Company: HPP
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001193125-25-140284
Chunk: 9

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-06-13
Form: 424B5
Chunk 9
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’s share of net operating income, or NOI, of approximately $338.0 million, of which 40%, 23%, 17%, 17% and 3% was derived from our operations in the
Silicon Valley, San Francisco, Los Angeles, Seattle and Vancouver markets, respectively. NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by generally accepted accounting principles in the
United States (“GAAP”) and should not be considered an alternative to net income, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may
not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our
properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from net income. We calculate NOI as net income (loss) excluding corporate general and
administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as
operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and
administrative expenses). For a reconciliation of NOI to net income, see “Certain Results of Operations, Financial Condition and Other Data.”

Leasing and Transaction Activity

During the quarter ended March 31, 2025, we executed new and renewal leases for approximately 630,000 square feet, representing a
year-over-year increase of 24% in square feet and the highest quarterly leasing activity since the second quarter of 2022. Of such 630,000 square feet, 66% was for new leases. Although we can provide no assurance that lease transactions in our
pipeline will be completed on expected terms or at all, as of March 31, 2025, we had given tours for an aggregate of 1.7 million square feet, a quarter-over-quarter increase of 18%, and we have leases, letters of intent or proposals
covering an aggregate of approximately 2.1 million square feet, with 34% of such space comprised of late stage deals and new deals comprising 83% of such space. In