Company: HPP
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001482512-25-000029
Chunk: 188

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 188
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.41 Leasing commission costs per square foot(2)12.61 8.10 13.44 TOTAL TENANT IMPROVEMENT AND LEASING COMMISSION COSTS$49.12 $26.59 $49.85 

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1.Excludes retained tenants relocated or expanded into new space within our portfolio.    

2.Assumes tenant improvement and leasing commissions paid in the calendar year of lease execution which may be different than year actually paid.

3.Tenant improvement costs based on negotiated tenant improvement allowances set forth in leases, or  the aggregate cost originally budgeted at lease commencement.

4.Includes retained tenants relocated or expanded into new space within our portfolio. 

Studio Portfolio 

Our studio portfolio includes five owned purpose-built properties with 45 sound stages totaling approximately 1.7 million square feet located in Los Angeles and New York. We also own the lease rights to another 5 studios with 24 sound stages totaling approximately 0.6 million square feet located in Los Angeles. We own and operate an array of production-related services, including transportation assets, lighting and other production equipment and supplies, which we provide for lease in Los Angeles and New York, as well as Albuquerque and Atlanta. We operate owned purpose-built stages under the Sunset Studios brand, and leased stages and production services assets under the Quixote brand. 

For clarity, our studio properties are real estate used for the physical production of media content, such as television programs, feature films, commercials, music videos and photo shoots. These properties feature a fully integrated environment which our tenants can access production, post-production, office and support facilities in a collaborative and efficient setting. Our transportation assets, including trucks, trailers, high-end motorhomes, lighting and other production equipment and supplies, collectively our production services assets, cater to the same type of tenants, but capture revenue derived from both on and off-lot productions, as well as non-production related large-scale events. 

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In-Service Studio Portfolio 

Our in-service studio portfolio consists of owned purpose-built studio properties, excluding repositioning, redevelopment, development and held for sale properties. The following table provides occupancy and rental rate information relating to the consolidated and unconsolidated in-service studio properties owned as of December 31, 2024:

PropertyOwned/LeasedSubmarket# of StagesSquare FeetStage % LeasedTotal % Leased(1)Annual Base Rent(2)HPP’s Share Annualized Base RentAnnualized Base Rent Per