Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 94

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 September 30, 2025, 144,449 common units were redeemed for cash consideration of $0.3 million.

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Table of ContentsHudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P.Notes to Unaudited Consolidated Financial Statements(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

Performance Units in the Operating PartnershipPerformance units are partnership interests in the operating partnership. Each performance unit awarded will be deemed equivalent to an award of one share of common stock under the 2010 Plan, reducing the availability for other equity awards on a one-for-one basis. Under the terms of the performance units, the operating partnership will revalue its assets for tax purposes upon the occurrence of certain specified events and any increase in valuation from the time of grant until such event will be allocated first to the holders of performance units to equalize the capital accounts of such holders with the capital accounts of common unitholders. Subject to any agreed upon exceptions, once vested and having achieved parity with common unitholders, performance units are convertible into common units in the operating partnership on a one-for-one basis. Ownership Interest in the Operating PartnershipThe following table summarizes the ownership interest in the operating partnership, excluding unvested restricted units and unvested restricted performance units, as of:September 30, 2025December 31, 2024Company-owned common units in the operating partnership379,433,295 141,279,102 Company’s ownership interest percentage98.7 %97.4 %Non-controlling common units in the operating partnership(1)4,941,964 3,796,346 Non-controlling ownership interest percentage1.3 %2.6 %_________________ 1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of September 30, 2025, this amount represents both common units and performance units of 406,520 and 4,535,444, respectively. As of December 31, 2024, this amount represents both common units and performance units in the amount of 550,969 and 3,245,377, respectively.Common Stock ActivityOn June 13, 2025, the Company issued in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The pre-funded warrants have an exercise price of $0.