Company: HPP
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001482512-25-000029
Chunk: 205

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 205
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 subject to federal and, where applicable, state and local income taxes on its net income. 

We are subject to the statutory requirements of the states in which we conduct business.

Deferred tax assets and liabilities are recognized for the net tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. A valuation allowance is recognized when it is determined that it is more likely than not that a deferred tax asset will not be realized.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2024, we have not established a liability for uncertain tax positions.

We and certain of our TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. We and our TRSs are no longer subject to tax examinations by tax authorities for years prior to 2020. Generally, we have assessed our tax positions for all open years, which as of December 31, 2024 include 2021 to 2023 for Federal purposes and 2020 to 2023 for state purposes, and concluded that there are no material uncertainties to be recognized. 

47

Results of Operations

The following table summarizes our portfolio as of December 31, 2024 : 

Number of PropertiesRentable Square Feet(1)Percent Occupied(2)Percent Leased(2)Annualized Base Rent per Square Foot(3)OFFICESame-store(4)39 12,794,35477.9 %78.5 %$54.31 Stabilized non-same store(5)1 31,61345.8 45.8 33.00 Total stabilized40 12,825,96777.8 78.4 54.27 Lease-up(5)(6)1 724,38186.5 87.9 61.64 Total in-service office41 13,550,34878.3 78.9 54.71 STUDIOSame-store(7)3 1,211,16873.8 73.8 47.41 Non-same-store(5)1 241,000 Total4 1,452,168Repositioning(5)(8)1 260,567—