Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 9

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest. As a result, management believes that presenting HPP’s share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.

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Office Lease Expirations

The following table summarizes the lease expirations for leases in place as of June 30, 2025, plus available space, at the properties in our office portfolio. Unless otherwise stated in the footnotes, the information set forth in the table assumes that tenants did not exercise any renewal options. 

HPP’s ShareYear of Lease Expiration# of Leases Expiring(1)Square Feet Expiring Square Footage of Expiring LeasePercent of Office Portfolio Square FeetAnnualized Base Rent(2)Percent of Office Portfolio Annualized Base RentAnnualized Base Rent Per Leased Square Foot(2)Annualized Base Rent at Expiration(2)Annualized Base Rent Per Lease Square Foot at Expiration(2)Vacant3,979,975 3,806,571 31.9 %Q3-202545 247,149 213,793 1.8 9,283,610 2.0 43.42 9,284,478 43.43 Q4-202539 300,067 176,931 1.5 9,791,885 2.1 55.34 6,532,782 36.92 Total 202584 547,216 390,724 3.3 19,075,495 4.1 48.82 15,817,260 40.48 2026149 987,077 931,437 7.8 55,157,645 12.0 59.22 55,596,934 59.69 2027143 1,182,649 1,041,622 8.7 63,127,693 13.7 60.61 66,491,901 63.83 2028115 1,446,560 1,231,850 10.3 87,089,