108)	(1,728,437)
Investment in real estate, net	6,442,178	6,484,459
Non-real estate property, plant and equipment, net	127,067	118,783
Cash and cash equivalents	63,256	100,391
Restricted cash	35,921	18,765
Accounts receivable, net	14,505	24,609
Straight-line rent receivables, net	199,748	220,787
Deferred leasing costs and intangible assets, net	327,514	326,950
Operating lease right-of-use assets	370,826	376,306
Prepaid expenses and other assets, net	90,114	94,145
Investment in unconsolidated real estate entities	221,468	252,711
Goodwill	156,529	264,144
Assets associated with real estate held for sale	83,113	0
TOTAL ASSETS	8,132,239	8,282,050
Liabilities
Accounts payable, accrued liabilities and other	193,861	203,736
Operating lease liabilities	380,004	389,210
Intangible liabilities, net	21,838	27,751
Security deposits, prepaid rent and other	84,708	88,734
Liabilities associated with real estate held for sale	31,117	0
Total liabilities	4,954,508	4,720,881
Commitments and contingencies (Note 21)
Redeemable preferred units of the operating partnership	9,815	9,815
Redeemable non-controlling interest in consolidated real estate entities	49,279	57,182
Hudson Pacific Properties, L.P. partners’ capital:
Accumulated other comprehensive loss	(8,417)	(187)
TOTAL LIABILITIES AND CAPITAL	8,132,239	8,282,050
Unsecured and secured debt, net
Liabilities
Debt, net	4,176,844	3,945,314
Joint venture partner debt
Liabilities
Debt, net	66,136	66,136
Hudson Pacific Partners, L.P.
ASSETS
Investment in real estate, at cost	8,233,286	8,212,896
Accumulated depreciation and amortization	(1,791,108)	(1,728,437)
Investment in real estate, net	6,442,178	6,484,459
Non-real estate property, plant and equipment, net	127,067	118,783
Cash and cash equivalents	63,256	100,391
Restricted cash	35,921	18,765
Accounts receivable, net	14,505	24,609
Straight-line rent receivables, net	199,748	220,787
Deferred leasing costs and intangible assets, net	327,514	326,950
Operating lease right-of-use assets	370,826	376,306
Prepaid expenses and other assets, net	90,114	94,145
Investment in unconsolidated real estate entities	221,468	252,711
Goodwill	156,529	264,144
Assets associated with real estate held for sale	83,113	0
TOTAL ASSETS	8,132,239	8,282,050
Liabilities
Accounts payable, accrued liabilities and other	193,861	203,736
Operating lease liabilities	380,004	389,210
Intangible liabilities, net	21,838	27,751
Security deposits, prepaid rent and other	84,708	88,734
Liabilities associated with real estate held for sale	31,117	0
Total liabilities	4,954,508	4,720,881
Commitments and contingencies (Note 21)
Redeemable preferred units of the operating partnership	9,815	9,815
Redeemable non-controlling interest in consolidated real estate entities	49,279	57,182
Hudson Pacific Properties, L.P. partners’ capital:
Common units, 145,075,448 and 143,845,239 outstanding at December 31, 2024 and 2023, respectively	2,532,898	2,733,795
Accumulated other comprehensive loss	(8,713)	(62)
Total Hudson Pacific Properties, L.P. partners’ capital	2,949,185	3,158,733
Non-controlling interest—members in consolidated real estate entities	169,452	335,439
Total capital	3,118,637	3,494,172
TOTAL LIABILITIES AND CAPITAL	8,132,239	8,282,050
Hudson Pacific Partners, L.P. \| 4.750% Series C Cumulative Redeemable Preferred Stock
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 December 31, 2024 and 2023	425,000	425,000
Hudson Pacific Partners, L.P. \| Unsecured and secured debt, net
Liabilities
Debt, net	4,176,844	3,945,314
Hudson Pacific Partners, L.P. \| Joint venture partner debt
Liabilities
Debt, net	$ 66,136	$ 66,136

CONSOLIDATED BALANCE SHEETS L.P. (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Stock:
Preferred stock, interest rate (as a percent)	6.25%
Common stock/units, outstanding (in shares)	141,279,102	141,034,806
4.750% Series C Cumulative Redeemable Preferred Stock
Common Stock:
Preferred stock, interest rate (as a percent)	4.75%	4.75%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, outstanding (in shares)	17,000,000	17,000,000
Hudson Pacific Partners, L.P.
Common Stock:
Common stock/units, outstanding (in shares)	145,075,448	143,845,239
Hudson Pacific Partners, L.P. \| 4.750% Series C Cumulative Redeemable Preferred Stock
Common Stock:
Preferred stock, interest rate (as a percent)	4.75%	4.75%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, outstanding (in shares)	17,000,000	17,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS L.P. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service And Other Revenue [Member]	Service And Other Revenue [Member]	Service And Other Revenue [Member]
Cost, Product and Service [Extensible Enumeration]	Service And Other Revenue [Member]	Service And Other Revenue [Member]	Service And Other Revenue [Member]
Revenues	$ 842,082	$ 952,297	$ 1,026,224
OPERATING EXPENSES
General and administrative	79,451	74,958	79,501
Depreciation and amortization	354,425	397,846	373,219
Total operating expenses	887,955	923,269	866,538
OTHER INCOME (EXPENSES)
(Loss) income from unconsolidated real estate entities	(7,308)	(3,902)	943
Fee income	5,269	6,181	7,972
Interest expense	(177,393)	(214,415)	(149,901)
Interest income	2,467	2,182	2,340
Management services reimbursement income—unconsolidated real estate entities	4,119	4,125	4,163
Management services expense—unconsolidated real estate entities	(4,119)	(4,125)	(4,163)
Transaction-related expenses	(2,499)	1,150	(14,356)
Unrealized loss on non-real estate investments	(3,958)	(3,120)	(1,440)
(Loss) gain on sale of real estate	(2,453)	103,202	(2,164)
Impairment loss	(149,664)	(60,158)	(28,548)
Gain on extinguishment of debt	0	10,000	0
Other income (expense)	1,647	(6)	8,951
Loss on sale of bonds	0	(34,046)	0
Total other expenses	(333,892)	(192,932)	(176,203)
Loss before income tax provision	(379,765)	(163,904)	(16,517)
Income tax provision	(1,641)	(6,796)	0
NET (LOSS) INCOME	(381,406)	(170,700)	(16,517)
Net loss (income) attributable to non-controlling interest in consolidated real estate entities	25,056	9,331	(23,418)
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	4,059	(12,520)	4,964
Net income attributable to participating securities	(409)	(850)	(1,194)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	(364,143)	(192,181)	(56,499)
Series A preferred units
OTHER INCOME (EXPENSES)
Net income attributable to preferred units/share	(612)	(612)	(612)
Series C preferred stock
OTHER INCOME (EXPENSES)
Net income attributable to preferred units/share	(20,188)	(20,188)	(20,431)
Office
REVENUES
Rental revenues	677,620	797,095	834,408
Service and other revenues	14,656	15,280	18,292
Revenues	692,276	812,375	852,700
OPERATING EXPENSES
Operating expenses	305,649	312,018	308,668
Studio
REVENUES
Rental revenues	53,897	59,276	59,672
Service and other revenues	95,909	80,646	113,852
Revenues	149,806	139,922	173,524
OPERATING EXPENSES
Operating expenses	$ 148,430	$ 138,447	$ 105,150
Hudson Pacific Partners, L.P.
REVENUES
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service And Other Revenue [Member]	Service And Other Revenue [Member]	Service And Other Revenue [Member]
Cost, Product and Service [Extensible Enumeration]	Service And Other Revenue [Member]	Service And Other Revenue [Member]	Service And Other Revenue [Member]
Revenues	$ 842,082	$ 952,297	$ 1,026,224
OPERATING EXPENSES
General and administrative	79,451	74,958	79,501
Depreciation and amortization	354,425	397,846	373,219
Total operating expenses	887,955	923,269	866,538
OTHER INCOME (EXPENSES)
(Loss) income from unconsolidated real estate entities	(7,308)	(3,902)	943
Fee income	5,269	6,181	7,972
Interest expense	(177,393)	(214,415)	(149,901)
Interest income	2,467	2,182	2,340
Management services reimbursement income—unconsolidated real estate entities	4,119	4,125	4,163
Management services expense—unconsolidated real estate entities	(4,119)	(4,125)	(4,163)
Transaction-related expenses	(2,499)	1,150	(14,356)
Unrealized loss on non-real estate investments	(3,958)	(3,120)	(1,440)
(Loss) gain on sale of real estate	(2,453)	103,202	(2,164)
Impairment loss	(149,664)	(60,158)	(28,548)
Gain on extinguishment of debt	0	10,000	0
Other income (expense)	1,647	(6)	8,951
Loss on sale of bonds	0	(34,046)	0
Total other expenses	(333,892)	(192,932)	(176,203)
Loss before income tax provision	(379,765)	(163,904)	(16,517)
Income tax provision	(1,641)	(6,796)	0
NET (LOSS) INCOME	(381,406)	(170,700)	(16,517)
Net loss (income) attributable to non-controlling interest in consolidated real estate entities	25,056	9,331	(23,418)
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	4,059	(12,520)	4,964
Net (loss) income attributable to Hudson Pacific Properties, L.P.	(352,291)	(173,889)	(34,971)
Net income attributable to participating securities	(409)	(850)	(1,194)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (373,500)	$ (195,539)	$ (57,208)
BASIC AND DILUTED PER UNIT AMOUNTS
Net loss attributable to common unitholders—basic (in dollars per share)	$ (2.58)	$ (1.36)	$ (0.39)
Net loss attributable to common unitholders—diluted (in dollars per share)	$ (2.58)	$ (1.36)	$ (0.39)
Weighted average shares of common units outstanding - basic (in shares)	144,793,957	143,421,154	145,580,928
Weighted average shares of common units outstanding - diluted (in shares)	144,793,957	143,421,154	145,580,928
Hudson Pacific Partners, L.P. \| Series A preferred units
OTHER INCOME (EXPENSES)
Net income attributable to preferred units/share	$ (612)	$ (612)	$ (612)
Hudson Pacific Partners, L.P. \| Series C preferred stock
OTHER INCOME (EXPENSES)
Net income attributable to preferred units/share	(20,188)	(20,188)	(20,431)
Hudson Pacific Partners, L.P. \| Office
REVENUES
Rental revenues	677,620	797,095	834,408
Service and other revenues	14,656	15,280	18,292
Revenues	692,276	812,375	852,700
OPERATING EXPENSES
Operating expenses	305,649	312,018	308,668
Hudson Pacific Partners, L.P. \| Studio
REVENUES
Rental revenues	53,897	59,276	59,672
Service and other revenues	95,909	80,646	113,852
Revenues	149,806	139,922	173,524
OPERATING EXPENSES
Operating expenses	$ 148,430	$ 138,447	$ 105,150

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS L.P. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net loss	$ (381,406)	$ (170,700)	$ (16,517)
Currency translation adjustments	(7,727)	6,325	(12,375)
Net unrealized (losses) gains on derivative instruments:
Unrealized gains	9,308	9,214	621
Reclassification adjustment for realized (gains) losses	(10,090)	(4,634)	2,097
Total net (losses) gains on derivative instruments:	(782)	4,580	2,718
Total other comprehensive (loss) income	(8,509)	10,905	(9,657)
Comprehensive loss	(389,915)	(159,795)	(26,174)
Comprehensive income attributable to participating securities	(409)	(850)	(1,194)
Comprehensive loss (income) attributable to non-controlling interest in consolidated real estate entities	24,914	9,824	(23,442)
Comprehensive loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	4,059	(12,520)	4,964
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	(372,373)	(181,096)	(66,010)
Series A preferred units
Net unrealized (losses) gains on derivative instruments:
Comprehensive income attributable to preferred units/stock	(612)	(612)	(612)
Series C preferred stock
Net unrealized (losses) gains on derivative instruments:
Comprehensive income attributable to preferred units/stock	(20,188)	(20,188)	(20,431)
Hudson Pacific Partners, L.P.
Net loss	(381,406)	(170,700)	(16,517)
Currency translation adjustments	(7,727)	6,325	(12,375)
Net unrealized (losses) gains on derivative instruments:
Unrealized gains	9,308	9,214	621
Reclassification adjustment for realized (gains) losses	(10,090)	(4,634)	2,097
Total net (losses) gains on derivative instruments:	(782)	4,580	2,718
Total other comprehensive (loss) income	(8,509)	10,905	(9,657)
Comprehensive loss	(389,915)	(159,795)	(26,174)
Comprehensive income attributable to participating securities	(409)	(850)	(1,194)
Comprehensive loss (income) attributable to non-controlling interest in consolidated real estate entities	24,914	9,824	(23,442)
Comprehensive loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities	4,059	(12,520)	4,964
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	(382,151)	(184,141)	(66,889)
Hudson Pacific Partners, L.P. \| Series A preferred units
Net unrealized (losses) gains on derivative instruments:
Comprehensive income attributable to preferred units/stock	(612)	(612)	(612)
Hudson Pacific Partners, L.P. \| Series C preferred stock
Net unrealized (losses) gains on derivative instruments:
Comprehensive income attributable to preferred units/stock	$ (20,188)	$ (20,188)	$ (20,431)

CONSOLIDATED STATEMENTS OF CAPITAL L.P. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Partners' Capital
Beginning balance (in shares)	141,034,806
Contributions	$ 34,056	$ 26,480	$ 23,689
Distributions	(29,204)	(58,973)	(72,346)
Transaction costs	(79)		(573)
Purchase of non-controlling interest	(41,019)
Consolidation of previously unconsolidated real estate entity	55,593
Units withheld to satisfy tax withholding obligations	$ (571)	$ (606)	$ (695)
Repurchase of common units (in shares)	0	(200,000)	(2,100,000)
Repurchase of common units		$ (1,369)	$ (37,206)
Declared distributions	$ (35,565)	(75,148)	(165,858)
Amortization of unit-based compensation	27,722	26,884	27,650
Other comprehensive (loss) income	$ (8,509)	$ 10,905	(9,657)
Ending balance (in shares)	141,279,102	141,034,806
Hudson Pacific Partners, L.P.
Increase (Decrease) in Partners' Capital
Beginning balance	$ 3,494,172	$ 3,749,831	4,196,992
Beginning balance (in shares)	143,845,239
Contributions	$ 34,056	26,480	23,689
Distributions	(29,204)	(58,973)	(72,346)
Transaction costs	(79)		(573)
Purchase of non-controlling interest	(41,019)
Consolidation of previously unconsolidated real estate entity	55,593
Units withheld to satisfy tax withholding obligations	(571)	(606)	(695)
Repurchase of common units		(1,369)	(237,206)
Declared distributions	(35,565)	(75,148)	(165,858)
Amortization of unit-based compensation	27,722	26,884	27,650
Net income (loss)	(377,959)	(183,832)	(12,165)
Other comprehensive (loss) income	(8,509)	10,905	(9,657)
Ending balance	$ 3,118,637	$ 3,494,172	3,749,831
Ending balance (in shares)	145,075,448	143,845,239
Total Partners’ Capital \| Hudson Pacific Partners, L.P.
Increase (Decrease) in Partners' Capital
Beginning balance	$ 3,158,733	$ 3,372,075	3,794,021
Transaction costs	(79)		(573)
Purchase of non-controlling interest	160,499
Units withheld to satisfy tax withholding obligations	(571)	(606)	(695)
Repurchase of common units		(1,369)	(237,206)
Declared distributions	(35,565)	(75,148)	(165,858)
Amortization of unit-based compensation	27,722	26,884	27,650
Net income (loss)	(352,903)	(174,501)	(35,583)
Other comprehensive (loss) income	(8,651)	11,398	(9,681)
Ending balance	2,949,185	3,158,733	3,372,075
Preferred Units \| Hudson Pacific Partners, L.P.
Increase (Decrease) in Partners' Capital
Beginning balance	425,000	425,000	425,000
Declared distributions	(20,188)	(20,188)	(20,431)
Net income (loss)	20,188	20,188	20,431
Ending balance	425,000	425,000	425,000
Common Stock \| Hudson Pacific Partners, L.P.
Increase (Decrease) in Partners' Capital
Beginning balance	$ 2,733,795	$ 2,958,535	$ 3,370,800
Beginning balance (in shares)	143,845,239	143,246,320	152,967,441
Transaction costs	$ (79)		$ (573)
Purchase of non-controlling interest	$ 160,499
Issuance of unrestricted stock (in shares)	1,326,898	850,949	583,685
Units withheld to satisfy tax withholding obligations (in shares)	(96,689)	(64,630)	(70,722)
Units withheld to satisfy tax withholding obligations	$ (571)	$ (606)	$ (695)
Repurchase of common units (in shares)		(187,400)	(10,234,084)
Repurchase of common units		$ (1,369)	$ (237,206)
Declared distributions	(15,377)	(54,960)	(145,427)
Amortization of unit-based compensation	27,722	26,884	27,650
Net income (loss)	(373,091)	(194,689)	(56,014)
Ending balance	$ 2,532,898	$ 2,733,795	$ 2,958,535
Ending balance (in shares)	145,075,448	143,845,239	143,246,320
Accumulated Other Comprehensive (Loss) Income \| Hudson Pacific Partners, L.P.
Increase (Decrease) in Partners' Capital
Beginning balance	$ (62)	$ (11,460)	$ (1,779)
Other comprehensive (loss) income	(8,651)	11,398	(9,681)
Ending balance	(8,713)	(62)	(11,460)
Non-controlling Interest— Members in Consolidated Real Estate Entities \| Hudson Pacific Partners, L.P.
Increase (Decrease) in Partners' Capital
Beginning balance	335,439	377,756	402,971
Contributions	34,056	26,480	23,689
Distributions	(29,204)	(58,973)	(72,346)
Purchase of non-controlling interest	(201,518)
Consolidation of previously unconsolidated real estate entity	55,593
Net income (loss)	(25,056)	(9,331)	23,418
Other comprehensive (loss) income	142	(493)	24
Ending balance	$ 169,452	$ 335,439	$ 377,756

CONSOLIDATED STATEMENTS OF CASH FLOWS L.P. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (381,406)	$ (170,700)	$ (16,517)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	354,425	397,846	373,219
Non-cash interest expense	7,738	21,867	5,154
Amortization of stock-based compensation	26,009	23,863	24,296
Loss (income) from unconsolidated real estate entities	7,308	3,902	(943)
Unrealized loss on non-real estate investments	3,958	3,120	1,440
Straight-line rents	15,104	(701)	(38,508)
Straight-line rent expense	5,121	5,118	3,198
Amortization of above- and below-market leases, net	(4,925)	(6,235)	(8,032)
Amortization of above- and below-market ground lease, net	2,626	2,752	2,731
Amortization of lease incentive costs	1,659	1,115	1,545
Distribution of income from unconsolidated real estate entities	0	0	1,243
Impairment loss	149,664	60,158	28,548
Earnout liability fair value adjustment	0	(4,300)	1,757
Loss (gain) on sale of real estate	2,453	(103,202)	2,164
Loss on sale of bonds	0	34,046	0
Gain from insurance proceeds	0	0	(1,167)
Deferred tax provision	593	6,609	0
Gain on extinguishment of debt	0	(10,000)	0
Change in operating assets and liabilities:
Accounts receivable	10,440	(5,678)	16,150
Deferred leasing costs and lease intangibles	(31,450)	(16,145)	(33,940)
Prepaid expenses and other assets	(6,651)	(10,321)	(2,240)
Accounts payable, accrued liabilities and other	4,351	(3,115)	11,718
Security deposits, prepaid rent and other	(2,360)	2,257	(2,315)
Net cash provided by operating activities	164,657	232,256	369,501
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to investment property	(199,388)	(298,823)	(276,798)
Additions to non-real estate property, plant and equipment	(23,063)	(5,740)	(20,209)
Proceeds from sales of real estate	21,390	843,021	137,709
Property acquisitions	0	0	(96,459)
Acquisitions of businesses	0	0	(199,098)
Insurance proceeds for damaged property, plant and equipment	0	0	1,284
Contributions to unconsolidated real estate entities	(47,753)	(68,732)	(40,081)
Distributions from unconsolidated real estate entities	211	2,528	1,875
Cash acquired from consolidation of previously unconsolidated real estate entity	8,814	0	0
Contributions to non-real estate investments	(5,939)	(4,916)	(17,109)
Distributions from non-real estate investments	189	0	1,492
Proceeds from sale of non-real estate investment	0	503	0
Maturities of U.S. Government securities	0	0	129,300
Settlement of earnout liability	(5,000)	0	0
Net cash (used in) provided by investing activities	(250,539)	467,841	(378,094)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	180,741	382,356	1,197,556
Payments of unsecured and secured debt	(38,000)	(1,203,632)	(515,000)
Payments of in-substance defeased debt	0	0	(128,212)
Transaction costs	(79)	0	(573)
Repurchases of common stock	0	(1,369)	(37,206)
Dividends paid to common stock and unitholders	(15,377)	(54,960)	(145,427)
Dividends paid to preferred stock and unitholders	(20,800)	(20,800)	(23,324)
Contributions from redeemable non-controlling members in consolidated real estate entities	88	2,025	575
Distributions to redeemable non-controlling members in consolidated real estate entities	(3,932)	(82,407)	(16)
Contributions from non-controlling members in consolidated real estate entities	34,056	26,480	23,689
Purchase of non-controlling interest	(41,019)	0	0
Distributions to non-controlling members in consolidated real estate entities	(29,204)	(58,973)	(72,346)
Proceeds from sale of bonds	0	145,535	0
Payments to satisfy tax withholding obligations	(571)	(88)	(695)
Payment of loan costs	0	(839)	(1,573)
Net cash provided by (used in) financing activities	65,903	(866,672)	97,448
Net (decrease) increase in cash and cash equivalents and restricted cash	(19,979)	(166,575)	88,855
Cash and cash equivalents and restricted cash—beginning of period	119,156	285,731	196,876
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	99,177	119,156	285,731
Hudson Pacific Partners, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	(381,406)	(170,700)	(16,517)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	354,425	397,846	373,219
Non-cash interest expense	7,738	21,867	5,154
Amortization of stock-based compensation	26,009	23,863	24,296
Loss (income) from unconsolidated real estate entities	7,308	3,902	(943)
Unrealized loss on non-real estate investments	3,958	3,120	1,440
Straight-line rents	15,104	(701)	(38,508)
Straight-line rent expense	5,121	5,118	3,198
Amortization of above- and below-market leases, net	(4,925)	(6,235)	(8,032)
Amortization of above- and below-market ground lease, net	2,626	2,752	2,731
Amortization of lease incentive costs	1,659	1,115	1,545
Distribution of income from unconsolidated real estate entities	0	0	1,243
Impairment loss	149,664	60,158	28,548
Earnout liability fair value adjustment	0	(4,300)	1,757
Loss (gain) on sale of real estate	2,453	(103,202)	2,164
Loss on sale of bonds	0	34,046	0
Gain from insurance proceeds	0	0	(1,167)
Deferred tax provision	593	6,609	0
Gain on extinguishment of debt	0	(10,000)	0
Change in operating assets and liabilities:
Accounts receivable	10,440	(5,678)	16,150
Deferred leasing costs and lease intangibles	(31,450)	(16,145)	(33,940)
Prepaid expenses and other assets	(6,651)	(10,321)	(2,240)
Accounts payable, accrued liabilities and other	4,351	(3,115)	11,718
Security deposits, prepaid rent and other	(2,360)	2,257	(2,315)
Net cash provided by operating activities	164,657	232,256	369,501
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to investment property	(199,388)	(298,823)	(276,798)
Additions to non-real estate property, plant and equipment	(23,063)	(5,740)	(20,209)
Proceeds from sales of real estate	21,390	843,021	137,709
Property acquisitions	0	0	(96,459)
Acquisitions of businesses	0	0	(199,098)
Insurance proceeds for damaged property, plant and equipment	0	0	1,284
Contributions to unconsolidated real estate entities	(47,753)	(68,732)	(40,081)
Distributions from unconsolidated real estate entities	211	2,528	1,875
Cash acquired from consolidation of previously unconsolidated real estate entity	8,814	0	0
Contributions to non-real estate investments	(5,939)	(4,916)	(17,109)
Distributions from non-real estate investments	189	0	1,492
Proceeds from sale of non-real estate investment	0	503	0
Maturities of U.S. Government securities	0	0	129,300
Settlement of earnout liability	(5,000)	0	0
Net cash (used in) provided by investing activities	(250,539)	467,841	(378,094)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured and secured debt	180,741	382,356	1,197,556
Payments of unsecured and secured debt	(38,000)	(1,203,632)	(515,000)
Payments of in-substance defeased debt	0	0	(128,212)
Transaction costs	(79)	0	(573)
Repurchases of common stock	0	(1,369)	(237,206)
Dividends paid to common stock and unitholders	(15,377)	(54,960)	(145,427)
Dividends paid to preferred stock and unitholders	(20,800)	(20,800)	(23,324)
Contributions from redeemable non-controlling members in consolidated real estate entities	88	2,025	575
Distributions to redeemable non-controlling members in consolidated real estate entities	(3,932)	(82,407)	(16)
Contributions from non-controlling members in consolidated real estate entities	34,056	26,480	23,689
Purchase of non-controlling interest	(41,019)	0	0
Distributions to non-controlling members in consolidated real estate entities	(29,204)	(58,973)	(72,346)
Proceeds from sale of bonds	0	145,535	0
Payments to satisfy tax withholding obligations	(571)	(88)	(695)
Payment of loan costs	0	(839)	(1,573)
Net cash provided by (used in) financing activities	65,903	(866,672)	97,448
Net (decrease) increase in cash and cash equivalents and restricted cash	(19,979)	(166,575)	88,855
Cash and cash equivalents and restricted cash—beginning of period	119,156	285,731	196,876
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD	$ 99,177	$ 119,156	$ 285,731

Organization

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 following table summarizes the Company’s portfolio as of December 31, 2024:


Segments	Number of Properties	Square Feet (unaudited)
Consolidated portfolio
Office	44	13,092,596
Studio	4	1,477,412
Future development	5	1,616,242
Total consolidated portfolio	53	16,186,250
Unconsolidated portfolio(1)
Office(2)	1	1,537,159
Studio(3)	1	232,000
Future development(4)	2	1,617,347
Total unconsolidated portfolio	4	3,386,506
TOTAL	57	19,572,756

_________________

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

2.Includes Bentall Centre.

3.Includes Sunset Pier 94 Studios.

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

Concentrations

As of December 31, 2024, the Company’s office properties were located in Los Angeles, the San Francisco Bay Area, Seattle, and Vancouver, British Columbia. The Company’s owned studio properties were primarily located in Los Angeles and New York. 68.7% of the square feet in the Company’s consolidated and unconsolidated portfolio is located in California, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio.

A significant portion of the Company’s rental revenue is derived from tenants in the technology and media and entertainment industries. As of December 31, 2024, approximately 21.1% and 17.6% of consolidated and unconsolidated rentable square feet, excluding our under construction and future development pipeline, were related to the tenants in the technology and media and entertainment industries, respectively.

As of December 31, 2024, the Company’s 15 largest tenants represented approximately 26.9% of consolidated and unconsolidated rentable square feet. No single tenant accounted for more than 10%.

For the year ended December 31, 2024, no single tenant accounted for more than 10% of the Company’s revenue for the office segment, and Netflix, Inc. represented 19.3% of the Company’s revenue for the studio segment.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

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”). Any references to the number of properties, acres and square footage are unaudited and outside the scope of the Company’s independent registered public

accounting firm’s audit of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board (“PCAOB”).

Principles of Consolidation

The 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.

Under the consolidation guidance, the Company first evaluates an entity using the variable interest model, then the voting model. The Company ultimately consolidates all entities that the Company controls through either majority ownership or voting rights, including all variable interest entities (“VIEs”) of which the Company is considered the primary beneficiary. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. In addition, the Company continually evaluates each legal entity that is not wholly-owned for reconsideration based on changing circumstances.

VIEs are defined as entities in which equity investors do not have:

•the characteristics of a controlling financial interest;

•sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties; and/or

•the entity is structured with non-substantive voting rights.

The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with both the power to direct the activities that most significantly affect the VIE’s economic performance and the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. As of December 31, 2024, the Company has determined that its operating partnership and 20 joint ventures met the definition of a VIE. 14 of these joint ventures are consolidated and six are unconsolidated.

Consolidated Joint Ventures

In the first quarter of 2024, the Company purchased a 45% ownership interest in Hudson 1455 Market, L.P., a consolidated joint venture, from its joint venture partner for $43.5 million, before certain credits, prorations and closing costs. Following the transaction, the Company owns 100% of the ownership interests in Hudson 1455 Market, L.P.

In the second quarter of 2024, the Company completed its development of Sunset Glenoaks Studios and the property commenced operations. The Company updated its VIE assessment of Sun Valley Peoria, LLC, the owner of Sunset Glenoaks Studios, and concluded that it is the VIE’s primary beneficiary. Therefore, as of the second quarter, this investment is no longer accounted for under the equity method and is now treated as a consolidated joint venture. Initial consolidation of Sun Valley Peoria, LLC was accounted for in accordance with provisions of Accounting Standards Codification (“ASC”) 805, Business Combinations. As a result, the Company recognized on its Consolidated Balance Sheet identifiable assets of $198.0 million, assumed liabilities of $86.6 million and noncontrolling interest of $55.6 million. No gain or loss was recognized upon initial consolidation as the fair value of the newly consolidated net assets approximated the carrying value of the previous equity method investment.

As of December 31, 2024, the operating partnership has determined that 14 of its joint ventures met the definition of a VIE and are consolidated:


Entity	Property	Ownership Interest
Hudson 1099 Stewart, L.P.	Hill7	55.0	%
HPP-MAC WSP, LLC	None(1)	75.0	%
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(2)	51.0	%
Sunset Studios Holdings, LLC	EPIC	51.0	%
Hudson Media and Entertainment Management, LLC	None(3)	51.0	%
Hudson 6040 Sunset, LLC	6040 Sunset	51.0	%
Sun Valley Peoria, LLC	Sunset Glenoaks Studios	50.0	%
Sun Valley Services, LLC	None(4)	50.0	%
Hudson 1918 Eighth, L.P.	1918 Eighth	55.0	%

__________________

1.HPP-MAC WSP, LLC owned 100% of the One Westside and Westside Two properties prior to their sale in December 2023.

2.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.

3.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 well as Sunset Glenoaks Studios.

4.Sun Valley Services, LLC is the TRS related to Sunset Glenoaks studios.

As of December 31, 2024 and 2023, 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 December 31, 2024, the Company has determined it is not the primary beneficiary of six 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.

On August 28, 2023, the Company entered into a joint venture with subsidiaries of Blackstone Property Partners and Vornado Realty Trust to develop Sunset Pier 94 Studios in the borough of Manhattan in New York, New York. The Company owns approximately 26% of the ownership interests in the joint venture.

The Company’s net equity investment in its unconsolidated joint ventures is reflected within investment in unconsolidated real estate entities on the Consolidated Balance Sheets. The Company’s share of net income or loss from the joint ventures is included within (loss) income from unconsolidated real estate entities on the Consolidated Statements of Operations. The Company uses the cumulative earnings approach for determining cash flow presentation of distributions from unconsolidated joint ventures. Under this approach, distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities. Refer to Note 6 for further details regarding our investments in unconsolidated joint ventures.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring and assessing the carrying values of its real estate

properties assets acquired and liabilities assumed in business combination transactions, the fair values of its goodwill and intangible assets, determining the incremental borrowing rate used in the present value calculations of its new or modified operating lessee agreements, its accrued liabilities, and the valuation of performance-based equity compensation awards. The Company bases its estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results could materially differ from these estimates.

Acquisitions

The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination in accordance with ASC 805. An integrated set of assets and activities would fail to qualify as a business if either (i) substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets or (ii) the integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction).

Acquisitions of real estate will generally not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and improvements and related intangible assets or liabilities) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay.

When the Company acquires properties that are considered asset acquisitions, the purchase price is allocated based on relative fair value of the assets acquired and liabilities assumed. There is no measurement period concept for asset acquisitions, with the purchase price accounting being final in the period of acquisition. Additionally, acquisition-related expenses associated with asset acquisitions are capitalized as part of the purchase price.

The Company assesses fair value based on Level 2 and Level 3 inputs within the fair value framework, which includes estimated cash flow projections that utilize appropriate discount, capitalization rates, renewal probability and available market information, which includes market rental rate and market rent growth rates. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions.

The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of acquired “above- and below-” market leases are based on the estimated cash flow projections utilizing discount rates that reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the extended below-market term for any leases with below-market renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions. In estimating costs to execute similar leases, the Company considers commissions, legal and other leasing-related costs. The fair value of debt assumed is based on the estimated cash flow projections utilizing interest rates available for the issuance of debt with similar terms and remaining maturities.

Business Combinations

From time to time, we may enter into business combinations. In accordance with ASC 805, the Company applies the acquisition method for acquisitions that meet the definition of a business combination. Under the acquisition method, the Company estimates the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Acquired intangible assets are valued using different methods under the income approach, including the excess earnings method for customer relationships, the relief-from-royalty method for trade names, and the lost profits method for non-compete agreements. The fair values of acquired “above- and below-” market leases are estimated based on the present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the extended below-market term for any leases with below-market renewal options. Acquired property, plant and equipment is valued using the cost approach, including consideration of reproduction or replacement costs, economic depreciation and obsolescence. We measure goodwill as the excess of consideration transferred over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Goodwill is assigned to each reporting unit that is expected to benefit from the synergies of the business combination. Acquisition-related expenses and transaction costs associated with business combinations are expensed in the period incurred which is included in the transaction-related expenses line item of the Consolidated Statements of Operations.

The acquisition method of accounting requires us to make significant estimates and assumptions regarding the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. The Company estimates the fair value using observable inputs classified as Level 2 and unobservable inputs classified as Level 3 of the fair value hierarchy. Significant estimates and assumptions include subjective and/or complex judgments regarding items such as revenue growth rates, long-term

growth rates, discount rates, customer retention rates, royalty rates, market rental rates and other factors, including estimating future cash flows that we expect to generate from the acquired assets.

The acquisition method of accounting also requires us to refine these estimates over a measurement period not to exceed one year to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. If we are required to adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with acquisitions, these adjustments could have a material impact on our financial condition and results of operations. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, we could record future impairment charges.

Investment in Real Estate Properties

Cost Capitalization

The Company capitalizes costs associated with development and redevelopment activities, capital improvements, tenant improvements and leasing activity. Costs associated with development and redevelopment that are capitalized include interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate project. Indirect development costs, including salaries and benefits, office rent, and associated costs for those individuals directly responsible for and who spend their time on development activities are also capitalized and allocated to the projects to which they relate. Construction and development costs are capitalized while substantial activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements but no later than one year after cessation of major construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as they are incurred. Costs previously capitalized that related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as they are incurred.

The Company recognized the following capitalized costs associated with development and redevelopment activities:


	Year Ended December 31,
	2024		2023		2022
Capitalized personnel costs	$	13,692	$	16,496	$	18,098
Capitalized interest	$	40,367	$	32,253	$	18,031

Operating Properties

The properties are generally carried at cost, less accumulated depreciation and amortization. The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets as represented in the table below:


Asset Description						Estimated Useful Life (Years)
Building and improvements						Shorter of the ground lease term or 39
Land improvements						15
Furniture and fixtures						5 to 7
Tenant and leasehold improvements						Shorter of the estimated useful life or the lease term

The Company amortizes above- and below-market lease intangibles over the remaining non-cancellable lease terms and bargain renewal periods, if applicable. The in-place lease intangibles are amortized over the remaining non-cancellable lease term. When tenants vacate prior to the expiration of a lease, the amortization of intangible assets and liabilities is accelerated. The Company amortizes above- and below-market ground lease intangibles over the remaining non-cancellable lease terms.

Held for Sale

The Company classifies properties as held for sale when certain criteria set forth in ASC 360, Property, Plant, and Equipment, are met. These criteria include (i) whether the Company is committed to a plan to sell, (ii) whether the asset or disposal group is available for immediate sale, (iii) whether an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) whether the sale of the asset or disposal group is probable (i.e., likely to occur) and the transfer is expected to qualify for recognition as a completed sale within one year, (v) whether the long-lived asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, (vi) whether actions necessary to complete the plan indicate that it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. At the time a

property is classified as held for sale, the Company reclassifies its assets and liabilities to held for sale on the Consolidated Balance Sheets for all periods presented and ceases recognizing depreciation expense.

Properties held for sale are reported at the lower of their carrying value or their estimated fair value, less estimated costs to sell. The estimated fair value is generally based on a purchase and sale agreement, letter of intent, or a broker estimated value of the property. The Company will recognize an impairment loss on real estate assets held for sale when the carrying value is greater than the fair value, which is based on the estimated sales price of the property, which is classified within Level 2 of the fair value hierarchy.

The Company assesses the carrying value of real estate assets and related intangibles whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable in accordance with GAAP. Impairment losses are recorded on real estate assets held for investment when indicators of impairment are present and the future undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. The Company recognizes impairment losses to the extent the carrying amount exceeds the fair value, based Level 2 inputs.

According to ASC 205, Presentation of Financial Statements, the Company does not present the operating results in net loss from discontinued operations for disposals if they do not represent a strategic shift in the Company’s business. There were no discontinued operations for the years ended December 31, 2024, 2023 and 2022.

Impairment of Long-Lived Assets

The Company assesses the carrying value of real estate assets and related intangibles for impairment on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable over the life of the asset or its intended holding period. We evaluate our real estate assets for impairment on a property-by-property basis. Indicators we consider to determine whether an impairment evaluation is necessary include, but are not limited to, deterioration in operating cash flows, low occupancy levels, significant near-term lease expirations, default or bankruptcy by a significant tenant and expectations that, more likely than not, a property will be sold or otherwise disposed of before the end of its previously estimated useful life or hold period.

If impairment indicators are present for a specific real estate asset, we perform a recoverability test by comparing the carrying value of the asset group to the asset group’s estimated undiscounted future cash flows over the anticipated hold period. If the carrying value exceeds the estimated undiscounted future cash flows, we then compare the carrying value to the asset group’s estimated fair value and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are highly subjective and are based on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates, which are considered Level 2 and Level 3 inputs within the fair value hierarchy. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could significantly affect the overall estimation of the undiscounted future cash flows and fair value of an asset group.

Goodwill and Acquired Intangible Assets

Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired and liabilities assumed. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination.

The Company tests its goodwill and indefinite-lived intangible assets for impairment at least annually on December 31st, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the reporting unit to which it is assigned, which can be an operating segment or one level below an operating segment. The Company has three operating segments: the management entity, Office and Studio. The Studio operating segment consists of two reporting units: Sunset Studios and Quixote. The Quixote reporting unit consists of the Zio Entertainment Network, LLC (“Zio”) and Star Waggons, LLC (“Star Waggons”) businesses acquired in 2021 and the Quixote Studios, LLC (“Quixote”) business acquired in 2022, which have since been integrated as a single business. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill. If so, a quantitative assessment is performed, and to the extent the carrying value of the reporting unit exceeds its fair value, impairment is recognized for the excess up to the amount of goodwill assigned to the reporting unit. Alternatively, the Company may bypass a qualitative assessment and proceed directly to a quantitative assessment.

A qualitative assessment considers various factors such as macroeconomic, industry and market conditions to the extent they affect the earnings performance of the reporting unit, changes in business strategy and/or management of the reporting unit, changes in composition or mix of revenues and/or cost structure of the reporting unit, financial performance and business prospects of the reporting unit, among other factors.

In a quantitative assessment, significant judgment, assumptions and estimates are applied in determining the fair value of reporting units. The Company generally uses the income approach to estimate fair value by discounting the projected net cash flows

of the reporting unit, and may corroborate with market-based data where available and appropriate. Projection of future cash flows is based upon various factors, including, but not limited to, our strategic plans in regard to our business and operations, internal forecasts, terminal year residual revenue multiples, operating profit margins, pricing of similar businesses and comparable transactions where applicable, and risk-adjusted discount rates to present value future cash flows. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could significantly affect the overall estimation of fair value of the reporting unit.

Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method, which reflects the pattern in which the assets are consumed. The estimated useful lives for acquired intangible assets range from five to seven years. The Company assesses its intangible assets with finite lives for impairment when indicators of impairment are identified.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents are defined as cash on hand and in banks, plus all short-term investments with a maturity of three months or less when purchased. Restricted cash primarily consists of amounts held by lenders to fund reserves such as capital improvements, taxes, insurance, debt service and operating expenditures.

The Company maintains some of its cash in bank deposit accounts that, at times, may exceed the federally insured limit. No losses have been experienced related to such accounts.

The following table provides a reconciliation of cash and cash equivalents and restricted cash at the beginning and end of the periods presented:


	December 31,
	2024		2023		2022
BEGINNING OF THE PERIOD
Cash and cash equivalents	$	100,391	$	255,761	$	96,555
Restricted cash	18,765		29,970		100,321
TOTAL	$	119,156	$	285,731	$	196,876

END OF THE PERIOD
Cash and cash equivalents	$	63,256	$	100,391	$	255,761
Restricted cash	35,921		18,765		29,970
TOTAL	$	99,177	$	119,156	$	285,731

Receivables

The Company accounts for receivables related to rental revenues according to ASC 842, Leases. The guidance requires the Company to assess, at lease commencement and subsequently, collectability of future lease payments from its tenants. If the Company determines collectability is not probable, it recognizes an adjustment to lower income from rentals. For amounts deemed probable of collection, the Company may also record an allowance under other authoritative GAAP based on the evaluation of individual receivables, including specific credit enhancements and other relevant factors.

Lease Accounting

The Company accounts for its leases under ASC 842, which requires companies to identify lease and non-lease components of a lease agreement. Lease components relate to the right to use the leased asset whereas non-lease components relate to payments for goods or services that are transferred separately from the right to use the underlying asset.

For lessors, the guidance provides for a practical expedient, by class of underlying asset, to elect a combined single lease component presentation if (i) the timing and pattern of the transfer of the combined single lease component is the same, and (ii) the related lease component, if accounted for separately, would be classified as an operating lease. The practical expedient was elected only for the Company’s leases related to the office properties. For the Company’s studio properties, the timing and pattern of the transfer of the lease components and non-lease components for studio properties are not the same and therefore the Company did not elect this practical expedient for the Company’s studio properties. The standalone selling price related to the studio non-lease components is readily available and does not require estimates.

Lessee Accounting

The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements relate to ground leases, sound stage leases, office leases and other facility leases and are reflected in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. For leases with a term of 12 months or less, the Company makes an accounting policy election by class of underlying asset, not to recognize ROU assets and lease liabilities. The Company recognizes lease expense for such leases generally on a straight-line basis over the lease term.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Many of the Company’s lease agreements include options to extend the lease, which the Company does not include in its minimum lease terms unless the option is reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. The weighted average remaining lease term was 21 years as of December 31, 2024.

Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. ROU assets further include any lease payments made and exclude lease incentives. ROU assets acquired in connection with business combination transactions are also adjusted for above- and below- market lease terms.

As the Company’s leases do not provide an implicit rate, the Company calculates the present value of lease payments using its incremental borrowing rate based on the information available at commencement date, or the date of the ASC 842 adoption. The weighted average incremental borrowing rate used to calculate the ROU assets and lease liabilities was 5.7% as of December 31, 2024.

Lessor Accounting

The presentation of revenues on the Consolidated Statements of Operations reflects a single lease component that combines rental, tenant recoveries and other tenant-related revenues for the office portfolio, with the election of the lessor practical expedient. For the Company’s rentals at the studio properties, total lease consideration is allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components is governed by ASC 842, while revenue related to non-lease components is subject to ASC 606, Revenue from Contracts with Customers (“ASC 606”).

ASC 842 defines initial direct costs as only the incremental costs of signing a lease. Internal direct compensation costs and external legal fees related to the execution of successful lease agreements that do not meet the definition of initial direct costs under ASC 842 are accounted for as office operating expense or studio operating expense in the Company’s Consolidated Statements of Operations.

Revenue Recognition

The Company has compiled an inventory of its sources of revenues and has identified the following material revenue streams: (i) rental revenues (ii) tenant recoveries and other tenant-related revenues (iii) ancillary revenues (iv) other revenues (v) sale of real estate (vi) management fee income and (vii) management services reimbursement income.

Revenue Stream

Components

Financial Statement Location

Rental revenues

Office, stage and storage rentals

Office and Studio segments: rental

Tenant recoveries and other tenant-related revenues

Reimbursement of real estate taxes, insurance, repairs and maintenance, other operating expenses and must-take parking revenues

Office segment: rental
Studio segment: rental and service and other revenues

Ancillary revenues

Revenues derived from tenants’ use of power, HVAC and telecommunications (i.e., telephone and internet) and lighting, equipment and vehicle rentals

Studio segment: service and other revenues

Other revenues

Parking revenue that is not associated with lease agreements and other

Office and Studio segments: service and other revenues

Sale of real estate

Gains on sales derived from cash consideration less cost basis

Gain (loss) on sale of real estate

Management fee income

Income derived from management services provided to unconsolidated joint venture entities

Fee income

Management services reimbursement income

Reimbursement of costs incurred by the Company in the management of unconsolidated joint venture entities

Management services reimbursement income—unconsolidated real estate entities

The Company recognizes rental revenue from tenants on a straight-line basis over the lease term when collectability is probable and the tenant has taken possession of or controls the physical use of the leased asset. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or

the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to:

•whether the lease stipulates how and on what a tenant improvement allowance may be spent;

•whether the tenant or landlord retains legal title to the improvements at the end of the lease term;

•whether the tenant improvements are unique to the tenant or general-purpose in nature; and

•whether the tenant improvements are expected to have any residual value at the end of the lease.

The Company does not account for lease concessions related to the effects of the COVID-19 pandemic as lease modifications to the extent that the concessions are granted as payment deferrals and total payments remain substantially the same during the lease term.

The Company recognizes tenant recoveries related to reimbursement of real estate taxes, insurance, repairs and maintenance and other operating expenses as revenue in the period during which the applicable expenses are incurred. The reimbursements are recognized and presented gross, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk.

Other tenant-related revenues include parking stipulated in lease agreements as must-take parking rentals. These revenues are recognized over the term of the lease.

Ancillary revenues, other revenues, management fee income and management services reimbursement income are accounted for under ASC 606. These revenues have single performance obligations and are recognized at the point in time when services are rendered.

The following table summarizes the Company’s revenue streams that are accounted for under ASC 606:


	Year Ended December 31,
	2024		2023		2022
Ancillary revenues	$	91,193	$	76,099	$	107,075
Other revenues	$	17,187	$	17,650	$	23,118
Studio-related tenant recoveries	$	2,185	$	2,177	$	1,951
Management fee income	$	5,269	$	6,181	$	7,972
Management services reimbursement income	$	4,119	$	4,125	$	4,163

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


	December 31, 2024		December 31, 2023
Ancillary revenues	$	4,834	$	5,478
Other revenues	$	1,107	$	954

In regard to sales of real estate, the Company applies certain recognition and measurement principles in accordance with ASC 606. The Company is required to evaluate the sales of real estate based on transfer of control. If a real estate sale contract includes ongoing involvement with the sold property by the seller, the seller must evaluate each promised good or service under the contract to determine whether it represents a performance obligation, constitutes a guarantee or prevents the transfer of control. The timing and pattern of revenue recognition might change as it relates to gains on sale of real estate if the sale includes continued involvement that represents a separate performance obligation.

Deferred Financing Costs and Debt Discount/Premium

Deferred financing costs are amortized over the contractual loan term into interest expense on the Consolidated Statements of Operations. Deferred financing costs, and related amortization, related to the unsecured revolving credit facility and undrawn term loans are presented within prepaid expenses and other assets, net on the Consolidated Balance Sheets. All other deferred financing costs and related amortization are included within the respective debt line items on the Consolidated Balance Sheets.

Debt discounts and premiums are amortized over the contractual loan term into interest expense on the Consolidated Statements of Operations. The amortization of discounts is recorded as additional interest expense and the accretion of premiums is recorded as a reduction to interest expense.

Derivative Instruments

The Company manages interest rate risk associated with borrowings by entering into derivative instruments. The Company recognizes all derivative instruments on the Consolidated Balance Sheets on a gross basis at fair value. Derivative instruments are adjusted to fair value at the balance sheet date. The change in the fair value of derivatives designated as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The change in the fair value derivatives not designated as hedges is recorded within earnings immediately.

Income Taxes

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 TRSs 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 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. The Company believes that it has operated in a manner that has allowed the Company to qualify as a REIT for federal income tax purposes commencing with such taxable year, and the Company intends to continue operating in such manner. To qualify as a REIT, the Company is required to distribute at least 90% of its REIT taxable income, excluding net capital gains, to the Company’s stockholders and to meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.

Provided that it continues to qualify for taxation as a REIT, the Company is generally not subject to corporate-level income tax on the earnings distributed currently to its stockholders. If the Company were to fail to qualify as a REIT in any taxable year, and were unable to avail itself of certain savings provisions set forth in the Code, all of its taxable income would be subject to federal corporate income tax. Unless entitled to relief under specific statutory provisions, the Company would be ineligible to elect to be treated as a REIT for the four taxable years following the year for which the Company loses its qualification. It is not possible to state whether in all circumstances the Company would be entitled to this statutory relief.

The Company may acquire direct or indirect interests in one or more Subsidiary REITs. A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to federal income tax, (ii) shares in such REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless the Company could avail itself of certain relief provisions.

The Company believes that its operating partnership is properly treated as a partnership for federal income tax purposes. As a partnership, the Company’s operating partnership is not subject to federal income tax on its income. Instead, each of its partners, including the Company, is allocated, and may be required to pay tax with respect to, its share of the operating partnership’s income. As such, no provision for federal income taxes has been included for the operating partnership.

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.

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

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.

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 December 31, 2024, 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 2019. The Company has assessed its tax positions for all open years, which as of December 31, 2024 included 2020 to 2022 for federal purposes and 2019 to 2022 for state purposes, and concluded that there are no material uncertainties to be recognized.

Stock-Based Compensation

Compensation cost of restricted stock, restricted stock units and performance units under the Company’s equity incentive award plans are accounted for under ASC 718, Compensation-Stock Compensation. The Company accounts for forfeitures of awards as they occur. Share-based payments granted to non-employees are accounted for in the same manner as share-based payments granted to employees.

Fair Value of Assets and Liabilities

The Company measures certain financial instruments at fair value on a recurring basis while certain financial instruments and balances are measured at fair value on a non-recurring basis (e.g., carrying value of impaired real estate and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified and disclosed in one of the following three categories:

•Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

•Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1 or Level 2. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources.

Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss, as well as the title and position of the CODM. The amendments are effective for the Company's annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied retrospectively to all prior periods presented in the financial statements. During the year ended December 31, 2024, the amendments in ASU 2023-07 were adopted retrospectively and did not have a significant impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning after December 15, 2024, 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.

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.

Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table reconciles the beginning and ending balances of goodwill:



Balance, December 31, 2023	$	264,144
Impairment loss	(107,615)
Balance, December 31, 2024	$	156,529

During the year ended December 31, 2024, the Company recorded an impairment charge of $107.6 million related to the Quixote reporting unit due to the slow recovery of Los Angeles film and TV production levels following the 2023 strikes of the Writers Guild of America and the Screen Actors Guild. The fair value of the reporting unit was estimated based on a discounted cash flow analysis, which is classified within Level 3 of the fair value hierarchy. The impairment is recorded within impairment loss on the Consolidated Statement of Operations. As of December 31, 2024, gross goodwill and accumulated impairment were $264.1 million and $107.6 million, respectively.

No impairments were recorded during the years ended December 31, 2023 and 2022.

Investment in Real Estate

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Investment in Real Estate

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


	December 31, 2024		December 31, 2023
Land	$	1,235,974	$	1,220,339
Building and improvements	6,101,787		5,969,364
Tenant and leasehold improvements	728,186		818,653
Furniture and fixtures	5,895		8,609
Property under development	161,444		195,931
INVESTMENT IN REAL ESTATE, AT COST	$	8,233,286	$	8,212,896

Acquisitions of Real Estate

The Company had no acquisitions of real estate during the years ended December 31, 2024 and 2023.

Impairment of Long-Lived Assets

During the year ended December 31, 2024, the Company recorded impairment charges totaling $39.9 million related to the real estate assets of certain office properties, including held for sale properties. The impairment charges reflect a shortened expected holding period for the properties and a reduction in the carrying value of the properties to their estimated fair values based on non-binding purchase offers from third party buyers or the properties’ contractual sales prices, as applicable, which are considered Level 2 measurements.

During the year ended December 31, 2023, the Company recorded an impairment charge of $48.5 million related to the real estate assets of one office property. The impairment charge reflects a shortened expected holding period for the property and reduction in the carrying value of the property to its estimated fair value based on a discounted cash flow analysis, which is considered a Level 3 measurement.

During the year ended December 31, 2022, the Company recorded impairment charges totaling $17.6 million related to the real estate assets of certain office properties, including held for sale properties. The impairment charges reflect a shortened expected holding period for the properties and a reduction in the carrying value of the properties to their estimated fair values based on non-binding purchase offers from third party buyers or the properties’ contractual sales prices, as applicable, which are considered Level 2 measurements.

The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations.

Dispositions of Real Estate

The following table summarizes information on dispositions completed during the years ended December 31, 2024 and 2023:


Property	Segment	Date of Disposition	Square Feet (unaudited)	Sales Price(1) (in millions)		(Loss) Gain on Sale(2) (in millions)
2024 Dispositions
3176 Porter	Office	12/10/2024	46,759	$	24.8	$	(2.2)

2023 Dispositions
Skyway Landing	Office	2/6/2023	246,997	$	102.0	$	7.0
604 Arizona	Office	8/24/2023	44,260	32.5		10.3
3401 Exposition	Office	8/25/2023	63,376	40.0		5.8
Cloud10	Office	11/21/2023	350,000	43.5		19.9
One Westside & Westside Two	Office	12/27/2023	686,725	700.0		60.2
Total 2023 Dispositions				$	918.0	$	103.2

_____________

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

2.Included within (loss) gain on sale of real estate on the Consolidated Statements of Operations.

Held for Sale

As of December 31, 2024, the Company classified two of its office properties as held for sale: 195,121 square-foot (unaudited) Foothill Research Center located in the Palo Alto submarket and 102,963 square-foot (unaudited) Maxwell located in the Downtown Los Angeles submarket. The properties were identified as non-strategic assets to the Company’s portfolio. The following table summarizes the components of assets and liabilities associated with real estate held for sale as of December 31, 2024:


	Foothill Research Center		Maxwell
ASSETS
Investment in real estate, net	$	31,387	$	41,210
Straight-line rent receivables, net	386		2,206
Deferred leasing costs and intangible assets, net	1,328		528
Operating lease right-of-use asset	5,890		—
Prepaid expenses and other assets, net	102		76
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE	$	39,093	$	44,020

LIABILITIES
Accounts payable, accrued liabilities and other	$	13,201	$	195
Operating lease liabilities	15,827		—
Intangible liabilities, net	228		—
Security deposits and prepaid rent	1,539		127
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE	$	30,795	$	322

Non-Real Estate Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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:


	December 31, 2024		December 31, 2023
Trailers	$	77,903	$	70,462
Production equipment	42,954		37,100
Trucks and other vehicles	22,035		20,044
Leasehold improvements	21,792		15,888
Furniture, fixtures and equipment	2,454		6,112


Other equipment	14,912		6,959


Non-real estate property, plant and equipment, at cost	182,050		156,565
Accumulated depreciation	(54,983)		(37,782)
NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET	$	127,067	$	118,783

Non-real estate property, plant and equipment is carried at cost less accumulated depreciation. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to 20 years. The Company evaluates its non-real estate property, plant and equipment, net for impairment using the same accounting model that it applies to its real estate assets and related intangibles. Refer to Note 2 for details. The Company did not recognize any impairment charges for non-real estate property, plant and equipment during the years ended December 31, 2024, 2023 and 2022.

Investment in Unconsolidated Real Estate Entities

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

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

Development

Broxbourne, United Kingdom

35%

Pound sterling

(1)

Bentall Centre

Operating Property

Downtown Vancouver

20%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Development

Manhattan

51%

U.S dollar

(3)(4)

__________________

1.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios 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.

3.The Company has guaranteed the joint ventures’ outstanding indebtedness in the amount of $90.1 million at Bentall Centre and $7.6 million at Sunset Pier 94 Studios, respectively. The likelihood of loss relating to the guarantees is remote as of December 31, 2024.

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 completion guarantee, recourse guarantee and guaranty of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of December 31, 2024.

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 income 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 $0.1 million as of December 31, 2024 and 2023, respectively.

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


	December 31, 2024		December 31, 2023(1)
ASSETS
Investment in real estate, net	$	1,089,951	$	1,295,449
Other assets	41,177		40,790
TOTAL ASSETS	1,131,128		1,336,239

LIABILITIES
Secured debt, net	447,581		564,949
Other liabilities	49,115		46,947
TOTAL LIABILITIES	496,696		611,896

Company’s capital(2)	193,732		225,898
Partner's capital	440,700		498,445
TOTAL CAPITAL	634,432		724,343

TOTAL LIABILITIES AND CAPITAL	$	1,131,128	$	1,336,239

_____________

1.Includes balances related to Sunset Glenoaks Studios, which was accounted for as an equity method investment as of December 31, 2023 but was accounted for as a consolidated entity as of December 31, 2024.

2.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) income 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:


	Year Ended December 31,
	2024		2023		2022
TOTAL REVENUES	$	72,754	$	70,200	$	83,441

TOTAL EXPENSES	(106,340)		(88,876)		(78,083)

NET (LOSS) INCOME	$	(33,586)	$	(18,676)	$	5,358

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

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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

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


	December 31, 2024		December 31, 2023
Deferred leasing costs and in-place lease intangibles	$	244,463	$	290,969
Accumulated amortization	(116,868)		(150,457)
Deferred leasing costs and in-place lease intangibles, net	127,595		140,512
Lease incentives	34,352		—
Accumulated amortization	(1,203)		—
Lease incentives, net	33,149		—
Below-market ground leases	74,930		77,943
Accumulated amortization	(21,626)		(20,733)
Below-market ground leases, net	53,304		57,210
Above-market leases	636		673
Accumulated amortization	(437)		(376)
Above-market leases, net	199		297
Customer relationships	97,900		97,900
Accumulated amortization	(40,380)		(26,363)
Customer relationships, net	57,520		71,537
Non-competition agreements	8,200		8,200
Accumulated amortization	(4,926)		(3,279)
Non-competition agreements, net	3,274		4,921
Trade name	37,200		37,200
Parking easement	15,273		15,273
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET	$	327,514	$	326,950

Below-market leases	$	40,535	$	58,833
Accumulated amortization	(18,697)		(31,785)
Below-market leases, net	21,838		27,048
Above-market ground leases	—		1,095
Accumulated amortization	—		(392)
Above-market ground leases, net	—		703
INTANGIBLE LIABILITIES, NET	$	21,838	$	27,751

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


	For the Year Ended December 31,
	2024		2023		2022
Deferred leasing costs and in-place lease intangibles(1)	$	(33,106)	$	(36,791)	$	(40,171)
Lease incentives(2)	$	(1,203)	$	—	$	—
Below-market ground leases(3)	$	(2,669)	$	(2,795)	$	(2,775)
Above-market leases(2)	$	(57)	$	(62)	$	(124)
Customer relationships(1)	$	(14,016)	$	(14,017)	$	(9,662)
Non-competition agreements(1)	$	(1,647)	$	(1,647)	$	(1,253)
Below-market leases(2)	$	4,982	$	6,297	$	8,156
Above-market ground leases(3)	$	43	$	43	$	43

_____________

1.Amortization is recorded in depreciation and amortization expenses and for lease incentive costs.

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

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

The following table provides information regarding the Company’s estimated future amortization of deferred leasing costs and intangibles as of December 31, 2024:


For the Year Ended December 31,	Deferred Leasing Costs and In-place Lease Intangibles		Lease incentives		Below-market Ground Leases		Above-market Leases		Customer relationships		Non-competition agreements		Below-market Leases
2025	$	(26,628)	$	(2,405)	$	(2,563)	$	(49)	$	(13,986)	$	(1,640)	$	4,066
2026	(23,205)		(2,388)		(2,563)		(44)		(13,986)		(1,237)		3,981
2027	(19,821)		(2,388)		(2,563)		(43)		(13,986)		(397)		3,913
2028	(16,474)		(2,388)		(2,563)		(32)		(11,301)		—		3,832
2029	(13,217)		(2,388)		(2,563)		(31)		(4,261)		—		3,458
Thereafter	(28,250)		(21,192)		(40,489)		—		—		—		2,588
TOTAL	$	(127,595)	$	(33,149)	$	(53,304)	$	(199)	$	(57,520)	$	(3,274)	$	21,838

During the years ended December 31, 2024 and 2023, the Company recorded impairment charges totaling $0.8 million and $2.7 million, respectively, related to the deferred leasing costs and intangible assets of certain office properties. Refer to Note 4 for details. The losses are recorded within impairment loss on the Consolidated Statements of Operations.

During the year ended December 31, 2022, the Company recorded an impairment charge of $8.5 million related to impairment of the Zio trade name within impairment loss on the Consolidated Statement of Operations. The impairment is related to the announced rebranding and integration of Zio into the Company’s existing Sunset Studios platform, after which the Company will no longer use the Zio trade name.

During the year ended December 31, 2022, the Company also recorded an impairment charge of $2.4 million related to the below-market ground lease at a certain property. Refer to Note 4 for details. The losses are recorded within impairment loss on the Consolidated Statements of Operations. Refer to Note 4 for details. The loss is recorded within impairment loss on the Consolidated Statements of Operations.

Accounts Receivable	12 Months Ended
Accounts Receivable	Dec. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts Receivable, net As of December 31, 2024, accounts receivable was $15.0 million and there was a $0.5 million allowance for doubtful accounts. As of December 31, 2023, accounts receivable was $25.0 million and there was $0.4 million allowance for doubtful accounts. Straight-line Rent Receivables, net As of December 31, 2024, straight-line rent receivables was $199.7 million and there was no allowance for doubtful accounts. As of December 31, 2023, straight-line rent receivables was $220.8 million and there was no allowance for doubtful accounts.

Prepaid Expenses and Other Assets, net

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Assets, net

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


	December 31, 2024		December 31, 2023
Non-real estate investments	$	50,373	$	48,581
Deferred tax assets	8		2,412
Interest rate derivative assets	4,325		6,441
Prepaid insurance	10,074		10,611
Deferred financing costs, net	2,165		4,316
Prepaid property tax	2,129		2,075
Other	21,040		19,709
PREPAID EXPENSES AND OTHER ASSETS, NET	$	90,114	$	94,145

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. The Company recognized a net unrealized loss of $4.0 million, a net unrealized loss of $3.0 million and a net unrealized gain of $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, due to the observable changes in fair value. Over the life of the investments, the Company has recognized a net unrealized gain of $6.8 million due to the observable changes in fair value.

Stock Purchase Warrants

The Company holds investments in stock purchase warrants that give the Company rights to purchase a fixed number of shares of common stock of a non-real estate investee. The warrants meet the definition of a derivative and are measured at fair value based on Level 2 inputs. Changes in the fair value of the derivative assets are included in unrealized loss on non-real estate investments on the Consolidated Statements of Operations. The Company recognized no unrealized gain or loss, an unrealized loss of $0.1 million and an unrealized gain of $1.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, due to the observable changes in fair value. As of December 31, 2024 and 2023, the fair value of the warrants was zero

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

The following table sets forth information with respect to our outstanding indebtedness:


	December 31, 2024		December 31, 2023		Interest Rate(1)	Contractual Maturity Date(2)
UNSECURED AND SECURED DEBT
Unsecured debt
Unsecured revolving credit facility(3)(4)(5)	$	320,000	$	192,000	SOFR + 1.15% to 1.60%	12/21/2026	(6)
Series B notes	259,000		259,000		4.69%	12/16/2025
Series C notes	56,000		56,000		4.79%	12/16/2027
Series D notes	150,000		150,000		3.98%	7/6/2026
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(7)	350,000		350,000		5.95%	2/15/2028
Total unsecured debt	2,435,000		2,307,000

Secured debt
Hollywood Media Portfolio	1,100,000		1,100,000		SOFR + 1.10%	8/9/2026	(8)
Acquired Hollywood Media Portfolio debt	(30,233)		(30,233)		SOFR + 2.11%	8/9/2026	(8)
Hollywood Media Portfolio, net(9)(10)	1,069,767		1,069,767
Element LA	168,000		168,000		4.59%	11/6/2025
1918 Eighth(11)	314,300		314,300		SOFR + 1.40%	12/18/2025
Hill7(12)	101,000		101,000		3.38%	11/6/2028
Sunset Glenoaks Studios(13)(14)	99,600		—		SOFR + 3.10%	1/9/2027	(15)
Total secured debt	1,752,667		1,653,067
Total unsecured and secured debt	4,187,667		3,960,067
Unamortized deferred financing costs/loan discounts(16)	(10,823)		(14,753)
TOTAL UNSECURED AND SECURED DEBT, NET	$	4,176,844	$	3,945,314

JOINT VENTURE PARTNER DEBT (17)	$	66,136	$	66,136	4.50%	10/9/2032	(18)

_____________

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 December 31, 2024, which may be different than the interest rates as of December 31, 2023 for 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 December 31, 2024, no such election had been made and the unsecured revolving credit facility bore interest at SOFR + 1.35%.

4.In January 2025, the Company amended its credit facility agreement to favorably adjust certain definitions and covenant calculations beginning with the quarter ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million. Up to $193.8 million of the total capacity can be used for borrowings in pounds sterling or Canadian dollars. Subject to the satisfaction of certain conditions and lender commitments, the operating partnership may increase the commitments held under the Fourth Amended and Restated Credit Agreement 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.

5.Subsequent to December 31, 2024, the Company made a net repayment of $27.0 million on the unsecured revolving credit facility.

6.Includes the option to extend the initial maturity date of December 21, 2025 twice for an additional six-month term each at the sole discretion of the Company.

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

8.Includes the option to extend the initial maturity date of August 9, 2023 three times for an additional one-year term each at the sole discretion of the Company. The first and second extension options were executed on August 9, 2023 and June 13, 2024 respectively.

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 6.01% 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 $180.0 million of principal is effectively fixed at 4.13% through the use of an interest rate swap.

11.This loan is interest-only through its term. The floating interest rate on $141.4 million of principal has been capped at 5.00% through the use of an interest rate cap. The floating interest rate on the remaining $172.9 million of principal has been effectively fixed at 3.75% through the use of an interest rate swap.

12.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.

13.This loan has a total capacity of $100.6 million and an initial interest rate of SOFR + 3.10% per annum until the construction at Sunset Glenoaks Studios is complete and certain performance targets have been met, at which time the effective interest rate will decrease to SOFR + 2.50%. This loan is interest-only through its term. The floating interest rate on the full principal amount has been effectively capped at 4.50% through the use of an interest rate cap. The Company has provided various guarantees for this loan, including an equity guarantee and a recourse carve-out guarantee.

14.Sunset Glenoaks Studios was consolidated as of December 31, 2024 and unconsolidated as of December 31, 2023. Therefore, the December 31, 2023 balance is reported at $0.

15.Includes the option to extend the initial maturity date of January 9, 2025 twice for an additional one-year term each permitting certain financial covenants are met. The first extension option was executed on October 30, 2024.

16.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 9 for details.

17.This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), the Company’s partner in the joint venture that owns the Ferry Building property.

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

Current Year Activity

During the year ended December 31, 2024, there were $128.0 million of borrowings on the unsecured revolving credit facility, net of repayments. 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.

On May 3, 2024, the Company entered into an amendment to its unsecured revolving credit facility in order to, among other things, replace CDOR as a referenced rate for Canadian dollar-denominated loans under the Canadian facility with a term CORRA-based rate.

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 December 31, 2024:


For the Year Ended December 31,	Unsecured and Secured Debt		Joint Venture Partner Debt
2025	$	741,300	$	—
2026	1,539,767		—
2027	555,600		—
2028	451,000		—
2029	500,000		—
Thereafter	400,000		66,136
TOTAL	$	4,187,667	$	66,136

Unsecured Debt

Credit Facility

The operating partnership continues to be the borrower under its credit facility agreement, and the Company and all subsidiaries that own unencumbered properties will continue to provide guarantees unless the Company obtains and maintains a credit rating of at least BBB- from Standard & Poor’s (“S&P”) or Baa3 from Moody’s, in which case such guarantees are not required except under limited circumstances. As of December 31, 2024, the credit ratings for our senior unsecured debt were B2, BB- and BB- from Moody’s, Standard and Poor’s and Fitch, respectively.

Note Purchase Agreements

The operating partnership may prepay at any time all or, from time to time, any part of the note purchase agreements in an amount not less than 5% of the aggregate principal amount of any series of note purchase agreements then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a make-whole premium.

The operating partnership’s obligations under note purchase agreements are fully and unconditionally guaranteed by the Company. Subsidiaries of the Company will also issue unconditional guarantees upon the occurrence of certain conditions, including such subsidiaries providing guarantees under the Amended and Restated Credit Agreement, by and among the operating partnership, the financial institutions party thereto, and Wells Fargo Bank, National Association as administrative agent.

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 December 31, 2024 related to our unsecured revolving credit facility and term loans:

Covenant Ratio

Covenant Level

Actual Performance

Total liabilities to total asset value(2)

≤ 65%

46.5%

Unsecured indebtedness to unencumbered asset value(2)

≤ 65%

41.5%

Adjusted EBITDA to fixed charges(1)

≥ 1.4x

1.7x

Secured indebtedness to total asset value

≤ 45%

20.1%

Unencumbered net operating income to unsecured interest expense(1)

≥ 1.75x

2.2x

_________________

1.The January 2025 amended credit facility agreement lowered the minimum required ratio of adjusted EBITDA to fixed charges from 1.5x to 1.4x and of unencumbered NOI to unsecured interest expense from 2.0x to 1.75x for any quarter after September 30, 2024. Additionally, the credit facility amendment adjusted certain definitions and covenant calculations for the purpose of determining total asset value and unencumbered asset value assets.

2.Based on the provisions of the fourth quarter 2023 amendment to the unsecured revolving credit facility, the total leverage and the

unsecured leverage thresholds have been extended from 60% to 65% through December 31, 2024 (or until such time as the

private placement covenant calculations are amended to reflect the recent adjustments to the credit facility covenants, if sooner).

The following table summarizes existing covenants and their covenant levels as of December 31, 2024 related to our private placement notes:

Covenant Ratio(1)

Covenant Level

Actual Performance

Total liabilities to total asset value(2)

≤ 60%

54.6%

Unsecured indebtedness to unencumbered asset value(2)

≤ 65%

58.8%

Adjusted EBITDA to fixed charges

≥ 1.5x

1.7x

Secured indebtedness to total asset value

≤ 45%

23.6%

Unencumbered net operating income to unsecured interest expense

≥ 2.0x

2.2x

_________________

1.The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the Series B, Series C and Series D notes.

2.Based on the provisions of the fourth quarter 2023 amendment to the unsecured revolving credit facility, the total leverage and the

unsecured leverage thresholds have been extended from 60% to 65% through December 31, 2024 (or until such time as the

private placement covenant calculations are amended to reflect the recent adjustments to the credit facility covenants, if sooner).

The following table summarizes existing covenants and their covenant levels as of December 31, 2024 related to our registered senior notes:

Covenant Ratio(1)

Covenant Level

Actual Performance

Debt to total assets

≤ 60%

45.0%

Total unencumbered assets to unsecured debt

≥ 150%

255.0%

Consolidated income available for debt service to annual debt service charge

≥ 1.5x

1.7x

Secured debt to total assets

≤ 45%

19.4%

_________________

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 December 31, 2024.

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 December 31, 2024.

Interest Expense

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


	Year Ended December 31,
	2024		2023		2022
Gross interest expense(1)	$	210,022	$	224,801	$	162,778
Capitalized interest	(40,367)		(32,253)		(18,031)
Non-cash interest expense(2)	7,738		21,867		5,154
INTEREST EXPENSE	$	177,393	$	214,415	$	149,901

_________________

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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 December 31, 2024 and December 31, 2023:


Underlying Debt Instrument	Type of Instrument	Accounting Policy	Notional Amount		Effective Date	Maturity Date	Interest Rate	Fair Value Assets (Liabilities)
								December 31, 2024		December 31, 2023
Sunset Glenoaks Studios(1)	Cap	Cash flow hedge	$	100,600	August 2022	January 2025	4.50%	$	—	$	—
Sunset Glenoaks Studios	Cap	Cash flow hedge	$	100,600	January 2025	January 2026	4.50%	72		—
1918 Eighth	Swap	Cash flow hedge	$	172,865	February 2023	October 2025	3.75%	524		1,075
1918 Eighth	Cap	Partial cash flow hedge(2)	$	314,300	June 2023	December 2025	5.00%	62		952
1918 Eighth	Sold cap(3)	Mark-to-market	$	172,865	June 2023	December 2025	5.00%	(34)		(520)
Hollywood Media Portfolio	Cap	Partial cash flow hedge(2)	$	1,100,000	August 2023	August 2024	5.70%	—		59
Hollywood Media Portfolio	Sold cap(3)	Mark-to-market	$	561,000	August 2023	August 2024	5.70%	—		(29)
Hollywood Media Portfolio	Swap	Cash flow hedge	$	351,186	August 2023	June 2026	3.31%	3,663		4,355
Hollywood Media Portfolio	Swap	Cash flow hedge	$	180,000	February 2024	August 2026	4.13%	(267)		—
Hollywood Media Portfolio	Cap	Partial cash flow hedge(2)	$	1,100,000	August 2024	August 2025	6.01%	4		—
Hollywood Media Portfolio	Sold cap(3)	Mark-to-market	$	561,000	August 2024	August 2025	6.01%	(2)		—
TOTAL								$	4,022	$	5,892

_____________

1.Sunset Glenoaks Studios was consolidated as of December 31, 2024 and unconsolidated as of December 31, 2023. Therefore, the December 31, 2023 fair value for this instrument is reported at $0.

2.$141,435 and $539,000 of the notional amounts of the 1918 Eighth and Hollywood Media Portfolio caps, respectively, have been designated as effective cash flow hedges for accounting purposes. The remainder of each is accounted for under mark-to-market accounting.

3.The sold caps serve to offset the changes in fair value of the portions of the 1918 Eighth and Hollywood Media Portfolio caps that are not designated as cash flow hedges for accounting purposes.

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 December 31, 2024, the Company expects $2.4 million of unrealized gain included in accumulated other comprehensive loss will be reclassified as a reduction to interest expense in the next 12 months.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes comprises the following components:


	Year Ended
	December 31, 2024		December 31, 2023

Current federal	$	1,048	$	171
Current state	—		16
Deferred federal	1,194		4,776
Deferred state	(601)		1,833
Income tax provision	$	1,641	$	6,796

The Company recognized an income tax benefit of $7.5 million for the year ended December 31, 2022 within other income (expense) on the Consolidated Statement of Operations.

A reconciliation of the statutory federal income tax rate of 21% with the Company’s effective income tax rate is as follows:


	Year Ended
	December 31, 2024		December 31, 2023

Income tax benefit computed at the federal statutory rate	$	(79,751)	$	(34,420)
Income tax benefit attributable to non-taxable entities	37,893		16,643
State income taxes, net of federal tax benefit	(11,850)		(4,810)
Valuation allowance	53,229		29,681

Other	2,120		(298)
Income tax provision	$	1,641	$	6,796

Significant components of the Company's deferred tax assets and liabilities are as follows:


	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss and tax credit carryforwards	$	68,457	$	41,339
Depreciation and amortization	29,237		11,124

Prepaid rent	703		1,578
Other	973		122
Total deferred tax assets	99,370		54,163
Valuation allowance	(82,706)		(29,477)
Net deferred tax assets	16,664		24,686

Deferred tax liabilities:
Depreciation and amortization	(14,432)		(21,170)
Unrealized gain on non-real estate investments	(3,912)		(4,640)
Other	(205)		(169)
Total deferred tax liabilities	(18,549)		(25,979)

Deferred tax liability, net	$	(1,885)	$	(1,293)

As of December 31, 2022, the Company had not recorded a valuation allowance against its deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Future Minimum Rents and Lease Payments

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Future Minimum Rents and Lease Payments

The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2025 to 2040.

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 December 31, 2024:


Year Ended
2025	$	508,871
2026	466,138
2027	409,955
2028	341,630
2029	276,778
Thereafter	583,574
TOTAL	$	2,586,946

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of 11 ground leases, 9 sound stage leases, seven office leases and 16 other leases as of December 31, 2024. The Company’s operating lease obligations have expiration dates ranging from 2025 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.

As of December 31, 2024, the present value of the remaining contractual payments of $712.5 million under the Company’s operating lease agreements was $395.8 million. The corresponding operating lease right-of-use assets amounted to $376.7 million, $370.8 million of which is recorded in operating lease right-of-use assets and $5.9 million of which is recorded in assets associated with real estate held for sale on the Consolidated Balance Sheet.

During the year ended December 31, 2024 the Company recorded $1.4 million of impairment charges related to the right-of-use assets for ground leases at certain office properties. Refer to Note 4 for details. The impairment charges are recorded within impairment loss on the Consolidated Statement of Operations.

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 December 31, 2024:


For the Year Ended December 31,	Lease Payments(1)
2025	$	42,072
2026	41,726
2027	41,449
2028	40,503
2029	38,385
Thereafter	508,413
Total operating lease payments	712,548
Less: interest portion	(316,717)
PRESENT VALUE OF OPERATING LEASE LIABILITIES(2)	$	395,831

_____________

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.

2.$380.0 million is recorded in operating lease liabilities and $15.8 million is recorded in liabilities associated with real estate held for sale on the Consolidated Balance Sheet.

The following table summarizes rental expense for operating leases:


	For the Year Ended December 31,
	2024		2023		2022
Variable rental expense	$	9,985	$	11,005	$	9,854
Minimum rental expense	$	46,576	$	45,145	$	31,003

Future Minimum Rents and Lease Payments

The Company’s properties are leased to tenants under operating leases with initial term expiration dates ranging from 2025 to 2040.

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 December 31, 2024:


Year Ended
2025	$	508,871
2026	466,138
2027	409,955
2028	341,630
2029	276,778
Thereafter	583,574
TOTAL	$	2,586,946

Operating Lease Agreements

The Company is party to long-term non-cancellable operating lease agreements in which it is a lessee, consisting of 11 ground leases, 9 sound stage leases, seven office leases and 16 other leases as of December 31, 2024. The Company’s operating lease obligations have expiration dates ranging from 2025 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.

As of December 31, 2024, the present value of the remaining contractual payments of $712.5 million under the Company’s operating lease agreements was $395.8 million. The corresponding operating lease right-of-use assets amounted to $376.7 million, $370.8 million of which is recorded in operating lease right-of-use assets and $5.9 million of which is recorded in assets associated with real estate held for sale on the Consolidated Balance Sheet.

During the year ended December 31, 2024 the Company recorded $1.4 million of impairment charges related to the right-of-use assets for ground leases at certain office properties. Refer to Note 4 for details. The impairment charges are recorded within impairment loss on the Consolidated Statement of Operations.

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 December 31, 2024:


For the Year Ended December 31,	Lease Payments(1)
2025	$	42,072
2026	41,726
2027	41,449
2028	40,503
2029	38,385
Thereafter	508,413
Total operating lease payments	712,548
Less: interest portion	(316,717)
PRESENT VALUE OF OPERATING LEASE LIABILITIES(2)	$	395,831

_____________

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.

2.$380.0 million is recorded in operating lease liabilities and $15.8 million is recorded in liabilities associated with real estate held for sale on the Consolidated Balance Sheet.

The following table summarizes rental expense for operating leases:


	For the Year Ended December 31,
	2024		2023		2022
Variable rental expense	$	9,985	$	11,005	$	9,854
Minimum rental expense	$	46,576	$	45,145	$	31,003

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:

•Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

•Level 3: prices or valuation techniques where little or no market data is available that require inputs that are both significant to the fair value measurement and unobservable.

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


	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivative assets(1)	$	—	$	4,325	$	—	$	4,325	$	—	$	6,441	$	—	$	6,441
Interest rate derivative liabilities(2)	$	—	$	(303)	$	—	$	(303)	$	—	$	(549)	$	—	$	(549)
Earnout liability(2)	$	—	$	—	$	—	$	—	$	—	$	—	$	(5,000)	$	(5,000)
Non-real estate investments measured at NAV(1)(3)	$	—	$	—	$	—	$	47,373	$	—	$	—	$	—	$	48,581

_____________

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 caps and swaps, which are valued on a quarterly basis using a linear regression model.

Level 3 items include the earnout liability, which was valued on a quarterly basis using a probability-weighted discounted cash flow model. Inputs to the model include the discount rate and probability-weighted earnout payments based on a Monte Carlo simulation with one million trials. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values.

The following table summarizes changes in the carrying amount of the earnout liability during the year ended December 31, 2024:


Balance, December 31, 2023	$	(5,000)
Settlement	5,000
Balance, December 31, 2024	$	—

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.

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


	December 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Unsecured debt(1)	$	2,435,000	$	2,040,075	$	2,307,000	$	1,971,410
Secured debt(1)	$	1,752,667	$	1,741,090	$	1,653,067	$	1,634,668
Consolidated joint venture partner debt	$	66,136	$	60,637	$	66,136	$	59,966

_____________

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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-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 December 31, 2024, 2.2 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 $3.03.

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. Additionally, certain non-employee Board members elect to receive operating partnership performance units in

lieu of their annual cash retainer fees. These awards are generally issued in the first quarter of the year subsequent to the year in which they were earned and are fully-vested upon their issuance.

The Board awards time-based 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. Lastly, certain employees elect to receive operating partnership performance units in lieu of their annual cash bonus. These awards are generally issued in the first or fourth quarter and are fully-vested upon their issuance.

For the years 2022 and 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 2022 PSU Plan grants consist of two portions. A portion of each award, the Relative Total Shareholder Return (“TSR”) Performance Unit, is eligible to vest based on the achievement of the Company’s TSR compared to the TSR of the FTSE NAREIT All Equity REITs index over a three-year performance period, with the vesting percentage subject to certain percentage targets. The remaining portion of each award, the Operational Performance Unit, becomes eligible to vest based on the achievement of operational performance metrics over a one-year performance period and vests 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 absolute TSR goals over a three-year performance period by applying the applicable vesting percentages. The 2023 PSU Plan grants contain only an Operational Performance Unit, which is eligible to vest based on the achievement of operational metrics over a one-year performance period and vests 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 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 vest in equal annual installments over the applicable service vesting period, which is five years. The market-based awards vest upon the satisfaction of both performance and service-based requirements. The quantity earned is based on the achievement of stock price performance hurdles over the five-year performance period commencing on the second anniversary of the grant date. The earned awards will satisfy the service-based requirement in increments of 60%, 20% and 20% on the third, fourth and fifth anniversaries of the grant date, respectively. The awards are also subject to a two-year post-vesting restriction period, during which any awards earned may not be sold or transferred.

Time-Based Awards

The stock-based compensation is valued based on the quoted closing price of the Company’s common stock on the applicable grant date and discounted for any hold restrictions in accordance with ASC 718. The stock-based compensation is amortized through the final vesting period on a straight-line basis. Forfeitures of awards are recognized as they occur.

Market-Based and Performance-Based Awards

The following table outlines key components of the 2024 market-based awards:


			Market-Based Performance Unit
Maximum bonus pool, in millions			$25.5
Performance period			1/1/2026 to 12/31/2030
Vesting period			1/1/2024 to 1/1/2029

The following table outlines key components of the 2023 PSU Plan:


			Operational Performance Unit
Maximum bonus pool, in millions			$15.0
Performance period			1/1/2023 to 12/31/2023

The following table outlines key components of the 2022 PSU Plan:


	Operational Performance Unit	Relative TSR Performance Unit
Maximum bonus pool, in millions	$15.0	$15.0
Performance period	1/1/2022 to 12/31/2022	1/1/2022 to 12/31/2024

The stock-based compensation cost of the 2024 market-based awards and the 2023 and 2022 PSU Plans was valued in accordance with ASC 718 utilizing a Monte Carlo simulation to estimate the probability of the performance vesting conditions being satisfied. The stock-based compensation is amortized through the final vesting period under a graded vesting expense recognition schedule. Forfeitures of awards are recognized as they occur.

The per unit fair value of the 2024 market-based awards and the 2023 and 2022 PSU awards granted was estimated on the date of grant using the following assumptions in the Monte Carlo simulation:


	2024	2023	2022
Expected price volatility for the Company	41.00%	40.00%	43.00%
Expected price volatility for the particular REIT index	N/A	27.00%	33.00%
Risk-free rate	3.89%	3.44%	1.72%
Dividend yield	3.00 - 6.00%	5.40%	3.60%

Summary of Unvested Share Activity

The following table summarizes the activity and status of all unvested stock awards:


	2024			2023			2022
	Shares	Weighted-Average Grant-Date Fair Value		Shares	Weighted-Average Grant-Date Fair Value		Shares	Weighted-Average Grant-Date Fair Value
Unvested at January 1	693,835	$	9.89	309,837	$	23.14	507,534	$	25.17
Granted	195,240	5.77		618,316	7.54		50,915	20.15
Vested	(286,869)	11.95		(198,430)	23.61		(234,741)	26.81
Canceled	(20,798)	13.51		(35,888)	7.83		(13,871)	24.42
Unvested at December 31	581,408	$	7.37	693,835	$	9.89	309,837	$	23.14

The following table summarizes the activity and status of all unvested time-based restricted operating partnership performance units:


	2024			2023			2022
	Units	Weighted-Average Grant-Date Fair Value		Units	Weighted-Average Grant-Date Fair Value		Units	Weighted-Average Grant-Date Fair Value
Unvested at January 1	1,271,899	$	9.82	357,656	$	22.53	681,394	$	24.91
Granted	3,010,397	7.28		1,422,893	8.16		25,206	11.98
Vested	(808,717)	9.08		(508,650)	14.11		(348,944)	26.42
Canceled	(172,947)	7.46		—	—		—	—
Unvested at December 31	3,300,632	$	7.81	1,271,899	$	9.82	357,656	$	22.53

Share-based Compensation Recorded

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


	For the Year Ended December 31,
	2024		2023		2022
Expensed stock compensation(1)	$	26,009	$	23,863	$	24,296
Capitalized stock compensation(2)	2,160		3,021		3,354
Total stock compensation(3)	$	28,169	$	26,884	$	27,650

_________________

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 additional paid-in capital and non-controlling interest—units in the operating partnership on the Consolidated Balance Sheets.

As of December 31, 2024, total unrecognized compensation cost related to unvested share-based payments was $39.2 million. It is expected to be recognized over a weighted-average period of three years.

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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 years ended December 31, 2024, 2023 and 2022, 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:


	For the Year Ended December 31,
	2024		2023		2022
Numerator:
Basic and diluted net loss available to common stockholders	$	(364,143)	$	(192,181)	$	(56,499)


Denominator:
Basic weighted average common shares outstanding	141,192,730		140,953,088		143,732,433
Effect of dilutive instruments(1)	—		—		—
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	141,192,730		140,953,088		143,732,433
Basic earnings per common share	$	(2.58)	$	(1.36)	$	(0.39)
Diluted earnings per common share	$	(2.58)	$	(1.36)	$	(0.39)

_____________

1.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 years ended December 31, 2024, 2023 and 2022, 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 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:


	For the Year Ended December 31,
	2024		2023		2022
Numerator:
Basic and diluted net loss available to common unitholders	$	(373,500)	$	(195,539)	$	(57,208)


Denominator:
Basic weighted average common units outstanding	144,793,957		143,421,154		145,580,928
Effect of dilutive instruments(1)	—		—		—
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING	144,793,957		143,421,154		145,580,928
Basic earnings per common unit	$	(2.58)	$	(1.36)	$	(0.39)
Diluted earnings per common unit	$	(2.58)	$	(1.36)	$	(0.39)

_____________

1.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.

Redeemable Non-controlling Interest

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Redeemable Non-controlling Interest

Redeemable Preferred Units of the Operating Partnership

As of December 31, 2024 and 2023, there were 392,598 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 into cash or, at the Company’s election, exchangeable for registered shares of common stock.

Redeemable Non-controlling Interest in Consolidated Real Estate Entities

On March 1, 2018, the Company entered into a joint venture agreement with Macerich to form the HPP-MAC JV. On August 31, 2018, Macerich contributed Westside Pavilion to the HPP-MAC JV. The Company has a 75% interest in the joint venture that owns the One Westside and Westside Two properties. The Company has a put right, after a specified time, to sell its interest at fair market value. Macerich has a put right, after a specified time, 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 probable of becoming redeemable. The One Westside and Westside Two properties were sold on December 27, 2023.

On October 9, 2018, the Company entered into a joint venture with Allianz 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. Allianz 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:


	Series A Redeemable Preferred Units		Consolidated Real Estate Entities
Balance, December 31, 2023	$	9,815	$	57,182
Contributions	—		88
Distributions	—		(3,932)
Declared dividend	(612)		—
Net income (loss)	612		(4,059)

Balance, December 31, 2024	$	9,815	$	49,279

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

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 AOCI
Balance, January 1, 2022	$	(3,957)	$	2,196	$	(1,761)
Unrealized gain (loss) recognized in AOCI	612		(12,188)		(11,576)
Reclassification from AOCI into income(1)	2,065		—		2,065
Net change in AOCI	2,677		(12,188)		(9,511)
Balance, December 31, 2022	(1,280)		(9,992)		(11,272)
Unrealized gain recognized in AOCI	9,462		6,149		15,611
Reclassification from AOCI into income(1)	(4,526)		—		(4,526)
Net change in AOCI	4,936		6,149		11,085
Balance, December 31, 2023	3,656		(3,843)		(187)
Unrealized gain (loss) recognized in AOCI	8,942		(7,359)		1,583
Reclassification from AOCI into income(1)	(9,813)		—		(9,813)
Net change in AOCI	(871)		(7,359)		(8,230)
Balance, December 31, 2024	$	2,785	$	(11,202)	$	(8,417)

_____________

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, LP’s AOCI:


	Derivative Instruments		Currency Translation Adjustments		Total AOCI
Balance, January 1, 2022	$	(3,954)	$	2,175	(1,779)
Unrealized gain (loss) recognized in AOCI	597		(12,375)		(11,778)
Reclassification from AOCI into income(1)	2,097		—		2,097
Net change in AOCI	2,694		(12,375)		(9,681)
Balance, December 31, 2022	(1,260)		(10,200)		(11,460)
Unrealized gain recognized in AOCI	9,729		6,325		16,054
Reclassification from AOCI into income(1)	(4,656)		—		(4,656)
Net change in AOCI	5,073		6,325		11,398
Balance, December 31, 2023	3,813		(3,875)		(62)
Unrealized gain recognized in AOCI	9,382		(7,727)		1,655
Reclassification from AOCI into income(1)	(10,306)		—		(10,306)
Net change in AOCI	(924)		(7,727)		(8,651)
Balance, December 31, 2024	2,889		(11,602)		$	(8,713)

_____________

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.

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.

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:


	December 31, 2024		December 31, 2023		December 31, 2022
Company-owned common units in the operating partnership	141,279,102		141,034,806		141,054,478
Company’s ownership interest percentage	97.4	%	98.0	%	98.5	%
Non-controlling common units in the operating partnership(1)	3,796,346		2,810,433		2,191,842
Non-controlling ownership interest percentage	2.6	%	2.0	%	1.5	%

_________________

1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of December 31, 2024, this amount represents both common units and performance units of 550,969 and 3,245,377, respectively. As of December 31, 2023, this amount represents both common units and performance units of 550,969 and 2,259,464, respectively. As of December 31, 2022, this amount represents both common units and performance units of 550,969 and 1,640,873, respectively.

During the years ended December 31, 2024, 2023 and 2022, 992,611, 618,591 and 348,944 performance units, respectively, vested related to various awards to our employees and directors.

Common Stock Activity

The Company did not complete any common stock offerings during the years ended December 31, 2024, 2023 and 2022.

The Company’s ATM program permits sales of up to $125.0 million of common stock. A cumulative total of $65.8 million has been sold as of December 31, 2024. The Company did not utilize the ATM program during the years ended December 31, 2024, 2023 and 2022.

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 year ended December 31, 2024. During the year ended December 31, 2023, the Company repurchased 0.2 million shares of its common stock at a weighted average price of $7.33 per share for $1.4 million, before transaction costs. During the year ended December 31, 2022, the Company repurchased 2.1 million shares of its common stock at a weighted average price of $17.65 per share for $37.2 million, before transaction costs. Since the commencement of the program through December 31, 2024, a cumulative total of $214.7 million had 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.

Accelerated Share Repurchase Agreements

On February 25, 2022, the Company entered into an uncollared accelerated share repurchase (“ASR”) agreement to purchase $100 million of its outstanding common stock. During the first quarter 2022, the Company made an initial payment of $100 million and received an initial delivery of approximately 3.3 million shares of common stock representing 85% of the total $100 million agreement based on the closing price of our common stock on the transaction date. Final settlement of the agreement occurred during the second quarter 2022 based on the daily volume-weighted average price during the measurement period, less a negotiated discount.

On February 25, 2022, the Company entered into a collared ASR agreement to purchase $100 million of its outstanding common stock. During the first quarter 2022, the Company made an initial payment of $100 million and received an initial delivery of approximately 3.3 million shares of common stock based on an estimated cap price calculated using the daily volume-weighted average price during an initial hedge period. Final settlement of the agreement occurred during the third quarter 2022 based on the daily volume-weighted average price during the measurement period, subject to a floor and cap, less a negotiated discount.

At the conclusion of the ASR program in July 2022, a total of 8.1 million shares had been repurchased at an average price of $24.60.

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 of directors of the Company, 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, (unless the Company has elected to redeem the Series C preferred stock) to convert into a specified number of shares of common stock. A complete description of the Series C preferred stock is contained in the Articles Supplementary which is included as Exhibit 3.7 to this Current Report on Form 10-K.

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:


	For the Year Ended December 31,
	2024		2023		2022
Common stock(1)	$	0.10	$	0.375	$	1.00
Common units(1)	$	0.10	$	0.375	$	1.00
Unvested performance-based units(1)(2)	$	0.01	$	0.0375	$	0.10
Series A preferred units	$	1.5625	$	1.5625	$	1.5625
Series C preferred stock(3)	$	1.1875	$	1.1875	$	1.3359

_________________

1.The Company suspended its quarterly common stock dividend during the third and fourth quarters of 2023 and the third and fourth quarters of 2024. 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.

3.Dividends paid during the year ended December 31, 2022 include a $0.2968750 per share dividend declared and paid in each of the first, second, third and fourth quarters of 2022 and a $0.1484375 per share dividend declared during the fourth quarter of 2021.

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.

The Company’s dividends related to its common stock will be classified for U.S. federal income tax purposes as follows (unaudited):


		Distribution Per Share			Ordinary Dividends							Capital Gains Distributions			Return of Capital
Record Date	Payment Date				Total			Non-Qualified(1)		Qualified
3/18/2024	3/28/2024	$	0.05000		$	0.03342		$	0.03342	$	—	$	—			$	0.01658
6/17/2024	6/27/2024	0.05000			0.03342			0.03342		—		—				0.01658


	TOTALS	$	0.10000		$	0.06684		$	0.06684	$	—	$	—			$	0.03316
		100.00		%	66.84		%					—		%		33.16		%

_________________

1.On December 22, 2017, the Tax Cuts and Jobs Act enacted Section 199A that generally allows a deduction for non-corporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Ordinary Dividends eligible for the Section 199A benefit are a subset of and included in the Taxable Ordinary Dividend Amount.

The Company’s dividends related to its 4.750% series C preferred stock will be classified for U.S. federal income tax purposes as follows (unaudited):


		Distribution Per Share			Ordinary Dividends							Capital Gains Distributions			Return of Capital
Record Date	Payment Date				Total			Non-Qualified(1)		Qualified
3/18/2024	3/28/2024	$	0.296875		$	0.296875		$	0.296875	$	—	$	—			$	—
6/17/2024	6/27/2024	0.296875			0.296875			0.296875		—		—				—
9/20/2024	9/30/2024	0.296875			0.296875			0.296875		—		—				—
12/20/2024	12/30/2024	0.296875			0.296875			0.296875		—		—				—
	TOTALS	$	1.187500		$	1.187500		$	1.187500	$	—	$	—			$	—
		100.00		%	100.00		%					—		%		—		%

_________________

1.On December 22, 2017, the Tax Cuts and Jobs Act enacted Section 199A that generally allows a deduction for non-corporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Ordinary Dividends eligible for the Section 199A benefit are a subset of and included in the Taxable Ordinary Dividend Amount.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

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 are the Company’s 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 rents receivables, net, deferred leasing costs and intangible assets, net, operating lease right-of-use 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.

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


	Year Ended December 31,
	2024		2023		2022
Office segment
Core office revenues	$	679,049	$	798,429	$	836,374
Core office expenses
Utilities	(27,780)		(26,214)		(24,941)
Taxes	(73,862)		(77,672)		(82,378)
Administrative	(29,511)		(30,251)		(29,780)
Insurance	(26,846)		(26,408)		(19,606)
Other segment expenses(1)	(134,423)		(137,527)		(135,637)
Total core office expenses	(292,422)		(298,072)		(292,342)
Office net operating income	386,627		500,357		544,032
Studio segment
Studio revenues	149,806		139,922		173,524
Studio expenses
Rent expense & real estate taxes	(34,263)		(30,483)		(16,644)
Cost of goods sold	(25,419)		(20,020)		(24,051)
Other segment expenses(3)	(88,748)		(87,944)		(64,455)
Total studio expenses	(148,430)		(138,447)		(105,150)
Studio net operating income	1,376		1,475		68,374
TOTAL SEGMENT PROFIT	$	388,003	$	501,832	$	612,406

_________________

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:


	Year Ended December 31,
	2024		2023		2022
Office segment
Core office revenues	$	679,049	$	798,429	$	836,374
Chargebacks	13,227		13,946		16,326
Total office revenues	692,276		812,375		852,700
Studio segment
Total studio revenues	149,806		139,922		173,524
Total revenues	$	842,082	$	952,297	$	1,026,224

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


	Year Ended December 31,
	2024		2023		2022
NET LOSS	$	(381,406)	$	(170,700)	$	(16,517)
General and administrative	79,451		74,958		79,501
Depreciation and amortization	354,425		397,846		373,219
Loss (income) from unconsolidated real estate entities	7,308		3,902		(943)
Fee income	(5,269)		(6,181)		(7,972)
Interest expense	177,393		214,415		149,901
Interest income	(2,467)		(2,182)		(2,340)
Management services reimbursement income—unconsolidated real estate entities	(4,119)		(4,125)		(4,163)
Management services expense—unconsolidated real estate entities	4,119		4,125		4,163
Transaction-related expenses	2,499		(1,150)		14,356
Unrealized loss on non-real estate investments	3,958		3,120		1,440

Loss (gain) on sale of real estate	2,453		(103,202)		2,164
Impairment loss	149,664		60,158		28,548
Gain on extinguishment of debt	—		(10,000)		—
Other (income) loss	(1,647)		6		(8,951)
Loss on sale of bonds	—		34,046		—
Income tax provision	$	1,641	$	6,796	$	—
TOTAL SEGMENT PROFIT	$	388,003	$	501,832	$	612,406

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Employment Agreements During the year ended December 31, 2024, the Company entered into employment agreements with certain of its executive officers, which are 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 years ended December 31, 2024, 2023 and 2022, the Company recognized $4.1 million, $4.1 million and $4.2 million, respectively, of such reimbursement income in management services reimbursement income—unconsolidated real estate entities on the Consolidated Statement 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 December 31, 2024, the Company’s right-of-use assets and lease liabilities related to these lease obligations were $4.9 million and $5.1 million, respectively, as compared to right-of-use assets and lease liabilities of $6.2 million and $6.4 million, respectively, as of December 31, 2023. During the year ended December 31, 2024, the Company recorded $1.2 million of related rental expense in management services expense—unconsolidated real estate entities on the Consolidated Statements of Operations related to these leases. During the years ended December 31, 2023 and 2022, the Company recorded $1.0 million of rental expense.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 December 31, 2024, the Company has contributed $41.1 million to these funds, net of distributions, with $9.9 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 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 December 31, 2024, 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 December 31, 2024, the Company had $16.1 million in outstanding letters of credit under the unsecured revolving credit facility. The letters of credit are primarily related to utility company security deposit requirements. 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 December 31, 2024, the Company had $98.6 million in related commitments.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

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


	Year Ended December 31,
	2024		2023		2022
Cash paid for interest, net of capitalized interest	$	170,984	$	197,599	$	133,869

Non-cash investing and financing activities
Accounts payable and accrued liabilities for real estate investments	$	79,128	$	87,779	$	150,408
Remeasurement of operating lease liabilities and related right-of-use assets	$	29,160	$	5,751	$	23,177
Operating lease liabilities recorded in connection with right-of-use assets	$	3,617	$	2,117	$	100,805
Redemption of common units in the operating partnership	$	133	$	—	$	—
Assets recognized upon consolidation of previously unconsolidated real estate entity	$	197,968	$	—	$	—
Liabilities recognized upon consolidation of previously unconsolidated real estate entity	$	86,565	$	—	$	—
Derecognition of equity method investment upon consolidation of previously unconsolidated real estate entity	$	55,593	$	—	$	—
Note payable issued as consideration in a business combination	$	—	$	—	$	160,000

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 22, 2025, the Company sold its Maxwell property for $46.0 million before certain credits, prorations and closing costs. The proceeds were used to repay $35.0 million on the Company’s unsecured revolving credit facility. On January 29, 2025, the Company amended its unsecured revolving credit facility agreement to favorably adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2024

(In thousands)


			Initial Costs				Total Adjustment to Basis(1)		Total Costs								Year Built / Renovated
Property name	Encumbrances		Land		Building & Improvements				Land		Building & Improvements		Total		Accumulated Depreciation(2)			Year Acquired
Office
875 Howard, San Francisco Bay Area, CA	$	—	$	18,058	$	41,046	$	47,985	$	18,058	$	89,031	$	107,089	$	(28,611)	1920/2001	2007
6040 Sunset, Los Angeles, CA(3)	1,100,000		6,599		27,187		29,237		6,599		56,424		63,023		(26,723)		2008	2008
ICON, Los Angeles, CA(3)	—		—		—		164,257		—		164,257		164,257		(44,238)		2017	2008
CUE, Los Angeles, CA(3)	—		—		—		49,553		—		49,553		49,553		(11,428)		2017	2008
EPIC, Los Angeles, CA(3)	—		10,606		—		215,574		10,606		215,574		226,180		(41,316)		2019	2008
1455 Market, San Francisco Bay Area, CA	—		41,226		34,990		59,954		41,226		94,944		136,170		(42,658)		1976/2016	2010
Rincon Center, San Francisco Bay Area, CA	—		58,251		110,656		76,541		58,251		187,197		245,448		(69,384)		1961/2020	2010
10950 Washington, Los Angeles, CA	—		17,979		25,110		12,007		17,979		37,117		55,096		(8,565)		1957/1974	2010
275 Brannan, San Francisco Bay Area, CA	—		4,187		8,063		15,378		4,187		23,441		27,628		(12,818)		1905/2013	2011
625 Second, San Francisco Bay Area, CA	—		10,744		42,650		7,743		10,744		50,393		61,137		(16,645)		1906/1999	2011
10900 Washington, Los Angeles, CA	—		1,400		1,200		292		1,400		1,492		2,892		(440)		1973	2012
901 Market, San Francisco Bay Area, CA	—		17,882		79,305		20,982		17,882		100,287		118,169		(36,000)		1912/1985	2012
Element LA, Los Angeles, CA	168,000		79,769		19,755		98,867		79,769		118,622		198,391		(36,745)		1949/2015	2012 2013
505 First, Greater Seattle, WA	—		22,917		133,034		16,652		22,917		149,686		172,603		(41,778)		2010	2013
83 King, Greater Seattle, WA	—		12,982		51,403		14,158		12,982		65,561		78,543		(22,357)		1904/2017	2013
Met Park North, Greater Seattle, WA	—		28,996		71,768		(2,318)		28,996		69,450		98,446		(20,248)		2000	2013
411 First, Greater Seattle, WA	—		27,684		29,824		29,582		27,684		59,406		87,090		(20,589)		1906/2017	2014
450 Alaskan, Greater Seattle, WA	—		—		—		87,228		—		87,228		87,228		(20,332)		2017	2014
95 Jackson, Greater Seattle, WA	—		—		—		18,254		—		18,254		18,254		(4,977)		1909/2018	2014
Palo Alto Square, San Francisco Bay Area, CA	—		—		326,033		44,078		—		370,111		370,111		(125,706)		1971/2018	2015
3400 Hillview, San Francisco Bay Area, CA	—		—		159,641		(4,735)		—		154,906		154,906		(60,172)		1991	2015
Foothill Research Center, San Francisco Bay Area, CA	—		—		133,994		(39,053)		—		94,941		94,941		(63,554)		1991	2015
Page Mill Center, San Francisco Bay Area, CA	—		—		147,625		20,814		—		168,439		168,439		(59,898)		1970/2020	2015
Clocktower Square, San Francisco Bay Area, CA	—		—		93,949		13,870		—		107,819		107,819		(31,711)		1983/2019	2015
Towers at Shore Center, San Francisco Bay Area, CA	—		72,673		144,188		15,939		72,673		160,127		232,800		(48,421)		2001	2015
Shorebreeze, San Francisco Bay Area, CA	—		69,448		59,806		21,138		69,448		80,944		150,392		(22,247)		1987	2015
555 Twin Dolphin, San Francisco Bay Area, CA	—		40,614		73,457		19,568		40,614		93,025		133,639		(26,437)		1989	2015
333 Twin Dolphin, San Francisco Bay Area, CA	—		36,441		64,892		19,455		36,441		84,347		120,788		(26,105)		1985/2017	2015
Metro Center, San Francisco Bay Area, CA	—		—		313,683		87,722		—		401,405		401,405		(112,348)		1986/2020	2015


			Initial Costs				Total Adjustment to Basis(1)		Total Costs								Year Built / Renovated
Property name	Encumbrances		Land		Building & Improvements				Land		Building & Improvements		Total		Accumulated Depreciation(2)			Year Acquired
Concourse, San Francisco Bay Area, CA	—		45,085		224,271		70,223		45,085		294,494		339,579		(81,665)		1990/2022	2015
Gateway, San Francisco Bay Area, CA	—		33,117		121,217		61,135		33,117		182,352		215,469		(57,323)		1985/2017	2015
Metro Plaza, San Francisco Bay Area, CA	—		16,038		106,156		72,188		16,038		178,344		194,382		(44,092)		1986/2021	2015
1740 Technology, San Francisco Bay Area, CA	—		8,052		49,486		11,371		8,052		60,857		68,909		(14,586)		1985	2015
Skyport Plaza, San Francisco Bay Area, CA	—		16,521		153,844		(1,669)		16,521		152,175		168,696		(38,397)		2001	2015
Techmart, San Francisco Bay Area, CA	—		—		66,660		21,117		—		87,777		87,777		(25,540)		1986/2019	2015
Fourth & Traction, Los Angeles, CA	—		12,140		37,110		69,223		12,140		106,333		118,473		(35,804)		1915/2017	2015
Maxwell, Los Angeles, CA	—		13,040		26,960		20,854		7,342		53,512		60,854		(19,644)		1924/2019	2015
11601 Wilshire, Los Angeles, CA	—		28,978		321,273		69,184		28,978		390,457		419,435		(95,121)		1983/2018	2016 2017
Hill7, Greater Seattle, WA	101,000		36,888		137,079		20,161		36,888		157,240		194,128		(45,750)		2015	2016
Page Mill Hill, San Francisco Bay Area, CA	—		—		131,402		11,133		—		142,535		142,535		(37,372)		1975/2020	2016
Harlow, Los Angeles, CA	—		7,455		—		85,378		7,455		85,378		92,833		(11,366)		2020	2017
Ferry Building, San Francisco Bay Area, CA(4)	—		—		268,292		56,468		—		324,760		324,760		(59,594)		1898/2003	2018
1918 Eighth, Greater Seattle, WA	314,300		38,477		545,773		31,758		38,477		577,531		616,008		(76,779)		2009	2020
5th & Bell, Greater Seattle, WA	—		20,866		82,072		17,148		20,866		99,220		120,086		(14,468)		2002	2021
Washington 1000, Greater Seattle, WA	—		59,980		11,053		222,948		59,980		234,001		293,981		—		Under development	2022
Studio
5801 Bobby Foster Road, Albuquerque, NM	—		2,189		6,268		415		2,189		6,683		8,872		(565)		2008	2022
Sunset Gower Studios, Los Angeles, CA(3)	—		101,477		64,697		83,919		101,477		148,616		250,093		(50,302)		Various	2007 2011 2012
Sunset Bronson Studios, Los Angeles, CA(3)	—		67,092		32,374		52,098		67,092		84,472		151,564		(38,289)		Various	2008
Sunset Las Palmas Studios, Los Angeles, CA(3)	—		134,488		104,392		67,604		134,488		171,996		306,484		(32,472)		Various	2017 2018
Sunset Glenoaks Studios, Los Angeles, CA(5)	99,600		28,675		—		201,090		28,675		201,090		229,765		(829)		2024	2021
Various(6)	—		—		—		51,961		—		51,961		51,961		(11,897)		N/A	2022
TOTAL	$	1,782,900	$	1,249,014	$	4,683,638	$	2,456,429	$	1,243,316	$	7,145,765	$	8,389,081	$	(1,874,306)

_____________

1.Consists of capital expenditures and real estate development costs, write-offs due to disposals and impairment charges.

2.The Company computes depreciation using the straight-line method over the estimated useful lives over the shorter of the ground lease term or 39 years for building and improvements, 15 years for land improvements and over the shorter of the asset life or lease term for tenant and leasehold improvements.

3.These properties are encumbered by a $1.1 billion mortgage loan. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 10 to the Consolidated Financial Statements-Debt” for additional information on secured debt.

4.This property is encumbered by a $66.1 million debt due to our joint venture partner. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 10 to the Consolidated Financial Statements-Debt” for additional information on joint venture partner debt.

5.This property was consolidated as of December 31, 2024 and unconsolidated as of December 31, 2023.

6.Represents leasehold improvements capitalized in connection with the Company’s leasehold interests in 24 sound stages.

The aggregate gross cost of property included above for federal income tax purposes approximated $8.8 billion, unaudited as of December 31, 2024.

The following table reconciles the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2022 to December 31, 2024:


	Year Ended December 31,
	2024		2023		2022
Total investment in real estate, beginning of year	$	8,212,896	$	8,716,572	$	8,361,477
Additions during period:
Asset acquisitions	—		—		101,653
Business acquisitions	—		—		47,741
Improvements, capitalized costs(1)	374,764		353,544		553,327
Total additions during period	374,764		353,544		702,721
Deductions during period
Disposals (fully depreciated assets and early terminations)	(124,575)		(67,177)		(51,812)
Impairment loss	(39,875)		(48,480)		(17,636)
Cost of property sold	(34,129)		(741,563)		(171,646)
Total deductions during period	(198,579)		(857,220)		(241,094)

Ending balance, before reclassification to assets associated with real estate held for sale	8,389,081		8,212,896		8,823,104
Reclassification to assets associated with real estate held for sale	(155,795)		—		(106,532)
TOTAL INVESTMENT IN REAL ESTATE, END OF YEAR	$	8,233,286	$	8,212,896	$	8,716,572

Total accumulated depreciation, beginning of year	$	(1,728,437)	$	(1,541,271)	$	(1,283,774)
Additions during period:
Depreciation of real estate	(284,273)		(340,019)		(368,376)
Total additions during period	(284,273)		(340,019)		(368,376)
Deductions during period:
Deletions	124,575		66,122		55,939
Write-offs due to sale	13,829		86,731		40,556
Total deductions during period	138,404		152,853		96,495

Ending balance, before reclassification to assets associated with real estate held for sale	(1,874,306)		(1,728,437)		(1,555,655)
Reclassification to assets associated with real estate held for sale	83,198		—		14,384
TOTAL ACCUMULATED DEPRECIATION, END OF YEAR	$	(1,791,108)	$	(1,728,437)	$	(1,541,271)

_____________

1.Sunset Glenoaks Studios was consolidated as of December 31, 2024 and unconsolidated as of December 31, 2023 and 2022. $187,772 of the additions during 2024 is related to its initial consolidation.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; •cybersecurity awareness training of our employees, incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for service providers, suppliers, and vendors. Notwithstanding the foregoing, there can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our SVP, Information Technology, as well as our Risk Committee, which includes our Chief Financial Officer, EVP, Business Affairs and General Counsel and Chief Risk Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. Our management team, including our Chief Financial Officer, EVP, Business Affairs and General Counsel and Chief Risk Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team’s experience includes technical and managerial expertise, enabling them to proficiently design, engineer, and oversee the organization’s overall security stance. Their capabilities encompass a wide range of skills, including proficiency in Security and Risk Management, Vulnerability Management, as well as expertise in Network Security and Operations, and Security Architecture. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our Chief Financial Officer, EVP, Business Affairs and General Counsel and Chief Risk Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team’s experience includes technical and managerial expertise, enabling them to proficiently design, engineer, and oversee the organization’s overall security stance. Their capabilities encompass a wide range of skills, including proficiency in Security and Risk Management, Vulnerability Management, as well as expertise in Network Security and Operations, and Security Architecture. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our Chief Financial Officer, EVP, Business Affairs and General Counsel and Chief Risk Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management team’s experience includes technical and managerial expertise, enabling them to proficiently design, engineer, and oversee the organization’s overall security stance. Their capabilities encompass a wide range of skills, including proficiency in Security and Risk Management, Vulnerability Management, as well as expertise in Network Security and Operations, and Security Architecture
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our SVP, Information Technology, as well as our Risk Committee, which includes our Chief Financial Officer, EVP, Business Affairs and General Counsel and Chief Risk Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

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”). Any references to the number of properties, acres and square footage are unaudited and outside the scope of the Company’s independent registered public

accounting firm’s audit of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board (“PCAOB”).

Principles of Consolidation

The 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.

Under the consolidation guidance, the Company first evaluates an entity using the variable interest model, then the voting model. The Company ultimately consolidates all entities that the Company controls through either majority ownership or voting rights, including all variable interest entities (“VIEs”) of which the Company is considered the primary beneficiary. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. In addition, the Company continually evaluates each legal entity that is not wholly-owned for reconsideration based on changing circumstances.

VIEs are defined as entities in which equity investors do not have:

•the characteristics of a controlling financial interest;

•sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties; and/or

•the entity is structured with non-substantive voting rights.

The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with both the power to direct the activities that most significantly affect the VIE’s economic performance and the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

As of December 31, 2024 and 2023, 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 December 31, 2024, the Company has determined it is not the primary beneficiary of six 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.

On August 28, 2023, the Company entered into a joint venture with subsidiaries of Blackstone Property Partners and Vornado Realty Trust to develop Sunset Pier 94 Studios in the borough of Manhattan in New York, New York. The Company owns approximately 26% of the ownership interests in the joint venture.

The Company’s net equity investment in its unconsolidated joint ventures is reflected within investment in unconsolidated real estate entities on the Consolidated Balance Sheets. The Company’s share of net income or loss from the joint ventures is included within (loss) income from unconsolidated real estate entities on the Consolidated Statements of Operations. The Company uses the cumulative earnings approach for determining cash flow presentation of distributions from unconsolidated joint ventures. Under this approach, distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities. Refer to Note 6 for further details regarding our investments in unconsolidated joint ventures.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring and assessing the carrying values of its real estate

properties assets acquired and liabilities assumed in business combination transactions, the fair values of its goodwill and intangible assets, determining the incremental borrowing rate used in the present value calculations of its new or modified operating lessee agreements, its accrued liabilities, and the valuation of performance-based equity compensation awards. The Company bases its estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results could materially differ from these estimates.

Acquisitions and Investment in Real Estate Properties

Acquisitions

The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination in accordance with ASC 805. An integrated set of assets and activities would fail to qualify as a business if either (i) substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets or (ii) the integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction).

Acquisitions of real estate will generally not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and improvements and related intangible assets or liabilities) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay.

When the Company acquires properties that are considered asset acquisitions, the purchase price is allocated based on relative fair value of the assets acquired and liabilities assumed. There is no measurement period concept for asset acquisitions, with the purchase price accounting being final in the period of acquisition. Additionally, acquisition-related expenses associated with asset acquisitions are capitalized as part of the purchase price.

The Company assesses fair value based on Level 2 and Level 3 inputs within the fair value framework, which includes estimated cash flow projections that utilize appropriate discount, capitalization rates, renewal probability and available market information, which includes market rental rate and market rent growth rates. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions.

The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of acquired “above- and below-” market leases are based on the estimated cash flow projections utilizing discount rates that reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the extended below-market term for any leases with below-market renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions. In estimating costs to execute similar leases, the Company considers commissions, legal and other leasing-related costs. The fair value of debt assumed is based on the estimated cash flow projections utilizing interest rates available for the issuance of debt with similar terms and remaining maturities.

Investment in Real Estate Properties

Cost Capitalization

The Company capitalizes costs associated with development and redevelopment activities, capital improvements, tenant improvements and leasing activity. Costs associated with development and redevelopment that are capitalized include interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate project. Indirect development costs, including salaries and benefits, office rent, and associated costs for those individuals directly responsible for and who spend their time on development activities are also capitalized and allocated to the projects to which they relate. Construction and development costs are capitalized while substantial activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements but no later than one year after cessation of major construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as they are incurred. Costs previously capitalized that related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as they are incurred.

Business Combinations

From time to time, we may enter into business combinations. In accordance with ASC 805, the Company applies the acquisition method for acquisitions that meet the definition of a business combination. Under the acquisition method, the Company estimates the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Acquired intangible assets are valued using different methods under the income approach, including the excess earnings method for customer relationships, the relief-from-royalty method for trade names, and the lost profits method for non-compete agreements. The fair values of acquired “above- and below-” market leases are estimated based on the present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the extended below-market term for any leases with below-market renewal options. Acquired property, plant and equipment is valued using the cost approach, including consideration of reproduction or replacement costs, economic depreciation and obsolescence. We measure goodwill as the excess of consideration transferred over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Goodwill is assigned to each reporting unit that is expected to benefit from the synergies of the business combination. Acquisition-related expenses and transaction costs associated with business combinations are expensed in the period incurred which is included in the transaction-related expenses line item of the Consolidated Statements of Operations.

The acquisition method of accounting requires us to make significant estimates and assumptions regarding the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. The Company estimates the fair value using observable inputs classified as Level 2 and unobservable inputs classified as Level 3 of the fair value hierarchy. Significant estimates and assumptions include subjective and/or complex judgments regarding items such as revenue growth rates, long-term

growth rates, discount rates, customer retention rates, royalty rates, market rental rates and other factors, including estimating future cash flows that we expect to generate from the acquired assets.

The acquisition method of accounting also requires us to refine these estimates over a measurement period not to exceed one year to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. If we are required to adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with acquisitions, these adjustments could have a material impact on our financial condition and results of operations. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, we could record future impairment charges.

Operating Properties

The properties are generally carried at cost, less accumulated depreciation and amortization. The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets as represented in the table below:


Asset Description						Estimated Useful Life (Years)
Building and improvements						Shorter of the ground lease term or 39
Land improvements						15
Furniture and fixtures						5 to 7
Tenant and leasehold improvements						Shorter of the estimated useful life or the lease term

The Company amortizes above- and below-market lease intangibles over the remaining non-cancellable lease terms and bargain renewal periods, if applicable. The in-place lease intangibles are amortized over the remaining non-cancellable lease term. When tenants vacate prior to the expiration of a lease, the amortization of intangible assets and liabilities is accelerated. The Company amortizes above- and below-market ground lease intangibles over the remaining non-cancellable lease terms.

Held for sale

Held for Sale

The Company classifies properties as held for sale when certain criteria set forth in ASC 360, Property, Plant, and Equipment, are met. These criteria include (i) whether the Company is committed to a plan to sell, (ii) whether the asset or disposal group is available for immediate sale, (iii) whether an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) whether the sale of the asset or disposal group is probable (i.e., likely to occur) and the transfer is expected to qualify for recognition as a completed sale within one year, (v) whether the long-lived asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, (vi) whether actions necessary to complete the plan indicate that it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. At the time a

property is classified as held for sale, the Company reclassifies its assets and liabilities to held for sale on the Consolidated Balance Sheets for all periods presented and ceases recognizing depreciation expense.

Properties held for sale are reported at the lower of their carrying value or their estimated fair value, less estimated costs to sell. The estimated fair value is generally based on a purchase and sale agreement, letter of intent, or a broker estimated value of the property. The Company will recognize an impairment loss on real estate assets held for sale when the carrying value is greater than the fair value, which is based on the estimated sales price of the property, which is classified within Level 2 of the fair value hierarchy.

The Company assesses the carrying value of real estate assets and related intangibles whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable in accordance with GAAP. Impairment losses are recorded on real estate assets held for investment when indicators of impairment are present and the future undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. The Company recognizes impairment losses to the extent the carrying amount exceeds the fair value, based Level 2 inputs.

According to ASC 205, Presentation of Financial Statements, the Company does not present the operating results in net loss from discontinued operations for disposals if they do not represent a strategic shift in the Company’s business.

Impairment of Long-Lived Assets

The Company assesses the carrying value of real estate assets and related intangibles for impairment on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable over the life of the asset or its intended holding period. We evaluate our real estate assets for impairment on a property-by-property basis. Indicators we consider to determine whether an impairment evaluation is necessary include, but are not limited to, deterioration in operating cash flows, low occupancy levels, significant near-term lease expirations, default or bankruptcy by a significant tenant and expectations that, more likely than not, a property will be sold or otherwise disposed of before the end of its previously estimated useful life or hold period.

If impairment indicators are present for a specific real estate asset, we perform a recoverability test by comparing the carrying value of the asset group to the asset group’s estimated undiscounted future cash flows over the anticipated hold period. If the carrying value exceeds the estimated undiscounted future cash flows, we then compare the carrying value to the asset group’s estimated fair value and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are highly subjective and are based on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates, which are considered Level 2 and Level 3 inputs within the fair value hierarchy. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could significantly affect the overall estimation of the undiscounted future cash flows and fair value of an asset group.

Goodwill and Acquired Intangible Assets

Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired and liabilities assumed. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination.

The Company tests its goodwill and indefinite-lived intangible assets for impairment at least annually on December 31st, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the reporting unit to which it is assigned, which can be an operating segment or one level below an operating segment. The Company has three operating segments: the management entity, Office and Studio. The Studio operating segment consists of two reporting units: Sunset Studios and Quixote. The Quixote reporting unit consists of the Zio Entertainment Network, LLC (“Zio”) and Star Waggons, LLC (“Star Waggons”) businesses acquired in 2021 and the Quixote Studios, LLC (“Quixote”) business acquired in 2022, which have since been integrated as a single business. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill. If so, a quantitative assessment is performed, and to the extent the carrying value of the reporting unit exceeds its fair value, impairment is recognized for the excess up to the amount of goodwill assigned to the reporting unit. Alternatively, the Company may bypass a qualitative assessment and proceed directly to a quantitative assessment.

A qualitative assessment considers various factors such as macroeconomic, industry and market conditions to the extent they affect the earnings performance of the reporting unit, changes in business strategy and/or management of the reporting unit, changes in composition or mix of revenues and/or cost structure of the reporting unit, financial performance and business prospects of the reporting unit, among other factors.

In a quantitative assessment, significant judgment, assumptions and estimates are applied in determining the fair value of reporting units. The Company generally uses the income approach to estimate fair value by discounting the projected net cash flows

of the reporting unit, and may corroborate with market-based data where available and appropriate. Projection of future cash flows is based upon various factors, including, but not limited to, our strategic plans in regard to our business and operations, internal forecasts, terminal year residual revenue multiples, operating profit margins, pricing of similar businesses and comparable transactions where applicable, and risk-adjusted discount rates to present value future cash flows. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could significantly affect the overall estimation of fair value of the reporting unit.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents are defined as cash on hand and in banks, plus all short-term investments with a maturity of three months or less when purchased. Restricted cash primarily consists of amounts held by lenders to fund reserves such as capital improvements, taxes, insurance, debt service and operating expenditures.

The Company maintains some of its cash in bank deposit accounts that, at times, may exceed the federally insured limit. No losses have been experienced related to such accounts.

Receivables

The Company accounts for receivables related to rental revenues according to ASC 842, Leases. The guidance requires the Company to assess, at lease commencement and subsequently, collectability of future lease payments from its tenants. If the Company determines collectability is not probable, it recognizes an adjustment to lower income from rentals. For amounts deemed probable of collection, the Company may also record an allowance under other authoritative GAAP based on the evaluation of individual receivables, including specific credit enhancements and other relevant factors.

Lease Accounting, Lessee Accounting

Lease Accounting

The Company accounts for its leases under ASC 842, which requires companies to identify lease and non-lease components of a lease agreement. Lease components relate to the right to use the leased asset whereas non-lease components relate to payments for goods or services that are transferred separately from the right to use the underlying asset.

For lessors, the guidance provides for a practical expedient, by class of underlying asset, to elect a combined single lease component presentation if (i) the timing and pattern of the transfer of the combined single lease component is the same, and (ii) the related lease component, if accounted for separately, would be classified as an operating lease. The practical expedient was elected only for the Company’s leases related to the office properties. For the Company’s studio properties, the timing and pattern of the transfer of the lease components and non-lease components for studio properties are not the same and therefore the Company did not elect this practical expedient for the Company’s studio properties. The standalone selling price related to the studio non-lease components is readily available and does not require estimates.

Lessee Accounting

The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements relate to ground leases, sound stage leases, office leases and other facility leases and are reflected in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. For leases with a term of 12 months or less, the Company makes an accounting policy election by class of underlying asset, not to recognize ROU assets and lease liabilities. The Company recognizes lease expense for such leases generally on a straight-line basis over the lease term.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Many of the Company’s lease agreements include options to extend the lease, which the Company does not include in its minimum lease terms unless the option is reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. The weighted average remaining lease term was 21 years as of December 31, 2024.

Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. ROU assets further include any lease payments made and exclude lease incentives. ROU assets acquired in connection with business combination transactions are also adjusted for above- and below- market lease terms.

As the Company’s leases do not provide an implicit rate, the Company calculates the present value of lease payments using its incremental borrowing rate based on the information available at commencement date, or the date of the ASC 842 adoption.

Lease Accounting, Lessor Accounting