Company: HPP
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001193125-25-140284
Chunk: 16

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-06-13
Form: 424B5
Chunk 16
---
 EBITDAre                                                 |     |                |   272,629 |   |
| Potential Offering Impact                                                             |     |                |      2.2x |   |

| (1) | We evaluate performance based upon, among other things, EBITDA, EBITDAre and Adjusted EBITDAre. EBITDA                                                                                                                                              
 represents net income before interest, income taxes, depreciation and amortization. EBITDAre represents EBITDA before the Company’s share interest and depreciation from unconsolidated real estate entities. Adjusted EBITDAre represents EBITDAre 
 as further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that EBITDA, EBITDAre and Adjusted EBITDAre are useful because they allow investors and   
 management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. EBITDA, EBITDAre and Adjusted EBITDAre are not measurements of financial 
 performance under GAAP and should not be considered as alternatives to income attributable to common shareholders, as indicators of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of EBITDA, 
 EBITDAre and Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited.                                                                                                        |

| (2) | HPP’s share of debt, net is a non-GAAP financial measure reflecting our total consolidated unsecured and                                                                                                                                         
 secured debt, less cash and cash equivalents and restricted cash and partners’ share of debt. We calculated HPP’s share of debt, net and preferred by adding the liquidation preference on our preferred stock and units. HPP’s share of         
 debt, net to HPP’s share of cash adjusted EBITDAre for selected ratios is calculated using HPP’s share of debt, net as of period end divided by HPP’s share of cash adjusted EBITDAre for selected ratios. We use this ratio to evaluate         
 our capital structure and financial leverage. This ratio is also commonly used in our industry, and we believe it provides investors, lenders and rating agencies a meaningful supplemental measure of our ability to repay and service our debt 
 obligations. Other REITs may also calculate this ratio or other similarly-captioned metrics in a manner different than we do.                                                                                                                    |

S-10

R