Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 92

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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0.33)$(0.92)$(0.70)Diluted earnings per common unit$(0.41)$(0.33)$(0.92)$(0.70)__________________ 1.Basic weighted average common units outstanding includes common units issuable upon the exercise of pre-funded warrants in the amounts of 14,214,777 and 7,146,656 for the three and six months ended June 30, 2025, respectively. The warrants are exercisable at any time for nominal consideration.2.The operating partnership includes unvested awards as contingently issuable units in the computation of diluted earnings per unit once the market or performance criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted earnings per unit calculation.

16. Redeemable Non-controlling Interest

Redeemable Preferred Units of the Operating Partnership As of June 30, 2025 and December 31, 2024, there were 235,768 and 392,598 Series A preferred units of partnership interest in the operating partnership, or Series A preferred units, which are not owned by the Company, respectively. These Series A preferred units are entitled to preferential distributions at a rate of 6.25% per annum on the liquidation preference of $25.00 per unit. The units are convertible at the option of the holder into common units or redeemable for cash or, at the Company’s election, exchangeable for registered shares of common stock. During the three months ended June 30, 2025, 100,000 units were redeemed for cash consideration of $2.5 million. During the six months ended June 30, 2025, 156,830 units were redeemed for cash consideration of $3.9 million.Redeemable Non-controlling Interest in Consolidated Real Estate EntitiesOn October 9, 2018, the Company entered into a joint venture with Allianz to purchase the Ferry Building property. The Company has a 55% interest in the joint venture that owns the Ferry Building property. The Company has a put right, if certain events occur, to sell its interest at fair market value. Allianz has a put right, if certain events occur, to sell its interest at fair market value, which is a redemption right that is not solely within the control of the Company. Therefore, the non-controlling interest related to this joint venture