Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 4

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of March 31, 2025. The methodology is the same when calculating ABR per 

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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 March 31, 2025. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended March 31, 2025, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of March 31, 2025.

4.Same-store office for the three months ended March 31, 2025 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2024 and still owned and included in the stabilized office portfolio as of March 31, 2025. 

5.Included in our non-same-store property group.

6.Includes office properties that have not yet reached 92.0% occupancy since the date they were acquired as of March 31, 2025.

7.Includes studio properties owned and included in our portfolio as of January 1, 2024 and still owned and included in our portfolio as of March 31, 2025.

8.Refer to Repositioning table in this document for the office and studio projects under repositioning as of March 31, 2025.

9.Includes 546,000 square feet related to the office development Washington 1000 and 232,000 square feet related to Sunset Pier 94 Studios. 

10.Includes pending entitlement to develop approximately 500 residential units at 10900-10950 Washington. 

We invest in Class-A office properties in west coast technology and media hubs, which allows us to attract and retain leading public and established private companies as tenants. As of March 31, 2025, public companies represented 52.9% of our tenant base and private companies with an age of greater than 10 years represented 40.4% of our tenant base, based on HPP’s share of ABR. Further, as of March 31, 2025, 75% of our public tenants and 40% of all of our tenants had an investment grade credit rating, based on HPP’s share of A