Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 94

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 94
---
 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 ABR. As of March 31, 2025, HPP’s share of the remaining weighted average lease term was 4.8 years.

The following table provides information regarding the 15 largest tenants in our office portfolio based on HPP’s share of annualized base rent as of March 31, 2025:

Tenant# of PropertiesLease ExpirationTotal Occupied Square FeetHPP’s ShareAnnualized Base Rent(1)Percent of Annualized Base Rent1Google, Inc.32028-2029458,054 (2)$39,032,578 8.4 %2Netflix, Inc.39/30/31722