Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 83

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 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. 

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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)

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:March 31, 2025December 31, 2024Company-owned common units in the operating partnership141,392,410 141,279,102 Company’s ownership interest percentage96.5 %97.4 %Non-controlling common units in the operating partnership(1)5,072,881 3,796,346 Non-controlling ownership interest percentage3.5 %2.6 %_________________ 1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of March 31, 2025, this amount represents both common units and performance units of 550,969 and 4,521,912, 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 ActivityThe Company did not complete any common stock offerings during the three months ended March 31, 2025. The Company’s ATM program permits sales of up to $125.0 million of common stock. The Company did not utilize the ATM program during the three months ended March 31, 2025. A cumulative total of $65.8 million has been sold as of March 31, 2025.Share Repurchase ProgramThe Company is authorized to repurchase shares of its common stock up to a total of $250.0 million under the share repurchase program. The Company did not utilize the share repurchase program during the three months ended March 31, 2025. Since commencement of the program, a cumulative total of $214.7 million had been repurchased.