Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 11

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of June 30, 2025. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of June 30, 2025. 

3.Reflects management offices occupied by the Company with various expiration dates.

46

Historical Office Tenant Improvements and Leasing Commissions

The following table summarizes historical information regarding tenant improvement and leasing commission costs for tenants at our office properties: 

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Renewals(1)Number of leases31 33 58 70 Square feet223,100 183,475 438,280 399,031 Tenant improvement costs per square foot(2)(3)$17.26 $25.42 $17.88 $26.23 Leasing commission costs per square foot(2)11.23 14.05 9.88 12.25 Total tenant improvement and leasing commission costs(2)$28.49 $39.47 $27.76 $38.48 New leases(4)Number of leases41 49 76 82 Square feet334,955 356,056 750,070 649,115 Tenant improvement costs per square foot(2)(3)$54.10 $58.33 $64.90 $50.24 Leasing commission costs per square foot(2)14.26 11.65 14.33 12.43 Total tenant improvement and leasing commission costs(2)$68.36 $69.98 $79.23 $62.67 TOTALNumber of leases72 82 134 152 Square feet558,055 539,531 1,188,350 1,048,146 Tenant improvement costs per square foot(2)(3)$38.13 $47.19 $47.24 $41.46 Leasing commission costs per square foot(2)12.95 12.46 12.65 12.37 TOTAL TENANT IMPROVEMENT AND LEASING COM