Company: HPP
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001193125-25-140284
Chunk: 8

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-06-13
Form: 424B5
Chunk 8
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 look to opportunistically recycle capital to enhance our portfolio or to otherwise further our capital allocation goals. Changes in demand for office and/or studio space, capital markets, and other macro-economic factors may impact our business and overall performance. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code, commencing with our taxable year ended December 31, 2010. We believe that we have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes commencing with such taxable year, and we intend to continue operating in such manner. We conduct substantially all of our operations through our operating partnership, of which we serve as the sole general partner.

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Recent Developments

Portfolio and Market Trends

Our Class-A office properties attract leading public and established private companies that we believe have growth potential. As of March 31, 2025, 53%, 40% and 7% of HPP’s share of annualized base rent, or
ABR, was derived from public companies, private companies that have operated for 10 or more years, and private companies with less than 10 years operations, respectively. As of March 31, 2025, 40% of HPP’s share of ABR was derived from
tenants that are, or have parent entities that are, investment-grade rated, and of HPP’s share of ABR derived from public company tenants, 75% was derived from tenants that are, or have parent entities that are, investment-grade rated. Based on
ABR, HPP’s share of the weighted average lease term was approximately five years. We calculate ABR for office properties by multiplying (i) cash base rents under commenced leases, excluding tenant reimbursements, as of March 31, 2025
by (ii) 12. For studio properties, ABR represents actual base rent for the 12 months ended March 31, 2025, excluding tenant reimbursements.

In each of our major markets, we have seen positive trends, including support from public officials (both local and federal) and industry
groups to keep and grow film production in Los Angeles, increasing or stable leasing, net absorption rates that are either positive or trending toward positive, sublease availability that has steadily decreased and very limited new supply. During
the year ended December 31, 2024, we had net loss of $381.4 million and HPP