Company: HPP
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001482512-25-000029
Chunk: 187

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 187
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 per square foot basis, ABR is divided by square footage under commenced leases as of December 31, 2024. 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 December 31, 2024. 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 December 31, 2024. 

3.ABR per square foot at expiration for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced leases as of December 31, 2024.

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

34

Historical Office Tenant Improvements and Leasing Commissions

The following table represents 100% share of consolidated and unconsolidated joint ventures, summarizing historical information regarding tenant improvement and leasing commission costs for our office properties: Year Ended December 31,202420232022Renewals(1)Number of leases153 149 162 Square feet816,965 1,125,614 1,172,126 Tenant improvement costs per square foot(2)(3)$18.12 $8.77 $11.66 Leasing commission costs per square foot(2)9.50 6.80 9.50 Total tenant improvement and leasing commission costs$27.62 $15.57 $21.16 New leases(4)Number of leases163 117 140 Square feet1,212,377 572,833 943,650 Tenant improvement costs per square foot(2)(3)$48.82 $38.15 $65.71 Leasing commission costs per square foot(2)14.70 10.73 18.10 Total tenant improvement and leasing commission costs$63.52 $48.88 $83.81 TOTALNumber of leases316 266 302 Square feet2,029,342 1,698,447 2,115,776 Tenant improvement costs per square foot(2)(3)$36.51 $18.49 $36