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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
______________________________________
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2018 
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from ______ to ______
Commission File Number: 001-34789 (Hudson Pacific Properties, Inc.)
Commission File Number: 333-202799-01 (Hudson Pacific Properties, L.P.)
______________________________________
Hudson Pacific Properties, Inc.
Hudson Pacific Properties, L.P.
(Exact name of registrant as specified in its charter)

Hudson Pacific Properties, Inc.

Maryland
(State or other jurisdiction of incorporation or organization)
27-1430478
(I.R.S. Employer Identification Number)
Hudson Pacific Properties, L.P.

Maryland
(State or other jurisdiction of incorporation or organization)
80-0579682
(I.R.S. Employer Identification Number)

11601 Wilshire Blvd., Ninth Floor
Los Angeles, California 90025
(Address of principal executive offices) (Zip Code)
(310) 445-5700
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and
former fiscal year, if changed since last report)
______________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Hudson Pacific Properties, Inc. Yes  x   No  o
Hudson Pacific Properties, L.P. Yes  x   No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Hudson Pacific Properties, Inc. Yes  x   No  o
Hudson Pacific Properties, L.P. Yes  x   No  o



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Hudson Pacific Properties, Inc.
Large accelerated filer x
Accelerated filer o   
Non-accelerated filer o 
Smaller reporting company o 
Emerging growth company o 

Hudson Pacific Properties, L.P.
Large accelerated filer o
Accelerated filer o   
Non-accelerated filer x
Smaller reporting company o 
Emerging growth company o 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hudson Pacific Properties, Inc. o
Hudson Pacific Properties, L.P. o  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Hudson Pacific Properties, Inc.  Yes  o    No  x
Hudson Pacific Properties, L.P. Yes  o    No  x
The number of shares of common stock of Hudson Pacific Properties, Inc. outstanding at October 30, 2018 was 156,702,662.



Table of Contents
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2018 of Hudson Pacific Properties, Inc., a Maryland corporation, and Hudson Pacific Properties, L.P., a Maryland limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or “our Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.
Hudson Pacific Properties, Inc. is a real estate investment trust, or REIT, and the sole general partner of our operating partnership. As of September 30, 2018, Hudson Pacific Properties, Inc. owned approximately 99.6% of the outstanding common units of partnership interest (including unvested restricted units) in our operating partnership, or common units. The remaining approximately 0.4% of outstanding common units at September 30, 2018 were owned by certain of our executive officers and directors, certain of their affiliates and other outside investors. As the sole general partner of our operating partnership, Hudson Pacific Properties, Inc. has the full, exclusive and complete responsibility for our operating partnership’s day-to-day management and control.
We believe combining the quarterly reports on Form 10-Q of Hudson Pacific Properties, Inc. and the operating partnership into this single report results in the following benefits:
• enhancing investors’ understanding of our Company and our operating partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• eliminating duplicative disclosure and providing a more streamlined and readable presentation because a substantial portion of the disclosures apply to both our Company and our operating partnership; and

• creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are a few differences between our Company and our operating partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between our Company and our operating partnership in the context of how we operate as an interrelated, consolidated company. Hudson Pacific Properties, Inc. is a REIT, the only material assets of which are the units of partnership interest in our operating partnership. As a result, Hudson Pacific Properties, Inc. does not conduct business itself, other than acting as the sole general partner of our operating partnership, issuing equity from time to time and guaranteeing certain debt of our operating partnership. Hudson Pacific Properties, Inc. itself does not issue any indebtedness but guarantees some of the debt of our operating partnership. Our operating partnership, which is structured as a partnership with no publicly traded equity, holds substantially all of the assets of our Company and conducts substantially all of our business. Except for net proceeds from equity issuances by Hudson Pacific Properties, Inc., which are generally contributed to our operating partnership in exchange for units of partnership interest in our operating partnership, our operating partnership generates the capital required by our Company’s business through its operations, its incurrence of indebtedness or through the issuance of units of partnership interest in our operating partnership.
Non-controlling interest, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our operating partnership. The common units in our operating partnership are accounted for as partners’ capital in our operating partnership’s consolidated financial statements and, to the extent not held by our Company, as a non-controlling interest in our Company’s consolidated financial statements. The differences between stockholders’ equity, partners’ capital and non-controlling interest result from the differences in the equity issued by our Company and our operating partnership.
To help investors understand the significant differences between our Company and our operating partnership, this report presents the consolidated financial statements and Note 13—Earnings Per Share separately for our Company and our operating partnership. All other sections of this report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are presented together for our Company and our operating partnership.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and our operating partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, or the Exchange Act and 18 U.S.C. §1350, this report also includes separate Part I, Item 4
3

Table of Contents
“Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of Hudson Pacific Properties, Inc. and our operating partnership.

4



HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P.
TABLE OF CONTENTS

Page 
ITEM 1. Financial Statements of Hudson Pacific Properties, Inc. 
ITEM 1. Financial Statements of Hudson Pacific Properties, L.P. 
ITEM 2. 
ITEM 3. 
ITEM 4. 
ITEM 1. 
ITEM 1A. 
ITEM 2. 
ITEM 3. 
ITEM 4. 
ITEM 5. 
ITEM 6. 


5

Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

 
September 30, 2018
(unaudited)
December 31, 2017
ASSETS 
Investment in real estate, at cost $6,690,374 $6,219,361 
Accumulated depreciation and amortization (649,624)(521,370)
Investment in real estate, net 6,040,750 5,697,991 
Cash and cash equivalents 52,456 78,922 
Restricted cash 10,782 22,358 
Accounts receivable, net  12,125 4,234 
Straight-line rent receivables, net 131,713 106,466 
Deferred leasing costs and lease intangible assets, net 256,100 239,029 
U.S. Government securities (Note 11)148,315  
Prepaid expenses and other assets, net 92,609 61,139 
Assets associated with real estate held for sale  411,931 
TOTAL ASSETS $6,744,850 $6,622,070 
LIABILITIES AND EQUITY 
Liabilities
Unsecured and secured debt, net$2,332,795 $2,421,380 
In-substance defeased debt 139,003  
Accounts payable, accrued liabilities and other 193,941 162,346 
Lease intangible liabilities, net 43,289 49,540 
Security deposits and prepaid rent 64,169 62,760 
Liabilities associated with real estate held for sale  4,903 
Total liabilities 2,773,197 2,700,929 
Redeemable preferred units of the operating partnership 9,815 10,177 
Redeemable non-controlling interest in consolidated real estate entity 50,092  
Equity 
Hudson Pacific Properties, Inc. stockholders’ equity 
Common stock, $0.01 par value, 490,000,000 authorized, 155,649,125 shares and 155,602,508 shares outstanding at September 30, 2018 and December 31, 2017, respectively 1,556 1,556 
Additional paid-in capital 3,597,904 3,622,988 
Accumulated other comprehensive income 27,834 13,227 
Total Hudson Pacific Properties, Inc. stockholders’ equity 3,627,294 3,637,771 
Non-controlling interest—members in consolidated entities266,986 258,602 
Non-controlling interest—units in the operating partnership 17,466 14,591 
Total equity 3,911,746 3,910,964 
TOTAL LIABILITIES AND EQUITY $6,744,850 $6,622,070 










The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents


HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share data)
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
REVENUES 
Office 
Rental $129,963 $139,157 $389,777 $406,275 
Tenant recoveries 24,615 24,982 67,479 67,421 
Parking and other 6,868 8,035 19,272 22,146 
Total office revenues 161,446 172,174 476,528 495,842 
Studio 
Rental 11,731 11,012 32,822 26,802 
Tenant recoveries 299 133 1,153 927 
Other property-related revenue 6,988 6,561 18,724 14,964 
Other 234 141 758 271 
Total studio revenues 19,252 17,847 53,457 42,964 
Total revenues 180,698 190,021 529,985 538,806 
OPERATING EXPENSES 
Office operating expenses 57,295 59,102 164,475 162,524 
Studio operating expenses 10,511 10,588 28,714 24,842 
General and administrative 14,280 13,013 46,047 41,329 
Depreciation and amortization 62,224 71,158 183,483 217,340 
Total operating expenses 144,310 153,861 422,719 446,035 
Operating income 36,388 36,160 107,266 92,771 
OTHER EXPENSE (INCOME) 
Interest expense 20,131 22,461 59,965 66,086 
Interest income (418)(44)(493)(90)
Unrealized gain on non-real estate investment   (928) 
Unrealized loss on ineffective portion of derivative instrument
 
 37  82 
Transaction-related expenses 165 598 283 598 
Other income (25)(1,402)(748)(2,656)
Total other expenses 19,853 21,650 58,079 64,020 
Income before gains on sale of real estate 16,535 14,510 49,187 28,751 
Gains on sale of real estate 3,735  43,337 16,866 
Net income 20,270 14,510 92,524 45,617 
Net income attributable to preferred units (153)(159)(465)(477)
Net income attributable to participating securities (118)(255)(555)(750)
Net income attributable to non-controlling interest in consolidated entities (2,569)(2,991)(9,059)(9,002)
Net income attributable to non-controlling interest in the operating partnership (63)(41)(299)(256)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $17,367 $11,064 $82,146 $35,132 
BASIC AND DILUTED PER SHARE AMOUNTS 
Net income attributable to common stockholders—basic $0.11 $0.07 $0.53 $0.23 
Net income attributable to common stockholders—diluted $0.11 $0.07 $0.52 $0.23 
Weighted average shares of common stock outstanding—basic 155,649,110 155,302,800 155,637,351 152,874,952 
Weighted average shares of common stock outstanding—diluted 156,669,247 156,093,736 156,628,488 153,648,888 





The accompanying notes are an integral part of these consolidated financial statements.

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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Net income $20,270 $14,510 $92,524 $45,617 
Other comprehensive income: change in fair value of derivatives 1,432 507 14,429 611 
Comprehensive income 21,702 15,017 106,953 46,228 
Comprehensive income attributable to preferred units (153)(159)(465)(477)
Comprehensive income attributable to participating securities (128)(255)(652)(750)
Comprehensive income attributable to non-controlling interest in consolidated entities (2,569)(2,991)(9,059)(9,002)
Comprehensive income attributable to non-controlling interest in the operating partnership (68)(43)(351)(276)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $18,784 $11,569 $96,426 $35,723 







































The accompanying notes are an integral part of these consolidated financial statements.

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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in thousands, except share data)
Hudson Pacific Properties, Inc. Stockholders’ Equity
Non-controlling Interest 
Shares of Common Stock
Stock
Amount
Additional 
Paid-in 
Capital
Retained Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive Income
Units in the Operating Partnership
Members in Consolidated Entities 
Total Equity
Balance at January 1, 2017 136,492,235 $1,364 $3,109,394 $(16,971)$9,496 $294,859 $304,608 $3,702,750 
Contributions — — — — — — 3,870 3,870 
Distributions — — — — — — (74,836)(74,836)
Proceeds from sale of common stock, net of underwriters’ discount and transaction costs 18,656,575 187 647,195 — — — — 647,382 
Issuance of unrestricted stock 917,086 9 (9)— — — —  
Shares withheld to satisfy tax withholding (463,388)(4)(16,037)— — — — (16,041)
Declared dividend — — (106,269)(51,619)— (656)— (158,544)
Amortization of stock-based compensation — — 13,249 — — 2,666 — 15,915 
Net income — — — 68,590 — 375 24,960 93,925 
Change in fair value of derivatives — — — — 7,353 45 — 7,398 
Redemption of common units in the operating partnership — — (24,535)— (3,622)(282,698)— (310,855)
Balance at December 31, 2017 155,602,508 1,556 3,622,988  13,227 14,591 258,602 3,910,964 
Cumulative adjustment related to adoption of ASU 2017-12
— — — (231)230 1 —  
Contributions — — — — — — 2,486 2,486 
Distributions — — — — — — (3,112)(3,112)
Issuance of unrestricted stock 66,970 — — — — — —  
Shares withheld to satisfy tax withholding (20,353) (693)— — — — (693)
Declared dividend — — (35,055)(82,470)— (534)— (118,059)
Amortization of stock-based compensation — — 10,664 — — 3,057 — 13,721 
Net income — — — 82,701 — 299 9,010 92,010 
Change in fair value of derivatives — — — — 14,377 52 — 14,429 
Balance at September 30, 2018 155,649,125 $1,556 $3,597,904 $ $27,834 $17,466 $266,986 $3,911,746 


















The accompanying notes are an integral part of these consolidated financial statements.

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HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30, 
20182017
CASH FLOWS FROM OPERATING ACTIVITIES 
Net income $92,524 $45,617 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization 183,483 217,340 
Non-cash portion of interest expense 4,527 3,558 
Amortization of stock-based compensation 12,919 11,237 
Straight-line rents (25,546)(15,174)
Straight-line rent expenses 368 296 
Amortization of above- and below-market leases, net (10,271)(14,326)
Amortization of above- and below-market ground lease, net
1,807 2,088 
Amortization of lease incentive costs 1,035 1,140 
Other non-cash adjustments(1)
49 598 
Gains on sale of real estate (43,337)(16,866)
Change in operating assets and liabilities: 
Accounts receivable (8,655)1,649 
Deferred leasing costs and lease intangibles (32,640)(23,270)
Prepaid expenses and other assets (630)(3,000)
Accounts payable and accrued liabilities 23,448 34,660 
Security deposits and prepaid rent (1,201)(5,943)
Net cash provided by operating activities
197,880 239,604 
CASH FLOWS FROM INVESTING ACTIVITIES 
Additions to investment property (278,004)(224,797)
Property acquisitions (71,152)(257,734)
Payments for U.S. Government securities (149,176) 
Proceeds from sale of real estate 454,542 81,707 
Distributions from unconsolidated entity 14,036 17,416 
Contributions to unconsolidated entity  (1,071)
Deposits for property acquisitions (27,500) 
Net cash used in investing activities (57,254)(384,479)
CASH FLOWS FROM FINANCING ACTIVITIES 
Proceeds from debt 360,000 270,000 
Payments of debt (448,792)(321,892)
Proceeds from issuance of common stock, net  647,524 
Payment for redemption of common units in the operating partnership  (310,855)
Redemption of series A preferred units (362) 
Distributions paid to common stock and unitholders (118,059)(118,408)
Distributions paid to preferred unitholders (465)(477)
Contributions from redeemable non-controlling member in consolidated entity 37,294  
Contribution from non-controlling member in consolidated real estate entities 2,486 3,870 
Distributions to non-controlling member in consolidated entities (3,112)(15,369)
Payments to satisfy tax withholding (693)(4,203)
Payments of loan costs (6,965) 
Net cash (used in) provided by financing activities (178,668)150,190 
Net (decrease) increase in cash and cash equivalents and restricted cash
(38,042)5,315 
Cash and cash equivalents and restricted cash—beginning of period
101,280 108,192 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD
$63,238 $113,507 
_____________ 
1. Represents bad debt expense/recovery, unrealized loss/gain on ineffective portion of derivatives and unrealized loss/gain on non-real estate investment.


The accompanying notes are an integral part of these consolidated financial statements.

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ITEM 1.  FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, L.P.

HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
September 30, 2018
(unaudited)
December 31, 2017
ASSETS 
Investment in real estate, at cost $6,690,374 $6,219,361 
Accumulated depreciation and amortization (649,624)(521,370)
Investment in real estate, net 6,040,750 5,697,991 
Cash and cash equivalents 52,456 78,922 
Restricted cash 10,782 22,358 
Accounts receivable, net  12,125 4,234 
Straight-line rent receivables, net 131,713 106,466 
Deferred leasing costs and lease intangible assets, net 256,100 239,029 
U.S. Government securities (Note 11)148,315  
Prepaid expenses and other assets, net 92,609 61,139 
Assets associated with real estate held for sale  411,931 
TOTAL ASSETS $6,744,850 $6,622,070 
LIABILITIES AND CAPITAL 
Liabilities 
Unsecured and secured debt, net $2,332,795 $2,421,380 
In-substance defeased debt 139,003  
Accounts payable, accrued liabilities and other 193,941 162,346 
Lease intangible liabilities, net 43,289 49,540 
Security deposits and prepaid rent 64,169 62,760 
Liabilities associated with real estate held for sale  4,903 
Total liabilities 2,773,197 2,700,929 
Redeemable preferred units of the operating partnership 9,815 10,177 
Redeemable non-controlling interest in consolidated real estate entity 50,092  
Capital 
Hudson Pacific Properties, L.P. partners’ capital 
Common units, 156,218,170 and 156,171,553 issued and outstanding at September 30, 2018 and December 31, 2017, respectively. 3,616,824 3,639,086 
Accumulated other comprehensive income 27,936 13,276 
Total Hudson Pacific Properties, L.P. partners’ capital 3,644,760 3,652,362 
Non-controlling interest—members in consolidated entities 266,986 258,602 
Total capital 3,911,746 3,910,964 
TOTAL LIABILITIES AND CAPITAL $6,744,850 $6,622,070 














The accompanying notes are an integral part of these consolidated financial statements.

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HUDSON PACIFIC PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except unit data)
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
REVENUES 
Office 
Rental $129,963 $139,157 $389,777 $406,275 
Tenant recoveries 24,615 24,982 67,479 67,421 
Parking and other 6,868 8,035 19,272 22,146 
Total office revenues 161,446 172,174 476,528 495,842 
Studio 
Rental 11,731 11,012 32,822 26,802 
Tenant recoveries 299 133 1,153 927 
Other property-related revenue 6,988 6,561 18,724 14,964 
Other 234 141 758 271 
Total studio revenues 19,252 17,847 53,457 42,964 
Total revenues 180,698 190,021 529,985 538,806 
OPERATING EXPENSES 
Office operating expenses 57,295 59,102 164,475 162,524 
Studio operating expenses 10,511 10,588 28,714 24,842 
General and administrative 14,280 13,013 46,047 41,329 
Depreciation and amortization 62,224 71,158 183,483 217,340 
Total operating expenses 144,310 153,861 422,719 446,035 
Operating income 36,388 36,160 107,266 92,771 
OTHER EXPENSE (INCOME) 
Interest expense 20,131 22,461 59,965 66,086 
Interest income (418)(44)(493)(90)
Unrealized gain on non-real estate investment   (928) 
Unrealized loss on ineffective portion of derivative instrument  37  82 
Transaction-related expenses 165 598 283 598 
Other income (