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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025


☐			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)

Registrant’s telephone number, including area code (310) 445-5700

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Hudson Pacific Properties, Inc.

Common Stock, $0.01 par value

HPP

New York Stock Exchange

Hudson Pacific Properties, Inc.

4.750% Series C Cumulative Redeemable Preferred Stock

HPP Pr C

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Hudson Pacific Properties, Inc. Yes o No x Hudson Pacific Properties, L.P. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Hudson Pacific Properties, Inc. Yes o No x Hudson Pacific Properties, L.P. Yes o No x

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 ☐
						Emerging growth company ☐

Hudson Pacific Properties, L.P.


Large accelerated filer o						Accelerated filer o

Non-accelerated filer x						Smaller reporting company ☐
						Emerging growth company ☐

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. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Hudson Pacific Properties, Inc. Yes ☐ No x Hudson Pacific Properties, L.P. Yes ☐ No x

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

Hudson Pacific Properties, Inc. Yes ☐ No x Hudson Pacific Properties, L.P. Yes ☐ No x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)

Hudson Pacific Properties, Inc. Yes ☐ No x Hudson Pacific Properties, L.P. Yes ☐ No x

As of June 30, ~~2024~~2025, the aggregate market value of common stock held by non-affiliates of the registrant (assuming for these purposes, but without conceding, that all executive officers and directors are “affiliates” of the registrant) was $~~666.~~1.0 ~~million~~billion based upon the last sales price on June 2830, ~~2024~~2025 for the registrant’s ~~Common~~common ~~Stock~~stock.

There is no public trading market for the common units of limited partnership interest of Hudson Pacific Properties, L.P. As a result, the aggregate market value of the common units of limited partnership interest held by non-affiliates of Hudson Pacific Properties, L.P. cannot be determined.

The number of shares of common stock of Hudson Pacific Properties, Inc. outstanding at February 1918, ~~2025~~2026 was ~~141~~54,~~353~~242,~~435~~024.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the proxy statement for the registrant’s ~~2025~~2026 Annual Meeting of Stockholders to be held May 1528, ~~2025~~2026 are incorporated by reference in Part III of this Annual Report on Form 10-K. The proxy statement will be filed by the registrant with the United States Securities and Exchange Commission, or the SEC, not later than 120 days after the end of the registrant’s fiscal year.

EXPLANATORY NOTE

This report combines the annual reports on Form 10-K for the period ended December 31, ~~2024~~2025 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. In statements regarding qualification as a real estate investment trust, or REIT, such terms refer solely to Hudson Pacific Properties, Inc. 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 REIT and the sole general partner of our operating partnership. As of December 31, ~~2024~~2025, Hudson Pacific Properties, Inc. owned approximately 9597.24% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 42.86% interest was owned by certain of our executive officers and directors, certain of their affiliates and other outside investors and includes unvested operating partnership performance units. 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 annual reports on Form 10-K 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 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” and “Quantitative and Qualitative Disclosures About Market Risk,” 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 II, Item 9A “Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of Hudson Pacific Properties, Inc. and our operating partnership.

HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P.

ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

		Page
PART I
ITEM 1.	Business	7
ITEM 1A.	Risk Factors	1312
ITEM 1B.	Unresolved Staff Comments	28
ITEM 1C.	Cybersecurity	29
ITEM 2.	Properties	30
ITEM 3.	Legal Proceedings	36
ITEM 4.	Mine Safety Disclosures	36
PART II
ITEM 5.	Market for Hudson Pacific Properties, Inc.’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	37
	Market for Hudson Pacific Properties, L.P.’s Common Capital, Related Unitholder Matters and Issuer Purchases of Units	38
ITEM 6.	[Reserved]	39
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	5960
ITEM 8.	Financial Statements and Supplementary Data	6061
ITEM 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	6061
ITEM 9A.	Controls and Procedures	6061
ITEM 9B.	Other Information	6263
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	6263
PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	6364
ITEM 11.	Executive Compensation	6364
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	6364
ITEM 13.	Certain Relationships and Related Transactions and Director Independence	6364
ITEM 14.	Principal Accountant Fees and Services	6364
PART IV
ITEM 15.	Exhibits, Financial Statement Schedules	6465
ITEM 16.	Form 10-K Summary	6869
SIGNATURES		6970

PART I

Forward-looking Statements

Certain written and oral statements made or incorporated by reference from time to time by us or our representatives in this Annual Report on Form 10-K, other filings or reports filed with the SEC, press releases, conferences, or otherwise, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, as amended, and Section 21E of the Exchange Act). In particular, statements relating to our liquidity and capital resources, portfolio performance and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations, or FFO, market conditions and demographics) are forward-looking statements. We are including this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any such forward-looking statements. We caution investors that any forward-looking statements presented in this Annual Report on Form 10-K, or that management may make orally or in writing from time to time, are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•adverse economic or real estate developments in our target markets;

•general economic conditions;

•defaults on, early terminations of or non-renewal of leases by tenants;

•fluctuations in interest rates and increased operating costs;

•our failure to obtain necessary outside financing, maintain an investment grade rating or maintain compliance with covenants under our financing arrangements;

•our failure to generate sufficient cash flows to service our outstanding indebtedness and maintain dividend payments;

•lack or insufficient amounts of insurance;

•decreased rental rates or increased vacancy rates;

•difficulties in identifying properties to acquire or dispose and completing acquisitions or dispositions;

•our failure to successfully operate acquired properties and operations;

•our failure to maintain our status as a REIT;

•the loss of key personnel;

•environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•financial market and foreign currency fluctuations;

•risks related to acquisitions generally, including the diversion of management’s attention from ongoing business operations and the impact on customers, tenants, lenders, operating results and business;

•the inability to successfully integrate acquired properties, realize the anticipated benefits of acquisitions or capitalize on value creation opportunities;

•changes in the tax laws and uncertainty as to how those changes may be applied;

•changes in real estate and zoning laws and increases in real property tax rates; and

•other factors affecting the real estate industry generally.

Set forth below are some (but not all) of the factors that could adversely affect our business and financial performance. Moreover, we operate in a highly competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Risk Factors Summary

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business and financial performance. These risks are discussed more fully below and include, but are not limited to, the following:

•Risks Related to Our Properties and Our Business

•Our properties are located in Northern and Southern California, the Pacific Northwest, New York, Western Canada and Greater London, United Kingdom, and we are susceptible to adverse economic conditions, local regulations and natural disasters affecting those markets.

•We derive a significant portion of our rental revenue from tenants in the technology and media and entertainment industries, which makes us particularly susceptible to demand for rental space in those industries.

•We may be unable to identify and complete acquisitions of properties that meet our criteria, dispose of such assets, yield the returns we expect or to successfully and profitably operate our properties.

•Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all, and our existing debt may restrict our ability to engage in some business activities.

•Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.

•We face considerable competition, depend on significant tenants, may be unable to renew leases, lease vacant space or may be unable to obtain our asking rents, which could each have an adverse effect on our financial condition, results of operations, cash flow and the per share trading price of our securities.

•Some of our properties are subject to ground leases, the termination or expiration of which could cause us to lose our interest in, and the right to receive rental income from, such properties.

•Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers.

•If we fail to maintain an effective system of integrated internal controls, we may not be able to accurately report our financial results.

•Risks Related to the Real Estate Industry

•Our performance and value are subject to risks associated with real estate assets and the real estate industry, as well as property development and redevelopment.

•The illiquidity of real estate investments could significantly impede our ability to respond to adverse changes and harm our financial condition.

•We may incur significant costs related to compliance with government laws, regulations and covenants that are applicable to our properties, including environmental regulations.

•Our properties may contain or develop harmful mold or suffer from other air quality issues, which could lead to liability for adverse health effects and costs of remediation.

•Risks Related to Our Organizational Structure

•The series A preferred units that were issued to some contributors in connection with our IPO in exchange for the contribution of their properties have certain preferences, which could limit our ability to pay dividends or other distributions to the holders of our securities or engage in certain business combinations, recapitalizations or other fundamental changes.

•Our common stock is ranked junior to our series C preferred stock.

•Conflicts of interest exist or could arise in the future between the interests of our stockholders and the interests of holders of units in our operating partnership.

•Our charter and bylaws, the partnership agreement of our operating partnership and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in our stockholders’ interest, and as a result may depress the market price of our securities.

•Our board of directors may change our investment and financing policies without stockholder approval and we may become more highly leveraged, which may increase our risk of default under our debt obligations.

•Our rights and the rights of our stockholders to take action against our directors and officers are limited.

•We are a holding company with no direct operations and, as such, we rely on funds received from our operating partnership to pay liabilities, and the interests of our stockholders are structurally subordinated to all liabilities and obligations of our operating partnership and its subsidiaries.

•Risks Related to Our Status as a REIT

•Failure to qualify as a REIT would have significant adverse consequences to us and the value of our stock.

•If our operating partnership were to fail to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.

•The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions that would be treated as sales for federal income tax purposes.

•Our ownership of taxable REIT subsidiaries is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our taxable REIT subsidiaries are not conducted on arm’s length terms.

•To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions.

•Complying with REIT requirements may affect our profitability and may force us to liquidate or forgo otherwise attractive investments.

•Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.

•The power of our board of directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders and unitholders.

•Legislative or other actions affecting REITs could have a negative effect on our investors and us.

•Risks Related to General and Global Factors

•Our business and results of operations and financial condition may be materially or adversely impacted by the outbreak of a pandemic.

•Adverse economic and geopolitical conditions and dislocations in the credit markets, as well as social, political, and economic instability, unrest, and other circumstances beyond our control could have a material adverse effect on our financial condition, results of operations, cash flow and per share trading price of our securities.

•Potential losses, including from adverse weather conditions, natural disasters and title claims, may not be covered by insurance.

•We may become subject to litigation, which could have an adverse effect on our financial condition, results of operations, cash flow and the per share trading price of our securities.

•We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (“IT”) networks and related systems.

•Future terrorist activity or engagement in war by the United States may have an adverse effect on our financial condition and operating results.

ITEM 1. Business

Company Overview

We are a vertically integrated real estate investment trust (“REIT”) offering end-to-end real estate solutions for dynamic tenants in the synergistic, converging and secular growth industries of tech and media. We acquire, reposition, develop and operate sustainable high-quality office and state-of-the-art studio properties in high-barrier-to-entry tech and media epicenters. Our primary investment markets include Los Angeles, the San Francisco Bay Area, Seattle, New York and Vancouver, British Columbia. We invest across the risk-return spectrum, favoring opportunities that allow us to leverage leasing, capital investment and operating expertise along with deep strategic relationships to create incremental stakeholder value.

As of December 31, ~~2024~~2025, our portfolio included:

•Office properties comprising approximately 1413.69 million square feet;

•Studio properties comprising approximately ~~45 stages and~~ 1.7 million square feet, ofincluding 45 sound stages, ~~and~~ production-supporting office and other facilities;

•Land properties comprising approximately 3.2 million square feet of undeveloped density rights for ~~future~~ office, studio and residential space; and

•Production services assets, comprising vehicles, lighting and grip, production supplies and other equipment and the lease rights to an additional 2420 sound stages.

This Annual Report on Form 10-K includes financial measures that are not in accordance with generally accepted accounting principles in the United States (“GAAP”), which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company presents “HPP’s share” of certain of these measures, which are non-GAAP financial measures that are calculated as the measure on a consolidated basis, in accordance with GAAP, plus our ~~Operating~~operating ~~Partnership~~partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the ~~Operating~~operating ~~Partnership~~partnership’s percentage ownership interest), minus our partners’ share of the measure from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). We believe that presenting HPP’s share of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because we have several significant joint ventures, and in some cases, we exercise significant influence over, but do not control, the joint venture. In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest. As a result, management believes that presenting HPP’s share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.

Business Strategy

We invest in Class-A office and studio properties located in high barrier-to-entry, innovation-centric submarkets with significant growth potential. Our world-class sustainable office and studio properties within these submarkets allow us to attract and retain quality companies as tenants, many in the increasingly synergistic technology and media and entertainment sectors. The purchase of properties with a value-add component, typically sourced through off-market transactions, also facilitates our long-term

growth. These types of assets afford us the opportunity to capture embedded rent growth and occupancy upside, as we strategically invest capital to reposition and redevelop assets to generate additional cash flow. We take a measured approach to ground-up development, with most under-construction, planned or potential projects located on ancillary sites that are part of existing operating assets. We also acquire and operate leading production services companies to further expand the service offerings for our studio portfolio and our geographic reach to other studios and on-location filming. From time to time, we also look to sell assets opportunistically to recycle capital to enhance our portfolio or to otherwise further our long-term capital allocation goals. Management expertise and valuable strategic relationships across disciplines support execution at all levels of our operations. Specifically, aggressive leasing and proactive asset management, combined with a focus on maintaining a conservative balance sheet, are central to our strategy.

Competitive Positioning

We believe the following competitive strengths distinguish us and support our efforts to capitalize on opportunities to drive growth and profitability.

•Technology and Media Driven Markets and Assets. We are the only publicly-traded owner and operator of both premier office and studio properties. Our focus on office properties in West Coast technology hubs and studios and related services assets in global media markets provides differentiated exposure to these synergistic and secular growth-oriented industries. Our portfolio attracts a tenancy comprised of many of the world’s most innovative and creative companies seeking to build their businesses within established ecosystems, like Silicon Valley or Hollywood, and we are uniquely able to extend these relationships across markets and asset classes.

•Deep Sector-Specific Management Expertise. Our executive team has both significant tenure with the Company and decades of experience in commercial real estate and studio-related operating businesses. We believe the breadth and depth of their expertise enables us to execute fully on our differentiated strategy, whether acquiring, repositioning, developing, operating, or selling sustainable premier office and studio properties and related services businesses. Beyond industry expertise, we leverage our executives’ in-depth local and regional knowledge, which we believe furthers our ability to execute and unlock value within our high-barrier-to-entry markets.

•Long-Standing Relationships and Strategic Partnerships. We have an extensive network of long-standing relationships with leading institutional and individual real estate owners/developers, international and regional lenders, bankers, brokers, tenants and other participants across our industries and markets. These relationships provide us with optionality and access to unique and attractive value creation opportunities, whether through investment transactions, leasing activities, or asset-level or corporate (re)financings.

•Proactive Balance Sheet Management. We prioritize having a strong, flexible balance sheet with multiple avenues to access capital through market cycles from both secured and unsecured financings. We seek to prudently allocate capital to achieve growth while maintaining conservative leverage. We are willing to consider accessing equity markets to fund attractive investment opportunities. We have the discipline to work consistently to achieve long-term leverage targets while ensuring optionality for future growth.

•Leadership in ~~Corporate Responsibility and~~ Sustainability. Through our Better BlueprintTM program, the Company is an established industry leader in ~~corporate responsibility and~~ sustainability. We have received accolades from the Global Real Estate Sustainability Benchmark (GRESB), the National Associate of Real Estate Investment Trusts (NAREIT), and the National Association of Office Properties (NAIOP), ENERGY STAR among many others. Our priorities in this area focus on initiatives that are relevant for our industry and drive business value, providing a key point of differentiation for those who invest, partner, lease, or work with or for us.

Competition

We compete with a number of developers, owners and operators of office and studio real estate, many of which own properties similar to ours in the same markets and some of which have greater financial resources than we do. In operating and managing our portfolio, we compete for tenants based on a number of factors, including location, rental rates, security, flexibility and expertise to design space to meet prospective tenants’ needs and the manner in which our properties are operated, maintained and marketed. As leases at our properties expire, we may encounter significant competition to renew or re-let space in light of competing properties within the markets in which we operate. As a result, we may be required to provide rent concessions or abatements, incur charges for tenant improvements and other inducements, including early termination rights or below-market renewal options, or we may not be able to timely lease vacant space. In that case, our financial condition, results of operations and cash flows may be adversely affected.

We also face competition when pursuing acquisition and disposition opportunities. Our competitors may be able to pay higher property acquisition prices, may have private access to acquisition opportunities not available to us and may otherwise be in a better position to acquire a property. Competition may also increase the price required to consummate an acquisition opportunity and generally reduce the demand for commercial office space in our markets. Likewise, competition with sellers of similar properties to find suitable purchasers may result in us receiving lower proceeds from a sale or in us not being able to dispose of a property at a time of our choosing due to the lack of an acceptable return.

For further discussion of the potential impact of competitive conditions on our business, refer to Item 1A “Risk Factors.”

Segment and Geographic Financial Information

We report our results of operations through two reportable segments: (i) office properties and related operations and (ii) studio properties and related operations. For information about our segments, refer to Part IV, Item 15(a) “Financial Statement Schedules—Note 19 to the Consolidated Financial Statements—Segment Reporting.”

Our portfolio of owned real estate is concentrated in California, the Pacific Northwest, New York, ~~Western Canada~~ and ~~Greater~~Western ~~London, United Kingdom~~Canada. For further detail regarding our geographic financial information, refer to Item 2 “Properties.”

Principal Executive Offices

Our principal executive offices are located at 11601 Wilshire Blvd., Ninth Floor, Los Angeles, California 90025 and our telephone number is (310) 445-5700. We believe that our current facilities are adequate for our present operations.

Regulation

General

Our properties are subject to various covenants, laws, ordinances and regulations, including regulations relating to common areas and fire and safety requirements. We believe that each of the properties in our portfolio have the necessary permits and approvals to operate its business.

Americans with Disabilities Act

Our properties located in the United States must comply with Title III of the Americans with Disabilities Act (“ADA”) to the extent that such properties are “public accommodations” as defined by the ADA. The ADA may require removal of structural barriers to access by persons with disabilities in certain public areas of our properties where such removal is readily achievable. We have developed and undertaken continuous capital improvement programs at various properties, some of which have included ADA-related modifications. As capital improvement programs progress, certain ADA upgrades will continue to be integrated into the planned improvements, specifically at the studio properties where we are able to utilize in-house construction crews to minimize costs for required ADA-related improvements. However, some of our properties may currently be in noncompliance with the ADA. Such noncompliance could result in the incurrence of additional costs to attain compliance, the imposition of fines or an award of damages to private litigants. The obligation to make readily achievable accommodations is an ongoing one, and we will continue to assess our properties and to make alterations as appropriate in this respect.

Environmental Matters

Under various federal, state and local laws and regulations relating to the environment, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or discharge of hazardous or toxic substances, waste or petroleum products at, on, in, under, or migrating from such property, including costs to investigate and clean up such contamination and liability for natural resources. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such contamination, and the liability may be joint and several. These liabilities could be substantial and the cost of any required remediation, removal, fines, or other costs could exceed the value of the property and/or our aggregate assets. In addition, the presence of contamination or the failure to remediate contamination at our properties may expose us to third-party liability for costs of remediation and/or personal or property damage or materially adversely affect our ability to sell, lease or develop our properties or to borrow using the properties as collateral. In addition, environmental laws may create liens on contaminated sites in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which the property may be used or businesses may be operated, and these restrictions may require substantial expenditures.

Some of our properties contain, have contained, or are adjacent to or near other properties that have contained or currently contain storage tanks for the storage of petroleum products or other hazardous or toxic substances. Similarly, some of our properties were used in the past for commercial or industrial purposes, or are currently used for commercial purposes, that involve or involved the use of petroleum products or other hazardous or toxic substances, or are adjacent to or near properties that have been or are used for similar commercial or industrial purposes. As a result, some of our properties have been or may be impacted by contamination arising from the release of such hazardous substances or petroleum products. Where we have deemed appropriate, we have taken steps to address identified contamination or mitigate risks associated with such contamination; however, we are unable to ensure that further actions will not be necessary. As a result of the foregoing, we could potentially incur material liabilities.

Independent environmental consultants have conducted Phase I Environmental Site Assessments at all of our properties located in the United States using the American Society for Testing and Materials (“ASTM”) Practice E 1527-05. A Phase I Environmental Site Assessment is a report prepared for real estate holdings that identifies potential or existing environmental

~~Environmental Site Assessment is a report prepared for real estate holdings that identifies potential or existing environmental~~ contamination liabilities. Site assessments are intended to discover and evaluate information regarding the environmental condition of the surveyed property and surrounding properties. These assessments do not generally include soil samplings, subsurface investigations or asbestos or lead surveys. None of the recent site assessments identified any known past or present contamination that we believe would have a material adverse effect on our business, assets or operations. However, the assessments are limited in scope and may have failed to identify all environmental conditions or concerns. A prior owner or operator of a property or historic operations at our properties may have created a material environmental condition that is not known to us or the independent consultants preparing the site assessments. Material environmental conditions may have arisen after the review was completed or may arise in the future, and future laws, ordinances or regulations may impose material additional environmental liability.

Environmental laws also govern the presence, maintenance and removal of asbestos-containing building materials (“ACBM”) or lead-based paint (“LBP”) and may impose fines and penalties for failure to comply with these requirements or expose us to third party liability (e.g., liability for personal injury associated with exposure to asbestos). Such laws require that owners or operators of buildings containing ACBM and LBP (and employers in such buildings) properly manage and maintain the asbestos and lead, adequately notify or train those who may come into contact with asbestos or lead, and undertake special precautions, including removal or other abatement, if asbestos or lead would be disturbed during renovation or demolition of a building. Some of our properties contain ACBM and/or LBP and we could be liable for such damages, fines or penalties.

In addition, the properties in our portfolio also are subject to various federal, state and local environmental and health and safety requirements, such as state and local fire requirements. Moreover, some of our tenants routinely handle and use hazardous or regulated substances and waste as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject us or our tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to us. In addition, changes in laws could increase the potential liability for noncompliance. We sometimes require our tenants to comply with environmental and health and safety laws and regulations and to indemnify us for any related liabilities. But in the event of the bankruptcy or inability of any of our tenants to satisfy such obligations, we may be required to satisfy such obligations. In addition, we may be held directly liable for any such damages or claims regardless of whether we knew of, or were responsible for, the presence or disposal of hazardous or toxic substances or waste and irrespective of tenant lease provisions. The costs associated with such liability could be substantial and could have a material adverse effect on us.

When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs. We are not presently aware of any material adverse indoor air quality issues at our properties.

~~Corporate Responsibility~~Sustainability

~~Commitment~~Environmental sustainability and social impact are priorities shared by many of our customers, investors, and other key stakeholders. Our efforts in these areas are part of our company’s broader Better Blueprint program—an initiative that brings to life our vision of vibrant, thriving urban spaces and places built for the long term. This ‘blueprint’ articulates many of the principles and practices that inform our commitment to both portfolio and management excellence. It has received numerous awards and accolades, including from the National Association of Real Estate Investment Trusts (NAREIT), Global Real Estate Sustainability Benchmark (GRESB), and the Department of Energy’s ENERGY STAR program.

Our ~~corporate~~environmental ~~responsibility~~sustainability program, ~~Better~~differentiates ~~BlueprintTM,~~us iswith ~~informed~~customers byand ~~decades~~investors ofwho ~~experience~~prioritize ~~and~~this ~~what~~issue. The company has had 100% carbon neutral real estate operations since 2020, and we ~~believe~~have a science-based target that commits us to bego ~~best~~further ~~practices~~by ~~across~~reducing ~~every~~absolute ~~aspect~~Scope of1 ~~real~~and ~~estate.~~2 ~~Better~~greenhouse ~~BlueprintTM~~gas ~~brings~~(“GHG”) toemissions ~~life~~by ~~our~~50% ~~vision~~by of2030, ~~vibrant~~from a 2018 baseline, ~~thriving~~excluding ~~urban~~financial ~~spaces~~instruments ~~and~~like ~~places~~unbundled ~~built~~renewable ~~for~~energy ~~the~~credits ~~long~~and ~~term~~carbon offsets. ~~Its~~Our ~~principles~~office portfolio is almost entirely LEED certified and ~~objectives~~offers ~~provide~~plentiful agreen ~~common~~amenities ~~thread~~like ~~that~~EV ~~authentically~~charging, ~~guides~~end-of-trip ~~our~~facilities, and outdoor work ~~and~~areas. ~~relations~~Our ~~with~~studios ~~tenants~~business has become a recognized industry leader for zero-emission production solutions such as energy-efficient sound stages, ~~employees~~solar-electric production trailers, ~~investors~~electric vehicles and ~~partners.~~clean mobile power solutions.

~~Sustainable:~~Our ~~Minimizing~~social impact program supports our ~~Footprint~~strategy to transform our real estate assets into destinations where tenants’ employees are excited to spend their days, all while helping us attract and retain top talent ourselves. We consistently deliver state-of-the-art buildings with natural light, healthy food, fitness amenities and on-site programming to engage tenants and local community members. We also have a robust charitable giving and employee volunteering program that helps us give back to local communities, preserving what makes our neighborhoods vibrant and desirable places for companies to locate their workplaces.

We are committed to leadership in sustainability—whether designing a new property, reimagining a dated building, or managing our existing real estate portfolio and production services businesses. Addressing climate change in ways that are relevant to our industry and drive business value is the focus of our sustainability program. We have had 100% carbon neutral real estate operations since 2020. Our science-based target commits us to go further by reducing absolute Scope 1 and 2 greenhouse gas (“GHG”) emissions by 50% by 2030, from a 2018 baseline, excluding financial instruments like unbundled renewable energy credits and carbon offsets. More ~~about~~information ~~our sustainability efforts~~ can be found in Hudson Pacific’s ~~Corporate~~Better ~~Responsibility~~Blueprint Report.

Our 2024 achievements include:

•100% carbon neutral operations across our entire real estate operating portfolio;

•100% of our in-service office portfolio has recycling services and over 70% has composting services;

•Over 90% of our in-service office portfolio is LEED certified and over 70% is ENERGY STAR certified;

•Better BlueprintTM Action Plans at all operating properties; and

•Sustainable Design Vision for all redevelopments and major repositionings.

Healthy: Healthy Buildings, Healthy Lives

We aim to set our properties apart by providing safe environments that promote wellness and resilience for our employees, customers and neighbors. Our health and safety program includes emergency response plans, fire life safety systems, MERV-13+ air filters, and regular safety training at all buildings. We are also committed to advancing wellness and well-being, and we consistently deliver state-of-the-art buildings with functional outdoor space, fitness amenities, natural light, healthy food and other wellness-oriented features. We offer in-person and virtual wellness programming at most properties, and we have a goal to achieve Fitwel certification for at least 50% of our in-service office portfolio by 2030.

Our 2024 achievements include:

•All operating office and studio properties use MERV-13+ filters, among other COVID-safe procedures;

•Over 90% of our in-service office portfolio is served by bike storage, showers and/or lockers;

•Over 60% of our in-service office portfolio has on-site fitness amenities and/or a mobile app that promotes health and wellness through virtual fitness classes, mindfulness training, cooking sessions, and more; and

•Over 40% of our in-service office portfolio is Fitwel certified.

Equitable: Vibrant, Thriving Cities for All

We seek to create and cultivate communities that afford opportunity for everyone to succeed. We strive to promote an inclusive corporate culture that celebrates our diverse workforce and implement fair human capital management practices. We support key groups aiming to diversify talent pipelines in our industry, donate at least 1% of net earnings to charitable causes annually and have an active employee volunteering program to ensure we give back to our communities.

Our 2024 achievements include:

•Continued collaboration with industry groups aiming to diversify our talent pipelines;

•Continuation of our commitment to invest $20 million in innovative homelessness and housing solutions;

•Over $800,000 in charitable giving; and

•Over 8,400 hours of employee volunteering.

Human Capital

~~Hiring~~Talent Acquisition and Retention

InWe ~~alignment with our Company values, we~~ believe our people are our greatest asset, and weour ~~embrace a~~ recruitment process ~~that~~is ~~strives~~designed to attract ~~top-tier~~and ~~talent~~retain qualified candidates who align with our values and business objectives. ~~Through~~Our ahiring ~~series~~process ofincludes behavioral-based interviews, ~~Company~~and assessments conducted by recruiters, ~~assess~~hiring ~~candidates~~managers, ~~for~~and ~~skills~~relevant stakeholders to promote consistency and objectivity. We value employees at all levels of the organization and seek to foster an inclusive workplace that respects diversity across gender, ~~competencies~~age, ethnicity and cultural ~~fit~~background. ~~The~~We ~~hiring~~take ~~team~~pride ~~comprises~~in the fact that our workforce reflects a ~~recruiter~~broad range of backgrounds and experiences. As of December 31, ~~hiring~~2025, ~~manager~~our employee base was 40% female and ~~other~~63% ~~peers~~ethnically ordiverse. ~~stakeholders~~We support inclusion through Employee Resource Groups designed to ~~ensure~~foster aconnection, ~~collaborative~~professional ~~process.~~development and the sharing of perspectives among employees.

Diversity and Inclusion

We value employees at all levels of the organization and provide ample opportunities for growth, while striving to celebrate diversity in all its forms including gender, age, ethnicity and cultural background. We take pride in the fact that our employee population across our operating office and studio portfolio reflects a balanced gender representation as well as a broad cross-section of racial and ethnic backgrounds. We have six Employee Resource Groups, each designed to connect employees with similar backgrounds and shared experiences while sharing best practices and ensuring support for each other.

Training and Development

~~Upon~~New ~~joining~~employees participate in a comprehensive orientation program designed to familiarize them with the Company’s business, ~~our~~strategy, ~~employees~~values ~~attend~~and aleadership ~~comprehensive~~approach ~~orientation~~through ~~program~~interactive ~~that~~sessions iswith aSenior ~~fun~~executives. Ongoing development opportunities include annual performance reviews, ~~interactive~~role-specific ~~opportunity~~training ~~for~~programs ~~new~~and ~~hires~~access to ~~learn~~individualized ~~more~~online ~~about~~learning ~~the~~resources. ~~Company,~~We ~~our~~offer ~~business~~interactive ~~strategy,~~leadership ~~core~~development ~~values~~programs for junior and ~~leadership~~senior ~~philosophy.~~team ~~Senior~~members ~~executives~~and ~~speak~~off-site ~~candidly~~team ~~about~~retreats ~~the~~that foster team-building and skills training. The Company honors top performers through annual “Excellence Awards,” which highlight performance, leadership and ~~their~~impact ~~roles~~across the organization.

In addition to traditional employee development programs (e.g., annual performance reviews and role-specific training programs), we offer individualized curriculums through an online platform at no cost to the employees, interactive leadership development programs for junior and mid-career/senior team members and off-site team retreats that foster team-building and skills training. The Company regularly honors top performers, and generous Company policies encourage work/life balance through paid time off, subsidized gym memberships, fitness programs, events and healthy dining options.

Compensation and Benefits

We ~~are~~maintain a pay-for-performance ~~organization~~compensation philosophy, under which ~~means that~~ compensation decisions ~~are~~consider ~~made based on~~ individual performance, team~~/department,~~ or departmental results and overall Company performance. ~~This~~Compensation ~~includes~~assessments ~~consideration~~also ofconsider anhow ~~individual~~results are achieved, including alignment with our values and competencies. Merit salary increases and discretionary bonuses are awarded as recognition for past year’s ~~contributions~~performance. Our compensation and ~~accomplishments~~benefits asprograms ~~well~~are asdesigned ~~how~~to ~~these~~be ~~were~~competitive ~~achieved~~within ~~(values~~our industry and include retirement savings plans, ~~skills~~medical, dental and ~~competencies).~~vision ~~The~~coverage, ~~objective~~parental isleave, toflexible ~~emphasize~~spending ~~corporate~~accounts, ~~goals~~an employee referral bonus program and ~~individual~~an ~~contributions~~employee toassistance ~~the~~program. ~~achievement~~We ofalso ~~those~~offer ~~goals~~paid ~~for~~holidays, ~~the~~vacation ~~year~~and sick time and wellness-related benefits intended to support work/life balance.

We award merit salary increases as recognition for the past year’s performance, sustained contributions, and/or the demonstration of newly acquired skills. Discretionary bonuses are designed to reward employees for fulfilling their responsibilities, delivering superior results, and making significant contributions. Discretionary performance bonus amounts are based on job level and dependent on the nature and significance of the employee’s contribution and accomplishment.

We offer competitive compensation and benefits, including, but not limited to, retirement savings plans and medical, dental, and vision coverage. We offer multiple flexible spending accounts and an employee referral bonus program. We have generous policies to encourage work/life balance, including paid holiday, vacation, and sick time as well as an employee assistance program that offers confidential assistance 24 hours a day, 365 days a year to assist with personal and work-related problems.

Collective Bargaining Arrangements

AtAs of December 31, ~~2024~~2025, we had ~~740~~607 employees, of ~~which~~whom ~~150~~131 were ~~subject~~covered toby collective bargaining agreements inwithin our production services/ and operating companies. We believe ~~that~~our relations with ~~our~~ employees are good.

Available Information

On the Investors section of our Company’s Website (investors.hudsonpacificproperties.com) we post the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”): our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. All such filings are available to be viewed on our Investors page on our Website free of charge. Also available on our Investors page, free of charge, are our corporate governance guidelines, the charters of the nominating and corporate governance, audit and compensation committees of our board of directors and our Code of Business Conduct and Ethics (which applies to all directors and employees, including our Principal Executive Officer and Principal Financial Officer). We intend to use our Website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our Website in the “SEC Filings” page. Accordingly, investors should monitor such portions of our Website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information contained on or hyperlinked from our Website is not incorporated by reference into, and should not be considered part of, this Annual Report on Form 10-K or our other filings with the SEC. A copy of this Annual Report on Form 10-K is available without charge upon written request to: Investor Relations, Hudson Pacific Properties, Inc., 11601 Wilshire Blvd., Ninth Floor, Los Angeles, California 90025.

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ITEM 1A. Risk Factors

Overview

The following section sets forth material factors that may adversely affect our business and financial performance. The following factors, as well as the factors discussed in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Factors That May Influence Our Operating Results” and other information contained in this Annual Report on Form 10-K, should be considered in evaluating us and our business.

Risks Related to Our Properties and Our Business

Our properties are located in Northern and Southern California, the Pacific Northwest, New York, Western Canada and Greater London, United Kingdom, and we are susceptible to adverse economic conditions, local regulations and natural disasters affecting those markets.

Our properties are located in Northern and Southern California, the Pacific Northwest, New York, Western Canada and Greater London, United Kingdom, which exposes us to greater economic risks than if we owned a more geographically dispersed portfolio. Further, our properties are concentrated in certain areas, including Los Angeles, San Francisco, Silicon Valley, Seattle, Vancouver and Greater London, exposing us to risks associated with those specific areas. We are susceptible to adverse developments in the economic and regulatory environments of Northern and Southern California, the Pacific Northwest, New York, Western Canada and the United Kingdom (such as business layoffs or downsizing, industry slowdowns, relocations of businesses, increases in real estate and other taxes, costs of complying with governmental regulations or increased regulation), as well as to natural disasters that occur in our markets (such as earthquakes, windstorms, landslides, droughts, fires and other events). In addition, the State of California has had historical periods of budgetary constraints and is regarded as more litigious and more highly regulated and taxed than many other states, all of which may reduce demand for office space in California. Any adverse developments in the economy or real estate market in Northern and Southern California, the Pacific Northwest, New York, Western Canada or Greater London, United Kingdom, or any decrease in demand for office space resulting from the California regulatory or business environment, could adversely impact our financial condition, results of operations, cash flow and the per share trading price of our securities.

We are required to pay property taxes on our properties. These taxes could increase as property tax rates increase or as properties are reassessed by the taxing authorities. For example, under the existing California law commonly referred to as Proposition 13, property tax reassessments generally occur as a result of a “change of ownership” or “new construction” of a property. Because the property tax authorities may take ~~extensive~~significant time to determine ~~if there has~~ a ~~been a “~~change of ownership” or new construction or the actual reassessed value of ~~the~~a property, the potential reassessment may not be determined until a period after the transaction or construction has occurred. From time to time, ~~including recently,~~ lawmakers and voters have initiated efforts to repeal or amend Proposition 13, which, if successful, would ~~increase~~have increased the assessed value or tax rates for our properties in California. Additionally, ~~there~~legislation ischanging ~~similar~~property ~~legislation~~tax ~~being~~rates ~~proposed~~or assessments in other state and local jurisdictions in which our properties are located may be proposed. An increase in the assessed value of our properties, or property tax rates, or ~~potential~~the ~~other~~addition of new taxes could adversely affect our financial condition, cash flows and our ability to pay dividends to our stockholders.

We derive a significant portion of our rental revenue from tenants in the technology and media and entertainment industries, which makes us particularly susceptible to demand for rental space in those industries.

A significant portion of our rental revenue is derived from tenants in the technology and media and entertainment industries. Consequently, we are susceptible to adverse developments affecting the demand by tenants in these industries for office, production and support space in Northern and Southern California, the Pacific Northwest, New York, Western Canada and Greater London, United Kingdom and, more particularly, in Hollywood and the South of Market area of the San Francisco submarket. As we continue our development and potential acquisition activities in markets populated by knowledge-and creative-based tenants in the technology and media and entertainment industries, our tenant mix could become more concentrated, further exposing us to risks in those industries, including layoffs, strikes or work stoppages, such as the strikes that significantly affected our media and entertainment properties during 2023. Any adverse development in the technology and media and entertainment industries could adversely affect our financial condition, results of operations, cash flow and the per share trading price of our securities.

We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth.

Our business strategy includes the acquisition of underperforming office properties. These activities require us to identify suitable acquisition candidates or investment opportunities that meet our criteria and are compatible with our growth strategies. We continue to evaluate the market of available properties and may attempt to acquire properties when strategic opportunities exist. However, we may be unable to acquire any of the properties that we may identify as potential acquisition opportunities in the future. Our ability to acquire properties on favorable terms, or at all, may be exposed to the following significant risks:

•potential inability to acquire a desired property because of competition from other real estate investors with significant capital, including other publicly traded REITs, private equity investors and institutional investment funds, which may be able

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to accept more risk than we can prudently manage, including risks with respect to the geographic proximity of investments and the payment of higher acquisition prices;

•we may incur significant costs and divert management attention in connection with evaluating and negotiating potential acquisitions, including ones that we are subsequently unable to complete;

•even if we enter into agreements for the acquisition of properties, these agreements are typically subject to customary conditions to closing, including the satisfactory completion of our due diligence investigations; and

•we may be unable to finance the acquisition on favorable terms or at all.

If we are unable to finance property acquisitions or acquire properties on favorable terms, or at all, our financial condition, results of operations, cash flow and the per share trading price of our securities could be adversely affected. In addition, failure to identify or complete acquisitions of suitable properties could slow our growth.

Our future acquisitions may not yield the returns we expect.

Our future acquisitions and our ability to successfully operate the properties we acquire in such acquisitions may be exposed to the following significant risks:

•even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price;

•we may acquire properties that are not accretive to our results upon acquisition, and we may not successfully manage and lease those properties to meet our expectations;

•our cash flow may be insufficient to meet our required principal and interest payments;

•we may spend more than budgeted amounts to make necessary improvements or renovations to acquired properties;

•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations;

•market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and

•we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, claims by tenants, vendors or other persons dealing with the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

In addition, we may acquire certain businesses that are complementary to our property portfolio. Integrating acquired businesses can be a complex, costly and time-consuming process and our business may be negatively impacted following any acquisition if we are unable to effectively manage our expanded operations. The integration process may require significant time and focus from our management team and may divert attention from the day-to-day operations of our existing business. If we cannot operate acquired properties or businesses to meet our financial expectations, our financial condition, results of operations, cash flow and the per share trading price of our securities could be adversely affected.

We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.

In the future we may acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership interests in our operating partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to protect the contributors’ ability to defer recognition of taxable gain through restrictions on our ability to dispose of the acquired properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell an asset at a time, or on terms, that would be favorable absent such restrictions.

Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all.

In order to maintain our qualification as a REIT, we are required to meet various requirements under the Internal Revenue Code of 1986, as amended, or the Code, including that we distribute annually at least 90% of our REIT taxable income, excluding any net capital gain. In addition, we will be subject to federal corporate income tax to the extent that we distribute less than 100% of our REIT taxable income, including any net capital gains. Because of these distribution requirements, we may not be able to fund future capital needs, including any necessary acquisition financing, from operating cash flow. Consequently, we intend to rely on third-party sources to fund our capital needs. We may not be able to obtain the financing on favorable terms or at all. Any additional debt we incur will increase our leverage and likelihood of default. Our access to third-party sources of capital depends, in part, on:

•general market conditions;

•the market’s perception of our growth potential;

•our current debt levels;

•our current and expected future earnings;

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•our cash flow and cash distributions; and

•the market price per share of our common stock.

The credit markets can experience significant disruptions. If we cannot obtain capital from third-party sources, we may not be able to acquire or develop properties when strategic opportunities exist, meet the capital and operating needs of our existing properties, satisfy our debt service obligations or make the cash distributions to our stockholders necessary to maintain our qualification as a REIT.

Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our equity and debt securities.

As of February 18, 2026, our consolidated debt was approximately $3.4 billion (excluding unconsolidated joint venture debt).

The following table presents our ratio of debt to total market capitalization (counting series A preferred units as debt) as of February 18, 2026 (in thousands, except percentage):


Market Capitalization	February 18, 2026
Unsecured and secured debt(1)	$	3,366,183
Series A redeemable preferred units	2,795
Total consolidated debt	3,368,978
Equity capitalization(2)	846,541
TOTAL CONSOLIDATED MARKET CAPITALIZATION	$	4,215,519
Total consolidated debt/total consolidated market capitalization	79.9		%

_____________

1.Excludes joint venture partner debt and unamortized deferred financing costs and loan discounts/premiums.

2.Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $6.34, as reported by the NYSE, on February 18, 2026 as well as the aggregate value of the Series C preferred stock liquidation preference as of February 18, 2026.

Our degree of leverage could affect our ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. In November 2024, May 2025 and June 2025, our senior debt credit ratings were downgraded. In the event our senior debt is further downgraded from its current ratings, we would likely incur higher borrowing costs and/or difficulty in obtaining additional financing. Our degree of leverage could also make us more vulnerable to a downturn in business or the economy generally. There is a risk that changes in our debt to total market capitalization ratio, which is in part a function of our stock price, or our ratio of indebtedness to other measures of asset value used by financial analysts may have an adverse effect on the market price of our equity or debt securities.

Failure to hedge effectively against interest rate changes may adversely affect our financial condition, results of operations, cash flow, cash available for distribution, including cash available for payment of dividends on and the per share trading price of our securities.

As of December 31, ~~2024~~2025, we had $10.16 billion in variable rate debt, excluding debt that is effectively fixed through the use of interest rate swaps. In addition, we may incur additional variable rate debt in the future. Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. If the Federal Reserve Board increases the federal funds rate, overall interest rates will likely rise. Interest rate increases would increase the interest costs on our unhedged variable rate debt, which could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our stockholders. Further, rising interest rates could limit our ability to refinance existing debt when it matures. We seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements that involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes. Failure to hedge effectively against interest rate changes may materially adversely affect our financial condition, results of operations, cash flow, cash available for distribution, including cash available for payment of dividends on and the per share trading price of our securities. In addition, while such agreements are intended to lessen the impact of rising interest rates on us, they also expose us to the risk that the other parties to the agreements will not perform, we could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly-effective cash flow hedges under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging.

Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.

Incurring mortgage and other secured debt obligations increases our risk of property losses because defaults on indebtedness secured by properties may result in foreclosure actions initiated by lenders and ultimately our loss of the property securing any loans for which we are in default. Any foreclosure on a mortgaged property or group of properties could adversely affect the overall value of our portfolio of properties. For tax purposes, a foreclosure of any of our properties that is subject to a nonrecourse mortgage loan would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds.

Our unsecured revolving credit facility, registered senior notes, term loan facility and note purchase agreements restrict our ability to engage in some business activities.

Our unsecured revolving credit facility, registered senior notes, term loan facility and note purchase agreements contain customary negative covenants and other financial and operating covenants that, among other things:

•restrict our ability to incur additional indebtedness;

•restrict our ability to make certain investments;

•restrict our ability to merge with another company;

•restrict our ability to make distributions to stockholders; and

•require us to maintain financial coverage ratios.

These limitations restrict our ability to engage in some business activities, which could adversely affect our financial condition, results of operations, cash flow, cash available for distributions to our stockholders, and per share trading price of our securities. In addition, failure to meet any of these covenants, including the financial coverage ratios, could cause an event of default under and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us. We have modified certain of our leverage ratio covenants for periods through December 31, 2024 to provide for a maximum ratio of 65% for such covenants which previously required a maximum ratio of 60%. Beginning with the ~~fourth~~third quarter of ~~2024~~2025, we ~~also~~temporarily modified certain of our ~~adjusted~~unencumbered ~~EBITDA~~NOI to ~~fixed~~unsecured ~~charges~~interest expense covenants to provide for a minimum required ratio of 1.4x75x for such covenants which previously required a minimum ratio of 12.5x0x ~~and~~for ~~modified~~any ~~certain~~fiscal ofquarter ~~our~~ending ~~unencumbered~~on ~~NOI~~or toprior ~~unsecured interest expense covenants~~ to ~~provide~~December ~~for~~31, ~~a minimum required ratio of 1~~2026.~~75x~~ ~~for such covenants which previously required a minimum ratio of 2.0x.~~ There is no assurance that we will be able to obtain future waivers or modifications of these or other covenants, and future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, and the overall market conditions in which we and our tenants operate. Furthermore, our unsecured revolving credit facility and term loan facility contain specific cross-default provisions with respect to specified other indebtedness, giving the lenders the right to declare a default if we are in default under other loans in some circumstances.

facility contain specific cross-default provisions with respect to specified other indebtedness, giving the lenders the right to declare a default if we are in default under other loans in some circumstances.

Further downgrades in our credit ratings could materially adversely affect our business and financial condition.

The credit ratings assigned to us or our securities could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any rating will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, these credit rating do not apply to our common stock and are not recommendations to buy, sell, or hold our common stock or any other securities. If any of the credit rating agencies that have rated us or our securities downgrades or lowers its credit rating, or any credit rating agency indicates that it has placed any such rating on a so-called “watch list” for a possible downgrading or lowering or otherwise indicates that its outlook for the rating is negative, it could have a material adverse effect on our costs and availability of capital, which could in turn have a material adverse effect on our financial condition, results of operations, cash flows, the trading price of our securities, and our ability to satisfy our debt service obligations and to pay dividends and distributions to our security holders.

We face significant competition, which may decrease or prevent increases in the occupancy and rental rates of our properties.

We compete with numerous developers, owners and operators of office properties, many of which own properties similar to ours in the same submarkets in which our properties are located. If our competitors offer space at rental rates below current market rates, or below the rental rates we currently charge our tenants, we may lose existing or potential tenants and we may be pressured to reduce our rental rates below those we currently charge or to offer more substantial rent abatements, tenant improvements, early termination rights or below-market renewal options in order to retain tenants when our tenants’ leases expire. As a result, our financial condition, results of operations, cash flow and the per share trading price of our securities could be adversely affected.

We depend on significant tenants.

As of December 31, ~~2024~~2025, the 15 largest tenants in our office portfolio represented approximately 4442.97% of the HPP’s share of the total annualized base rent generated by our office properties. The inability of a significant tenant to pay rent or the bankruptcy or insolvency of a significant tenant may adversely affect the income produced by our properties. If a tenant becomes bankrupt or insolvent, federal law may prohibit us from evicting such tenant based solely upon such bankruptcy or insolvency. In addition, a bankrupt or insolvent tenant may be authorized to reject and terminate its lease with us. Any claim against such tenant for unpaid, future rent would be subject to a statutory cap that might be substantially less than the remaining rent owed under the lease. As of December 31, 2024, our three largest tenants were Google, Inc., Netflix, Inc. and Amazon, which together accounted for 20.6% of the HPP’s share of the annualized base rent generated by our office properties. If Google, Inc., Netflix, Inc. and Amazon were to experience a downturn or a weakening of financial condition resulting in a failure to make timely rental payments or causing a lease default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment.

for unpaid, future rent would be subject to a statutory cap that might be substantially less than the remaining rent owed under the lease. As of December 31, 2025, our three largest tenants were Google, Inc., Netflix, Inc. and Amazon, which together accounted for 20.6% of the HPP’s share of the annualized base rent generated by our office properties. If Google, Inc., Netflix, Inc. and Amazon were to experience a downturn or a weakening of financial condition resulting in a failure to make timely rental payments or causing a lease default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment.

We may be unable to renew leases, lease vacant space or re-let space as leases expire.

As of December 31, ~~2024~~2025, approximately 2831.73% of the HPP’s share of the square footage of the office properties (including our development and redevelopment properties) in our portfolio was available, taking into account uncommenced leases signed as of December 31, ~~2024~~2025. An additional approximately 157.03% of the HPP’s share of the square footage of the office properties in our portfolio is scheduled to expire in ~~2025~~2026 (includes leases scheduled to expire on December 31, ~~2024~~2025). We cannot assure you that leases will be renewed or that our properties will be re-let at net effective rental rates equal to or above the current average net effective rental rates or that substantial rent abatements, tenant improvements, early termination rights or below-market renewal options will not be offered to attract new tenants or retain existing tenants. If the rental rates for our properties decrease, our existing tenants do not renew their leases or we do not re-let a significant portion of our available space and space for which leases will expire, our financial condition, results of operations, cash flow and per share trading price of our securities could be adversely affected.

We may be required to make rent or other concessions and/or significant capital expenditures to improve our properties in order to retain and attract tenants, causing our financial condition, results of operations, cash flow and per share trading price of our securities to be adversely affected.

To the extent adverse economic conditions continue in the real estate market and demand for office space remains low, we expect that, upon expiration of leases at our properties, we will be required to make rent or other concessions to tenants, accommodate requests for renovations, build-to-suit remodeling and other improvements or provide additional services to our tenants. As a result, we may have to make significant capital or other expenditures in order to retain tenants whose leases expire and to attract new tenants in sufficient numbers. Additionally, we may need to raise capital to make such expenditures. If we are unable to do so or capital is otherwise unavailable, we may be unable to make the required expenditures. This could result in non-renewals by tenants upon expiration of their leases, which could adversely affect our financial condition, results of operations, cash flow and the per share trading price of our securities.

The actual rents we receive for the properties in our portfolio may be less than our asking rents, and we may experience lease roll-down from time to time.

As a result of various factors, including competitive pricing pressure in our submarkets, adverse conditions in Northern or Southern California, the Pacific Northwest, Western Canada or Greater London, United Kingdom real estate markets, a general economic downturn and the desirability of our properties compared to other properties in our submarkets, we may be unable to realize the asking rents across the properties in our portfolio. In addition, the degree of discrepancy between our asking rents and the actual rents we are able to obtain may vary both from property to property and among different leased spaces within a single property. If we are unable to obtain rental rates that are on average comparable to our asking rents across our portfolio, then our ability to generate cash flow growth will be negatively impacted. In addition, depending on asking rental rates at any given time as compared to expiring leases in our portfolio, from time to time rental rates for expiring leases may be higher than starting rental rates for new leases.

Some of our properties are subject to ground leases, the termination or expiration of which could cause us to lose our interest in, and the right to receive rental income from, such properties.

~~Ten~~Nine of our consolidated properties are subject to ground leases (including properties with a portion of the land subject to a ground lease). Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 13 to the Consolidated Financial Statements—Future Minimum Base Rents and Lease Payments Future Minimum Rents” for more information regarding our ground lease agreements. If any of these ground leases are terminated following a default or expire without being extended, we may lose our interest in the related property and may no longer have the right to receive any of the rental income from such property, which would adversely affect our financial condition, results of operations, cash flow and the per share trading price of our securities.

Our success depends on key personnel whose continued service is not guaranteed.

Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel who have extensive market knowledge and relationships and exercise substantial influence over our operational, financing, acquisition and disposition activity. Many of our senior executives have extensive experience and strong reputations in the real estate industry, which aid us in identifying opportunities, having opportunities brought to us, and negotiating with tenants and build-to-suit prospects. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could adversely affect our financial condition, results of operations, cash flow and the per share trading price of our securities.

relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could adversely affect our financial condition, results of operations, cash flow and the per share trading price of our securities.

Some of our workforce is covered by collective bargaining agreements and our business may be adversely affected by any disruptions caused by union activities.

As of December 31, ~~2024~~2025, approximately 2022% of our employees are covered by collective bargaining agreements. While we believe we have good relationships with our unionized employees and we have not experienced any union-related work stoppage over the last ten years, if we encounter difficulties with renegotiations or renewals of collective bargaining arrangements or are unsuccessful in those efforts, we could incur additional costs and experience work stoppages. Moreover, regulations in some jurisdictions outside of the U.S. mandate employee participation in collective bargaining agreements and work councils with certain consultation rights with respect to the relevant companies’ operations. Although we work diligently to provide the best possible work environment for our employees, they may still decide to join or seek recognition to form a labor union, or we may be required to become a union signatory.

In addition, some of our key tenants employ the services of writers, directors, actors and other talent as well as trade employees and others who are subject to collective bargaining agreements in the motion picture industry. If expiring collective bargaining agreements cannot be renewed, then it is possible that the affected unions could take action in the form of strikes or work stoppages. For example, the Writers Guild of America (“WGA”) and the Screen Actors Guild (“SAG-AFTRA”) collective bargaining agreements expired in 2023, and WGA and SAG-AFTRA members went on strike in May 2023 and July 2023, respectively. Such actions, as well as higher costs or operating complexities in connection with these collective bargaining agreements or a significant labor dispute, have resulted, and may in the future result, in halted production activity and reduced demand for our studios, stages and ancillary services, and could have an adverse effect on our tenants’ businesses by causing delays in production, added costs or by reducing profit margins, which in turn could affect our ability to collect rent from those tenants.

Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers.

As of December 31, ~~2024~~2025, we had 2018 joint ventures. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 2 to the Consolidated Financial Statements—Summary of Significant Accounting Policies” and Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 6 to the Consolidated Financial Statements—Investment in Unconsolidated Real Estate Entities” for details on our joint ventures. We may co-invest in the future with other third parties through partnerships, joint ventures or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property, partnership, joint venture or other entity. These investments may, under certain circumstances, involve risks not present were a third party not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their share of required capital contributions. Partners or co-venturers may have economic or other business interests or goals that are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives, and they may have competing interests in our markets that could create conflict of interest issues. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the partner or co-venturer would have full control over the partnership or joint venture. In addition, prior consent of our joint venture partners may be required for a sale or transfer to a third party of our interests in the joint venture, which would restrict our ability to dispose of our interest in the joint venture. If we become a limited partner or non-managing member in any partnership or limited liability company and such entity takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. Disputes between us and partners or co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and/or directors from focusing their time and effort on our business. Consequently, actions by or disputes with partners or co-venturers might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. Our joint ventures may be subject to debt and, in the current volatile credit market, the refinancing of such debt may require equity capital calls.

or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property, partnership, joint venture or other entity. These investments may, under certain circumstances, involve risks not present were a third party not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their share of required capital contributions. Partners or co-venturers may have economic or other business interests or goals that are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives, and they may have competing interests in our markets that could create conflict of interest issues. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the partner or co-venturer would have full control over the partnership or joint venture. In addition, prior consent of our joint venture partners may be required for a sale or transfer to a third party of our interests in the joint venture, which would restrict our ability to dispose of our interest in the joint venture. If we become a limited partner or non-managing member in any partnership or limited liability company and such entity takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. Disputes between us and partners or co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and/or directors from focusing their time and effort on our business. Consequently, actions by or disputes with partners or co-venturers might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. Our joint ventures may be subject to debt and, in the current volatile credit market, the refinancing of such debt may require equity capital calls.

If we fail to maintain an effective system of integrated internal controls, we may not be able to accurately report our financial results.

Effective internal and disclosure controls are necessary for us to provide reliable financial reports and effectively prevent fraud and to operate successfully as a public company. If we cannot provide reliable financial reports or prevent fraud, our reputation and operating results would be harmed. As part of our ongoing monitoring of internal controls we may discover material weaknesses or significant deficiencies in our internal controls. As a result of weaknesses that may be identified in our internal controls, we may also identify certain deficiencies in some of our disclosure controls and procedures that we believe require remediation. If we discover weaknesses, we will make efforts to improve our internal and disclosure controls. However, there is no assurance that we will be successful. Any failure to maintain effective controls or timely effect any necessary improvement of our internal and disclosure controls could harm operating results or cause us to fail to meet our reporting obligations, which could affect our ability to remain listed with the NYSE. Ineffective internal and disclosure controls could also cause investors to lose confidence in our reported financial information, which would likely have a negative effect on the per share trading price of our securities.

Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.

Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments), and receivables. Often these estimates require the use of market data values and involve estimates of future performance or receivables collectability, all of which can be difficult to accurately predict. Although our management team believes it has been prudent and used reasonable judgment in making these estimates, it is possible actual results may differ from these estimates.

We have suspended paying dividends on our common stock and we cannot assure you of our ability to pay dividends in the future or the amount of any dividends.

In September 2024, we suspended our quarterly dividend on our common stock in order to address liquidity considerations in light of general office industry trends and slower-than-anticipated recovery of studio demand following the Writers Guild of America (“WGA”) strike and the Screen Actors Guild - American Federation of Television and Radio Artists (“SAG-AFTRA”) strikes. Our Board determines the amount and timing of any distributions and currently expects to continue to review and evaluate future dividend payments on a quarterly basis, but we cannot provide you with any assurances that we will resume paying dividends on our common stock. In making this determination, our Board considers a variety of relevant factors, including, without limitation, the obligations under our various financing agreements, projected taxable income, compliance with our debt covenants, long-term operating projections, expected capital requirements, the annual distribution requirements under the REIT provisions of the Code and risks affecting our business. Accordingly, unless a declaration and payment of cash dividends is made, realization of a gain on stockholders’ investments will depend on the appreciation of the price of our stock. There is no guarantee that our stock will appreciate in value or a dividend declaration will be made. We cannot assure you that we will be able to make distributions in the future. Any of the foregoing could adversely affect the market price of our publicly traded securities.

We cannot provide any assurance that our Quixote business will be able to fully respond to the challenging market conditions prevailing within the entertainment industry.

Our Quixote business has experienced operating losses during calendar year 2025 from decreased production activity, leading us to seek measures to reduce its cost structure to remain competitive. In this regard, we have terminated certain leases, closed operating locations and reduced our staff. While we continue to pursue additional cost reduction initiatives, we cannot provide any assurance that these measures will be successful or sufficient to return the business to profitability. If we are unable to continue to operate the business while meeting these objectives, this will have a material adverse effect on our Quixote operations and our ability to produce profits from our investments in these operations in the future.

Risks Related to the Real Estate Industry

Our performance and value are subject to risks associated with real estate assets and the real estate industry.

Our ability to pay expected dividends to our stockholders depends on our ability to generate revenues in excess of expenses, pay scheduled principal payments on debt and pay capital expenditure requirements. Events and conditions generally applicable to owners and operators of real property that are beyond our control may decrease cash available for distribution and the value of our properties. These events include many of the risks set forth above under “—Risks Related to Our Properties and Our Business,” as well as the following:

•local oversupply or reduction in demand for office or studio-related space;

•adverse changes in financial conditions of buyers, sellers and tenants of properties;

•vacancies or our inability to rent space on favorable terms, including possible market pressures to offer tenants rent abatements, tenant improvements, early termination rights or below-market renewal options, and the need to periodically repair, renovate and re-let space;

•increased operating costs, including insurance premiums, utilities, real estate taxes and state and local taxes;

•civil unrest, acts of war, terrorist attacks and natural disasters, including earthquakes and floods, which may result in uninsured or underinsured losses;

•decreases in the underlying value of our real estate; and

•changing submarket demographics.

In addition, periods of economic downturn or recession, rising interest rates or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults under existing leases, which would adversely affect our financial condition, results of operations, cash flow and per share trading price of our securities.

Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.

The real estate investments made, and to be made, by us are relatively difficult to sell quickly. As a result, our ability to promptly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited. Return of capital and realization of gains, if any, from an investment generally will occur upon disposition or refinancing of the underlying property. We may be unable to realize our investment objectives by sale, other disposition or refinancing at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. In particular, our ability to dispose of one or more properties within a specific time period is subject to certain limitations imposed by our tax protection agreements, as well as weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, such as the current economic downturn, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located.

In addition, the Code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. In particular, the tax laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale in the ordinary course of business (by imposing a 100% prohibited transaction tax on REITs on profits derived from sales of properties held primarily for sale in the ordinary course or business), which may cause us to forgo or defer sales of properties that otherwise would be in our best interest.

Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms, which may adversely affect our financial condition, results of operations, cash flow and per share trading price of our securities.

We could incur significant costs related to government regulation and litigation over environmental matters.

Under various federal, state and local laws and regulations relating to the environment, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or discharge of hazardous or toxic substances, waste or petroleum products at, on, in, under or migrating from such property, including costs to investigate, clean up such contamination and liability for harm to natural resources. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such contamination, and the liability may be joint and several. These liabilities could be substantial and the cost of any required remediation, removal, fines or other costs could exceed the value of the property and/or our aggregate assets. In addition, the presence of contamination or the failure to remediate contamination at our properties may expose us to third-party liability for costs of remediation and/or personal or property damage or materially adversely affect our ability to sell, lease or develop our properties or to borrow using the properties as collateral. In addition, environmental laws may create liens on contaminated sites in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures. Some of our properties have been or may be impacted by contamination arising from current or prior uses of the property, or adjacent properties, for commercial or industrial purposes. Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such materials. As a result, we could potentially incur material liability for these issues, which could adversely impact our financial condition, results of operations, cash flow and the per share trading price of our securities.

Environmental laws also govern the presence, maintenance and removal of ACBM and LBP and may impose fines and penalties for failure to comply with these requirements or expose us to third-party liability (e.g., liability for personal injury associated with exposure to asbestos or lead). Such laws require that owners or operators of buildings containing ACBM and LBP (and employers in such buildings) properly manage and maintain the asbestos and lead, adequately notify or train those who may come into contact with asbestos or lead, and undertake special precautions, including removal or other abatement, if asbestos or lead would be disturbed during renovation or demolition of a building. Some of our properties contain ACBM and/or LBP and we could be liable for such damages, fines or penalties.

potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect our operations, or those of our tenants, which could in turn have an adverse effect on us.

We cannot assure you that costs or liabilities incurred as a result of environmental issues will not affect our ability to make distributions to our stockholders or that such costs or other remedial measures will not have an adverse effect on our financial condition, results of operations, cash flow and the per share trading price of our securities. If we do incur material environmental liabilities in the future, we may face significant remediation costs, and we may find it difficult to sell any affected properties.

Our properties may contain or develop harmful mold or suffer from other air quality issues, which could lead to liability for adverse health effects and costs of remediation.

We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties.

The properties in our portfolio are subject to various covenants and federal, state and local laws and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict our use of our properties and may require us to obtain approval from local officials or restrict our use of our properties and may require us to obtain approval from local officials of community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional regulations will not be adopted that increase such delays or result in additional costs. Our growth strategy may be affected by our ability to obtain permits, licenses and zoning relief. Our failure to obtain such permits, licenses and zoning relief or to comply with applicable laws could have an adverse effect on our financial condition, results of operations, cash flow and per share trading price of our securities.

In addition, federal and state laws and regulations, including laws such as the ADA, impose further restrictions on our properties and operations. Under the ADA, all public accommodations must meet federal requirements related to access and use by disabled persons. Some of our properties may currently be in non-compliance with the ADA. If one or more of the properties in our portfolio is not in compliance with the ADA or any other regulatory requirements, we may be required to incur additional costs to bring the property into compliance and we might incur governmental fines or the award of damages to private litigants. In addition, we do not know whether existing requirements will change or whether future requirements will require us to make significant unanticipated expenditures that will adversely impact our financial condition, results of operations, cash flow and per share trading price of our securities.

We are exposed to risks associated with property development and redevelopment.

We may engage in development and redevelopment activities with respect to certain of our properties. To the extent that we do so, we will be subject to certain risks, including the availability and pricing of financing on favorable terms or at all; construction and/or lease-up delays; cost overruns, including construction costs that exceed our original estimates; contractor and subcontractor disputes, strikes, labor disputes or supply disruptions; failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; and delays with respect to obtaining or the inability to obtain necessary zoning, occupancy, land use and other governmental permits, and changes in zoning and land use laws. These risks could result in substantial unanticipated delays or expenses and, under certain circumstances, could prevent completion of development activities once undertaken, any of which could have an adverse effect on our financial condition, results of operations, cash flow and per share trading price of our securities.

Risks Related to Our Organizational Structure

The series A preferred units that were issued to some contributors in connection with our IPO in exchange for the contribution of their properties have certain preferences, which could limit our ability to pay dividends or other distributions to the holders of our securities or engage in certain business combinations, recapitalizations or other fundamental changes.

In exchange for the contribution of properties to our portfolio in connection with our IPO, some contributors received series A preferred units in our operating partnership. As of December 31, 2024, these units have an aggregate liquidation preference of approximately $9.8 million and have a preference as to distributions and upon liquidation that could limit our ability to pay dividends on series C preferred stock and common stock. The series A preferred units are senior to any other class of securities our operating partnership may issue in the future without the consent of the holders of the series A preferred units. As a result, we will be unable to issue partnership units in our operating partnership senior to the series A preferred units without the consent of the holders of series A preferred units. Any preferred stock in our Company that we issue will be subordinate to the series A preferred units. In addition, we may only engage in a fundamental change, including a recapitalization, a merger and a sale of all or substantially all of our assets, as a result of which our common stock ceases to be publicly traded or common units cease to be exchangeable (at our option) for publicly traded shares of our stock, without the consent of holders of series A preferred units if following such transaction we will maintain certain leverage ratios and equity requirements, and pay certain minimum tax distributions to holders of our outstanding series A preferred units. Alternatively, we may redeem all or any portion of the then outstanding series A preferred units for cash (at a price per unit equal to the redemption price). If we choose to redeem the outstanding series A preferred units in connection with a fundamental change, this could reduce the amount of cash available for distribution to holders of series C preferred stock and common stock. In addition, these provisions could increase the cost of any such fundamental change transaction, which may discourage a merger, combination or change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interests.

Our common stock is ranked junior to our series C preferred stock.

Our common stock is ranked junior to our series C preferred stock. Our outstanding series C preferred stock also has or will have a preference upon our dissolution, liquidation or winding up in respect of assets available for distribution to our stockholders. Holders of our common stock are not entitled to preemptive rights or other protections against dilution. In the future, we may attempt to increase our capital resources by making additional offerings of equity securities, including classes or series of additional preferred stock. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offering. Thus, our stockholders bear the risk of our future offerings reducing the per share trading price of our common stock and diluting their interest in us.

Conflicts of interest exist or could arise in the future between the interests of our stockholders and the interests of holders of units in our operating partnership, which may impede business decisions that could benefit our stockholders.

Conflicts of interest exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and our operating partnership or any partner thereof, on the other. Our directors and officers have duties to our Company under applicable Maryland law in connection with their management of our Company. At the same time, we, as the general partner of our operating partnership, have fiduciary duties and obligations to our operating partnership and its limited partners under Maryland law and the partnership agreement of our operating partnership in connection with the management of our operating partnership. Our fiduciary duties and obligations as general partner to our operating partnership and its partners may come into conflict with the duties of our directors and officers to our Company.

Additionally, the partnership agreement provides that we and our directors and officers will not be liable or accountable to our operating partnership for losses sustained, liabilities incurred or benefits not derived if we, or such director or officer acted in good faith. The partnership agreement also provides that we will not be liable to the operating partnership or any partner for monetary damages for losses sustained, liabilities incurred or benefits not derived by the operating partnership or any limited partner, except for liability for our intentional harm or gross negligence. Moreover, the partnership agreement provides that our operating partnership is required to indemnify us and our directors, officers and employees, officers and employees of the operating partnership and our designees from and against any and all claims that relate to the operations of our operating partnership, except (i) if the act or omission of the person was material to the matter giving rise to the action and either was committed in bad faith or was the result of active and deliberate dishonesty, (ii) for any transaction for which the indemnified party received an improper personal benefit, in money, property or services or otherwise, in violation or breach of any provision of the partnership agreement or (iii) in the case of a criminal proceeding, if the indemnified person had reasonable cause to believe that the act or omission was unlawful. No reported decision of a Maryland appellate court has interpreted provisions similar to the provisions of the partnership agreement of our operating partnership that modify and reduce our fiduciary duties or obligations as the general partner or reduce or eliminate our liability for money damages to the operating partnership and its partners, and we have not obtained an opinion of counsel as to the enforceability of the provisions set forth in the partnership agreement that purport to modify or reduce the fiduciary duties that would be in effect were it not for the partnership agreement.

Our charter and bylaws, the partnership agreement of our operating partnership and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in our interest, and as a result may depress the market price of our securities.

Our charter contains certain ownership limits. Our charter contains various provisions that are intended to preserve our qualification as a REIT and, subject to certain exceptions, authorize our directors to take such actions as are necessary or appropriate to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of each of our common stock and series C preferred stock, and more than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. Our board of directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may:

of each of our common stock and series C preferred stock, and more than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. Our board of directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may:

•discourage a tender offer or other transactions or a change in management or of control that might involve a premium price for our common stock or series C preferred stock or that our stockholders otherwise believe to be in their best interests; or

•result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.

We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval. Subject to the rights of holders of series C preferred stock to approve the classification or issuance of any class or series of stock ranking senior to the series C preferred stock, our board of directors has the power under our charter to amend our charter to increase the aggregate number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred stock and to classify or reclassify any unissued shares of our common stock or preferred stock into one or more classes or series of stock and set the terms of such newly classified or reclassified shares. Although our board of directors has no such intention at the present time, it could establish a class or series of preferred stock that could, depending on the terms of such series, delay, defer or prevent a transaction or a change of control that might involve a premium price for our securities or that our stockholders otherwise believe to be in their best interest.

Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that our stockholders otherwise believe to be in their best interest. Certain provisions of the Maryland General Corporation Law (the “MGCL”) may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could be in the best interest of our stockholders, including:

•“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and/or supermajority and stockholder voting requirements on these combinations; and

•“control share” provisions that provide that “control shares” of our Company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.

As permitted by the MGCL, we have elected, by resolution of our board of directors, to exempt from the business combination provisions of the MGCL, any business combination that is first approved by our disinterested directors and, pursuant to a provision in our bylaws, to exempt any acquisition of our stock from the control share provisions of the MGCL. However, our board of directors may by resolution elect to repeal the exemption from the business combination provisions of the MGCL and may by amendment to our bylaws opt into the control share provisions of the MGCL at any time in the future.

Certain provisions of the MGCL permit our board of directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to implement certain corporate governance provisions, some of which (for example, a classified board) are not currently applicable to us. These provisions may have the effect of limiting or precluding a third party from making an unsolicited acquisition proposal for us or of delaying, deferring or preventing a change in control of us under circumstances that otherwise could be in the best interest of our stockholders. Our charter contains a provision whereby we have elected to be subject to the provisions of Title 3, Subtitle 8 of the MGCL relating to the filling of vacancies on our board of directors.

Certain provisions in the partnership agreement of our operating partnership may delay or prevent unsolicited acquisitions of us.

Provisions in the partnership agreement of our operating partnership may delay or make more difficult unsolicited acquisitions of us or changes of our control. These provisions could discourage third parties from making proposals involving an unsolicited acquisition of us or change of our control, although some stockholders might consider such proposals, if made, desirable. These provisions include, among others:

•redemption rights of qualifying parties;

•transfer restrictions on units;

•our ability, as general partner, in some cases, to amend the partnership agreement and to cause the operating partnership to issue units with terms that could delay, defer or prevent a merger or other change of control of us or our operating partnership without the consent of the limited partners;

•the right of the limited partners to consent to transfers of the general partnership interest and mergers or other transactions involving us under specified circumstances; and

•restrictions on debt levels and equity requirements pursuant to the terms of our series A preferred units, as well as required distributions to holders of series A preferred units of our operating partnership, following certain changes of control of us.

Our charter, bylaws, the partnership agreement of our operating partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that our stockholders otherwise believe to be in their best interest.

Our board of directors may change our investment and financing policies without stockholder approval and we may become more highly leveraged, which may increase our risk of default under our debt obligations.

Our investment and financing policies are exclusively determined by our board of directors. Accordingly, our stockholders do not control these policies. Further, our organizational documents do not limit the amount or percentage of indebtedness, funded or otherwise, that we may incur. Our board of directors may alter or eliminate our current policy on borrowing at any time without stockholder approval. If this policy changed, we could become more highly leveraged, which could result in an increase in our debt service. Higher leverage also increases the risk of default on our obligations. In addition, a change in our investment policies, including the manner in which we allocate our resources across our portfolio or the types of assets in which we seek to invest, may increase our exposure to interest rate risk, real estate market fluctuations and liquidity risk. Changes to our policies with regards to the foregoing could adversely affect our financial condition, results of operations, cash flow and per share trading price of our securities.

Our rights and the rights of our stockholders to take action against our directors and officers are limited.

Our charter eliminates the liability of our directors and officers to us and our stockholders for monetary damages, except for liability resulting from:

•actual receipt of an improper benefit or profit in money, property or services; or

•a final judgment based upon a finding of active and deliberate dishonesty by the director or officer that was material to the cause of action adjudicated.

In addition, our charter authorizes us to obligate our Company, and our bylaws require us, to indemnify our directors and officers for actions taken by them in those and certain other capacities to the maximum extent permitted by Maryland law. As a result, we and our stockholders may have more limited rights against our directors and officers than might otherwise exist. Accordingly, in the event that actions taken in good faith by any of our directors or officers impede the performance of our Company, your ability to recover damages from such director or officer will be limited.

We are a holding company with no direct operations and, as such, we rely on funds received from our operating partnership to pay liabilities, and the interests of our stockholders are structurally subordinated to all liabilities and obligations of our operating partnership and its subsidiaries.

We are a holding company and conduct substantially all of our operations through our operating partnership. We do not have, apart from an interest in our operating partnership, any independent operations. As a result, we rely on distributions from our operating partnership to pay any dividends we might declare on our common stock and on shares of our series C preferred stock. We also rely on distributions from our operating partnership to meet our obligations, including any tax liability on taxable income allocated to us from our operating partnership. In addition, because we are a holding company, claims of our equity holders will be structurally subordinated to all existing and future liabilities and obligations (whether or not for borrowed money) of our operating partnership and its subsidiaries and subordinate to the rights of holders of series A preferred units. Therefore, in the event of our bankruptcy, liquidation or reorganization, our assets and those of our operating partnership and its subsidiaries will be available to satisfy the claims of our stockholders only after all of our and our operating partnership’s and its subsidiaries’ liabilities and obligations have been paid in full.

Risks Related to Our Status as a REIT

Failure to qualify as a REIT would have significant adverse consequences to us and the value of our stock.

We have elected to be taxed as a REIT for federal income tax purposes 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 have not requested and do not plan to request a ruling from the Internal Revenue Service, or IRS, that we qualify as a REIT, and the statements in this Annual Report are not binding on the IRS or any court. Therefore, we cannot assure you that we have qualified as a REIT, or that we will remain qualified as such in the future. If we lose our REIT status, we will face serious tax consequences that would substantially reduce the funds available for distribution to our stockholders for each of the years involved because:

remain qualified as such in the future. If we lose our REIT status, we will face serious tax consequences that would substantially reduce the funds available for distribution to our stockholders for each of the years involved because:

•we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to federal corporate income tax on our taxable income;

•we also could be subject to increased state and local taxes; and

•unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.

Any such corporate tax liability could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In addition, if we were to fail to qualify as a REIT, we would not be required to make distributions to our stockholders. As a result of all these factors, our failure to qualify as a REIT also could impair our ability to expand our business and raise capital, and could materially and adversely affect the value of our securities.

Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable Treasury regulations that have been promulgated under the Code, or the Treasury Regulations, is greater in the case of a REIT that, like us, holds its assets through a partnership. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock and requirements regarding the composition of our assets and our gross income. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, excluding net capital gains.

We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions.

In addition, legislation, new regulations, administrative interpretations or court decisions may materially adversely affect our investors, our ability to qualify as a REIT for federal income tax purposes or the desirability of an investment in a REIT relative to other investments.

Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, state and local income, property and excise taxes on our income or property and, in certain cases, a 100% penalty tax, in the event we sell property as a dealer. In addition, our taxable REIT subsidiaries will be subject to tax as regular corporations in the jurisdictions they operate.

If our operating partnership were to fail to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.

We believe that our operating partnership is properly treated as a partnership for federal income tax purposes. As a partnership, our operating partnership is not subject to federal income tax on its income. Instead, each of its partners, including us, is allocated, and may be required to pay tax with respect to, its share of our operating partnership’s income. We cannot assure you, however, that the IRS will not challenge the status of our operating partnership or any other subsidiary partnership in which we own an interest as a partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating our operating partnership or any such other subsidiary partnership as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT. Also, the failure of our operating partnership or any subsidiary partnerships to qualify as a partnership would cause it to become subject to federal and state corporate income tax, which could reduce significantly the amount of cash available for debt service and for distribution to its partners, including us.

The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions that would be treated as sales for federal income tax purposes.

A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination and we cannot assure you that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors, which, if met, would prevent any such sales from being treated as prohibited transactions.

Our ownership of taxable REIT subsidiaries is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our taxable REIT subsidiaries are not conducted on arm’s length terms.

We currently own interests in certain taxable REIT subsidiaries and may acquire securities in additional taxable REIT subsidiaries in the future. A taxable REIT subsidiary is a corporation (or entity treated as a corporation for federal income tax purposes) other than a REIT in which a REIT directly or indirectly holds stock, and that has made a joint election with such REIT to be treated as a taxable REIT subsidiary. If a taxable REIT subsidiary owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a taxable REIT subsidiary. Other than some activities relating to lodging and health care facilities, a taxable REIT subsidiary may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. A taxable REIT subsidiary is subject to federal income tax as a regular C corporation. In addition, a 100% excise tax will be imposed on certain transactions between a taxable REIT subsidiary and its parent REIT that are not conducted on an arm’s length basis. A REIT’s ownership of securities of a taxable REIT subsidiary is not subject to the 5% or 10% asset tests applicable to REITs. No more than 25% of our total assets may be represented by securities, including securities of taxable REIT subsidiaries, other than those securities includable in the 75% asset test. Further, no more than 2025% of the value of our total assets may be represented by securities of taxable REIT subsidiaries. We anticipate that the aggregate value of the stock and other securities of any taxable REIT subsidiaries that we own will be less than 20% of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable asset test limitations. In addition, we intend to structure our transactions with any taxable REIT subsidiaries that we own to ensure that they are entered into on arm’s length terms to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with these limitations or avoid application of the 100% excise tax discussed above.

than 25% of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable asset test limitations. In addition, we intend to structure our transactions with any taxable REIT subsidiaries that we own to ensure that they are entered into on arm’s length terms to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with these limitations or avoid application of the 100% excise tax discussed above.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions.

To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year, excluding net capital gains, and we will be subject to regular corporate income taxes to the extent that we distribute less than 100% of our REIT taxable income each year. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. In order to maintain our REIT status and avoid the payment of income and excise taxes, we may need to borrow funds to meet the REIT distribution requirements even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from, among other things, differences in timing between the actual receipt of cash and inclusion of income for federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market’s perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flow, cash available for distributions to our stockholders, and per share trading price of our securities.

Complying with REIT requirements may affect our profitability and may force us to liquidate or forgo otherwise attractive investments.

To qualify as a REIT, we must continually satisfy tests concerning, among other things, the nature and diversification of our assets, the sources of our income and the amounts we distribute to our stockholders. We may be required to liquidate or forgo otherwise attractive investments in order to satisfy the asset and income tests or to qualify under certain statutory relief provisions. We also may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution. As a result, having to comply with the distribution requirement could cause us to: (i) sell assets in adverse market conditions; (ii) borrow on unfavorable terms; or (iii) distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt. Accordingly, satisfying the REIT requirements could have an adverse effect on our business results, profitability and ability to execute our business plan. Moreover, if we are compelled to liquidate our investments to meet any of these asset, income or distribution tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions.

Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.

The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for these reduced rates. U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT ~~for taxable years beginning before January 1, 2026~~. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our securities.

REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our securities.

The power of our board of directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders and unitholders.

Our charter provides that our board of directors may revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT. If we cease to qualify as a REIT, we would become subject to U.S. federal income tax on our taxable income and would no longer be required to distribute most of our taxable income to our stockholders and accordingly, distributions Hudson Pacific Properties, L.P. makes to its unitholders could be similarly reduced.

Legislative or other actions affecting REITs could have a negative effect on our investors and us.

The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the United States Department of the Treasury. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT, the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.

could adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT, the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.

Risks Related to General and Global Factors

Adverse economic and geopolitical conditions and dislocations in the credit markets could have a material adverse effect on our financial condition, results of operations, cash flow and per share trading price of our securities.

Volatility in the United States and international capital markets and concern over a return to recessionary conditions in global economies, and the California economy in particular, may adversely affect our financial condition, results of operations, cash flow and the per share trading price of our securities as a result of the following potential consequences, among others:

•significant job losses in the financial and professional services industries may occur, which may decrease demand for our office space, causing market rental rates and property values to be negatively impacted;

•our ability to obtain financing on terms and conditions that we find acceptable, or at all, may be limited, which could reduce our ability to pursue acquisition and development opportunities and refinance existing debt, reduce our returns from our acquisition and development activities and increase our future interest expense;

•reduced values of our properties may limit our ability to dispose of assets at attractive prices or to obtain debt financing secured by our properties and may reduce the availability of unsecured loans; and

•one or more lenders under our unsecured revolving credit facility could refuse to fund their financing commitment to us or could fail and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all.

Epidemics, pandemics or other outbreaks, and restrictions intended to prevent their spread, could adversely impact our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to pay dividends and distributions to security holders.

Epidemics, pandemics or other outbreaks of an illness, disease or virus that affect the markets in which we conduct our business and where our tenants are located, and actions taken to contain or prevent their further spread, could have significant adverse impacts on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to pay dividends and distributions to security holders in a variety of ways that are difficult to predict. Epidemics, pandemics or other outbreaks of an illness, disease or virus, including the relatively recent COVID-19 pandemic, could result in significant governmental measures being implemented to control the spread of such illness, disease or virus, including quarantines, restrictions on travel, “shelter in place” rules, stay-at-home orders, density limitations, social distancing measures, restrictions on types of business that may continue to operate and/or restrictions on types of construction projects that may continue, which could adversely affect our ability to adequately manage our business. Although most state governments and other authorities have lifted or reduced restrictions relating to the COVID-19 pandemic, they and others may reinstitute these measures in the future, or impose new, more restrictive measures, if the risks, or the perception of the risks, related to the COVID-19 pandemic worsen at any time, including as a result of the spread of new variants of the virus or other illness. If any such restrictions remain in place for an extended period of time, we may experience reductions in rents from our tenants. Although we will continue to be actively engaged in rent collection efforts related to uncollected rent, as well as working with certain tenants who request rent deferrals (particularly those occupying retail space), we can provide no assurance that such efforts or our efforts in future periods will be successful. Moreover, to the extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks set forth in this “Risk Factors” section.

Social, political, and economic instability, unrest, and other circumstances beyond our control could adversely affect our business operations.

Our business may be adversely affected by social, political, and economic instability, unrest, or disruption in a geographic region in which we operate, regardless of cause, including protests, demonstrations, strikes, riots, civil disturbance, disobedience, insurrection, or social and political unrest. Such events may result in restrictions, curfews, or other actions and give rise to significant changes in regional and global economic conditions and cycles, which may adversely affect our financial condition and operations.

Potential losses, including from adverse weather conditions, natural disasters and title claims, may not be covered by insurance.

We carry commercial property (including earthquake), liability and terrorism coverage on all the properties in our portfolio (most are covered under a blanket insurance policy while a few are under individual policies), in addition to other coverages, such as trademark and pollution coverage, that may be appropriate for certain of our properties. We have selected policy specifications and insured limits that we believe to be appropriate and adequate given the relative risk of loss, the cost of the coverage and industry practice. However, we do not carry insurance for losses such as those arising from riots or war because such coverage is not available or is not available at commercially reasonable rates. Some of our policies, like those covering losses due to terrorism or earthquakes, are insured subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses, which could affect certain of our properties that are located in areas particularly susceptible to natural disasters. All of the properties we currently own are located in Northern and Southern California, the Pacific Northwest, New York, Western Canada and Greater London, United Kingdom. Many of these areas are especially susceptible to earthquakes. In addition, we may discontinue earthquake, terrorism or other insurance on some or all of our properties in the future if the cost of premiums for any such policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss. As a result, we may be required to incur significant costs in the event of adverse weather conditions and natural disasters. If we or one or more of our tenants experiences a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged. Furthermore, we may not be able to obtain adequate insurance coverage at reasonable costs in the future as the costs associated with property and casualty renewals may be higher than anticipated. In the event that we experience a substantial or comprehensive loss of one of our properties, we may not be able to rebuild such property to its existing specifications. Further reconstruction or improvement of such a property would likely require significant upgrades to meet zoning and building code requirements.

We may become subject to litigation, which could have an adverse effect on our financial condition, results of operations, cash flow and the per share trading price of our securities.

In the future we may become subject to litigation, including claims relating to our operations, offerings, and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. We generally intend to vigorously defend ourselves; however, we cannot be certain of the ultimate outcomes of any claims that may arise in the future. Resolution of these types of matters against us may result in our having to pay significant fines, judgments or settlements, which, if uninsured, or if the fines, judgments and settlements exceed insured levels, could adversely impact our earnings and cash flows, thereby having an adverse effect on our financial condition, results of operations, cash flow and per share trading price of our securities. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.

We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (“IT”) networks and related systems.

We face risks associated with security breaches, whether through cyber attacks or cyber intrusions, malware, computer viruses, attachments to e-mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems. ~~The~~We ~~risk of a security breach or disruption, particularly through cyber attacks or cyber intrusions, including by computer hackers, foreign governments~~ and ~~cyber~~others ~~terrorists,~~in ~~has~~our ~~generally~~industry ~~increased~~are astargets ~~the~~for ~~number,~~threat ~~intensity~~actors ~~and~~because ~~sophistication~~we ofhold ~~attempted~~confidential ~~attacks~~ and ~~intrusions~~sensitive ~~from around the world have recently increased~~information. Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations (including managing our building systems) and, in some cases, may be critical to the operations of certain of our tenants. Although we make efforts to maintain the security and integrity of our IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, ~~there~~the ~~can be no assurance that our~~ security ~~efforts and~~ measures ~~will~~applied beto ~~effective~~our orsystems ~~that~~cannot ~~attempted~~guarantee ~~security~~protection ~~breaches~~against orall ~~disruptions~~cyber ~~would not be successful or damaging~~risks. Even the most well-protected information, networks, systems and facilities remain ~~potentially~~ vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.

A security breach or other significant disruption involving our IT networks and related systems could:

•disrupt the proper functioning of our networks and systems and therefore our operations and/or those of certain of our tenants;

•result in misstated financial reports, violations of loan covenants, and/or missed reporting deadlines;

•result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;

•result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;

•result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;

•require significant management attention and resources to remedy any resulting damages;

•subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or

•damage our reputation among our tenants and investors generally.

Any or all of the foregoing could have an adverse effect on our financial condition, results of operations, cash flow and the per share trading price of our securities.

Our business and operations would suffer in the event of IT networks and related systems failures.

Despite system redundancy and the planned implementation of a disaster recovery plan and security measures for our IT networks and related systems, our systems are vulnerable to damage from any number of sources, including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure. We rely on our IT networks and related systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes, including financial transactions and keeping of records, which may include personal identifying information of tenants and lease data. We rely on commercially available systems, software, tools and monitoring to provide security for processing, transmitting and storing confidential tenant information, such as individually identifiable information relating to financial accounts. Any failure to maintain proper function, security and availability of our IT networks and related systems could interrupt our operations, damage our reputation and subject us to liability claims or regulatory penalties. Further, we are dependent on our personnel and, although we are working to implement a formal disaster recovery plan to assist our employees and to facilitate their maintaining continuity of operations after events such as energy blackouts, natural disasters, terrorism, war, and telecommunication failures, we can provide no assurance that any of the foregoing events would not have an adverse effect on our results of operations.

Future terrorist activity or engagement in war by the United States may have an adverse effect on our financial condition and operating results.

Terrorist attacks in the United States and other acts of terrorism or war may result in declining economic activity, which could harm the demand for and the value of our properties. A decrease in demand could make it difficult for us to renew or re-lease our properties at these sites at lease rates equal to or above historical rates. Terrorist activities also could directly impact the value of our properties through damage, destruction, or loss, and the availability of insurance for these acts may be less, and cost more, which could adversely affect our financial condition. To the extent that our tenants are impacted by future attacks, their businesses similarly could be adversely affected, including their ability to continue to honor their existing leases.

Terrorist attacks and engagement in war by the United States also may adversely affect the markets in which our securities trade and may cause further erosion of business and consumer confidence and spending and may result in increased volatility in national and international financial markets and economies. Any one of these events may cause decline in the demand for our office and studio leased space, delay the time in which our new or renovated properties reach stabilized occupancy, increase our operating expenses, such as those attributable to increased physical security for our properties, and limit our access to capital or increase our cost of raising capital.

ITEM 1B. Unresolved Staff Comments

None.

ITEM 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. ~~Our cybersecurity risk management program includes a cybersecurity incident response plan.~~

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes:

•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;

•cybersecurity awareness training of our employees, incident response personnel, and senior management;

•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; ~~and~~

•a third-party risk management process for service providers, suppliers, and vendors. based on our assessment of each provider’s operationality, criticality and respective risk profile; and

•incident response training for security personnel, including periodic tabletop exercises and penetration testing designed to test the effectiveness of our incident response capabilities.

Notwithstanding the foregoing, there can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.

Cybersecurity Governance

Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.

The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.

The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our SVP, Information Technology, as well as our Risk Committee, which includes our Chief Financial Officer, ~~EVP, Business Affairs and~~ General Counsel and Chief Risk Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.

Our management team, ~~including~~led by our Chief Financial Officer, ~~EVP, Business Affairs~~ and General Counsel and Chief Risk Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and, through collaboration with our Chief People Officer, supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team’s experience includes technical and managerial expertise, enabling them to proficiently design, engineer, and oversee the organization’s overall security stance. Their capabilities encompass a wide range of skills, including proficiency in Security and Risk Management, Vulnerability Management, as well as expertise in Network Security and Operations, and Security Architecture.

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information

obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

ITEM 2. Properties

As of December 31, ~~2024~~2025, our portfolio of owned real estate consisted of 5752 properties (3633 wholly-owned properties, 1413 properties owned by joint ventures and ~~seven~~six land properties) totaling approximately 2019 million square feet and located primarily in Los Angeles, the San Francisco Bay Area, Seattle, New York, Vancouver, British Columbia and Greater London, United Kingdom.

Office Portfolio

Our office portfolio consists of 4541 office properties totaling approximately 1413.69 million square feet located in Los Angeles, the San Francisco Bay Area, Seattle and Vancouver, British Columbia.

In-Service Office Portfolio

Our in-service office portfolio consists of owned office properties, excluding repositioning, redevelopment, development and held for sale properties. As of December 31, ~~2024~~2025, the weighted average remaining lease term for our in-service office portfolio was 4.69 years

The following table summarizes information relating to the consolidated and unconsolidated in-service office properties owned as of December 31, ~~2024~~2025:

Location	Submarket	Square Feet(1)	Percent Occupied(2)		Percent Leased(3)		Annualized Base Rent(4)		Annualized Base Rent Per Square Foot(5)
Los Angeles, California
ICON(6)	Hollywood	326,792	100.0	%	100.0	%	$	2122,~~911~~582,~~055~~675	$	6769.0510
EPIC(6)	Hollywood	301,127	100.0		100.0		23,~~198~~885,~~824~~394		7779.0432
Harlow(6)	Hollywood	129,931	100.0		100.0		8,~~212~~448,~~625~~785		6365.2103
6040 Sunset(6)	Hollywood	114,958	100.0		100.0		7999,~~219,752~~996		628.8070
CUE(6)	Hollywood	94,386	100.0		100.0		6,~~411~~603,~~443~~787		6769.9397
11601 Wilshire	West Los Angeles	~~499~~501,~~758~~078	9093.85		9194.47		2122,~~783~~148,~~475~~575		47.9828
Element LA	West Los Angeles	284,037	100.0		100.0		19,520,478		68.73
Fourth & Traction	Downtown Los Angeles	131,701	100.0		100.0		6,549,823		49.73
Fourth & Traction	Downtown Los Angeles	131,701	100.0		100.0		6,359,052		48.28
San Francisco Bay Area, California
Concourse	North San Jose	~~941~~943,~~616~~052	6457.97		6858.46		2723,~~558~~379,~~750~~131		4542.1097
Gateway	North San Jose	~~609~~608,~~554~~895	6772.16		6874.4		1920,~~061~~379,~~922~~297		46.6309
Metro Plaza	North San Jose	~~468~~480,~~599~~039	5760.53		5760.53		1213,~~760~~967,~~908~~987		4748.3628
Skyport Plaza	North San Jose	~~418~~419,~~465~~142	610.14		610.19		~~779~~1,~~125~~187,925		3027.5937
1740 Technology	North San Jose	215,857	100.0		100.0		1112,~~680~~031,~~792~~216		5455.1174
1455 Market	San Francisco	1,~~038~~007,~~134~~646	6047.42		6047.42		3318,~~332~~822,~~037~~822		5339.1754
Rincon Center	San Francisco	~~531~~530,~~721~~135	97.84		97.84		34,~~992~~346,~~537~~022		6766.2649
Ferry Building(7)	San Francisco	266,402	98.38		9899.9		2325,~~760~~461,~~539~~952		9096.7271
901 Market	San Francisco	204,381	5432.64		5432.64		3,~~772~~723,~~675~~320		3356.7927
875 Howard	San Francisco	~~191~~188,~~201~~252	~~100~~83.09		~~100~~83.09		13,~~568~~194,~~955~~810		7083.9756
625 Second	San Francisco	138,354	38.7		38.7		3,070,236		57.35
275 Brannan	San Francisco	57,120	100.0		100.0		3,427,200		60.00
275 Brannan	San Francisco	57,120	100.0		100.0		5,125,143		89.73
Palo Alto Square	Palo Alto	318,180	98.4		98.4		29,463,288		94.15
Palo Alto Square	Palo Alto	318,166	95.7		95.7		29,407,582		96.56
3400 Hillview	Palo Alto	207,857	100.0		100.0		17,265,132		83.06
3400 Hillview	Palo Alto	207,857	100.0		100.0		16,762,265		80.64
Page Mill Hill	Palo Alto	182,562	75.5		75.5		8,080,150		58.59
Page Mill Hill	Palo Alto	181,965	58.2		58.2		7,095,577		67.01
Page Mill Center	Palo Alto	172,666	100.0		100.0		11,553,425		66.91
Clocktower Square	Palo Alto	100,655	100.0		100.0		9,~~281~~456,~~455~~493		9293.2195
Page Mill Center	Palo Alto	96,062	82.7		82.7		5,401,865		67.98
Towers at Shore Center	Redwood Shores	334,570	75.3		75.7		18,567,027		73.73
Towers at Shore Center	Redwood Shores	334,695	82.5		82.5		20,433,340		73.98
Shorebreeze	Redwood Shores	230,931	69.7		69.7		10,427,380		64.75
Shorebreeze	Redwood Shores	230,931	75.5		75.5		11,259,650		64.59
555 Twin Dolphin	Redwood Shores	201,219	68.3		70.1		8,598,991		62.58
555 Twin Dolphin	Redwood Shores	201,129	65.2		67.8		8,442,453		64.39
333 Twin Dolphin	Redwood Shores	183,035	56.3		56.3		6,191,897		60.12
333 Twin Dolphin	Redwood Shores	183,072	59.3		59.3		6,462,774		59.58
Metro Center	Foster City	724,121	88.3		89.5		37,905,051		59.28
Metro Center	Foster City	724,381	86.5		87.9		38,606,059		61.64
Techmart	Santa Clara	285,764	89.0		90.0		11,305,679		44.44
Techmart	Santa Clara	284,903	70.8		73.1		10,085,953		50.03
Seattle, Washington
1918 Eighth(7)	Denny Triangle	667,724	99.4		99.4		29,~~212~~971,~~128~~507		4445.0216
Hill7(7)	Denny Triangle	285,310	99.6		100.0		12,672,485		44.61
Hill7	Denny Triangle	285,310	46.9		46.9		5,460,279		40.84
5th & Bell	Denny Triangle	197,136	100.0		100.0		8,~~225~~443,~~155~~294		4142.7283
Met Park North	Denny Triangle	~~189~~191,~~451~~450	25.96		2540.95		1,~~217~~251,~~227~~258		2425.8352
505 First	Pioneer Square	291,~~286~~290	2325.05		2325.05		2,~~154~~163,~~224~~813		3229.2014
83 King	Pioneer Square	~~186~~185,~~366~~790	7335.36		7335.36		61,~~050~~470,~~841~~233		4422.3023
450 Alaskan	Pioneer Square	171,594	~~100~~95.09		~~100~~95.09		7,~~680~~638,~~881~~438		4446.7643
411 First	Pioneer Square	164,~~799~~426	9589.38		95.32		5,~~883~~361,~~389~~744		3736.4631
95 Jackson	Pioneer Square	3132,~~613~~078	4576.84		4576.84		~~478~~360,~~203~~888		3314.0073
Vancouver, British Columbia
Bentall Centre(8)	Downtown Vancouver	1,~~537~~528,~~159~~789	8892.65		8993.52		3943,~~517~~483,~~317~~392		2930.0274
Total In-Service		13,~~550~~178,~~348~~041	7876.3	%	7877.90	%	$	~~580~~535,~~411~~560,~~146~~076	$	5453.7127

_____________

1.Determined by management based upon estimated leasable square feet, which may be less or more than the Building Owners and Managers Association (“BOMA”) rentable area. Square footage may change over time due to re-measurement or re-leasing.

2.Calculated as (i) square footage under commenced leases as of December 31, ~~2024~~2025, divided by (ii) total square feet, expressed as a percentage.

3.Calculated as (i) square footage under commenced and uncommenced leases as of December 31, 2025, divided by (ii) total square feet, expressed as a percentage.

34.~~Calculated~~Presented ason an annualized basis and is calculated by multiplying (i) ~~square~~base ~~footage~~rental ~~under~~payments ~~commenced~~(defined ~~and~~as ~~uncommenced~~cash base rents (before abatements or deferments)) under commenced leases as of December 31, ~~2024~~2025, ~~divided~~ by (ii) ~~total~~12. ~~square~~Annualized ~~feet,~~base ~~expressed~~rent asdoes anot ~~percentage~~reflect tenant reimbursements.

45.~~Presented~~Calculated onas an(i) annualized ~~basis~~base ~~and~~rent isdivided ~~calculated~~ by ~~multiplying~~ (iii) ~~base~~square ~~rental~~footage ~~payments (defined as cash base rents (before abatements or deferments))~~ under commenced leases as of December 31, ~~2024, by (ii) 12~~2025. Annualized base rent does not reflect tenant reimbursements.

5.Calculated as (i) annualized base rent divided by (ii) square footage under commenced leases as of December 31, 2024. Annualized base rent does not reflect tenant reimbursements.

6.We own 51% of the ownership interest in the consolidated joint venture that owns ICON, EPIC, Harlow, 6040 Sunset and CUE.

7.We own 55% of the ownership interest in the consolidated joint ventures that own Ferry Building, ~~1918~~and1918 Eighth ~~and Hill7~~.

8.We own 20% of the ownership interest in the unconsolidated joint venture that owns Bentall Centre. Annualized base rent and rental rates have been converted from CAD to USD using the foreign currency exchange rate as of December 31, ~~2024~~2025.

Office Tenant Diversification

The following table provides information regarding the 15 largest tenants in our office portfolio based on HPP’s share of annualized base rent as of December 31, 2025:

	Tenant	# of Properties	Lease Expiration	Total Occupied Square Feet		HPP’s Share
						Annualized Base Rent(1)		Percent of Annualized Base Rent
1	Google, Inc.	43	~~2025~~2028-2029	~~640~~458,~~726~~054	(2)	$	5339,~~520~~743,~~411~~079	108.69	%
2	Netflix, Inc.	3	~~2031~~9/30/31	722,305	(3)	2627,~~275~~066,~~874~~646		56.21
3	Amazon	2	2030-2031	850,964	(4)	24,~~114~~733,~~735~~556		45.86
4	~~Riot~~City ~~Games,~~and ~~Inc.~~County of San Francisco	12	~~2030~~2033-2067	~~284~~429,~~037~~595	(5)	1917,~~520~~769,~~478~~342		34.90
5	~~Uber Technologies~~Nutanix, Inc.	12	~~2025~~2030	~~325~~229,~~445~~755	(6)	1912,~~169~~653,~~077~~291		32.8
6	Salesforce.com	1	~~2025~~2027-2028	~~265~~176,~~394~~400	(57)	1510,~~339~~746,~~075~~119		32.04
7	~~Nutanix,~~Dell ~~Inc.~~EMC Corporation	12	~~2030~~2026-2027	~~215~~130,~~857~~021	(8)	119,~~680~~299,~~792~~037		2.31
8	~~City~~Coupa ~~and~~Software ~~County of San Francisco~~Incorporated	21	~~2024-2067~~11/30/33	~~226~~100,~~007~~654	~~(6)~~	98,~~198~~077,~~343~~212		1.8
9	~~Dell~~X.AI ~~EMC Corporation~~LLC	21	~~2026-2027~~10/31/31	~~130~~105,~~021~~536	~~(7)~~	96,~~033~~838,~~014~~733		1.85
10	~~Coupa~~PAYPAL ~~Software, Inc.~~INC	1	~~2033~~7/17/26	~~100~~131,~~654~~701	(9)	76,~~841~~549,~~953~~823		1.65
11	~~GitHub~~Weil, ~~Inc.~~Gotshal & Manges LLP	21	~~2024-2030~~8/31/26	9276,~~450~~278	~~(8)~~	76,~~298~~469,~~651~~157		1.45
12	~~PayPal~~Glu Mobile, Inc.	1	~~2030~~11/30/27	~~131~~61,~~701~~381	~~(9)~~	65,~~359~~637,~~052~~567		1.3
13	~~Weil,~~Redfin ~~Gotshal & Manges LLP~~Corporation	12	2026-2027	76115,~~278~~968	(10)	65,~~280~~022,~~735~~579		1.21
14	~~Bank~~RIVIAN ofAUTOMOTIVE, ~~America~~LLC	41	~~2024-2027~~4/30/28	8055,~~899~~805	~~(10)~~	54,~~542~~980,~~865~~956		1.1
15	~~Glu~~Covington ~~Mobile,~~& ~~Inc.~~Burling LLP	1	~~2027~~8/31/28	6140,~~381~~779		54,~~473~~483,~~367~~680		1.10
	TOTAL			43,~~204~~685,~~119~~196		$	~~226~~190,~~648~~070,~~422~~777	4442.97	%

_____________

1.Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases as of December 31, ~~2024~~2025, by (ii) 12. Annualized base rent does not reflect tenant reimbursements. Annualized base rents related to Bentall Centre have been converted from CAD to USD using the foreign currency exchange rate as of December 31, ~~2024~~2025.

2.Google, Inc. expirations: (i) ~~182,672 square feet in February 2025 at Foothill Research Center (held-for-sale), (ii)~~ 208,843 square feet at Rincon Center inon February 29, 2028, (~~iii~~ii) 207,857 square feet at 3400 Hillview inon November 30, 2028 ~~(early termination right between March 2026-February 2027)~~ and (iviii) 41,354 square feet at Ferry Building inon October 31, 2029.

3.Netflix, Inc. expirations: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC and (iii) 94,386 square feet at CUE.

4.Amazon expirations: (i) 659,150 square feet at 1918 Eighth inon September 30, 2030 and (ii) 191,814 square feet at 5th & Bell inon May 31, 2031.

5.~~Salesforce.com~~City ~~expirations:~~and ~~(i)~~County ~~83,016~~of ~~square~~San ~~feet~~Francisco inexpirations: ~~March 2025,~~ (iii) 8339,~~372~~573 square feet inat ~~April~~1455 ~~2027~~Market ~~and~~on ~~(iii)~~September 9919,~~006~~ ~~square~~2033, ~~feet~~(ii) ~~in October 2028. Salesforce.com subleased 259~~389,~~416~~316 square feet at ~~Rincon~~1455 ~~Center~~Market toon ~~Twilio~~April ~~Inc.~~30, in2045 ~~2018~~ and in(iii) ~~2020~~706 ~~began~~square ~~paying~~feet usat ~~50%~~Ferry ofBuilding ~~cash~~on ~~rents~~April ~~received pursuant to the sublease~~30, ~~or an average of $340,000 per month with annual growth thereafter, in addition to contractual base rent~~2067.

6.~~City~~Nutanix ~~and County of San Francisco~~ expirations: (i) 4215,~~100~~857 square feet at ~~1455~~1740 ~~Market~~Technology inon ~~December~~May ~~2024~~31, ~~(ii)~~2030 ~~24,474~~and ~~square feet at 1455 Market in June 2025,~~ (~~iii~~ii) 3913,~~573~~898 square feet at ~~1455~~Metro ~~Market~~Plaza inon ~~September~~July ~~2033~~31, ~~(iv) 157,154 square feet at 1455 Market in April 2045 and (v) 706 square feet at Ferry Building in April 2067~~2030.

7.~~Dell~~Salesforce.com ~~EMC~~expirations ~~Corporation~~at ~~expirations~~Rincon Center: (i) 83,~~549~~372 square feet aton ~~875~~April ~~Howard~~30, in2027 ~~June 2026~~ and (ii) 4693,~~472~~028 square feet on October 31, 2028. Salesforce.com subleases 182,378 feet at ~~505~~Rincon ~~First~~Center to Twilio Inc. and pays 50% of cash rents received pursuant to the sublease at a current average of $280,000 per month with annual growth thereafter, in ~~January~~addition ~~2027~~to contractual base rent.

8.~~GitHub~~Dell ~~Inc.~~EMC Corporation expirations: (i) 3583,~~330~~549 square feet at ~~625~~875 ~~Second~~Howard inon ~~December~~June ~~2024~~30, 2026 and (ii) 5746,~~120~~472 square feet at ~~275~~505 ~~Brannan~~First inon ~~June~~January ~~2030~~31, 2027.

9.PayPal, Inc. has anexercised their early termination right at Fourth & Traction infor July 2026.

10.~~Bank~~Redfin ofCorporation ~~America~~ expirations: (i) 682,~~991~~978 square feet at ~~1455~~Gateway ~~Market~~on inSeptember ~~December 2024~~30, ~~(ii) 5,598 square feet at Palo Alto Square in March~~ 2026, ~~(iii) 122 square feet at Ferry Building in September 2026~~ and (ivii) 6112,~~188~~990 square feet at ~~Bentall~~Hill7 ~~Centre~~on inJuly ~~January~~31, 2027.

Office Industry Diversification

The following table summarizes information relating to the industry diversification within our office portfolio based on HPP’s share of annualized base rent as of December 31, 2025:

				~~HPP’s Share~~	HPP’s Share
Industry(1)	Square Feet(2)	Annualized Base Rent as Percent of Total		~~Square Feet(2)~~	Square Feet(2)	~~AnnualizedBase Rent asPercent ofTotal~~		AnnualizedBase Rent asPercent ofTotal
Technology	32,~~300~~832,~~125~~755	3332.90	%	~~3,086,454~~	2,674,034	~~38.2~~	%	36.4	%
Media-Entertainment	1,502,941	16.9		968,616		13.1
Legal	582,718	8.7			549,587			10.2
Legal	584,387	7.7		551,256		9.0
Media-Entertainment	1,110,185	13.3			597,478			8.9
Financial Services	967,828	8.6		663,465		7.9
Retail	1,284,803	9.9			921,457			8.3
Retail	1,252,376	8.5		885,697		7.2
Financial Services	802,214	8.6			533,557			7.8
Business Services	~~844~~797,~~048~~957	7.24		~~612,261~~	566,803	~~6.7~~		6.9
Other	~~702~~693,~~978~~327	56.83		~~556,232~~	502,483	~~6.1~~		6.3
Government	~~425~~601,~~605~~860	24.7		~~412,431~~	574,156	~~3.1~~		5.5
Real estate	438,904	3.3		270,278		2.8
Real Estate	394,577	3.3			284,335			3.3
Health Care	~~205~~252,~~108~~264	2.17		~~197,432~~	248,138	~~2.4~~		3.2
Insurance	211,835	1.7		157,202		1.7
Education	111,263	1.2			106,240			1.4
Education	99,744	1.1		94,721		1.3
Insurance	174,014	1.4			109,381			1.2
Advertising	3935,~~490~~790	0.5		~~39,490~~	35,790	~~0.5~~		0.6
Total	109,~~575~~673,~~369~~727	100.0	%	~~8,495,535~~	7,703,439	~~100.0~~	%	100.0	%

_____________

1.Determined by management using Thompson Reuters Business Classification.

2.Excludes signed leases not commenced.

Office Lease Distribution

The following table sets forth information relating to the distribution of leases in our office portfolio, based on net rentable square feet under lease as of December 31, 2025:

HPP’s Share

Square Feet Under Lease

Number of Leases

Total Leased Square Feet

Annualized Base Rent(1)

Number of Leases

Total Leased Square Feet

Annualized Base Rent(1)

10,000 or Less

~~634~~633

2,~~290~~253,~~236~~301

~~118~~112,~~003~~611,~~529~~825

~~664~~660

21,~~038~~980,~~529~~485

~~110~~103,~~240~~683,~~327~~735

10,001-25,000

8993

1,~~380~~428,~~502~~977

7074,~~927~~174,~~188~~488

7380

1,~~150~~239,~~388~~730

6972,~~565~~794,~~448~~395

25,001-50,000

4438

1,~~569~~345,~~921~~733

9485,~~033~~482,~~088~~170

3933

1,~~352~~128,~~808~~016

8373,~~933~~809,~~181~~916

50,001-100,000

2621

1,~~754~~449,~~523~~535

~~105~~82,~~462~~053,~~435~~582

2114

1,~~447~~007,~~677~~867

8755,~~376~~467,~~858~~995

Greater than 100,000

1614

3,~~580~~196,~~187~~181

~~210~~181,~~423~~238,~~220~~014

2,~~506~~347,~~133~~339

~~153~~139,~~772~~437,~~160~~155

Building Management Use

5963

~~290~~382,~~214~~526

—

5963

~~262~~330,~~230~~062

—

Signed Leases Not Commenced

2122

8494,~~153~~920

32,~~441~~929,~~685~~971

2122

7185,~~349~~149

32,~~126~~724,~~853~~593

Total

~~889~~884

10,~~949~~151,~~736~~173

~~602~~538,~~291~~490,~~145~~050

~~889~~884

8,~~829~~118,~~114~~648

~~508~~447,~~014~~917,~~827~~789

_____________

1.Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements or deferments)), including uncommenced leases, as of December 31, ~~2024~~2025 (ii) by 12. Annualized base rent does not reflect tenant reimbursements.

Office Lease Expirations

The following table summarizes the lease expirations for in-place office leases as of December 31, ~~2024~~2025, including vacancies. Unless otherwise stated in the footnotes, the information set forth in the table assumes that tenants did not exercise any renewal options.

			HPP’s Share
Year of Lease Expiration	# of Leases Expiring(1)	Square Feet Expiring	Square Footage of Expiring Lease	% of Office Portfolio Square Feet		Annualized Base Rent(2)		% of Office Portfolio Annualized Base Rent		Annualized Base Rent Per Leased Square Foot(2)		Annualized Base Rent at Expiration		Annualized Base Rent Per Lease Square Foot at Expiration(3)
Vacant		3,~~680~~788,~~019~~193	3,~~548~~688,~~244~~559	2831.73	%
Q4-2024	27	397,468	343,642	2.8		14,482,100		2.9		42.14		14,482,097		42.14
Q1-2026	33	329,500	244,118	2.1		$	10,191,205	2.3	%	$	41.75	$	10,193,438	$	41.76
Total 2024	27	397,468	343,642	2.8		14,482,100		2.9		42.14		14,482,097		42.14
Q2-2026	36	174,219	139,669	1.2		8,494,493		1.9		60.82		7,884,426		56.45
2025	169	1,759,377	1,516,950	12.2		89,366,696		17.5		58.91		89,721,921		59.15
Q3-2026	41	445,356	414,636	3.5		26,324,315		5.8		63.49		26,409,406		63.69
2026	134	808,117	751,826	6.1		46,531,275		9.2		61.89		48,067,093		63.93
Q4-2026	20	67,622	63,623	0.5		3,413,814		0.8		53.66		3,439,295		54.06
2027	144	1,215,055	1,058,593	8.6		65,010,492		12.8		61.41		69,384,772		65.54
Total 2026	130	1,016,697	862,046	7.3		48,423,827		10.8		56.17		47,926,565		55.60
2028	89	1,284,325	1,094,915	8.9		77,429,902		15.2		70.72		84,328,100		77.02
2027	157	1,228,212	1,139,269	9.7		68,006,244		15.2		59.69		70,311,263		61.72
2029	76	689,863	543,344	4.4		35,354,571		7.0		65.07		39,692,288		73.05
2028	139	1,518,086	1,334,769	11.3		92,965,880		20.9		69.65		98,102,165		73.50
2030	47	1,771,251	1,413,108	11.4		79,227,916		15.6		56.07		88,813,407		62.85
2029	98	763,519	575,997	4.8		37,618,005		8.4		65.31		41,218,323		71.56
2031	27	1,150,121	714,662	5.8		44,447,635		8.8		62.19		54,512,519		76.28
2030	79	1,553,814	1,152,515	9.8		60,162,651		13.4		52.20		67,801,701		58.83
2032	12	255,910	153,974	1.2		9,157,909		1.8		59.48		11,247,083		73.05
2031	63	1,493,802	1,049,471	8.9		63,618,151		14.2		60.62		74,739,820		71.22
2033	18	558,618	450,353	3.6		24,086,655		4.7		53.48		30,014,450		66.65
2032	15	156,722	116,726	1.0		6,773,028		1.5		58.02		7,794,946		66.78
Thereafter	37	665,683	444,872	3.6		19,609,461		3.9		44.08		28,315,644		63.65
2033	26	648,858	525,309	4.5		27,870,727		6.2		53.06		34,362,838		65.41
Building management use(4)	59	290,214	262,230	2.1		—		—		—		—		—
2034	15	183,919	180,725	1.5		6,702,757		1.5		37.09		11,390,702		63.03
Signed leases not commenced	21	84,153	71,349	.6		3,126,853		.6		43.82		3,663,336		51.34
2035	20	400,273	195,939	1.7		8,981,262		2.0		45.84		11,220,690		57.27
Portfolio Total/Weighted Average	860	14,610,174	12,368,062	100.0	%	$	507,831,465	100.0	%	$	57.58	$	562,242,710	$	63.75
Thereafter	22	685,326	558,611	4.7		23,929,816		5.3		42.84		38,874,665		69.59
Building management use(4)	63	382,526	330,062	2.8		—		—		—		—		—
Signed leases not commenced	22	94,920	85,149	0.7		2,724,593		0.6		32.00		3,201,263		37.60
Portfolio Total/Weighted Average	849	13,914,867	11,795,147	100.0	%	$	447,776,941	100.0	%	$	55.24	$	506,944,941	$	62.53

_____________

1.Does not include 2935 month-to-month leases.

2.Annualized base rent per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of December 31, ~~2024~~2025 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of December 31, ~~2024~~2025. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of December 31, ~~2024~~2025. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of December 31, ~~2024~~2025.

3.ABR per square foot at expiration for all lease expiration years is calculated as (i) base rental payments (defined as cash base rents (before abatements or deferments)) under commenced leases, divided by (ii) square footage under commenced leases as of December 31, ~~2024~~2025.

4.Reflects management offices occupied by the Company with various expiration dates.

Historical Office Tenant Improvements and Leasing Commissions

The following table represents 100% share of consolidated and unconsolidated joint ventures, summarizing historical information regarding tenant improvement and leasing commission costs for our office properties:

	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
Renewals(1)
Number of leases	~~153~~129		~~149~~153		~~162~~149
Square feet	~~816~~830,~~965~~247		1816,~~125,614~~965		1,~~172~~125,~~126~~614
Tenant improvement costs per square foot(2)(3)	$	1813.1235	$	818.7712	$	118.6677
Leasing commission costs per square foot(2)	9.5032		69.8050		96.5080
Total tenant improvement and leasing commission costs	$	2722.6267	$	1527.5762	$	2115.1657
New leases(4)
Number of leases	~~163~~159		~~117~~163		~~140~~117
Square feet	1,~~212~~391,~~377~~749		~~572~~1,~~833~~212,377		~~943~~572,~~650~~833
Tenant improvement costs per square foot(2)(3)	$	4870.8232	$	3848.1582	$	6538.7115
Leasing commission costs per square foot(2)	1415.7053		1014.7370		~~18.~~10.73
Total tenant improvement and leasing commission costs	$	6385.5285	$	4863.8852	$	8348.8188
TOTAL
Number of leases	~~316~~288		~~266~~316		~~302~~266
Square feet	2,~~029~~221,~~342~~996		12,~~698~~029,~~447~~342		21,~~115~~698,~~776~~447
Tenant improvement costs per square foot(2)(3)	$	3647.5166	$	1836.4951	$	3618.4149
Leasing commission costs per square foot(2)	1213.6106		812.1061		138.4410
TOTAL TENANT IMPROVEMENT AND LEASING COMMISSION COSTS	$	4960.1272	$	2649.5912	$	4926.8559

_____________

1.Excludes retained tenants relocated or expanded into new space within our portfolio.

2.Assumes tenant improvement and leasing commissions paid in the calendar year of lease execution which may be different than year actually paid.

3.Tenant improvement costs based on negotiated tenant improvement allowances set forth in leases, or the aggregate cost originally budgeted at lease commencement.

4.Includes retained tenants relocated or expanded into new space within our portfolio.

Studio Portfolio

Our studio portfolio includes five owned purpose-built properties with 45 sound stages totaling approximately 1.7 million square feet located in Los Angeles and New York. We also own the lease rights to another 5 studios with 2420 sound stages totaling approximately 0.64 million square feet located in Los Angeles. We own and operate an array of production-related services, including transportation assets, lighting and other production equipment and supplies, which we provide for lease in Los Angeles and New York, as well as ~~Albuquerque~~Atlanta and ~~Atlanta~~Albuquerque. We operate owned purpose-built stages under the Sunset Studios brand, and leased stages and production services assets under the Quixote brand.

For clarity, our studio properties are real estate used for the physical production of media content, such as television programs, feature films, commercials, music videos and photo shoots. These properties feature a fully integrated environment which our tenants can access production, post-production, office and support facilities in a collaborative and efficient setting. Our transportation assets, including trucks, trailers, high-end motorhomes, lighting and other production equipment and supplies, collectively our production services assets, cater to the same type of tenants, but capture revenue derived from both on and off-lot productions, as well as non-production related large-scale events.

In-Service Studio Portfolio

Our in-service studio portfolio consists of owned purpose-built studio properties, excluding repositioning, redevelopment, development and held for sale properties. The following table provides occupancy and rental rate information relating to the consolidated and unconsolidated in-service studio properties owned as of December 31, ~~2024~~2025:

Property

Owned/Leased

Submarket

# of Stages

Square Feet

Stage % Leased

Total % Leased(1)

Annual Base Rent(2)

HPP’s Share Annualized Base Rent

Annualized Base Rent Per Square Foot(3)

Los Angeles, California

Sunset Gower Studios(4)

Owned

Hollywood

559,~~141~~149

100.0

8281.16

2324,~~466~~456,~~080~~909

1112,~~967~~473,~~701~~024

5153.1757

Sunset Bronson Studios

Owned

Hollywood

310,563

~~100~~90.08

9489.86

1312,~~112~~760,~~553~~515

6,~~687~~507,~~402~~862

4445.5884

Sunset Las Palmas Studios(5)

Owned

Hollywood

~~341~~334,~~464~~954

3165.3

4263.29

67,~~160~~305,~~055~~566

3,~~141~~725,~~628~~839

4134.4366

Sunset Glenoaks Studios(6)

Owned

Sun Valley

~~241~~243,~~000~~300

~~N/A~~12.2

~~N/A~~9.3

~~N/A~~898,989

~~N/A~~449,495

~~N/A~~37.62

Total in-service studio(7)

1,~~452~~447,~~168~~966

7669.81

7367.81

4245,~~738~~421,~~688~~979

2123,~~796~~156,~~731~~220

4746.4176

_____________

1.Percent leased for in-service studio is the average percent leased for the 12 months ended December 31, ~~2024~~2025.

2.Annual base rent for in-service studio reflects actual base rent for the 12 months ended December 31, ~~2024~~2025, excluding tenant reimbursements.

3.Annual base rent per leased square foot for in-service studio calculated as (i) annual base rent divided by (ii) square footage under lease as of December 31, ~~2024~~2025.

4.6,650 square feet located at Sunset Gower Studios was taken off-line for repositioning.

5.18,594 square feet located at Sunset Las Palmas Studios was taken off-line for repositioning.

6.Trailing 12-month annualized base rent and occupancy will be available one year following construction completion in second quarter 2025.

7.Does not include 232,000 square feet related to Sunset Pier 94 Studios, which is currently under construction. We own 25.6% of the ownership interest in the unconsolidated joint venture that owns Sunset Pier 94 Studios.

ITEM 3. Legal Proceedings

From time to time, we are a party to various lawsuits, claims and other legal proceedings arising out of, or incident to, our ordinary course of business. We are not currently a party, as plaintiff or defendant, to any legal proceedings that we believe to be material or that, individually or in the aggregate, would be expected to have a material adverse effect on our business, financial condition, results of operations or cash flows if determined adversely to us.

ITEM 4. Mine Safety Disclosures

Not applicable.

PART II

ITEM 5. Market for Hudson Pacific Properties, Inc. Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Overview

As of February 1918, ~~2025~~2026, Hudson Pacific Properties, Inc. had 7875 stockholders of record of our common stock. Hudson Pacific Properties, Inc. common stock has traded on the NYSE under the symbol “HPP” since June 24, 2010.

Reverse Stock Split

On December 1, 2025, the Company effected a one-for-seven reverse stock split of its common stock (the "Reverse Stock Split"). Immediately following the Reverse Stock Split, the par value of the Company’s common stock was decreased from $0.07 per share back to $0.01 per share and the number of authorized shares was decreased from 740,800,000 shares of stock (consisting of 722,400,000 shares of common stock and 18,400,000 shares of preferred stock) to 121,600,000 shares of stock (consisting of 103,200,000 shares of common stock and 18,400,000 shares of preferred stock). The Company’s common stock began trading on the NYSE on a split-adjusted basis at market open on December 2, 2025.

All common share and per-share amounts in this Form 10-K have been retroactively restated to reflect the effect of the Reverse Stock Split.

Dividends

We intend to pay dividends each taxable year (not including a return of capital for federal income tax purposes) equal to at least 90% of REIT taxable income. We intend to pay regular quarterly dividends to our stockholders. Historically, we have paid dividends to our stockholders quarterly in March, June, September and December. Dividends are paid to those stockholders who are stockholders as of the dividend record date. Dividends are paid at the discretion of our board of directors and dividend amounts depend on our available cash flows, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors that our board of directors deems relevant. The Company suspended its quarterly common stock dividend during the third ~~and~~quarter ~~fourth quarters~~ of ~~2023~~2024 and ~~the~~has ~~third~~not ~~and~~yet ~~fourth~~resumed ~~quarters~~the ofdividend ~~2024~~program. Our Board will reassess the resumption of the dividend program when appropriate.

Issuer Purchases of Equity Securities

During the fourth quarter of 2024, certain employees surrendered common shares owned by them to satisfy their statutory federal income tax obligation associated with the vesting of restricted common shares of beneficial interest issued under our 2010 Incentive Award PlanNone.

Period			Total Number of Shares Purchased						Average Price Paid Per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)						Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(2)
December 1 - December 31, 2024			24,532			(3)			$	2.97		(4)			—						35,250,164

_____________

1.Our board of directors authorized a share repurchase program to buy up to $250.0 million of the outstanding common stock of Hudson Pacific Properties, Inc. The program does not have a termination date, and repurchases may commence or be discontinued at any time. A cumulative total of $214.7 million had been repurchased under the program as of December 31, 2024.

2.The maximum that may yet be purchased under the plans or programs is shown net of repurchases.

3.Includes shares of common stock remitted to Hudson Pacific Properties, Inc. to satisfy tax withholding obligations in connection with the vesting of restricted stock units.

4.The price paid per share is based on the closing price of our common stock, as reported by the NYSE, as of the date of vesting of the restricted stock units.

Equity Compensation Plan Information

Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report on Form 10-K.

Market for Hudson Pacific Properties, L.P. Common Capital, Related Unitholder Matters and Issuer Purchases of Units

Overview

There is no established public trading market for our operating partnership’s common units. As of February 1918, ~~2025~~2026, there were 2120 holders of record of common units (including through our general partnership interest).

Partnership Agreement Amendment

On December 1, 2025, the Company, as general partner of Hudson Pacific Properties, L.P., executed the Sixth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P. to give effect to a one-for-seven reverse unit split (the “Reverse Unit Split”) of the common units, LTIP units and performance units of the operating partnership, which corresponds to the Reverse Stock Split described in Part II, Item 5 “Market for Hudson Pacific Properties, Inc. Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”

All common unit, LTIP unit, performance unit and per-unit amounts in this Form 10-K have been retroactively restated to reflect the effect of the Reverse Unit Split.

Distributions

We intend to make distributions each taxable year, and intend to make regular quarterly distributions to our unitholders. Historically, we have made distributions to our unitholders quarterly in March, June, September and December. Distributions are made to those unitholders who are unitholders as of the distribution record date. Distributions are made at the discretion of our board of directors and distribution amounts depend on our available cash flows, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors that our board of directors deems relevant. The operating partnership suspended its quarterly ~~distribution~~distributions during the third ~~and~~quarter ~~fourth quarters~~ of ~~2023~~2024 and ~~the~~as ~~third~~not ~~and~~yet ~~fourth~~resumed ~~quarters~~the ~~of 2024~~distributions. We will reassess the resumption of the dividend program when appropriate.

Recent Sales of Unregistered Securities

During the fourth quarter of ~~2024~~2025, our operating partnership issued partnership units in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, in the amounts and for the consideration set forth below.

During the fourth quarter of ~~2024~~2025, the Company issued an aggregate of 719,~~273~~762 shares of its common stock in connection with the vesting of restricted stock ~~units~~awards for no cash consideration, out of which ~~24,532~~no shares of common stock were forfeited to the Company in connection with tax withholding obligations ~~for a net issuance of 46,741 shares of common stock~~. For each share of common stock issued by the Company in connection with such an award, our operating partnership issued a restricted common unit to the Company as provided in the partnership agreement of our operating partnership. During the fourth quarter of ~~2024~~2025, our operating partnership issued 469,~~741~~762 common units to the Company. Investors who own common units have the right to cause our operating partnership to repurchase any or all of their common units for cash at a value equal to the then-current market value of one share of common stock. However, in lieu of such payment of cash, the Company may, at its election, issue shares of its common stock in exchange for such common units on a one-for-one basis. The operating partnership also issued 118,519 long-term incentive plan units during the fourth quarter of 2024. Long-term incentive plan units may also, under certain circumstances, be convertible into common units on a one-for-one basis, which are then exchangeable for shares of the Company’s common stock as described above.

~~All~~During ~~other~~the ~~issuances~~fourth ofquarter ~~unregistered equity securities~~ of 2025, our operating partnership ~~during~~issued ~~the~~an ~~year~~aggregate ~~ended~~of ~~December 31~~12,651 ~~2024~~units ~~have~~to ~~previously~~us ~~been disclosed~~ in ~~filings~~connection with the ~~SEC.~~issuance ~~For~~by ~~all~~us ~~issuances~~ of ~~units~~an toaggregate ~~the~~of ~~Company~~12,651 ~~our~~shares ~~operating~~of ~~partnership~~our ~~relied~~common onstock ~~the~~in ~~Company’s~~connection ~~status as a publicly traded NYSE-listed company~~ with ~~approximately $8.1 billion in total consolidated assets and as our operating partnership’s majority owner and sole general partner as~~ the ~~basis~~exercises ~~for the exemption under Section 4(a)(2)~~ of ~~the~~pre-funded ~~Securities Act~~warrants.

All other issuances of unregistered equity securities of our operating partnership during the year ended December 31, 2025 have previously been disclosed in filings with the SEC. For all issuances of units to the Company, our operating partnership relied on the Company’s status as a publicly traded NYSE-listed company with approximately $7.3 billion in total consolidated assets and as our operating partnership’s majority owner and sole general partner as the basis for the exemption under Section 4(a)(2) of the Securities Act.

Equity Compensation Plan Information

Stock Performance Graph

The information below shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201 of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, except to the extent we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.

The following graph shows our cumulative total stockholder return for the five-year period ending on December 31, 2024. The graph assumes a $100 investment in each of the indices on December 31, 2019 and the reinvestment of all dividends. The graph also shows the cumulative total returns of the Standard & Poor’s 500 Stock Index (“S&P 500”), and industry peer groups. Our stock price performance shown in the following graph is not indicative of future stock price performance.

	Period Ending
Index	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24
Hudson Pacific Properties, Inc.	100.00	66.61	71.13	30.02	30.66	10.16
S&P 500	100.00	118.40	152.39	124.79	157.59	197.02
MSCI U.S. REIT	100.00	92.43	132.23	99.82	113.54	123.47
Dow Jones Equity All REIT	100.00	95.21	134.44	100.82	112.21	117.66
Dow Jones U.S. Real Estate Office	100.00	83.39	102.50	66.06	65.66	68.44
FTSE NAREIT All Equity REITs	100.00	94.88	134.06	100.62	112.04	117.56

The following graph shows our cumulative total stockholder return for the five-year period ending on December 31, 2025. The graph assumes a $100 investment in each of the indices on December 31, 2020 and the reinvestment of all dividends. The graph also shows the cumulative total returns of the Standard & Poor’s 500 Stock Index (“S&P 500”), and industry peer groups. Our stock price performance shown in the following graph is not indicative of future stock price performance.


	Period Ending
Index	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25
Hudson Pacific Properties, Inc.	100.00	106.88	45.17	46.18	15.31	7.82
S&P 500	100.00	128.71	105.40	133.10	166.40	196.16
MSCI U.S. REIT	100.00	143.06	108.00	122.84	133.59	137.53
Dow Jones Equity All REIT	100.00	141.20	105.89	117.86	123.58	126.55
Dow Jones U.S. Real Estate Office	100.00	122.93	79.22	78.74	82.08	64.37
FTSE NAREIT All Equity REITs	100.00	141.30	106.05	118.09	123.90	126.71

ITEM 6. [Reserved]

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules.” Statements in this Item 7 contain forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. In particular, information concerning projected future occupancy rates, rental rate increases, property development timing and investment amounts contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations (“FFO”) market conditions and demographics) are forward-looking statements. Numerous factors will affect our actual results, some of which are beyond our control. These include the strength of commercial and industrial real estate markets, market conditions affecting tenants, competitive market conditions, interest rate levels, volatility in our stock price and capital market conditions. Accordingly, investors should use caution and not place undue reliance on this information, which speaks only as of the date of this report. We expressly disclaim any responsibility to update any forward-looking information, whether as a result of new information, future events, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws to disclose material information.

For a discussion of important risks related to our business, and related to investing in our securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking statements refer to Part I, Item 1A “Risk Factors.” In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

Executive Summary

Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at December 31, ~~2024~~2025, our portfolio of owned real estate included office properties comprising approximately 1413.69 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet and land properties comprising approximately 3.2 million square feet of undeveloped density rights. Our production services assets include vehicles, lighting and grip, production supplies and other equipment and the lease rights to 2420 sound stages.

As of December 31, ~~2024~~2025, our in-service office portfolio was 7877.90% leased (including leases not yet commenced). Our ~~same~~in-~~store~~service studio properties average percent leased for the twelve months ended December 31, ~~2024~~2025 was 7378.8%.

Current Year Highlights

Property Acquisitions

The Company had no acquisitions of real estate during the year ended December 31, 2024.

Property Dispositions

During the year ended December 31, ~~2024,~~2025 the Company sold its ~~3176~~Maxwell, ~~Porter~~Foothill ~~Drive~~Research ~~property~~Center, 625 Second and Element LA properties for $2446.80 million, $23.0 million, $28.0 million and $150.0 million, respectively. Please refer to Part IV, Item 15 (a) “Exhibits, Financial Statement Schedules—Note 4 to the Consolidated Financial Statements—Investment in Real Estate” for details.

Held for Sale

As of December 31, 2024, the Company had two properties classified as held for sale—Foothill Research Center and Maxwell—as these properties were considered non-strategic to the Company’s portfolio. Please refer to Part IV, Item 15 (a) “Exhibits, Financial Statement Schedules—Note 4 to the Consolidated Financial Statements—Investment in Real Estate” for details.

Under Construction and Future Development Projects

The following table summarizes the properties currently under construction and future development pipelines as of December 31, ~~2024~~2025:

Type

Submarket

Estimated Square Feet(1)

Estimated Completion Date

Estimated Stabilization Date

Under Construction:

New York, New York

Sunset Pier 94 Studios(2)

Studio

Manhattan

232,000

Q4-2025

Q3-2026

TOTAL

232,000

Recently Completed:

Seattle, Washington

Washington 1000

Office

Denny Triangle

546,000

Q4-2024

Q3-~~2026~~2027

TOTAL

546,000

New York, New York

Sunset Pier 94 Studios(2)

Studio

Manhattan

232,000

Q4-2025

Q3-2026

TOTAL

778,000

Future Development Pipeline:

Los Angeles, California

Sunset Las Palmas Studios—Development(3)

Office/Studio

Hollywood

617,581

TBD

Sunset Gower Studios—Development(3)

Office/Studio

Hollywood

478,845

TBD

Sunset Bronson Studios Lot D—Development(4)

Residential

Hollywood

~~33 units/~~19,816 (33 units)

TBD

Element LA—Development

Office

West Los Angeles

500,000

TBD

10900/10950 Washington

Residential

West Los Angeles

428,623 (508 units)

TBD

10900/10950 Washington(4)

Residential

West Los Angeles

N/A

TBD

Vancouver, British Columbia

Burrard Exchange(5)

Office

Downtown Vancouver

450,000

TBD

Burrard Exchange(4)

Office

Downtown Vancouver

450,000

TBD

Greater London, United Kingdom

Sunset Waltham Cross Studios(6)

Studio

Broxbourne

1,167,347

TBD

Sunset Waltham Cross Studios(5)

Studio

Broxbourne

1,167,347

TBD

TOTAL

3,~~233~~162,~~589~~212

TOTAL UNDER CONSTRUCTION AND FUTURE DEVELOPMENT

43,~~011~~940,~~589~~212

_____________

1.Estimated square footage represents management’s estimate of leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. For land properties, square footage represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained.

2.We own 25.6% of the ownership interest in the unconsolidated joint venture that owns Sunset Pier 94 Studios.

3.We own 51% of the ownership interests in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios.

4.~~Pending~~We ~~entitlement~~own to20% ~~develop~~of ~~approximately~~the ~~500~~ownership ~~residential~~interests ~~units~~in the unconsolidated joint venture that owns Burrard Exchange.

5.We own 2035% of the ownership interests in the unconsolidated joint venture that owns ~~Burrard~~Sunset ~~Exchange~~Waltham Cross Studios.

6.We own 35% of the ownership interests in the unconsolidated joint venture that owns Sunset Waltham Cross Studios.

Properties are selected for repositioning when an asset or portions of an asset are taken offline for a change of use or if the asset requires significant base building improvements resulting in substantial downtime in occupancy. Subsequently, when the square footage offline for a full building reaches 92.0% occupancy, it would be included in our in-service population.

The following table summarizes the portions of office and studio projects currently under repositioning as of December 31, ~~2024~~2025:

Location

Submarket

Square Feet

Repositioning:

899 Howard

San Francisco

96,240

Page Mill Center

Palo Alto

79,056

1455 Market

San Francisco

49,272

Rincon Center

San Francisco

3638,~~905~~514

Sunset Las Palmas Studios

Hollywood

18,594

Bentall Centre

Downtown Vancouver

18,559

Palo Alto Square

Palo Alto

12,740

Metro Plaza

North San Jose

10,382

Sunset Gower Studios

Hollywood

6,650

TOTAL REPOSITIONING

~~260~~240,~~567~~569

Financings

During the year ended December 31, ~~2024~~2025, there were $~~128~~320.0 million of ~~borrowings~~repayments on the unsecured revolving credit facility, net of ~~repayments~~borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes.

OnDuring ~~May~~the 3twelve months ended December 31, ~~2024~~2025, the Company ~~entered~~secured ~~into~~the Office Portfolio CMBS loan (a commercial mortgage-backed securities loan) with an ~~amendment~~initial aggregate principal amount of $475.0 million. The loan bears interest at SOFR + 4.15% and matures on April 9, 2027, with three optional one-year extensions permitting certain financial and other covenants are met. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility inand ~~order~~ to repay the $168.0 million loan secured by the Element LA property. The loan was originally secured by six office properties, ~~among~~including ~~other~~the ~~things~~Element LA property. Upon the sale of the Element LA property in the fourth quarter of 2025, ~~replace~~the ~~CDOR~~Company asmade aan ~~referenced~~early ~~rate~~partial ~~for~~repayment ~~Canadian~~of ~~dollar-denominated~~the ~~loans~~Office ~~under~~Portfolio CMBS loan in the ~~Canadian~~amount ~~facility~~of ~~with~~$206.3 million. aThe ~~term~~loan ~~CORRA-based~~is ~~rate~~now secured by the remaining five office properties.

During the twelve months ended December 31, 2025, the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million. The Company then amended the agreement a second time, which resulted in an increase in the total capacity to $795.3 million and extended the maturity date for $462.0 million of the total commitments to December 31, 2029, which includes the effect of two optional six-month extensions at the sole discretion of the Company.

During the twelve months ended December 31, 2025, the Company fully repaid its Series B, Series C and Series D notes.

During the twelve months ended December 31, 2025, the Company refinanced its 1918 Eighth loan with a CMBS loan secured by the 1918 Eighth property with an aggregate principal balance of $285.0 million. The refinanced loan bears interest at a weighted average rate of 6.16% and matures on September 11, 2030.

During the twelve months ended December 31, 2025, the Company issued in an underwritten public offering 33,936,206 shares of common stock and pre-funded warrants to purchase 10,266,228 shares of common stock, adjusted for the effect of the Reverse Stock Split. The gross proceeds from the offering amounted to $689.3 million.

Factors That May Influence Our Operating Results

Business and Strategy

We invest in Class-A office properties in West Coast technology hubs and world-class studio properties and studio-related operating businesses in global media markets. This allows us to attract and retain quality companies as office tenants and/or studio and production services clients, many in the increasingly synergistic technology and media and entertainment sectors. Our focus on value-add opportunities, as well as selective ground-up development further facilitates our growth. We also 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.

Rental Revenue

The amount of net rental revenue generated by the properties in our portfolio depends principally on our ability to maintain the occupancy rates of leased space and to lease available space. As of December 31, ~~2024~~2025, the percent leased for our in-service office properties was approximately 7877.90% (or 7876.3%, excluding leases signed but not commenced as of that date). As of December 31, ~~2024~~2025, the percent leased, based on a 12-month trailing average, was approximately 7378.8% for in-service studio properties ~~(excludes Sunset Glenoaks, for which 12-month trailing occupancy data is not yet available)~~. The amount of rental revenue generated by us also depends on our ability to maintain or increase rental rates at our properties. We believe that the average rental rates for our office properties are generally below the current average quoted market rate. We believe the average rental rates for our studio properties are generally equal to current average quoted market rates. Negative trends in one or more of these factors could adversely affect our rental revenue in future periods. Future economic downturns or regional downturns affecting our submarkets or downturns in our tenants’ industries that impair our ability to renew or re-let space and the ability of our tenants to fulfill their lease commitments, as in the case of tenant bankruptcies, could adversely affect our ability to maintain or increase rental rates at our properties. In addition, growth in rental revenue will also partially depend on our ability to acquire additional properties that meet our investment criteria.

Market Conditions

We own real estate ~~primarily~~ in California, the Pacific Northwest, New York and Western Canada. We operate our production services business in key US media markets in California, New ~~Mexico~~York, Atlanta and New ~~York~~Mexico. Positive or negative changes in economic or other conditions in any of the markets in which we own real estate and/or operate, including state budgetary shortfalls, employment rates, natural hazards and other factors, may impact our overall performance.

Operating Expenses

Our operating expenses generally consist of utilities, cleaning, engineering, administrative, property, ad valorem taxes and site maintenance costs. Increases in these expenses over tenants’ base years are generally passed on to tenants in our full-service gross lease properties and are generally paid in full by tenants in our net lease properties. Certain of our properties have been reassessed for property tax purposes as a result of subsequent acquisition, development, redevelopment and other reassessments that remain pending. In the case of completed reassessments, the amount of property taxes we pay reflects the valuations established with the county assessors for the relevant locations of each property as of IPO or their subsequent acquisition. With respect to pending reassessments, we similarly expect the amount of property taxes we pay to reflect the valuations established with such county assessors.

Taxable REIT Subsidiaries

Hudson Pacific Services, Inc., or our services company, is a Maryland corporation that is wholly-owned by our operating partnership. We have elected, together with our services company and certain of our subsidiaries, to treat our services company and such other subsidiaries as taxable REIT subsidiaries for federal income tax purposes, and we may form additional taxable REIT subsidiaries in the future. Our taxable REIT subsidiaries generally may provide both customary and non-customary services to our tenants and engage in other activities that we may not engage in directly without adversely affecting our qualification as a REIT. Our services company and its subsidiaries provide a number of services to certain tenants at our studio properties and, from time to time, one or more taxable REIT subsidiaries may provide services to our tenants at these and other properties. In addition, our operating partnership has contributed some or all of its interests in certain subsidiaries or their assets to our services company. We currently lease space to subsidiaries of our services company at our studio properties and may, from time to time, enter into additional leases with one or more taxable REIT subsidiaries. Any income earned by our taxable REIT subsidiaries will not be included in our taxable income for purposes of the 75% or 95% gross income tests, except to the extent such income is distributed to us as a dividend, in which case such dividend income will qualify under the 95%, but not the 75%, gross income test. Because a taxable REIT subsidiary is subject to federal income tax, and state and local income tax (where applicable), as a regular C corporation, the income earned by our taxable REIT subsidiaries generally will be subject to an additional level of tax as compared to the income earned by our other subsidiaries.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to acquiring, developing and assessing the carrying values of our real estate properties, assets acquired and liabilities assumed in business combination transactions, the fair values of our goodwill and intangible assets, determining the incremental borrowing rate used in the present value calculations of our new or modified operating lessee agreements, our accrued liabilities, and our performance-based equity compensation awards. We base our estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results could materially differ from these estimates. The following critical accounting policies discussion reflects what we believe are the most significant estimates, assumptions and judgments used in the preparation of our consolidated financial statements. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 2 to the Consolidated Financial Statements—Summary of Significant Accounting Policies” for details on our significant accounting policies.

Investment in Real Estate Properties

Acquisitions

Our acquisitions of real estate are accounted for using the acquisition method. The results of operations for each of these acquisitions are included in our Consolidated Statements of Operations from the date of acquisition.

We evaluate each acquisition of real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted for as a business combination in accordance with ASC 805, Business Combinations. An integrated set of assets and activities would fail to qualify as a business if either (i) substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets or (ii) the integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if (i) the process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process, (ii) the process cannot be replaced without significant cost, effort, or delay or (iii) the process is considered unique or scarce.

Acquisitions of real estate will generally not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and improvements and related intangible assets or liabilities) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay.

Acquisitions that do not meet the definition of a business

When we acquire properties that are considered asset acquisitions, the purchase price, which includes transaction-related expenses, is allocated based on relative fair value of the assets acquired and liabilities assumed. Assets acquired and liabilities assumed include, but are not limited to, land, building and improvements, intangible assets related to above-and below-market leases, intangible assets related to in-place leases, debt and other assumed assets and liabilities. The purchase price accounting is finalized in the period of acquisition.

The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. The fair value of acquired “above- and below-” market leases are based on the estimated cash flow projections utilizing discount rates that reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the extended below-market term for any leases with below-market renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on our evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, we include estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions. In estimating costs to execute similar leases, we consider leasing commissions, legal and other related costs. The fair value debt assumed is based on the estimated cash flow projections utilizing interest rates available for the issuance of debt with similar terms and remaining maturities.

The Company applies a cost accumulation and allocation model to acquisitions that meet the definition of an asset acquisition. Under this model, the purchase price is allocated based on the relative fair value of the assets acquired and liabilities assumed. Additionally, acquisition-related expenses associated with an asset acquisition are capitalized as part of the purchase price.

Acquisitions that meet the definition of a business

For acquisitions that meet the definition of a business, the Company estimates the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. We measure goodwill as the excess of consideration transferred over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Acquisition-related expenses arising from the transaction are expensed as incurred. The Company includes the results of operations of the businesses that it acquires beginning on the acquisition date.

The Company tests its goodwill and indefinite-lived intangible assets for impairment at least annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company first performs a qualitative assessment and will proceed to a quantitative impairment test only if qualitative factors indicate that it is more likely than not that the fair value of the reporting unit or intangible asset is less than its carrying amount.

Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method, which reflects the pattern in which the assets are consumed. The estimated useful lives for acquired intangible assets range from five to seven years. The Company assesses its intangible assets with finite lives for impairment when indicators of impairment are identified.

Cost Capitalization

We capitalize costs associated with development and redevelopment activities, capital improvements, tenant improvements and leasing activity. Costs associated with development and redevelopment that are capitalized include interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate project. Indirect development costs, including salaries and benefits, office rent, and associated costs for those individuals directly responsible for and who spend their time on development activities are also capitalized and allocated to the projects to which they relate. Construction and development costs are capitalized while substantial activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements but no later than one year after cessation of major construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as they are incurred. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as they are incurred.

Operating Properties

The properties are generally carried at cost less accumulated depreciation and amortization. We compute depreciation and amortization using the straight-line method over the estimated useful lives of the assets as represented in the table below:


Asset Description						Estimated Useful Life (Years)
Building and improvements						Shorter of the ground lease term or 39
Land improvements						15
Furniture and fixtures						5 to 7
Tenant and leasehold improvements						Shorter of the estimated useful life or the lease term

We amortize above- and below-market lease intangibles over the remaining non-cancellable lease terms and bargain renewal periods, if applicable. The in-place lease intangibles are amortized over the remaining non-cancellable lease term. When tenants vacate prior to the expiration of their lease, the amortization of intangible assets and liabilities is accelerated. We amortize above- and below-market ground lease intangibles over the remaining non-cancellable lease terms.

Impairment of ~~Long-Lived~~Investment ~~Assets~~in Real Estate

In accordance with GAAP, we assess the carrying value of real estate assets and related intangibles for impairment on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable over the life of the asset or its intended holding period. We evaluate our real estate assets for impairment on a property-by-property basis. Indicators we consider to determine whether an impairment evaluation is necessary include, but are not limited to, deterioration in operating cash flows, low occupancy levels, significant near-term lease expirations, default or bankruptcy by a significant tenant and expectations that, more likely than not, a property will be sold or otherwise disposed of before the end of its previously estimated useful life or hold period.

If impairment indicators are present for a specific real estate asset, we perform a recoverability test by comparing the carrying value of the asset group to the asset group’s estimated undiscounted future cash flows over the anticipated hold period. If the carrying value exceeds the estimated undiscounted future cash flows, we then compare the carrying value to the asset group’s estimated fair value and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The future cash flows utilized in the evaluation of recoverability and the measurement of fair value are ~~highly~~ subjective and are based on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates, which are considered Level 2 and Level 3 inputs within the fair value hierarchy. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could significantly affect the overall estimation of the undiscounted future cash flows and fair value of an asset group.

and capitalization rates, which are considered Level 2 and Level 3 inputs within the fair value hierarchy. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could affect the overall estimation of the undiscounted future cash flows and fair value of an asset group.

Goodwill and Acquired Intangible Assets

Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired and liabilities assumed. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination.

We test our goodwill and indefinite-lived intangible assets for impairment at least annually on December 31st, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the reporting unit to which it is assigned, which can be an operating segment or one level below an operating segment. We have three operating segments: the management entity, Office and Studio. The Studio operating segment consists of two reporting units: Sunset Studios and Quixote. The Quixote reporting unit consists of the Zio and Star Waggons businesses acquired during 2021 and the Quixote business acquired during 2022, which have since been integrated as a single business. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill. If so, a quantitative assessment is performed, and to the extent the carrying value of the reporting unit exceeds its fair value, impairment is recognized for the excess up to the amount of goodwill assigned to the reporting unit. Alternatively, the Company may bypass a qualitative assessment and proceed directly to a quantitative assessment.

A qualitative assessment considers various factors such as macroeconomic, industry and market conditions to the extent they affect the earnings performance of the reporting unit, changes in business strategy and/or management of the reporting unit, changes in composition or mix of revenues and/or cost structure of the reporting unit, financial performance and business prospects of the reporting unit, among other factors.

In a quantitative assessment, significant judgment, assumptions and estimates are applied in determining the fair value of reporting units. The Company generally uses the income approach to estimate fair value by discounting the projected net cash flows of the reporting unit, and may corroborate with market-based data where available and appropriate. Projection of future cash flows is based upon various factors, including, but not limited to, our strategic plans in regard to our business and operations, internal forecasts, terminal year residual revenue multiples, operating profit margins, pricing of similar businesses and comparable transactions where applicable, and risk-adjusted discount rates to present value future cash flows, which are typically considered Level 3 inputs within the fair value hierarchy. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could affect the overall estimation of fair value of the reporting unit.

45Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method, which reflects the pattern in which the assets are consumed. The estimated useful lives for acquired intangible assets range from five to seven years. The Company assesses its intangible assets with finite lives for impairment when indicators of impairment are identified in a manner similar to the goodwill analysis and the inputs are generally considered Level 3 within the fair value hierarchy.

transactions where applicable, and risk-adjusted discount rates to present value future cash flows. Given the level of sensitivity in the inputs, a change in the value of any one input, in isolation or in combination, could significantly affect the overall estimation of fair value of the reporting unit.

Revenue Recognition

The recognition of revenues related to lease components is governed by ASC 842, Leases (“ASC 842”). The revenue related to non-lease components is subject to ASC 606, Revenue from Contracts with Customers (“ASC 606”).

We capitalize direct incremental costs of signing a lease. Internal direct compensation costs and external legal fees related to the execution of successful lease agreements that do not meet the definition of initial direct costs under ASC 842 are accounted for as office operating expense or studio operating expense in our Consolidated Statements of Operations.

We elected the lessor’s practical expedient to present revenues on the Consolidated Statement of Operations as a single lease component that combines rental, tenant recoveries, and other tenant-related revenues for the office portfolio. For our rentals at the studio properties, total lease consideration is allocated to lease and non-lease components on a relative standalone basis.

We recognize rental revenue from tenants on a straight-line basis over the lease term when collectability is probable and the tenant has taken possession or controls the physical use of the leased asset. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to:

•whether the lease stipulates how and on what a tenant improvement allowance may be spent;

•whether the tenant or landlord retains legal title to the improvements at the end of the lease term;

•whether the tenant improvements are unique to the tenant or general-purpose in nature; and

•whether the tenant improvements are expected to have any residual value at the end of the lease.

Other property-related revenue is revenue that is derived from the tenants’ use of lighting, equipment rental, parking, power, HVAC and telecommunications (telephone and internet). Other property-related revenue is recognized based on a five-step model and revenue is recognized once all performance obligations are satisfied.

Tenant recoveries related to reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period during which the applicable expenses are incurred. The reimbursements are recognized and presented gross, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and bear the associated credit risk.

We evaluate the sales of real estate based on transfer of control. If a real estate sale contract includes ongoing involvement by the seller with the sold property, we evaluate each promised good or service under the contract to determine whether it represents a performance obligation, constitutes a guarantee or prevents the transfer of control.

Income Taxes

Our property-owning subsidiaries are limited liability companies and are treated as pass-through entities or disregarded entities (or, in the case of the entities that own the 1455 Market, Hill7, Ferry Building and 1918 Eighth properties, REITs) for federal income tax purposes. In the case of the Bentall Centre property and the Sunset Waltham Cross Studios development, the Company owns its interest in the properties through non-U.S. entities treated as taxable REIT subsidiaries (“~~TRS~~TRSs”) for federal income tax purposes. Accordingly, a provision for foreign income taxes has been recorded in the accompanying consolidated financial statements based on the local tax laws and regulations of the respective tax jurisdictions.

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (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. To qualify as a REIT, we are required to distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.

Provided that we continue to qualify for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders. If we were to fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate income tax. Unless entitled to relief under specific statutory provisions, we would be ineligible to elect to be treated as a REIT for the four taxable years following the year for which we lose our qualification. It is not possible to state whether in all circumstances we would be entitled to this statutory relief.

We own and may acquire direct or indirect interests in one or more Subsidiary REITs. A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to federal income tax, (ii) shares in such REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions.

We have elected, together with certain of our subsidiaries, to treat such subsidiaries as TRSs for federal income tax purposes. Certain activities that we may undertake, such as non-customary services for our tenants and holding assets that we cannot hold directly, will be conducted by a TRS. A TRS is subject to federal and, where applicable, state and local income taxes on its net income.

We are subject to the statutory requirements of the states in which we conduct business.

Deferred tax assets and liabilities are recognized for the net tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. A valuation allowance is recognized when it is determined that it is more likely than not that a deferred tax asset will not be realized.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, ~~2024~~2025, we have not established a liability for uncertain tax positions.

We and certain of our TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. We and our TRSs are no longer subject to tax examinations by tax authorities for years prior to 2020. Generally, we have assessed our tax positions for all open years, which as of December 31, 2024 include 2021 to 2023 for Federal purposes and 2020 to 2023 for state purposes, and concluded that there are no material uncertainties to be recognized.

We and certain of our TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. We and our TRSs are no longer subject to tax examinations by tax authorities for years prior to 2022 for federal purposes and 2021 for state purposes, subject to applicable statutes of limitations. Generally, we have assessed our tax positions for all open years, which as of December 31, 2025 include 2022 to 2024 for federal purposes and 2021 to 2024 for state purposes, and concluded that there are no material uncertainties to be recognized.

Results of Operations

The following table summarizes our portfolio as of December 31, ~~2024~~2025 :

	Number of Properties	Rentable Square Feet(1)	Percent Occupied(2)		Percent Leased(2)		Annualized Base Rent per Square Foot(3)
OFFICE
Same-store(4)	3938	1211,~~794~~649,~~354~~252	7774.92	%	7874.59	%	$	5456.3196
Stabilized non-same store(5)	1	31,613	45.8		45.8		33.00
Non-same store	1	1,528,789	92.5		93.2		30.74
Total stabilized	40	12,825,967	77.8		78.4		54.27
Total in-service office	39	13,178,041	76.3	%	77.0	%	$	53.27
Lease-up(5)(6)	1	724,381	86.5		87.9		61.64
Total in-service office	41	13,550,348	78.3		78.9		54.71
STUDIO
Same-store(7)	3	1,211,168	73.8		73.8		47.41
Same-store(5)	3	1,204,666	78.8	%	78.8	%	$	46.96
Non-same-store(5)	1	241,000
Non-same-store	1	243,300	9.3		9.3		37.62
Total	4	1,452,168
Total in-service studio	4	1,447,966	67.1	%	67.1	%	$	46.76
Repositioning(5)(8)	1	260,567	—		—		—
Total	43	14,626,007
Development(5)(9)	2	778,000	0.3		0.4		—
Repositioning(6)	1	240,569	—	%	—	%	$	—
Held-for-sale(5)	2	298,084	85.2		85.2		72.64
Development(7)	2	778,000	0.3		0.3		—
Total repositioning and development	53	1,~~336~~018,~~651~~569	0.3	%	0.3	%	$	—
Total office and studio properties	5046	1615,~~339~~644,~~167~~576
Future development(10)	7	3,233,589
Future development(8)	6	3,162,212
TOTAL	5752	1918,~~572~~806,~~756~~788

____________

2.Percent occupied for office properties is calculated as (i) square footage under commenced leases as of December 31, ~~2024~~2025, divided by (ii) total square feet, expressed as a percentage. Percent leased for office properties includes uncommenced leases. Percent leased for studio properties is calculated as (i) average square footage under commenced leases for the 12 months ended December 31, ~~2024~~2025, divided by (ii) total square feet, expressed as a percentage.

3.Annualized base rent per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of December 31, ~~2024~~2025 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of December 31, ~~2024~~2025. For all expiration years, ABR is calculated as (i) cash base rents at expiration under commenced leases divided by (ii) square footage under commenced leases as of December 31, ~~2024~~2025. The methodology is the same when calculating ABR per square foot either in place or at expiration for uncommenced leases. Rent data is presented without regard to cancellation options. Where applicable, rental rates converted to USD using the foreign currency exchange rate as of December 31, ~~2024~~2025. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended December 31, ~~2024~~2025, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of December 31, ~~2024~~2025.

4.Includes office properties owned and included in our stabilized portfolio as of January 1, ~~2023~~2024 and still owned and included in the stabilized portfolio as of December 31, ~~2024~~2025.

5.~~Included~~Includes studio properties owned and included in our ~~non-same-store~~portfolio ~~property~~as ~~group~~of January 1, 2024 and still owned and included in our portfolio as of December 31, 2025.

6.~~Includes~~Refer ~~office~~to ~~properties~~Repositioning ~~that~~table ~~have~~in ~~not~~this ~~yet~~document ~~reached~~for ~~92.0% occupancy since~~ the ~~date~~office ~~they~~and ~~were~~studio ~~acquired~~projects ~~or placed~~ under ~~redevelopment~~repositioning ~~or development~~ as of December 31, ~~2024~~2025.

7.Includes ~~studio~~546,000 ~~properties~~square ~~owned~~feet ~~and~~related ~~included~~to inthe ~~our~~office ~~portfolio~~development asWashington of1000 ~~January~~and 1232,000 ~~2023~~square ~~and~~feet ~~still~~related ~~owned~~to ~~and~~Sunset ~~included~~Pier in94 ~~our portfolio as of December 31, 2024~~Studios.

8.~~Refer~~Includes entitlement to ~~Repositioning~~develop ~~table~~up into ~~this~~428,623 ~~document~~square ~~for~~feet ~~the~~(508 ~~office~~residential ~~and~~units) ~~studio~~at ~~projects~~10900-10950 ~~under repositioning as of December 31, 2024~~Washington.

9.Includes 546,000 square feet related to the office development Washington 1000 and 232,000 square feet related to Sunset Pier 94 Studios.

10.Includes pending entitlement to develop approximately 500 residential units at 10900-10950 Washington.

All amounts and percentages used in this discussion of our results of operations are calculated using the numbers presented in the financial statements contained in this report rather than the rounded numbers appearing in this discussion. The dollar amounts included in the tables in this discussion of our results of operations are presented in thousands.

4849

Comparison of the year ended December 31, ~~2024~~2025 to the year ended December 31, ~~2023~~2024

Net Loss

Net loss increased $210.79 million, or ~~123~~55.3%, to $~~381~~592.43 million for the year ended December 31, ~~2024~~2025 compared to $~~170~~381.74 million for the year ended December 31, ~~2023~~2024. The reasons for the change are discussed below with respect to the decrease in net operating income for the same period.

Net Operating Income

We evaluate performance based upon net operating income (“NOI”). NOI is not a measure of operating results or cash flows from operating activities or cash flows as measured by GAAP and should not be considered an alternative to net income, as an indication of our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make distributions. All companies may not calculate NOI in the same manner. We consider NOI to be a useful performance measure to investors and management because when compared across periods, NOI reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from net income. We calculate NOI as net income (loss) excluding corporate general and administrative expenses, depreciation and amortization, impairments, gains/losses on sales of real estate, interest expense, transaction-related expenses and other non-operating items. We define NOI as operating revenues (including rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (which includes external management fees, if any, and property-level general and administrative expenses). NOI on a cash basis is NOI adjusted to exclude the effect of straight-line rent and other non-cash adjustments required by GAAP. We believe that NOI on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent and other non-cash adjustments to revenue and expenses.

Management further analyzes NOI by evaluating the performance from the following groups:

•Same-store properties, which include all of the properties owned and included in our stabilized portfolio as of January 1, ~~2023~~2024 and still owned and included in the stabilized portfolio as of December 31, ~~2024~~2025; and

•Non-same-store, which includes:

•Stabilized non-same store properties

•Lease-up properties

•Repositioning properties

•Development properties

•Redevelopment properties

•Held for sale properties

•Operating results from studio service-related businesses

	Year Ended December 31,
	2024		2023		Dollar Change		Percentage Change
NET LOSS	$	(381,406)	$	(170,700)	$	(210,706)	123.4	%
Adjustments:
Loss from unconsolidated real estate entities	7,308		3,902		3,406		87.3
Fee income	(5,269)		(6,181)		912		(14.8)
Interest expense	177,393		214,415		(37,022)		(17.3)
Interest income	(2,467)		(2,182)		(285)		13.1
Management services reimbursement income—unconsolidated real estate entities	(4,119)		(4,125)		6		(0.1)
Management services expense—unconsolidated real estate entities	4,119		4,125		(6)		(0.1)
Transaction-related expenses	2,499		(1,150)		3,649		(317.3)
Unrealized loss on non-real estate investment	3,958		3,120		838		26.9
Gain on extinguishment of debt	—		(10,000)		10,000		(100.0)
Loss on sale of bonds	—		34,046		(34,046)		(100.0)
Loss (gain) on sale of real estate	2,453		(103,202)		105,655		(102.4)
Impairment loss	149,664		60,158		89,506		148.8
Other (income) expense	(1,647)		6		(1,653)		(27,550.0)
Income tax provision	1,641		6,796		(5,155)		(75.9)
General and administrative	79,451		74,958		4,493		6.0
Depreciation and amortization	354,425		397,846		(43,421)		(10.9)
NOI	$	388,003	$	501,832	$	(113,829)	(22.7)	%
Same-store NOI	$	377,682	$	438,947	$	(61,265)	(14.0)	%
Non-same-store NOI	10,321		62,885		(52,564)		(83.6)
NOI	$	388,003	$	501,832	$	(113,829)	(22.7)	%

	Year Ended December 31,
	2024			2023
Same-store office
Number of properties	38			38
Rentable square feet	11,257,195			11,257,195
Ending % leased	77.0		%	79.9		%
Ending % occupied	76.5		%	78.9		%
Average % occupied for the period	76.9		%	82.9		%
Average annual rental rate per square foot	$	58.31		$	58.51
Same-store studio
Number of properties	3			3
Rentable square feet	1,211,168			1,211,168
Average % leased over period(1)	73.8		%	80.4		%

_____________

1.Percent leased for same-store studio is the average percent leased for the 12 months ended December 31, 2024.

The following table reconciles net loss to NOI (in thousands, except percentage change):

	~~Year Ended December 31,~~		Year Ended December 31,
	2024								2023
			2025				2024				Dollar Change				Percentage Change
	Same-store		Non-same-store		Total				Same-store		Non-same-store		Total
NET LOSS			$	(592,298)			$	(381,406)			$	(210,892)			55.3	%
REVENUES
Adjustments:
Office
Loss from unconsolidated real estate entities			67				7,308				(7,241)				(99.1)
Rental revenues	$	608,289	$	69,331	$	677,620			$	660,606	$	136,489	$	797,095
Fee income			(5,399)				(5,269)				(130)				2.5
Service and other revenues	14,023		633		14,656				14,704		576		15,280
Interest expense			172,218				177,393				(5,175)				(2.9)
Total office revenues	622,312		69,964		692,276				675,310		137,065		812,375
Interest income			(6,238)				(2,467)				(3,771)				152.9
Studio
Management services reimbursement income—unconsolidated real estate entities			(4,206)				(4,119)				(87)				2.1
Rental revenues	41,733		12,164		53,897				48,422		10,854		59,276
Management services expense—unconsolidated real estate entities			4,206				4,119				87				2.1
Service and other revenues	28,440		67,469		95,909				21,981		58,665		80,646
Transaction-related expenses			590				2,499				(1,909)				(76.4)
Total studio revenues	70,173		79,633		149,806				70,403		69,519		139,922
Unrealized loss on non-real estate investment			2,998				3,958				(960)				(24.3)
Total revenues	692,485		149,597		842,082				745,713		206,584		952,297
Loss on extinguishment of debt			10,453				—				10,453				—
OPERATING EXPENSES
Loss on deconsolidation of real estate entity			77,907				—				77,907				—
Office operating expenses	269,366		36,283		305,649				265,606		46,412		312,018
(Gain) loss on sale of real estate, net			(5,714)				2,453				(8,167)				(332.9)
Studio operating expenses	45,437		102,993		148,430				41,160		97,287		138,447
Impairment loss			299,320				149,664				149,656				100.0
Total operating expenses	314,803		139,276		454,079				306,766		143,699		450,465
Other expense (income)			1,812				(1,647)				3,459				(210.0)
Office NOI	352,946		33,681		386,627				409,704		90,653		500,357
Income tax (benefit) provision			(273)				1,641				(1,914)				(116.6)
Studio NOI	24,736		(23,360)		1,376				29,243		(27,768)		1,475
General and administrative			72,953				79,451				(6,498)				(8.2)
NOI	$	377,682	$	10,321	$	388,003			$	438,947	$	62,885	$	501,832
Depreciation and amortization			374,967				354,425				20,542				5.8
NOI			$	403,363			$	388,003			$	15,360			4.0	%
Same-store NOI			$	347,160			$	377,819			$	(30,659)			(8.1)	%
Non-same-store NOI			56,203				10,184				46,019				451.9
NOI			$	403,363			$	388,003			$	15,360			4.0	%

The following table summarizes certain statistics of our consolidated same-store office and studio properties:


	Year Ended December 31,
	2025			2024
Same-store office
Number of properties	38			38
Rentable square feet	11,649,252			11,590,798
Ending % leased	74.9		%	77.5		%
Ending % occupied	74.2		%	76.9		%
Average % occupied for the period	72.8		%	77.0		%
Average annual rental rate per square foot	$	56.94		$	58.17

Same-store studio
Number of properties	3			3
Rentable square feet	1,204,666			1,204,666
Average % leased over period(1)	78.8		%	73.8		%

_____________

1.Percent leased for same-store studio is the average percent leased for the 12 months ended December 31, 2025.

The following table gives further detail on our consolidated NOI (in thousands):

Year Ended December 31, 2024 as compared to the Year Ended December 31, 2023

Year Ended December 31,

Same-store

Non-same-store

Total

2025

2024

Dollar change

Percentage change

Dollar change

Percentage change

Dollar change

Percentage change

Same-store

Non-same-store

Total

Same-store

Non-same-store

Total

REVENUES

Office

Rental revenues

~~(52~~585,~~317)~~470

~~(7.9)~~$

96,323

681,793

~~(67,158)~~

~~(49.2)~~$

621,013

56,607

~~(119~~677,~~475)~~620

~~(15.0)~~

Service and other revenues

~~(681)~~14,064

~~(4.6)~~203

14,267

~~9.9~~13,872

784

~~(624)~~14,656

~~(4.1)~~

Total office revenues

~~(52~~599,~~998)~~534

~~(7.8)~~96,526

696,060

~~(67,101)~~

~~(49.0)~~634,885

57,391

~~(120~~692,~~099)~~276

~~(14.8)~~

Studio

Rental revenues

(642,~~689)~~366

~~(13.8)~~12,489

54,855

~~1,310~~

~~12.1~~41,733

12,164

(553,~~379)~~897

~~(9.1)~~

Service and other revenues

623,~~459~~820

~~29.4~~56,370

80,190

~~8,804~~

~~15.0~~28,440

67,469

1595,~~263~~909

~~18.9~~

Total studio revenues

~~(230)~~66,186

~~(.3)~~68,859

135,045

~~10,114~~

~~14.5~~70,173

79,633

9149,~~884~~806

~~7.1~~

Total revenues

~~(53~~665,~~228)~~720

~~(7.1)~~165,385

831,105

~~(56,987)~~

~~(27.6)~~705,058

137,024

~~(110~~842,~~215)~~082

~~(11.6)~~

OPERATING EXPENSES

Office operating expenses

3275,~~760~~224

~~1.4~~8,792

284,016

~~(10,129)~~

~~(21.8)~~281,802

23,847

(6305,~~369)~~649

~~(2.0)~~

Studio operating expenses

443,~~277~~336

~~10.4~~100,390

143,726

~~5,706~~

~~5.9~~45,437

102,993

9148,~~983~~430

~~7.2~~

Total operating expenses

8318,~~037~~560

~~2.6~~109,182

427,742

~~(4,423)~~

~~(3.1)~~327,239

126,840

3454,~~614~~079

~~0.8~~

Office NOI

~~(56~~324,~~758)~~310

~~(13.9)~~87,734

412,044

~~(56,972)~~

~~(62.8)~~353,083

33,544

~~(113~~386,~~730)~~627

~~(22.7)~~

Studio NOI

(422,~~507)~~850

(~~15.4~~31,531)

(8,681)

~~4,408~~

~~(15.9)~~24,736

(23,360)

~~(99)~~1,376

~~(6.7)~~

NOI

~~(61~~347,~~265)~~160

~~(14.0)~~$

56,203

403,363

~~(52,564)~~

~~(83.6)~~$

377,819

10,184

~~(113~~388,~~829)~~003

~~(22.7)~~

NOI decreased $113.8 million, or 22.7%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily resulting from:

•a $61.3 million decrease in same-store NOI driven by:

•a decrease in office NOI of $56.8 million primarily due to:

•a $52.3 million decrease in rental revenues related to a decrease in the average occupancy in our same-store portfolio from 82.9% during the year ended December 31, 2023 to 76.9% during the year ended December 31, 2024, primarily driven by lease expirations at several properties in the San Francisco Bay Area during the last twelve months and a straight-line rent reserve related to transitioning a tenant to cash basis reporting; and

•a $3.8 million increase in operating expenses predominantly driven by a prior-period property tax reimbursement at our ICON property in 2023 and higher engineering, utility, insurance and tax expenses at several properties in 2024.

•a decrease in studio NOI of $4.5 million primarily due to:

•a $6.7 million decrease in rental revenues primarily driven by lower occupancy at our Sunset Las Palmas Studios property; and

•a $4.3 million increase in operating expenses driven by increased production activity at our Sunset Gower Studios property; partially offset by

•a $6.5 million increase in service and other revenues related to increased production activity at our Sunset Gower Studios property that was partially offset by decreased activity at our Sunset Las Palmas Studios property.

•a $52.6 million decrease in non-same-store NOI driven by:

•a decrease in office NOI of $57.0 million primarily due to the sales of our One Westside and Westside Two properties in December 2023 and our 604 Arizona and 3401 Exposition properties in August 2023, partially offset by an increase due to new leases commencing at our Metro Center property in 2024; partially offset by

•a $4.4 million increase in studio NOI mainly driven by increased activity at Quixote in 2024 following the 2023 WGA and SAG-AFTRA strikes.

The following table gives further detail on our change in consolidated NOI (in thousands, except percentage change):

Other Income (Expenses)


	Year Ended December 31, 2025 as compared to the Year Ended December 31, 2024
	Same-store				Non-same-store				Total
	Dollar change		Percentage change		Dollar change		Percentage change		Dollar change		Percentage change
REVENUES
Office
Rental revenues	$	(35,543)	(5.7)	%	$	39,716	70.2	%	$	4,173	.6	%
Service and other revenues	192		1.4		(581)		(74.1)		(389)		(2.7)
Total office revenues	(35,351)		(5.6)		39,135		68.2		3,784		0.5

Studio
Rental revenues	633		1.5		325		2.7		958		1.8
Service and other revenues	(4,620)		(16.2)		(11,099)		(16.5)		(15,719)		(16.4)
Total studio revenues	(3,987)		(5.7)		(10,774)		(13.5)		(14,761)		(9.9)

Total revenues	(39,338)		(5.6)		28,361		20.7		(10,977)		(1.3)

OPERATING EXPENSES
Office operating expenses	(6,578)		(2.3)		(15,055)		(63.1)		(21,633)		(7.1)
Studio operating expenses	(2,101)		(4.6)		(2,603)		(2.5)		(4,704)		(3.2)
Total operating expenses	(8,679)		(2.7)		(17,658)		(13.9)		(26,337)		(5.8)

Office NOI	(28,773)		(8.1)		54,190		161.5		25,417		6.6
Studio NOI	(1,886)		(7.6)		(8,171)		35.0		(10,057)		(730.9)
NOI	$	(30,659)	(8.1)	%	$	46,019	451.9	%	$	15,360	4.0	%

NOI increased $15.4 million, or 4.0%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily resulting from:

•a $46.0 million increase in non-same-store NOI driven by:

•an increase in office NOI of $54.2 million primarily due to:

•a $39.7 million increase in rental revenues attributable to an early termination fee received at Element LA in 2025, partially offset by the write-off of straight-line rent due to the same lease termination and further offset by the effect of the sales of our 3176 Porter property in late 2024 and our Foothill Research, 625 Second and Maxwell properties in 2025; and

•a $15.1 million decrease in operating expenses due to the sales of our 3176 Porter property in late 2024 and our Foothill Research, 625 Second, Maxwell and Element LA properties in 2025.

•partially offset by an $8.2 million decrease in studio NOI due to lower stage and production activity at Quixote, offset in part by higher operating expenses at the Sunset Glenoaks Studios property for the period during which it was a consolidated entity in 2025.

•partially offset by a $30.7 million decrease in same-store NOI driven by:

•a decrease in office NOI of $28.8 million primarily due to:

•a $35.5 million decrease in rental revenues driven by lease terminations at our 1455 Market, Met Park North, Concourse, Hill 7, 83 King, Towers at Shore Center and 901 Market properties; partially offset by lease termination fees received at 6040 Sunset and Fourth and Traction; and

•partially offset by a $6.6 million decrease in operating expenses due to the above mentioned lease terminations, as well an employee retention credit tax refund received in 2025.

•a decrease in studio NOI of $1.9 million primarily due to to lower production activity at our Sunset Gower Studios and Sunset Bronson Studios, partially offset by higher production activity at our Sunset Las Palmas Studios property.

Other Expenses

Loss from unconsolidated real estate entities

~~Loss~~We ~~from~~recorded ~~our~~a ~~unconsolidated real estate entities increased by~~ $30.41 million, orloss ~~87.3%,~~from tounconsolidated ~~$7.3~~real ~~million~~estate entities for the year ended December 31, ~~2024~~2025 compared to a loss of $37.93 million for the year ended December 31, ~~2023~~2024. The change was primarily driven by ~~higher interest~~nonrecurring ~~expense~~mark-to-market atadjustments ~~the~~for ~~unconsolidated~~an ~~entities~~interest inrate ~~2024~~swap ~~due~~that todid annot ~~increase~~qualify infor ~~the~~hedge ~~average~~accounting ~~reference~~during ~~rates~~the ~~for~~year ~~variable~~ended ~~rate~~December 31, ~~debt~~2024 and a ~~mark-to-market~~distribution ~~adjustment~~received ~~for~~in excess of our investment in an ~~interest~~unconsolidated ~~rate~~real ~~swap~~estate ~~that~~entity ~~does~~during ~~not~~the ~~qualify~~year ~~for~~ended ~~hedge~~December 31, ~~accounting~~2025.

Fee income

Fee income ~~decreased~~increased by $0.91 million, or 142.85%, to $5.34 million for the year ended December 31, ~~2024~~2025 compared to $65.23 million for the year ended December 31, ~~2023~~2024. Fee income represents the management fee income earned from ~~the~~our unconsolidated real estate entities. The decrease is primarily due to a decrease in construction activity at our unconsolidated Sunset Waltham Cross development, partially offset by an increase in construction activity at our unconsolidated Pier 94 development.

Interest expense

The following table presents a reconciliation from gross interest expense to the interest expense line item on the Consolidated Statements of Operations:

Year Ended December 31,

2024

2023

Dollar Change

Percentage Change

2025

2024

Dollar Change

Percentage Change

Gross interest expense(1)

~~210~~197,~~022~~271

~~224~~210,~~801~~022

(1412,~~779~~751)

(6.61)

Capitalized interest

(4039,~~367~~289)

(3240,~~253~~367)

(81,~~114)~~078

~~25.~~(2.7)

Non-cash interest expense(2)

714,~~738~~236

217,~~867~~738

~~(14~~6,~~129)~~498

~~(64~~84.6)0

TOTAL

~~177~~172,~~393~~218

~~214~~177,~~415~~393

(375,~~022~~175)

(172.39)

_________________

1.Includes interest on the Company’s debt and hedging activities.

2.Includes the amortization of deferred financing costs and fair market value adjustments for our mark-to-market interest rate derivatives.

Gross interest expense decreased by $1412.8 million, or 6.61%, to $~~210~~197.03 million for the year ended December 31, ~~2024~~2025 compared to $~~224~~210.80 million for the year ended December 31, ~~2023~~2024. The decrease was primarily ~~driven~~related byto alower ~~repayment~~outstanding ofborrowings on the ~~One~~unsecured ~~Westside~~line ~~and~~of ~~Westside Two construction loan in December 2023~~credit, the ~~Quixote~~2025 ~~seller~~repayments ~~note~~of inthe ~~April~~Element ~~2023~~LA loan and ~~the~~ Series EB, ~~notes~~C inand ~~September~~D ~~2023,~~notes as well as alower ~~decrease~~reference inrates ~~the average outstanding borrowings~~ on ~~the~~our ~~Company’s~~floating ~~unsecured~~rate ~~revolving credit facility~~debt. The decrease was partially offset by the interest onexpense ~~the~~related ~~loan~~to ~~secured~~the byOffice ~~Sunset~~Portfolio ~~Glenoaks~~CMBS ~~Studios~~loan, which ~~became~~was aobtained ~~consolidated~~in ~~property~~March ~~as of April 1, 2024~~2025.

Capitalized interest ~~increased~~decreased by $81.1 million, or ~~25.~~2.7%, to $4039.43 million for the year ended December 31, ~~2024~~2025 compared to $3240.34 million for the year ended December 31, ~~2023~~2024. The ~~increase~~decrease was primarily driven by ~~capitalized~~the ~~interest~~completion ~~for~~of ~~the~~our Sunset Glenoaks Studios development in 2024, partially offset by increased development activity at our 10900 Washington and Washington 1000 ~~development~~properties ~~projects~~during the year ended December 31, 2025.

Non-cash interest expense ~~decreased~~increased by $146.15 million, or 6484.60% to $714.72 million for the year ended December 31, ~~2024~~2025 compared to $217.97 million for the year ended December 31, ~~2023~~2024. The ~~decrease~~increase ~~in non-cash interest expense~~ was primarily ~~due~~related to the amortization of ~~mark-to-market~~cash ~~gains~~premiums ~~related~~paid to ~~the~~obtain new interest rate ~~cap~~caps ~~on our Hollywood Media Portfolio loan~~ during the year ended December 31, ~~2023.~~2025 ~~The~~and ~~cap~~an ~~expired~~increase in ~~August 2023 and was accounted for under~~ the ~~mark-to-market approach until it was designated as a cash flow hedge in December 2022. Additionally, there was a decrease in deferred financing cost~~ amortization ~~due~~of ~~to the~~ deferred financing costs ~~related~~driven toby the ~~Hollywood~~Office ~~Media~~ Portfolio ~~loan~~CMBS ~~and the One Westside and Westside Two construction~~ loan, ~~being~~which ~~fully~~was ~~amortized~~obtained asin ofMarch ~~August 2023 and December 2023, respectively~~2025.

Interest income

Interest income increased by $3.8 million, or 152.9%, to $6.2 million for the year ended December 31, 2025 compared to $2.5 million for the year ended December 31, 2024. The increase is due to an increase in cash deposits in interest-bearing accounts and interest income earned on an employee retention credit tax refund received in 2025.

Transaction-related expenses

During the year ended December 31, ~~2024~~2025, we recorded ~~$2.5~~transaction-related ~~million~~expenses of ~~expense~~$0.6 ~~predominantly~~million primarily related to ~~dead~~legal ~~deal~~expenses ~~costs~~incurred in connection with early lease terminations at Quixote. During the year ended December 31, ~~2023~~2024, we recorded transaction-related expenses $1.2.5 million ~~of income~~ primarily related to ~~the~~dead ~~remeasurement of the Zio earnout liability to fair value~~deals.

Unrealized loss on non-real estate investments

We recognized an unrealized loss on non-real estate investments of $43.0 million for the year ended December 31, ~~2024~~2025 compared to an unrealized loss on non-real estate investments of $34.10 million for the year ended December 31, ~~2023~~2024. The activity in both periods is due to the observable changes in the fair value of the investments.

5354

~~Gain~~Loss on extinguishment of debt

During the year ended December 31, ~~2023~~2025, we recognized a $10.0 5 million ~~gain~~loss on extinguishment of debt due to the ~~settlement~~early partial repayment of the ~~Quixote~~Office ~~note~~Portfolio ~~payable~~CMBS atloan, athe ~~discount~~early full repayments of the loan secured by our Element LA property and the Series B, C and D notes and the refinancing of the loan secured by our 1918 Eighth property. No gain or loss on extinguishment of debt was recognized during the year ended December 31, 2024.

Loss on ~~sale~~deconsolidation of ~~bonds~~real estate entity

During the year ended December 31, ~~2023~~2025, we recognized a $77.9 million loss onrelated ~~sale~~to ofthe ~~bonds~~deconsolidation of ~~$34~~our Sunset Glenoaks Studios property.0 ~~million~~The loss was calculated as the difference between 1) the sum of the fair value of the Company’s retained noncontrolling investment in ~~connection~~the ~~with~~joint venture and the ~~partial~~carrying ~~sale~~amount of the ~~acquired~~noncontrolling ~~Hollywood~~interest ~~Media~~in ~~Portfolio~~the ~~debt~~joint venture at the date of the deconsolidation; and 2) the carrying amount of the joint venture’s net assets at the date of the deconsolidation. No gain or loss on ~~sale~~deconsolidation ~~of bonds~~ was recognized during the year ended December 31, 2024.

~~Loss~~Gain (~~gain~~loss) on sale of real estate, net

During the year ended December 31, ~~2024~~2025, we recognized a $2.5.7 million ~~loss~~net gain on sale of real estate attributable to the ~~sale~~sales of our ~~3176~~Foothill ~~Porter~~Research, ~~property~~Maxwell and Element LA properties. During the year ended December 31, ~~2023~~2024, we recognized a $~~103.~~2.5 million ~~gain~~loss on sale of real estate attributable to the ~~sales~~sale of our ~~Skyway~~3176 ~~Landing,~~Porter ~~604 Arizona, 3401 Exposition, Cloud10, One Westside and Westside Two properties~~property.

Impairment loss

During the year ended December 31, ~~2024~~2025, we recognized an impairment loss of $~~149~~299.73 million related to the impairment of ~~goodwill associated with~~ the ~~Quixote~~goodwill, ~~reporting unit as well as the impairment of~~ certain ~~office~~non-real ~~properties.~~estate ~~The~~property, ~~impairment~~plant ofand ~~goodwill~~equipment ~~was driven by the slow recovery of Los Angeles film~~ and TVcertain ~~production~~intangible ~~levels~~assets ~~following the 2023 strikes~~ of ~~the~~Quixote ~~Writers~~as ~~Guild~~well ofas ~~America and~~ the ~~Screen Actors Guild. The real estate~~ impairment ~~was~~of ~~attributable~~our to625 aSecond ~~reduction in the estimated holding periods for certain~~ office ~~properties~~property. During the year ended December 31, ~~2023~~2024, we recognized an impairment loss of $60149.27 million ~~due~~related to athe ~~reduction~~impairment inof goodwill associated with the ~~estimated~~Quixote ~~fair~~reporting ~~value~~unit as well as the impairment of ~~one~~certain office ~~property~~properties.

Other (~~income~~expense) ~~expense~~income

During the year ended December 31, ~~2024~~2025, we recognized other ~~income~~expense of $1.68 million ~~compared~~primarily due to ~~other~~a ~~expense~~loss on the sale of $6non-real ~~thousand~~estate ~~for~~property, plant and equipment. During the year ended December 31, ~~2023.~~2024 ~~The~~we ~~increase~~recognized ~~was~~other income of $1.6 million primarily driven by the sale of a non-real estate investment ~~during the year ended December 31, 2024~~.

Income tax benefit (provision)

During the year ended December 31, ~~2024~~2025, we recorded an income tax ~~provision~~benefit of $10.63 million primarily related to athe ~~valuation allowance recorded against certain~~ deferred tax ~~assets~~effect ~~and~~of aimpairment ~~change~~losses inrelated ~~Canadian~~to ~~tax~~Quixote ~~legislation~~during ~~resulting~~the inyear anended ~~increase~~December 31, ~~in current tax expense~~2025. During the year ended December 31, ~~2023~~2024, we recorded an income tax provision of $61.86 million primarily related to a valuation allowance recorded against certain deferred tax assets. and a change in Canadian tax legislation resulting in an increase in current tax expense.

General and administrative expenses

General and administrative expenses ~~increased~~decreased by $46.5 million, or 68.02%, to $7973.50 million for the year ended December 31, ~~2024~~2025 compared to $7579.05 million for the year ended December 31, ~~2023~~2024. The ~~increase~~decrease was ~~primarily~~mainly driven by anCompany-wide ~~increase in non~~cost-~~cash~~cutting ~~compensation~~initiatives, ~~expense~~such ~~and~~as ~~lower~~reductions ~~capitalization~~in ofpayroll, ~~expenses~~bonus ~~during~~and ~~the~~travel ~~year~~and ~~ended~~entertainment ~~December 31~~expenses, ~~2024~~partially ~~due~~offset toby ~~less~~an ~~development~~increase ~~activity~~in asnon-cash ~~compared~~executive compensation primarily due to the ~~prior~~accelerated ~~year~~recognition of $14.3 ~~The~~million ~~increase~~of ~~was~~compensation ~~partially~~expense ~~offset~~related byto ~~lower~~the ~~travel~~cancellation ~~and~~of ~~entertainment~~the ~~and~~2024 ~~payroll~~performance ~~expenses~~unit ~~during~~equity awards by the ~~year~~Company’s ~~ended~~top ~~December 31,~~three ~~2024~~most highly compensated executive officers.

Depreciation and amortization expense

Depreciation and amortization expense ~~decreased~~increased by $4320.45 million, or 105.98%, to $~~354~~375.40 million for the year ended December 31, ~~2024~~2025 compared to $~~397~~354.84 million for the year ended December 31, ~~2023~~2024. The ~~decrease~~increase was primarily related to the ~~sale~~following activity during the year ended December 31, 2025: accelerated depreciation of tenant improvements related to early lease terminations at our ~~One~~6040 ~~Westside~~Sunset, Element LA, Quixote, Hill7 and ~~Westside~~Fourth ~~Two~~& Traction properties; indisposals ~~December~~of ~~2023,~~transportation ~~the~~assets ~~non-recurring~~at ~~write-off~~Quixote; accelerated amortization of ~~certain~~a ~~deferred~~non-competition ~~leasing~~agreement ~~costs~~intangible ~~and~~asset ~~tenant~~at ~~improvements~~Quixote; inand ~~the~~accelerated ~~third~~depreciation ~~quarter~~related ofto ~~2023~~the ~~due~~demolition toof an ~~early~~unused ~~lease~~building ~~termination~~structure at our ~~1455~~Sunset ~~Market~~Las Palmas Studios property ~~and~~for ~~impairment~~its ~~charges~~conversion ~~recorded~~to ata ~~several~~parking ~~properties~~lot. ~~during~~The increase was partially offset by the ~~years~~effect ~~ended~~of ~~December 31,~~the sales of our 3176 Porter property in 2024 and ~~December 31,~~Foothill ~~2023~~Research, ~~which~~Maxwell ~~decreased~~and ~~the~~625 ~~depreciable~~Second ~~basis~~properties ofin ~~these properties~~2025.

~~Comparison of the year ended December 31, 2023 to the year ended December 31, 2022~~55

~~Refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—~~Comparison of the year ended December 31, ~~2023~~2024 to the year ended December 31, ~~2022” of the Form 10-K for the fiscal year ended December 31,~~ 2023.

54Refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Comparison of the year ended December 31, 2024 to the year ended December 31, 2023” of the Form 10-K for the fiscal year ended December 31, 2024.

Liquidity and Capital Resources

We have remained capitalized since our initial public offering through public offerings, private placements, joint ventures and continuous offerings under our at-the-market (“ATM”) program. We currently expect that our principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, strategic acquisitions, capital expenditures, tenant improvements, leasing costs, dividends and distributions, share repurchases and repayments of outstanding debt financing will include:

•cash on hand, cash reserves and net cash provided by operations;

•strategic dispositions of real estate;

•sales of non-real estate investments;

•proceeds from additional equity securities;

•our ATM program;

•borrowings under the operating partnership’s unsecured revolving credit facility;

•proceeds from joint venture partners;

•proceeds from the Sunset ~~Glenoaks construction loan, Sunset~~ Pier 94 Studios construction loan (unconsolidated joint venture) ~~and Bentall Centre loan (unconsolidated joint venture)~~; and

•proceeds from additional secured, unsecured debt financings or offerings.

Liquidity Sources

We had approximately $63138.34 million of cash and cash equivalents at December 31, ~~2024~~2025. Our principal source of operating cash flow is related to leasing and operating the properties in our portfolio. Our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund quarterly dividend and distribution requirements.

During the year ended December 31, 2024 we completed the strategic disposition of 3176 Porter for gross proceeds of $24.8 million, before certain credits, prorations and closing costs.

Our ability to access the equity capital markets will be dependent on a number of factors as well, including general market conditions for REITs and market perceptions about us.

WeIn ~~have~~June an2025, ~~ATM~~we ~~program~~issued ~~that~~in ~~allows~~an usunderwritten topublic ~~sell~~offering up33,936,206 toshares ~~$125.0 million~~ of common stock, ~~$65.8~~and ~~million~~pre-funded ofwarrants ~~which~~to ~~has~~purchase ~~been sold through December 31~~10, ~~2024. Any future sales will depend on several factors~~266,228 ~~including,~~shares ~~but~~of ~~not~~common ~~limited to~~stock, ~~market~~adjusted ~~conditions,~~for the ~~trading~~effect ~~price~~ of ~~our~~the ~~common~~Reverse ~~stock~~Stock ~~and our capital needs~~Split. WeThe ~~have~~gross noproceeds ~~obligation~~from ~~to sell~~ the ~~remaining~~offering ~~shares~~amounted ~~available~~to ~~for sale under this program~~$689.3 million.

~~The~~We ~~following~~have ~~table~~an ~~sets~~ATM ~~forth~~program ~~our~~that ~~borrowing~~allows ~~capacity~~us ~~under~~to ~~various~~sell ~~loans~~up asto $125.0 million of common stock, $65.8 million of which has been sold through December 31, ~~2024~~2025. ~~(in~~Any ~~thousands):~~future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program.

Loan	Total Borrowing Capacity		Amount Drawn		Remaining Borrowing Capacity
Unsecured revolving credit facility(1)	$	775,000	$	320,000	$	455,000
Sunset Glenoaks construction loan(2)	$	50,300	$	49,800	$	500
Bentall Centre(2)(3)(4)	$	91,981	$	90,110	$	1,871
Sunset Pier 94 Studios construction loan(2)(3)	$	46,810	$	7,610	$	39,200

The following table sets forth our borrowing capacity under various loans as of December 31, 2025 (in thousands):


Loan	Total Borrowing Capacity		Amount Drawn		Remaining Borrowing Capacity
Unsecured revolving credit facility	$	795,250	$	—	$	795,250
Sunset Glenoaks Studios construction loan(1)(2)(3)	51,215		51,215		—
Bentall Centre(1)(2)(4)	96,524		96,524		—
Sunset Pier 94 Studios construction loan(1)(2)	46,810		36,760		10,050
TOTAL	$	989,799	$	184,499	$	805,300

_____________

1.InAmounts ~~January~~are ~~2025,~~presented ~~the~~at ~~Company~~HPP’s ~~amended its credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024~~share. ~~The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million.~~

2.~~Amounts~~This ~~are~~loan ~~presented~~is atheld ~~HPP’s~~by ~~share~~an unconsolidated joint venture.

3.~~This~~Total ~~loan~~borrowing iscapacity ~~held~~includes by an ~~unconsolidated~~original ~~joint~~borrowing ~~venture~~capacity of $50.3 million and accrued payment-in-kind interest of $0.9 million as of December 31, 2025 (amounts at HPP’s share).

4.The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of December 31, ~~2024~~2025.

Our ability to incur additional debt will be dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. If we incur additional debt, the risks associated with our leverage, including our ability to service our debt, would increase.

5556

The following table sets forth our ratio of debt to total market capitalization (counting series A preferred units as debt) as of December 31, 2025 (in thousands, except percentage):

Market Capitalization	December 31, ~~2024~~2025
Unsecured and secured debt(1)	$	43,~~187~~367,~~667~~850
Series A redeemable preferred units	92,~~815~~795
Total consolidated debt	43,~~197~~370,~~482~~645
Equity capitalization(2)	~~881~~1,~~851~~141,187
TOTAL CONSOLIDATED MARKET CAPITALIZATION	$	54,~~079~~511,~~333~~832
Total consolidated debt/total consolidated market capitalization	8274.67		%

_____________

1.Excludes joint venture partner debt and unamortized deferred financing costs and loan ~~discount~~discounts/premiums.

2.Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $310.0383, as reported by the NYSE, on December 31, ~~2024~~2025 as well as the aggregate value of the Series C preferred stock liquidation preference as of December 31, ~~2024~~2025.

Outstanding Indebtedness

The following table sets forth information as of December 31, 2025 and December 31, 2024 with respect to our outstanding indebtedness, excluding unamortized deferred financing costs and loan discounts (in thousands):

	December 31, 2024		December 31, 2023
	December 31, 2025		December 31, 2024
Unsecured debt	$	21,~~435~~650,000	$	2,~~307~~435,000
Secured debt	$	1,~~752~~717,~~667~~850	$	1,~~653~~752,~~067~~667
Joint venture partner debt	$	66,136	$	66,136

The operating partnership was in compliance with its financial covenants as of December 31, ~~2024~~2025.

Credit Ratings

The following table provides information with respect to our credit ratings at December 31, ~~2024~~2025:

Agency						Credit Rating
Moody’s						B2
Standard and Poor’s						~~BB-~~B
Fitch						~~BB-~~B+

Liquidity Uses

Contractual Obligations

The following table provides information with respect to our commitments at December 31, 2025, including any guaranteed or minimum commitments under contractual obligations (in thousands):

Payments Due by Period

Contractual Obligation

Total

Less than 1 Year

1-3 Years

3-5 Years

More than 5 Years

Principal payments on unsecured and secured debt(1)

43,~~187~~367,~~667~~850

~~741~~1,~~300~~079,767

2871,~~095,367~~000

~~951~~1,~~000~~417,083

~~400,000~~—

Principal payments on joint venture partner debt(1)

66,136

—

66,136

Interest payments—fixed rate(1)(2)(3)

~~375~~353,~~416~~258

~~128~~116,~~974~~989

~~171~~173,~~251~~545

6657,~~433~~442

85,~~758~~282

Interest payments—variable rate(1)(2)(4)

~~128~~21,~~620~~139

7617,~~775~~994

511,~~845~~922

—1,223

—

Operating leases(5)

~~712~~631,~~548~~934

4235,~~072~~612

8369,~~175~~523

7863,~~888~~725

~~508~~463,~~413~~074

TOTAL

54,~~470~~440,~~387~~317

~~989~~1,~~121~~250,362

21,~~401~~115,~~638~~990

1,~~096~~539,~~321~~473

~~983~~534,~~307~~492

_____________

1.Reflects our projected principal and interest obligations for payments of debt based on maturity dates including the effect of extension options. Certain extension options are available only permitting certain financial covenants are met, whereas other extension options are at the sole discretion of the Company. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 10 to the Consolidated Financial Statements—Debt” for details.

2.Interest rates with respect to indebtedness are calculated on the basis of a 360-day year for the actual days elapsed.

563.Reflects our projected interest obligations for fixed rate debts, including those that are effectively fixed as a result of derivatives. Also includes $20.2 million of projected interest related to our joint venture partner debt.

3.Reflects our projected interest obligations for fixed rate debts, including those that are effectively fixed as a result of derivatives. Also includes $11.2 million of projected interest related to our joint venture partner debt and debt that is effectively fixed through the use of interest rate swaps. 57

4.Reflects our projected interest obligations for variable rate debts, including instances where interest is paid based on an applicable SOFR margin. We used the average December SOFR and the applicable margin as of December 31, ~~2024~~2025.

5.Reflects minimum lease payments through the contractual lease expiration date, including the impact of the extension options which the Company is reasonably certain to exercise. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 13 to the Consolidated Financial Statements—Future Minimum Base Rents and Lease Payments” for details of our lease agreements.

The Company has entered into a number of construction agreements related to capital improvement activities at various properties. As of December 31, ~~2024~~2025, the Company had $9896.67 million in outstanding obligations under the agreements, of which $9492.50 million is expected to be incurred within one year from December 31, ~~2024~~2025.

The Company invests in several non-real estate funds with an aggregate commitment to contribute up $51.0 million. As of December 31, ~~2024~~2025, the Company has contributed $4142.13 million, net of recallable distributions, with $98.97 million remaining to be contributed.

Off-Balance Sheet Arrangements

Joint Venture Indebtedness

We have investments in unconsolidated real estate entities accounted for using the equity method of accounting. The following table provides information about joint venture indebtedness as of December 31, ~~2024~~2025 (in thousands):

	Ownership Interest		Amount Drawn		Undrawn Capacity		Total Capacity		Interest Rate	Contractual Maturity Date
Bentall Centre(1)	20	%	$	~~450~~482,~~551~~622	$	~~9,355~~—	$	~~459~~482,~~906~~622	CORRA + 2.30%	7/1/2027
Sunset Pier 94 Studios(2)	26	%	29,783		153,417		183,200		SOFR + 4.75%	9/9/2028
Sunset Glenoaks Studios(2)(3)	50	%	102,430		—		102,430		SOFR + 3.10%	1/9/2027
Sunset Pier 94 Studios(4)	26	%	143,870		39,330		183,200		SOFR + 4.75%	9/9/2028

_____________

(1)The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of December 31, ~~2024~~2025. This loan is interest-only through its term.

(2)This loan has an initial interest rate of SOFR + 43.7510% per annum until ~~stabilization~~certain ofperformance ~~the~~targets ~~project~~have been met, at which time the effective interest rate will decrease to SOFR + 42.0050%. This loan is interest-only through its term. The maturity date includes the effect of extension options.

(3)Amount drawn includes principal of $100.6 million and accrued payment-in-kind interest of $1.8 million as of December 31, 2025.

(4)This loan has an initial interest rate of SOFR + 4.75% per annum until stabilization of the project, at which time the effective interest rate will decrease to SOFR + 4.00%. This loan is interest-only through its term. The maturity date includes the effect of extension options.

Cash Flows

Comparison of the cash flow activity for the year ended December 31, 2025 to the year ended December 31, 2024 is as follows (in thousands, except percentage change):

	Year Ended December 31,
	2024		2023		Dollar Change		Percentage Change
	2025		2024		Dollar Change		Percentage Change
Net cash provided by operating activities	$	~~164~~120,~~657~~977	$	~~232~~164,~~256~~657	$	(6743,~~599~~680)	(2926.15)	%
Net cash (used in) provided by investing activities	$	(250,539)	$	467,841	$	(718,380)	(153.6)	%
Net cash provided by (used in) investing activities	$	42,845	$	(250,539)	$	293,384	(117.1)	%
Net cash provided by (used in) financing activities	$	65,903	$	(866,672)	$	932,575	(107.6)	%
Net cash (used in) provided by financing activities	$	(100,871)	$	65,903	$	(166,774)	(253.1)	%

Cash and cash equivalents and restricted cash were $99162.21 million and $~~119~~99.2 million at December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

Operating Activities

Net cash provided by operating activities decreased by $6743.67 million, or 2926.15%, to $~~164~~121.70 million for the year ended December 31, ~~2024~~2025 as compared to $~~232~~164.37 million for the year ended December 31, ~~2023~~2024. The decrease primarily resulted from the ~~property~~ dispositions ~~throughout~~of ~~2023~~our Foothill Research, Maxwell and a625 ~~significant~~Second ~~tenant~~in ~~move-out~~2025 atand our ~~1455~~3176 ~~Market~~Porter property in ~~the~~late ~~third quarter of 2023~~2024, aslease ~~well~~terminations asat ~~an overall decrease in occupancy across~~ our ~~portfolio~~1455 ~~in 2024~~Market, asMet ~~compared~~Park toNorth, ~~the~~Concourse, ~~prior~~Hill ~~year.~~7, ~~The~~83 ~~decrease~~King, ~~was~~Towers ~~partially~~at ~~offset~~Shore byCenter aand ~~decrease~~901 inMarket ~~cash~~properties, ~~paid~~lower ~~for~~production ~~interest~~activity ~~during~~at ~~2024 as compared to the prior year~~Quixote, ~~mainly due to debt repayments in 2023~~ and aan ~~decrease~~increase in ~~the~~cash ~~average~~outflows ~~outstanding~~for ~~borrowings~~lease ~~on the Company’s unsecured revolving credit facility~~incentives. ~~Refer~~The todecrease ~~Part~~was ~~IV,~~partially ~~Item~~offset ~~15(a)~~by ~~“Financial~~lease ~~Statement~~termination ~~Schedules—Note~~fee 4income toreceived ~~the~~at ~~Consolidated~~Element ~~Financial~~LA ~~Statements—Investment~~ in ~~Real~~connection ~~Estate”~~with ~~for~~its ~~detail on the dispositions~~sale.

Investing Activities

Net cash ~~used~~provided inby investing activities increased by $~~718~~293.4 million, or ~~153~~117.61%, to $~~250~~42.58 million for the year ended December 31, ~~2024~~2025 as compared to $~~467~~250.85 million of cash ~~provided~~used byin investing activities for the year ended December 31, ~~2023~~2024. The change primarily resulted from a $~~821~~214.69 million ~~decrease~~increase in proceeds from ~~the~~ sales of real estate, ~~partially offset by~~ a $9955.43 million decrease in additions ~~to investment property during the year ended December 31, 2024 as compared to the year ended December 31, 2023.~~

to investment property and a $29.4 million decrease in contributions to unconsolidated entities during the year ended December 31, 2025 as compared to the year ended December 31, 2024.

Financing Activities

Net cash ~~provided~~used byin financing activities increased by $~~932~~166.68 million, or ~~107~~253.61%, to $65100.9 million for the year ended December 31, ~~2024~~2025 as compared to $~~866~~65.79 million of cash ~~used~~provided inby financing activities for the year ended December 31, ~~2023~~2024. The change resulted primarily from a $1.2.0 billion ~~decrease~~increase in payments of unsecured and secured debt, partially offset by a $~~201~~1.61 ~~million~~billion ~~decrease~~increase in borrowings ~~during~~and ~~the year ended December 31, 2024 as compared to the year ended December 31, 2023, as well as~~ $~~145~~661.58 million in proceeds from the sale of bonds in 2023 that did not recur in 2024. Additionally, the increase was driven by a $78.5 million decrease in distributions to redeemable non-controlling members in consolidated real estate entities, predominantly driven by the One Westside and Westside Two property sale in 2023, a $39.6 million decrease in dividends paid to common stock and ~~unitholders driven by the reduction and eventual suspension of the common stock dividend and a $29.8 million decrease in distributions to non~~pre-~~controlling~~funded ~~members~~warrants ~~in consolidated real estate entities~~ during the year ended December 31, ~~2024~~2025. asThe ~~compared~~increase towas ~~the~~further ~~year ended December 31, 2023, partially~~ offset by ~~the~~ $41.0 million spent on the purchase of ~~the~~our ~~non-controlling~~partner’s interest in our 1455 Market property induring the year ended December 31, 2024.

Non-GAAP Supplemental Financial Measures

We calculate FFO in accordance with the White Paper issued in December 2018 on FFO approved by the Board of Governors of NAREIT. The White Paper defines FFO as net income or loss calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets) and after adjustment for unconsolidated partnerships and joint ventures. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. In the December 2018 White Paper, NAREIT provided an option to include value changes in mark-to-market equity securities in the calculation of FFO. We elected this option retroactively during fourth quarter of 2018.

We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide. We use FFO per share to calculate annual cash bonuses for certain employees.

However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations.

The following table presents a reconciliation of net loss to FFO (in thousands):


	Year Ended December 31,
	2025		2024
Net loss	$	(592,298)	$	(381,406)
Adjustments:
Depreciation and amortization—consolidated	374,967		354,425
Depreciation and amortization—non-real estate assets	(35,852)		(34,716)
Depreciation and amortization—HPP’s share from unconsolidated real estate entities	4,654		5,630
(Gain) loss on sale of real estate, net	(5,714)		2,453
Loss on deconsolidation of real estate entity	77,907		—
Impairment loss—real estate assets	18,476		42,049
Unrealized loss on non-real estate investments	2,998		3,958
FFO attributable to non-controlling interests	(18,092)		(12,789)
FFO attributable to preferred shares and units	(20,552)		(20,800)
FFO TO COMMON STOCKHOLDERS AND UNITHOLDERS	$	(193,506)	$	(41,196)

	Year Ended December 31,
	2024		2023
Net loss	$	(381,406)	$	(170,700)
Adjustments:
Depreciation and amortization—consolidated	354,425		397,846
Depreciation and amortization—non-real estate assets	(34,716)		(33,389)
Depreciation and amortization—HPP’s share from unconsolidated real estate entities	5,630		4,779
Loss (gain) on sale of real estate	2,453		(103,202)
Loss on sale of bonds	—		34,046
Impairment loss—real estate assets	42,049		60,158
Unrealized loss on non-real estate investments	3,958		3,120
FFO attributable to non-controlling interests	(12,789)		(42,335)
FFO attributable to preferred shares and units	(20,800)		(20,800)
FFO TO COMMON STOCKHOLDERS AND UNITHOLDERS	$	(41,196)	$	129,523

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

The primary market risk we face is interest rate risk. Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. As more fully described below, we use derivatives to manage, or hedge, interest rate risks related to our borrowings. We only enter into contracts with major financial institutions based on their credit rating and other factors. For a summary of our outstanding indebtedness, refer to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” For a summary of our derivatives, refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 11 to the Consolidated Financial Statements—Derivatives.”

Interest risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur in that environment. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure.

The following table summarizes the terms our derivative instruments used to hedge interest rate risk as of December 31, ~~2024~~2025 (notional amounts and fair value in thousands):

Underlying Debt Instrument	Type of Instrument	Accounting Policy	Notional Amount		Effective Date	Maturity Date	Interest Rate (Range)	Fair Value Assets (Liabilities)
Sunset Glenoaks Studios	Cap	Cash flow hedge	$	100,600	August 2022	January 2025	4.50%	—
Hollywood Media Portfolio CMBS	Swap	Cash flow hedge	$	351,186	August 2023	June 2026	3.31%	430
Sunset Glenoaks Studios	Cap	Cash flow hedge	$	100,600	January 2025	January 2026	4.50%	72
Hollywood Media Portfolio CMBS	Swap	Cash flow hedge	$	180,000	February 2024	August 2026	4.13%	(660)
1918 Eighth	Swap	Cash flow hedge	$	172,865	February 2023	October 2025	3.75%	524
Hollywood Media Portfolio CMBS	Cap	Partial cash flow hedge(1)	$	1,100,000	August 2025	August 2026	4.95%	—
1918 Eighth	Cap	Partial cash flow hedge(1)	$	314,300	June 2023	December 2025	5.00%	62
Hollywood Media Portfolio CMBS	Sold cap(2)	Mark-to-market	$	561,000	August 2025	August 2026	4.95%	—
1918 Eighth	Sold cap(2)	Mark-to-market	$	172,865	June 2023	December 2025	5.00%	(34)
Office Portfolio CMBS	Cap	Mark-to-market	$	475,000	March 2025	April 2027	4.96%	14
Hollywood Media Portfolio	Swap	Cash flow hedge	$	351,186	August 2023	June 2026	3.31%	3,663
Office Portfolio CMBS	Sold cap(2)	Mark-to-market	$	475,000	March 2025	April 2027	4.96%	(14)
Hollywood Media Portfolio	Swap	Cash flow hedge	$	180,000	February 2024	August 2026	4.13%	(267)
Office Portfolio CMBS(3)	Cap	Cash flow hedge	$	11,250	December 2025	February 2027	3.35%	15
Hollywood Media Portfolio	Cap	Partial cash flow hedge(1)	$	1,100,000	August 2024	August 2025	6.01%	4
Office Portfolio CMBS(4)	Swap	Cash flow hedge	$	250,000	December 2025	April 2029	3.41%	(732)
Hollywood Media Portfolio	Sold cap(2)	Mark-to-market	$	561,000	August 2024	August 2025	6.01%	(2)
N/A	Corridor	Mark-to-market	$	425,000	January 2026	March 2026	0.53% - 3.35%	2,901
TOTAL								$	41,~~022~~954

_____________

1.$~~141,435 and $~~539~~,000~~ thousand of the notional ~~amounts~~amount of the ~~1918 Eighth and~~ Hollywood Media Portfolio ~~caps,~~CMBS ~~respectively,~~cap ~~have~~has been designated as an effective cash flow ~~hedges~~hedge for accounting purposes. The remainder ~~of each~~ is accounted for under mark-to-market accounting.

2.The sold caps serve to offset the changes in fair value of the ~~portions~~portion of the ~~1918~~Hollywood ~~Eighth~~Media Portfolio CMBS cap that is not designated as a cash flow hedge for accounting purposes and ~~Hollywood~~the ~~Media~~change in fair value of the full Office Portfolio ~~caps~~CMBS ~~that~~cap, ~~are~~which is not designated as a cash flow ~~hedges~~hedge for accounting purposes.

593.The notional amount decreases on a monthly basis to follow the amortization of the underlying debt instrument.

	Unsecured and Secured Debt				Joint Venture Partner Debt
	Carrying Value		Fair Value		Carrying Value		Fair Value
Variable rate	$	1,099,616	$	1,099,616	$	—	$	—
Fixed rate(1)	3,088,051		2,681,549		66,136		60,637
TOTAL(2)	$	4,187,667	$	3,781,165	$	66,136	$	60,637

4.The notional amount will decrease on a monthly basis to follow the amortization of the underlying debt instrument commencing in February 2027.

The following table summarizes our fixed and variable rate debt as of December 31, 2025 (in thousands):


	Unsecured and Secured Debt				Joint Venture Partner Debt
	Carrying Value		Fair Value		Carrying Value		Fair Value
Variable rate	$	551,083	$	551,083	$	—	$	—
Fixed rate(1)	2,816,767		2,685,213		66,136		62,390
TOTAL(2)	$	3,367,850	$	3,236,296	$	66,136	$	62,390

_____________

1.Includes debt that is effectively fixed through the use of interest rate swaps.

2.Excludes unamortized deferred financing costs.

For sensitivity purposes, if the reference rates for our variable rate debt as of December 31, ~~2024~~2025 were to increase by 100 basis points, or 1.0%, the resulting increase in annual interest expense would decrease our future earnings and cash flows by $115.05 million.

Foreign Currency Exchange Rate Risk

We have exposure to foreign currency exchange rate risk related to our unconsolidated real estate entities operating in Canada and the United Kingdom. The unconsolidated real estate entities’ functional currency is the local currency, or Canadian dollars and pound sterling, respectively. Any gains or losses resulting from the translation of Canadian dollars and pound sterling to U.S. dollars are classified on our Consolidated Balance Sheets as a separate component of other comprehensive (loss) ~~income~~ and are excluded from net loss.

ITEM 8. Financial Statements and Supplementary Data

Our consolidated financial statements included in this Annual Report on Form 10-K are listed in Part IV, Item 15(a) of this report.

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

ITEM 9A. Controls and Procedures

Disclosure Controls and Procedures (Hudson Pacific Properties, Inc.)

Hudson Pacific Properties, Inc. maintains disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in Hudson Pacific Properties, Inc.’s reports under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, Hudson Pacific Properties, Inc. carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures as of the end of the period covered by this report.

Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded, as of that time, that Hudson Pacific Properties, Inc.’s disclosure controls and procedures were effective in providing a reasonable level of assurance that information Hudson Pacific Properties, Inc. is required to disclose in reports that Hudson Pacific Properties, Inc. files under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.

Disclosure Controls and Procedures (Hudson Pacific Properties, L.P.)

Hudson Pacific Properties, L.P. maintains disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in Hudson Pacific Properties, L.P.’s reports under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, Hudson Pacific Properties, L.P. carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), of the effectiveness of the design and operation of the disclosure controls and procedures as of the end of the period covered by this report.

Based on the foregoing, the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.) concluded, as of that time, that Hudson Pacific Properties, L.P.’s disclosure controls and procedures were effective in providing a reasonable level of assurance that information Hudson Pacific Properties, L.P. is required to disclose in reports that Hudson Pacific Properties, L.P. files under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), as appropriate, to allow for timely decisions regarding required disclosure.

accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), as appropriate, to allow for timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting (Hudson Pacific Properties, Inc.)

There have been no changes that occurred during the fourth quarter of the year covered by this report in Hudson Pacific Properties, Inc.’s internal control over financial reporting identified in connection with the evaluation referenced above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting (Hudson Pacific Properties, L.P.)

There have been no changes that occurred during the fourth quarter of the year covered by this report in Hudson Pacific Properties, L.P.’s internal control over financial reporting identified in connection with the evaluation referenced above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management’s Annual Report on Internal Control over Financial Reporting (Hudson Pacific Properties, Inc.)

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

Hudson Pacific Properties, Inc.’s system of internal control is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of Hudson Pacific Properties, Inc.’s financial statements for external reporting purposes in accordance with GAAP. Hudson Pacific Properties, Inc.’s management, including the Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of Hudson Pacific Properties, Inc.’s internal control over financial reporting as of December 31, ~~2024~~2025. In conducting its assessment, management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission on Internal Control-Integrated Framework (2013 Framework). Based on this assessment, management concluded that, as of December 31, ~~2024~~2025, Hudson Pacific Properties, Inc.’s internal control over financial reporting was effective based on those criteria.

Management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc., does not expect that Hudson Pacific Properties, Inc.’s disclosure controls and procedures, or Hudson Pacific Properties, Inc.’s internal controls will prevent all errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefit of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Management’s Annual Report on Internal Control over Financial Reporting (Hudson Pacific Properties, L.P.)

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

Hudson Pacific Properties, L.P.’s system of internal control is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of Hudson Pacific Properties, L.P.’s financial statements for external reporting purposes in accordance with GAAP. Hudson Pacific Properties, L.P.’s management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), assessed the effectiveness of Hudson Pacific Properties, L.P.’s internal control over financial reporting as of December 31, ~~2024~~2025. In conducting its assessment, management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission on Internal Control-Integrated Framework (2013 Framework). Based on this assessment, management concluded that, as of December 31, ~~2024~~2025, Hudson Pacific Properties, L.P.’s internal control over financial reporting was effective based on those criteria.

Management, including the Chief Executive Officer and Chief Financial Officer of Hudson Pacific Properties, Inc. (the sole general partner of Hudson Pacific Properties, L.P.), does not expect that Hudson Pacific Properties, L.P.’s disclosure controls and procedures, or Hudson Pacific Properties, L.P.’s internal controls will prevent all errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefit of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Attestation Report of the Registered Accounting Firm (Hudson Pacific Properties, Inc.)

The effectiveness of Hudson Pacific Properties, Inc.’s internal control over financial reporting as of December 31, ~~2024~~2025, has been audited by Ernst & Young LLP, the independent registered public accounting firm that audited the consolidated financial statements included in this annual report, as stated in their report appearing on page F-2, which expresses an unqualified opinion on the effectiveness of Hudson Pacific Properties, Inc.’s internal control over financial reporting as of December 31, 2024.

statements included in this annual report, as stated in their report appearing on page F-2, which expresses an unqualified opinion on the effectiveness of Hudson Pacific Properties, Inc.’s internal control over financial reporting as of December 31, 2025.

ITEM 9B. Other Information

Disclosure of 10b5-1 plans

During the three months ended December 31, ~~2024~~2025, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

6263

PART III

ITEM 10. Directors, Executive Officers and Corporate Governance

The information required by Item 10 is incorporated by reference from our definitive proxy statement for our annual stockholders’ meeting presently scheduled to be held in May ~~2025~~2026. We intend to disclose any amendment to, or waiver from, our code of ethics within four business days following the date of the amendment or waiver.

ITEM 11. Executive Compensation

The information required by Item 11 is incorporated by reference from our definitive proxy statement for our annual stockholders’ meeting presently scheduled to be held in May ~~2025~~2026.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by Item 12 is incorporated by reference from our definitive proxy statement for our annual stockholders’ meeting presently scheduled to be held in May ~~2025~~2026.

ITEM 13. Certain Relationships and Related Transactions, and Director Independence

The information required by Item 13 is incorporated by reference from our definitive proxy statement for our annual stockholders’ meeting presently scheduled to be held in May ~~2025~~2026.

ITEM 14. Principal Accountant Fees and Services

The information required by Item 14 is incorporated by reference from our definitive proxy statement for our annual stockholders’ meeting presently scheduled to be held in May ~~2025~~2026.

6364

PART IV

ITEM 15. Exhibits, Financial Statement Schedules

(a)(1) and (2) Financial Statements and Schedules

The following consolidated financial information is included as a separate section of this Annual Report on Form 10-K:

FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.
Report of Management on Internal Control Over Financial Reporting						1
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting						2
Report of Independent Registered Public Accounting Firm (PCAOB ID: Ernst & Young LLP (42))						3
Consolidated Balance Sheets as of December 31, 2024 and 2023						5
Consolidated Balance Sheets as of December 31, 2025 and 2024						5
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022						6
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023						6
Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2024, 2023 and 2022						7
Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2025, 2024 and 2023						7
Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022						8
Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024 and 2023						8
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022						9
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023						10
FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, L.P.
Report of Independent Registered Public Accounting Firm (PCAOB ID: Ernst & Young LLP (42))						1011
Consolidated Balance Sheets as of December 31, 2024 and 2023						12
Consolidated Balance Sheets as of December 31, 2025 and 2024						13
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022						13
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023						14
Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2024, 2023 and 2022						14
Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2025, 2024 and 2023						15
Consolidated Statements of Capital for the Years Ended December 31, 2024, 2023 and 2022						15
Consolidated Statements of Capital for the Years Ended December 31, 2025, 2024 and 2023						16
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022						16
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023						17
Notes to Consolidated Financial Statements						1718
Schedule III - Real Estate and Accumulated Depreciation						55

All other schedules are omitted since the required information is not present in amounts sufficient to require submission of the schedule or because the information required is included in the financial statements and notes thereto.

(3) Exhibits

		Incorporated by Reference
Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
3.1	Articles of Amendment and Restatement of Hudson Pacific Properties, Inc.	S-11/A	333-164916	3.1	May 12, 2010
3.2	Form of Articles Supplementary of Hudson Pacific Properties, Inc.	S-11/A	333-170751	3.3	December 6, 2010
3.3	~~Second~~Articles ~~Amended and Restated Bylaws~~ of ~~Hudson Pacific Properties, Inc~~Amendment.	8-K	001-34789	3.1	~~January~~June 1213, ~~2015~~2025
3.4	~~First~~Certificate of Amendment to ~~the~~Certificate ~~Second Amended and Restated Bylaws~~ of ~~Hudson~~Incorporation ~~Pacific~~(Reverse ~~Properties,~~Stock ~~Inc.~~Split)	8-K	001-34789	3.1	~~March~~December 221, ~~2022~~2025
3.5	~~Fifth~~Certificate ~~Amended~~of ~~and~~Amendment ~~Restated~~to ~~Agreement~~Certificate of ~~Limited~~Incorporation ~~Partnership~~(Par ofValue ~~Hudson Pacific Properties, L.P.~~Adjustment)	8-K	001-34789	3.2	~~November~~December 161, ~~2021~~2025
3.6	Certificate of ~~Limited~~Amendment ~~Partnership~~to Certificate of ~~Hudson~~Incorporation ~~Pacific~~(Reduction ~~Properties,~~in ~~L.P.~~Authorized Shares)	108-QK	001-34789	3.43	~~November~~December 41, ~~2016~~2025
3.7	~~Articles~~Second ~~Supplementary~~Amended ~~designating~~and ~~the~~Restated ~~Series~~Bylaws ~~C Preferred Stock~~ of Hudson Pacific Properties, Inc.	8-K	001-34789	3.1	~~November~~January 1612, ~~2021~~2015
4.1	Form of Certificate of Common Stock of Hudson Pacific Properties, Inc.	S-11/A	333-164916	4.1	June 14, 2010
3.8	First Amendment to the Second Amended and Restated Bylaws of Hudson Pacific Properties, Inc.	8-K	001-34789	3.1	March 22, 2022
4.2	Indenture, dated October 2, 2017, among Hudson Pacific Properties, L.P., and U.S. Bank National Association.	8-K	001-34789	4.1	October 2, 2017
3.9	Sixth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P.	8-K	001-34789	3.4	December 1, 2025
4.3	Supplemental Indenture No. 1, dated October 2, 2017, among Hudson Pacific Properties, L.P., Hudson Pacific Properties, Inc. and U.S. Bank National Association.	8-K	001-34789	4.2	October 2, 2017
3.10	Certificate of Limited Partnership of Hudson Pacific Properties, L.P.	10-Q	001-34789	3.4	November 4, 2016

		Incorporated by Reference
Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
4.4	Supplemental Indenture No. 2, dated as of February 27, 2019, among Hudson Pacific Properties, L.P., as issuer, Hudson Pacific Properties, Inc., as guarantor, and U.S. Bank National Association, as trustee, including the form of 4.650% Senior Notes due 2029 and the guarantee.	10-Q	001-34789	10.1	May 7, 2019
4.5	Supplemental Indenture No. 3, dated as of October 3, 2019, among Hudson Pacific Properties, L.P., as issuer, Hudson Pacific Properties, Inc., as guarantor, and U.S. Bank National Association, as trustee, including the form of 3.250% Senior Notes due 2030 and the guarantee.	8-K	001-34789	4.2	October 3, 2019
4.6	Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.	10-K	001-34789	4.6	February 18, 2022
4.7	Supplemental Indenture No. 4, dated as of September 15, 2022, among Hudson Pacific Properties, L.P., as issuer, Hudson Pacific Properties, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee, including the form of 5.950% Senior Notes due 2028 and the guarantee.	8-K	001-34789	4.2	September 15, 2022
10.1	Registration Rights Agreement among Hudson Pacific Properties, Inc. and the persons named therein.	S-11	333-170751	10.2	November 22, 2010
10.2	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Victor J. Coleman.	S-11	333-170751	10.3	November 22, 2010
10.3	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Mark T. Lammas.	S-11	333-170751	10.5	November 22, 2010
10.4	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Christopher Barton.	S-11	333-170751	10.6	November 22, 2010
10.5	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Dale Shimoda.	S-11	333-170751	10.7	November 22, 2010
10.6	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Theodore R. Antenucci.	S-11	333-170751	10.8	November 22, 2010
10.7	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Jonathan M. Glaser.	S-11	333-170751	10.11	November 22, 2010
10.8	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Mark D. Linehan.	S-11	333-170751	10.12	November 22, 2010
10.9	Restricted Stock Award Grant Notice and Restricted Stock Award Agreement.*	S-11/A	333-164916	10.5	June 14, 2010
10.10	Hudson Pacific Properties, Inc. Director Stock Plan.*	S-11/A	333-170751	10.17	December 6, 2010
10.11	Contribution Agreement by and among Victor J. Coleman, Howard S. Stern, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc., dated as of February 15, 2010.	S-11/A	333-164916	10.11	April 9, 2010
10.12	Contribution Agreement by and among SGS investors, LLC, HFOP Investors, LLC, Soma Square Investors, LLC, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc., dated as of February 15, 2010.	S-11/A	333-164916	10.12	April 9, 2010
10.13	Contribution Agreement by and among TMG-Flynn SOMA, LLC, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc., dated as of February 15, 2010.	S-11/A	333-164916	10.13	April 9, 2010
10.14	Contribution Agreement by and among Glenborough Fund XIV, L.P., Glenborough Acquisition, LLC, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc. dated as of February 15, 2010.	S-11/A	333-164916	10.14	April 9, 2010
10.15	Representation, Warranty and Indemnity Agreement by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, L.P. and the persons named therein as nominees of TMG-Flynn SOMA, LLC, dated as of February 15, 2010.	S-11/A	333-164916	10.16	April 9, 2010
10.16	Representation, Warranty and Indemnity Agreement by and among Hudson Pacific Properties, Inc. Hudson Pacific Properties, L.P., and the persons named therein as nominees of Glenborough Fund XIV, L.P. dated as of February 15, 2010.	S-11/A	333-164916	10.17	April 9, 2010
10.17	Tax Protection Agreement between Hudson Pacific Properties, L.P. and the persons named therein, dated June 29, 2010.	8-K	001-34789	10.3	July 1, 2010
10.18	Amended and Restated Deed of Trust, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents between GLB Encino, LLC, as Trustor, SunAmerica Life Insurance Company, as Beneficiary, and First American Title Insurance Company, as Trustee, dated as of January 26, 2007.	S-11/A	333-164916	10.25	June 22, 2010
10.19	Amended and Restated Promissory Note by GLB Encino, as Maker, to SunAmerica Life Insurance Company, as Holder, dated as of January 26, 2007.	S-11/A	333-164916	10.26	June 22, 2010
10.20	Approval Letter from Wells Fargo, as Master Servicer, and CWCapital Asset Management, LLC, as Special Servicer to Hudson Capital LLC, dated as of June 8, 2010.	S-11/A	333-164916	10.27	June 22, 2010

		Incorporated by Reference
3.11	Articles Supplementary designating the Series C Preferred Stock of Hudson Pacific Properties, Inc.	8-K	001-34789	3.1	November 16, 2021
Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
4.1	Form of Certificate of Common Stock of Hudson Pacific Properties, Inc.	S-11/A	333-164916	4.1	June 14, 2010
10.21	Loan and Security Agreement between Glenborough Tierrasanta, LLC, as Borrower, and German American Capital Corporation, as Lender, dated as of November 28, 2006.	S-11/A	333-164916	10.28	June 22, 2010
4.2	Indenture, dated October 2, 2017, among Hudson Pacific Properties, L.P., and U.S. Bank National Association.	8-K	001-34789	4.1	October 2, 2017
10.22	Note by Glenborough Tierrasanta, LLC, as Borrower, in favor of German American Capital Corporation, as Lender, dated as of November 28, 2006.	S-11/A	333-164916	10.29	June 22, 2010
4.3	Supplemental Indenture No. 1, dated October 2, 2017, among Hudson Pacific Properties, L.P., Hudson Pacific Properties, Inc. and U.S. Bank National Association.	8-K	001-34789	4.2	October 2, 2017
10.23	Reaffirmation, Consent to Transfer and Substitution of Indemnitor, by and among Glenborough Tierrasanta, LLC, Morgan Stanley Real Estate Fund V U.S., L.P., MSP Real Estate Fund V, L.P. Morgan Stanley Real Estate Investors, V U.S., L.P., Morgan Stanley Real Estate Fund V Special U.S., L.P., MSP Co-Investment Partnership V, L.P., MSP Co-Investment Partnership V, L.P., Glenborough Fund XIV, L.P., Hudson Pacific Properties, L.P., and US Bank National Association, dated June 29, 2010.	8-K	001-34789	10.5	July 1, 2010
4.4	Supplemental Indenture No. 2, dated as of February 27, 2019, among Hudson Pacific Properties, L.P., as issuer, Hudson Pacific Properties, Inc., as guarantor, and U.S. Bank National Association, as trustee, including the form of 4.650% Senior Notes due 2029 and the guarantee.	10-Q	001-34789	10.1	May 7, 2019
10.24	Contribution Agreement by and between BCSP IV U.S. Investments, L.P. and Hudson Pacific Properties, L.P., dated as of December 15, 2010.	S-11	333-173487	10.48	April 14, 2011
4.5	Supplemental Indenture No. 3, dated as of October 3, 2019, among Hudson Pacific Properties, L.P., as issuer, Hudson Pacific Properties, Inc., as guarantor, and U.S. Bank National Association, as trustee, including the form of 3.250% Senior Notes due 2030 and the guarantee.	8-K	001-34789	4.2	October 3, 2019
10.25	Limited Liability Company Agreement of Rincon Center JV LLC by and between Rincon Center Equity LLC and Hudson Rincon, LLC, dated as of December 16, 2010.	S-11	333-173487	10.49	April 14, 2011
4.6	Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.	10-K	001-34789	4.6	February 18, 2022
10.26	First Amendment to Registration Rights Agreement by and among Hudson Pacific Properties, Inc., Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P. and Farallon Capital Institutional Partners III, L.P., dated May 3, 2011.	8-K	001-34789	4.1	May 4, 2011
4.7	Supplemental Indenture No. 4, dated as of September 15, 2022, among Hudson Pacific Properties, L.P., as issuer, Hudson Pacific Properties, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee, including the form of 5.950% Senior Notes due 2028 and the guarantee.	8-K	001-34789	4.2	September 15, 2022
10.27	Loan Agreement by and between Hudson Rincon Center, LLC, as Borrower, and JPMorgan Chase Bank, National Association, as Lender, dated April 29, 2011.	8-K	001-34789	10.1	May 4, 2011
10.1	Registration Rights Agreement among Hudson Pacific Properties, Inc. and the persons named therein.	S-11	333-170751	10.2	November 22, 2010
10.28	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Barclays Capital Inc.	8-K	001-34789	1.1	November 16, 2012
10.2	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Victor J. Coleman.	S-11	333-170751	10.3	November 22, 2010
10.29	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Merrill Lynch, Pierce, Fenner & Smith Incorporated.	8-K	001-34789	1.2	November 16, 2012
10.3	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Mark T. Lammas.	S-11	333-170751	10.5	November 22, 2010
10.30	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Keybanc Capital Markets Inc.	8-K	001-34789	1.3	November 16, 2012
10.4	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Christopher Barton.	S-11	333-170751	10.6	November 22, 2010
10.31	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Wells Fargo Securities, LLC.	8-K	001-34789	1.4	November 16, 2012
10.5	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Dale Shimoda.	S-11	333-170751	10.7	November 22, 2010
10.32	First Modification and Additional Advance Agreement by and among Wells Fargo Bank, N.A., as Lender, and Sunset Bronson Entertainment Properties, LLC, and Sunset Gower Entertainment Properties, LLC as Borrower.	10-Q	001-34789	10.66	November 7, 2013
10.6	Indemnification Agreement, dated June 29, 2010, by and between Hudson Pacific Properties, Inc. and Theodore R. Antenucci.	S-11	333-170751	10.8	November 22, 2010
10.33	Supplemental Federal Income Tax Considerations.	8-K	001-34789	99.1	November 22, 2013
10.7	Restricted Stock Award Grant Notice and Restricted Stock Award Agreement.*	S-11/A	333-164916	10.5	June 14, 2010
10.34	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Barclays Capital Inc.	8-K	001-34789	1.5	June 1, 2021
10.8	Hudson Pacific Properties, Inc. Director Stock Plan.*	S-11/A	333-170751	10.17	December 6, 2010
10.35	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and BofA Securities, Inc.	8-K	001-34789	1.6	June 1, 2021
10.9	Contribution Agreement by and among Victor J. Coleman, Howard S. Stern, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc., dated as of February 15, 2010.	S-11/A	333-164916	10.11	April 9, 2010
10.36	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Keybanc Capital Markets Inc.	8-K	001-34789	1.7	June 1, 2021
10.10	Contribution Agreement by and among SGS investors, LLC, HFOP Investors, LLC, Soma Square Investors, LLC, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc., dated as of February 15, 2010.	S-11/A	333-164916	10.12	April 9, 2010
10.37	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Wells Fargo Securities, LLC.	8-K	001-34789	1.8	June 1, 2021
10.11	Contribution Agreement by and among TMG-Flynn SOMA, LLC, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc., dated as of February 15, 2010.	S-11/A	333-164916	10.13	April 9, 2010
10.38	Bridge Commitment Letter, dated as of December 6, 2014, by and among the operating partnership, Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs Bank USA.	8-K	001-34789	10.1	December 11, 2014
10.12	Contribution Agreement by and among Glenborough Fund XIV, L.P., Glenborough Acquisition, LLC, Hudson Pacific Properties, L.P. and Hudson Pacific Properties, Inc. dated as of February 15, 2010.	S-11/A	333-164916	10.14	April 9, 2010
10.39	Backstop Commitment Letter, dated as of December 6, 2014, by and among the operating partnership, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC.	8-K	001-34789	10.2	December 11, 2014
10.13	Representation, Warranty and Indemnity Agreement by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, L.P. and the persons named therein as nominees of TMG-Flynn SOMA, LLC, dated as of February 15, 2010.	S-11/A	333-164916	10.16	April 9, 2010
10.40	First Amended and Restated Limited Partnership Agreement of Hudson 1455 Market, L.P.	8-K	001-34789	10.1	January 12, 2015
10.14	Representation, Warranty and Indemnity Agreement by and among Hudson Pacific Properties, Inc. Hudson Pacific Properties, L.P., and the persons named therein as nominees of Glenborough Fund XIV, L.P. dated as of February 15, 2010.	S-11/A	333-164916	10.17	April 9, 2010
10.41	Loan Agreement dated as of October 9, 2015 between Hudson Element LA, LLC, as Borrower and Cantor Commercial Real Estate Lending, L.P. and Goldman Sachs Mortgage Company, collectively, as Lender.	10-Q	001-34789	10.93	November 6, 2015
10.15	Tax Protection Agreement between Hudson Pacific Properties, L.P. and the persons named therein, dated June 29, 2010.	8-K	001-34789	10.3	July 1, 2010
10.42	Note Purchase Agreement, dated as of November 16, 2015, by and among Hudson Pacific Properties, L.P. and the purchasers named therein.	8-K	001-34789	10.2	November 20, 2015
10.16	Amended and Restated Deed of Trust, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents between GLB Encino, LLC, as Trustor, SunAmerica Life Insurance Company, as Beneficiary, and First American Title Insurance Company, as Trustee, dated as of January 26, 2007.	S-11/A	333-164916	10.25	June 22, 2010
10.17	Amended and Restated Promissory Note by GLB Encino, as Maker, to SunAmerica Life Insurance Company, as Holder, dated as of January 26, 2007.	S-11/A	333-164916	10.26	June 22, 2010
10.18	Approval Letter from Wells Fargo, as Master Servicer, and CWCapital Asset Management, LLC, as Special Servicer to Hudson Capital LLC, dated as of June 8, 2010.	S-11/A	333-164916	10.27	June 22, 2010

		Incorporated by Reference
10.19	Loan and Security Agreement between Glenborough Tierrasanta, LLC, as Borrower, and German American Capital Corporation, as Lender, dated as of November 28, 2006.	S-11/A	333-164916	10.28	June 22, 2010
Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
10.20	Note by Glenborough Tierrasanta, LLC, as Borrower, in favor of German American Capital Corporation, as Lender, dated as of November 28, 2006.	S-11/A	333-164916	10.29	June 22, 2010
10.43	Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement.*	8-K	001-34789	10.6	December 21, 2015
10.21	Reaffirmation, Consent to Transfer and Substitution of Indemnitor, by and among Glenborough Tierrasanta, LLC, Morgan Stanley Real Estate Fund V U.S., L.P., MSP Real Estate Fund V, L.P. Morgan Stanley Real Estate Investors, V U.S., L.P., Morgan Stanley Real Estate Fund V Special U.S., L.P., MSP Co-Investment Partnership V, L.P., MSP Co-Investment Partnership V, L.P., Glenborough Fund XIV, L.P., Hudson Pacific Properties, L.P., and US Bank National Association, dated June 29, 2010.	8-K	001-34789	10.5	July 1, 2010
10.44	Note Purchase Agreement, dated as of July 6, 2016, by and among Hudson Pacific Properties, L.P. and the purchasers named therein.	10-Q	001-34789	10.8	August 4, 2016
10.22	Contribution Agreement by and between BCSP IV U.S. Investments, L.P. and Hudson Pacific Properties, L.P., dated as of December 15, 2010.	S-11	333-173487	10.48	April 14, 2011
10.45	Indemnification Agreement, dated August 16, 2017, by and between Hudson Pacific Properties, Inc. and Andrea Wong.	10-Q	001-34789	10.2	November 6, 2017
10.23	Limited Liability Company Agreement of Rincon Center JV LLC by and between Rincon Center Equity LLC and Hudson Rincon, LLC, dated as of December 16, 2010.	S-11	333-173487	10.49	April 14, 2011
10.46	Form of Time-Based LTIP Unit Agreement.*	8-K	001-34789	10.1	December 14, 2018
10.24	First Amendment to Registration Rights Agreement by and among Hudson Pacific Properties, Inc., Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P. and Farallon Capital Institutional Partners III, L.P., dated May 3, 2011.	8-K	001-34789	4.1	May 4, 2011
10.47	Indemnification Agreement, dated March 14, 2019, by and between Hudson Pacific Properties, Inc. and Christy Haubegger.*	10-Q	001-34789	10.2	May 7, 2019
10.25	Loan Agreement by and between Hudson Rincon Center, LLC, as Borrower, and JPMorgan Chase Bank, National Association, as Lender, dated April 29, 2011.	8-K	001-34789	10.1	May 4, 2011
10.48	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Victor J. Coleman, dated January 1, 2020.*	10-K	001-34789	10.79	February 24, 2020
10.26	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Barclays Capital Inc.	8-K	001-34789	1.1	November 16, 2012
10.49	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Mark T. Lammas, dated January 1, 2020.*	10-K	001-34789	10.80	February 24, 2020
10.27	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Merrill Lynch, Pierce, Fenner & Smith Incorporated.	8-K	001-34789	1.2	November 16, 2012
10.50	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Christopher J. Barton, dated January 1, 2020.*	10-K	001-34789	10.82	February 24, 2020
10.28	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Keybanc Capital Markets Inc.	8-K	001-34789	1.3	November 16, 2012
10.51	Employment Agreement between Hudson Pacific Properties, Inc. and Harout Diramerian, dated January 1, 2020.*	10-K	001-34789	10.84	February 24, 2020
10.29	Equity Distribution Agreement, dated November 16, 2012, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Wells Fargo Securities, LLC.	8-K	001-34789	1.4	November 16, 2012
10.52	Indemnification Agreement, dated January 1, 2020, by and between Hudson Pacific Properties, Inc. and Harout Diramerian.	10-K	001-34789	10.85	February 24, 2020
10.30	First Modification and Additional Advance Agreement by and among Wells Fargo Bank, N.A., as Lender, and Sunset Bronson Entertainment Properties, LLC, and Sunset Gower Entertainment Properties, LLC as Borrower.	10-Q	001-34789	10.66	November 7, 2013
10.53	Note Purchase Agreement, dated as of November 16, 2015, by and among Hudson Pacific Properties, L.P. and the purchasers named therein, as amended by that certain First Amendment, dated as of November 7, 2019.	10-K	001-34789	10.88	February 24, 2020
10.31	Supplemental Federal Income Tax Considerations.	8-K	001-34789	99.1	November 22, 2013
10.54	Note Purchase Agreement, dated as of July 6, 2016, by and among Hudson Pacific Properties, L.P. and the purchasers named therein, as amended by that certain First Amendment, dated as of November 7, 2019.	10-K	001-34789	10.89	February 24, 2020
10.32	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Barclays Capital Inc.	8-K	001-34789	1.5	June 1, 2021
10.55	Fourth Amended and Restated Credit Agreement, dated as of December 21, 2021, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	December 21, 2021
10.33	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and BofA Securities, Inc.	8-K	001-34789	1.6	June 1, 2021
10.56	First Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of September 15, 2022, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	September 16, 2022
10.34	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Keybanc Capital Markets Inc.	8-K	001-34789	1.7	June 1, 2021
10.57	Second Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of December 22, 2023, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	December 27, 2023
10.35	Amendment to Equity Distribution Agreement, dated June 1, 2021, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LP, and Wells Fargo Securities, LLC.	8-K	001-34789	1.8	June 1, 2021
10.58	Form of Performance-Based LTIP Unit Agreement.*	10-K	001-34789	10.93	February 22, 2021
10.36	Bridge Commitment Letter, dated as of December 6, 2014, by and among the operating partnership, Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs Bank USA.	8-K	001-34789	10.1	December 11, 2014
10.59	Indemnification Agreement, dated January 1, 2020, by and between Hudson Pacific Properties, Inc. and Arthur Suazo.	10-K	001-34789	10.99	February 18, 2022
10.37	Backstop Commitment Letter, dated as of December 6, 2014, by and among the operating partnership, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC.	8-K	001-34789	10.2	December 11, 2014
10.60	Form of Performance-Based LTIP Unit Agreement.*	8-K	001-34789	10.1	March 10, 2022
10.38	First Amended and Restated Limited Partnership Agreement of Hudson 1455 Market, L.P.	8-K	001-34789	10.1	January 12, 2015
10.61	Indemnification Agreement, dated March 17, 2022, by and between Hudson Pacific Properties, Inc. and Erinn Burnough.	10-K	001-34789	10.102	February 10, 2023
10.39	Note Purchase Agreement, dated as of November 16, 2015, by and among Hudson Pacific Properties, L.P. and the purchasers named therein.	8-K	001-34789	10.2	November 20, 2015
10.62	Hudson Pacific Properties - Non-Employee Director Compensation Program.	10-K	001-34789	10.103	February 10, 2023
10.40	Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement.*	8-K	001-34789	10.6	December 21, 2015
10.63	Form of Performance-Based LTIP Unit Agreement.*	10-Q	001-34789	10.1	May 9, 2023
10.41	Note Purchase Agreement, dated as of July 6, 2016, by and among Hudson Pacific Properties, L.P. and the purchasers named therein.	10-Q	001-34789	10.8	August 4, 2016
10.64	Indemnification Agreement, dated March 13, 2023, by and between Hudson Pacific Properties, Inc. and Barry Sholem.	10-Q	001-34789	10.1	August 4, 2023
10.42	Indemnification Agreement, dated August 16, 2017, by and between Hudson Pacific Properties, Inc. and Andrea Wong.	10-Q	001-34789	10.2	November 6, 2017
10.65	Indemnification Agreement, dated November 8, 2023, by and between Hudson Pacific Properties, Inc. and Robert L. Harris II.	10-K	001-34789	10.68	February 16, 2024
10.66	Indemnification Agreement, dated January 1, 2024, by and between Hudson Pacific Properties, Inc. and Michael Nash.	10-K	001-34789	10.69	February 16, 2024
10.67	Form of Performance-Based LTIP Unit Agreement.*	10-K	001-34789	10.70	February 16, 2024
10.68	Amended and Restated Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan*	10-K	001-34789	10.71	February 16, 2024
10.69	Third Modification Agreement to the Fourth Amended and Restated credit Agreement, dated as of May 3, 2024, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.	10-Q	001-34789	10.1	August 9, 2024

		Incorporated by Reference
10.43	Form of Time-Based LTIP Unit Agreement.*	8-K	001-34789	10.1	December 14, 2018
Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
10.44	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Victor J. Coleman, dated January 1, 2020.*	10-K	001-34789	10.79	February 24, 2020
10.70	Third Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Victor J. Coleman, dated November 18, 2024+*
10.45	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Mark T. Lammas, dated January 1, 2020.*	10-K	001-34789	10.80	February 24, 2020
10.71	Third Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Mark T. Lammas, dated November 18, 2024+*
10.46	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Christopher J. Barton, dated January 1, 2020.*	10-K	001-34789	10.82	February 24, 2020
10.72	Second Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Arthur Suazo, dated November 18, 2024+*
10.47	Employment Agreement between Hudson Pacific Properties, Inc. and Harout Diramerian, dated January 1, 2020.*	10-K	001-34789	10.84	February 24, 2020
10.73	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Harout Diramerian, dated November 18, 2024+*
10.48	Indemnification Agreement, dated January 1, 2020, by and between Hudson Pacific Properties, Inc. and Harout Diramerian.	10-K	001-34789	10.85	February 24, 2020
10.74	Employment Agreement between Hudson Pacific Properties, Inc. and Drew Gordon, dated November 18, 2024+*
10.49	Note Purchase Agreement, dated as of November 16, 2015, by and among Hudson Pacific Properties, L.P. and the purchasers named therein, as amended by that certain First Amendment, dated as of November 7, 2019.	10-K	001-34789	10.88	February 24, 2020
10.75	Indemnification Agreement, dated January 1, 2025, by and between Hudson Pacific Properties, Inc. and Drew Gordon+*
10.50	Note Purchase Agreement, dated as of July 6, 2016, by and among Hudson Pacific Properties, L.P. and the purchasers named therein, as amended by that certain First Amendment, dated as of November 7, 2019.	10-K	001-34789	10.89	February 24, 2020
19.1	Hudson Pacific Properties, Inc. Insider Trading Compliance Program+
10.51	Fourth Amended and Restated Credit Agreement, dated as of December 21, 2021, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	December 21, 2021
21.1	Subsidiaries of Hudson Pacific Properties, Inc.+
10.52	First Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of September 15, 2022, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	September 16, 2022
23.1	Consent of Independent Registered Public Accounting Firm.+
10.53	Second Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of December 22, 2023, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	December 27, 2023
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
10.54	Third Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of May 3, 2024, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.	10-Q	001-34789	10.1	August 9, 2024
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
10.55	Fourth Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of January 29, 2025, by and among Hudson Pacific Properties, L.P., as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.	8-K	333-202799	10.1	February 3, 2025
31.3	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
10.56	Fifth Modification Agreement to the Fourth Amended and Restated Credit Agreement, dated as of September 10, 2025, by and among Hudson Pacific Properties, L. P., as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.	8-K	001-34789	10.1	September 16, 2025
31.4	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Hudson Pacific Properties, L.P.+
10.57	Loan Agreement, dated March 28, 2025, by and between the borrowers party thereto and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Wells Fargo Bank, N.A., collectively, as lender.	8-K	333-202799	10.2	March 31, 2025
32.1	Certifications by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
10.58	Guaranty, dated March 28, 2025, by Hudson Pacific Properties, L.P., for the benefit of Goldman Sachs Bank USA, Wells Fargo Bank, N.A. and Morgan Stanley Bank, N.A.	8-K	333-202799	10.3	March 31, 2025
32.2	Certifications by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
10.59	Form of Performance-Based LTIP Unit Agreement.*	10-K	001-34789	10.93	February 22, 2021
97.1	Hudson Pacific Properties, Inc. Policy for Recovery of Erroneously Awarded Compensation	10-K	001-34789	97.1	February 16, 2024
10.60	Indemnification Agreement, dated January 1, 2020, by and between Hudson Pacific Properties, Inc. and Arthur Suazo.	10-K	001-34789	10.99	February 18, 2022
99.1	Certificate of Correction.	8-K	001-34789	99.1	January 23, 2012
10.61	Form of Performance-Based LTIP Unit Agreement.*	8-K	001-34789	10.1	March 10, 2022
101	The following financial information from Hudson Pacific Properties, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Capital, (vi) Consolidated Statements of Cash Flows and (vii) Notes to Consolidated Financial Statements.**
10.62	Hudson Pacific Properties - Non-Employee Director Compensation Program.	10-K	001-34789	10.103	February 10, 2023
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
10.63	Form of Performance-Based LTIP Unit Agreement.*	10-Q	001-34789	10.1	May 9, 2023
*	Denotes a management contract or compensatory plan or arrangement.
10.64	Indemnification Agreement, dated March 13, 2023, by and between Hudson Pacific Properties, Inc. and Barry Sholem.	10-Q	001-34789	10.1	August 4, 2023
**	Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
10.65	Indemnification Agreement, dated November 8, 2023, by and between Hudson Pacific Properties, Inc. and Robert L. Harris II.	10-K	001-34789	10.68	February 16, 2024
+	Filed herewith.
10.66	Indemnification Agreement, dated January 1, 2024, by and between Hudson Pacific Properties, Inc. and Michael Nash.	10-K	001-34789	10.69	February 16, 2024
10.67	Form of Performance-Based LTIP Unit Agreement.*	10-K	001-34789	10.70	February 16, 2024
10.68	Amended and Restated Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan. **	8-K	001-34789	10.1	May 16, 2025
10.69	Registration Rights Agreement, dated as of June 13, 2025, by and among Hudson Pacific Properties, Inc. and the Holders from time to time party thereto.	8-K	001-34789	10.1	June 13, 2025


10.70	Third Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Victor J. Coleman, dated November 18, 2024 *	10-K	001-34789	10.70	February 25, 2025
10.71	Third Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Mark T. Lammas, dated November 18, 2024 *	10-K	001-34789	10.71	February 25, 2025
10.72	Second Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Arthur Suazo, dated November 18, 2024 *	10-K	001-34789	10.72	February 25, 2025
10.73	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Harout Diramerian, dated November 18, 2024 *	10-K	001-34789	10.73	February 25, 2025
10.74	Amended and Restated Employment Agreement between Hudson Pacific Properties, Inc. and Drew Gordon, dated October 17, 2025.**	10-Q	001-34789	10.2	November 6, 2025
10.75	Indemnification Agreement, dated January 1, 2025, by and between Hudson Pacific Properties, Inc. and Drew Gordon *	10-K	001-34789	10.75	February 25, 2025
10.76	Indemnification Agreement, dated September 11, 2025, by and between Hudson Pacific Properties, Inc. and T. Ritson Ferguson*+
10.77	Indemnification Agreement, dated December 2, 2025, by and between Hudson Pacific Properties, Inc. and Jon Bortz*+
10.78	Amended and Restated Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan.+
19.1	Hudson Pacific Properties, Inc. Insider Trading Compliance Program	10-K	001-34789	19.1	February 25, 2025
21.1	Subsidiaries of Hudson Pacific Properties, Inc.+
23.1	Consent of Independent Registered Public Accounting Firm.+
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
31.3	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
31.4	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Hudson Pacific Properties, L.P.+
32.1	Certifications by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, Inc.+
32.2	Certifications by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Hudson Pacific Properties, L.P.+
97.1	Hudson Pacific Properties, Inc. Policy for Recovery of Erroneously Awarded Compensation	10-K	001-34789	97.1	February 16, 2024
99.1	Certificate of Correction.	8-K	001-34789	99.1	January 23, 2012
101	The following financial information from Hudson Pacific Properties, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Capital, (vi) Consolidated Statements of Cash Flows and (vii) Notes to Consolidated Financial Statements.**
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
*	Denotes a management contract or compensatory plan or arrangement.
**	Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
+	Filed herewith.

ITEM 16. Form 10-K Summary

Not Applicable.

6869

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Hudson Pacific Properties, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			HUDSON PACIFIC PROPERTIES, INC.
February 25, 2025			/S/ VICTOR J. COLEMAN
February 27, 2026			/S/ VICTOR J. COLEMAN
			VICTOR J. COLEMAN
			Chief Executive Officer (Principal Executive Officer)

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Victor J. Coleman and Mark T. Lammas, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form 10-K filed herewith and any and all amendments to said Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Hudson Pacific Properties, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission in connection therewith, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form 10-K and any and all amendments thereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Title

Date

/S/ VICTOR J. COLEMAN

Chief Executive Officer andChairman of the Board of Directors (Principal Executive Officer)

February 2527, ~~2025~~2026

Victor J. Coleman

/S/ HAROUT K. DIRAMERIAN

Chief Financial Officer (Principal Financial Officer)

February 2527, ~~2025~~2026

Harout K. Diramerian

/S/ THEODORE R. ANTENUCCI

Director

February 2527, ~~2025~~2026

Theodore R. Antenucci

/S/ EBS BURNOUGH

Director

February 25, 2025

/S/ JON BORTZ

Director

February 27, 2026

Ebs Burnough

Jon Bortz

/S/ JONATHAN M. GLASER

Director

February 25, 2025

/S/ T. RITSON FERGUSON

Director

February 27, 2026

Jonathan M. Glaser

T. Ritson Ferguson

/S/ ROBERT L. HARRIS II

Director

February 2527, ~~2025~~2026

Robert L. Harris II

/S/ CHRISTY HAUBEGGER

Director

February 25, 2025

/S/ MICHAEL NASH

Director

February 27, 2026

Christy Haubegger

/S/ MARK D. LINEHAN

Director

February 25, 2025

Mark D. Linehan

/S/ MICHAEL NASH

Director

February 25, 2025

Michael Nash

/S/ BARRY SHOLEM

Director

February 2527, ~~2025~~2026

Barry Sholem

/S/ ANDREA L. WONG

Director

February 2527, ~~2025~~2026

Andrea L. Wong

6970

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Hudson Pacific Properties, L.P. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			HUDSON PACIFIC PROPERTIES, L.P.
February 25, 2025			/S/ VICTOR J. COLEMAN
February 27, 2026			/S/ VICTOR J. COLEMAN
			VICTOR J. COLEMAN
			Chief Executive Officer (Principal Executive Officer)

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Victor J. Coleman and Mark T. Lammas, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form 10-K filed herewith and any and all amendments to said Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Hudson Pacific Properties, Inc. as sole general partner and on behalf of Hudson Pacific Properties, L.P., to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission in connection therewith, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form 10-K and any and all amendments thereto.

Signature

Title

Date

/S/ VICTOR J. COLEMAN

Chief Executive Officer andChairman of the Board of Directors (Principal Executive Officer)

February 2527, ~~2025~~2026

Victor J. Coleman

/S/ HAROUT K. DIRAMERIAN

Chief Financial Officer (Principal Financial Officer)

February 2527, ~~2025~~2026

Harout K. Diramerian

/S/ THEODORE R. ANTENUCCI

Director

February 2527, ~~2025~~2026

Theodore R. Antenucci

/S/ EBS BURNOUGH

Director

February 25, 2025

/S/ JON BORTZ

Director

February 27, 2026

Ebs Burnough

Jon Bortz

/S/ JONATHAN M. GLASER

Director

February 25, 2025

/S/ T. RITSON FERGUSON

Director

February 27, 2026

Jonathan M. Glaser

T. Ritson Ferguson

/S/ ROBERT L. HARRIS II

Director

February 2527, ~~2025~~2026

Robert L. Harris II

/S/ CHRISTY HAUBEGGER

Director

February 25, 2025

/S/ MICHAEL NASH

Director

February 27, 2026

Christy Haubegger

/S/ MARK D. LINEHAN

Director

February 25, 2025

Mark D. Linehan

/S/ MICHAEL NASH

Director

February 25, 2025

Michael Nash

/S/ BARRY SHOLEM

Director

February 2527, ~~2025~~2026

Barry Sholem

/S/ ANDREA L. WONG

Director

February 2527, ~~2025~~2026

Andrea L. Wong

7071

Report of Management on Internal Control over Financial Reporting

The management of Hudson Pacific Properties, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934.

Our system of internal control is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of our financial statements for external reporting purposes in accordance with United States generally accepted accounting principles. Our management, including the undersigned Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, ~~2024~~2025. In conducting its assessment, management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission on Internal Control—Integrated Framework (2013 Framework). Based on this assessment, management concluded that, as of December 31, ~~2024~~2025, our internal control over financial reporting was effective based on those criteria.

Management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures, or our internal controls will prevent all error and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefit of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

The effectiveness of our internal control over financial reporting as of December 31, ~~2024~~2025, has been audited by Ernst & Young LLP, the independent registered public accounting firm that audited the consolidated financial statements included in this annual report, as stated in their report appearing on page F-2, which expresses an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, ~~2024~~2025.


/S/ VICTOR J. COLEMAN
Victor J. Coleman
Chief Executive Officer and Chairman of the Board of Directors


/S/ HAROUT K. DIRAMERIAN
Harout K. Diramerian
Chief Financial Officer

F-1

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Hudson Pacific Properties, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Hudson Pacific Properties, Inc.’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Hudson Pacific Properties, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive loss, equity and cash flows for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February 2527, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/S/ Ernst & Young LLP

Los Angeles, California

February 2527, ~~2025~~2026

F-2

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Hudson Pacific Properties, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Hudson Pacific Properties, Inc. (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive loss, equity and cash flows for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 2527, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Impairment of investment in real estate Description of the Matter The Company’s investment in real estate, net totaled $6.5.8 billion as of December 31, ~~2024~~2025. As discussed in ~~Note~~Notes 2 and 4 to the consolidated financial statements, the Company assesses for impairment on a real estate asset by real estate asset basis whenever events or changes in circumstances indicate that the carrying value of a real estate asset may not be recoverable. Impairment is recognized on real estate assets held for investment when indicators of impairment are present and the future undiscounted cash flows for a real estate asset are less than its carrying amount, at which time the real estate asset is written down to its estimated fair value. The Company recognized impairment charges for investment in real estate of $4218 million during the year ended December 31, ~~2024~~2025.For ~~Auditing the Company’s impairment assessment for~~ real estate assets isidentified ~~challenging~~as ~~because~~having ofan ~~the~~indicator ~~subjective auditor judgment necessary in evaluating management’s identification~~ of ~~indicators of potential~~ impairment ~~and the related assessment of the severity of such indicators~~, ~~either individually or in combination, in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the real estate asset. Additionally,~~ auditing the Company’s test for recoverability and measurement of impairment ~~involves~~was challenging because of the subjective auditor judgment necessary in evaluating the reasonableness of management’s selected assumptions used in estimating future cash flows and the fair value of the real estate asset. Significant assumptions used in the recoverability test and measurement of impairment include capitalization rate, future rental rate and discount rate.

F-3

How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s real estate asset impairment assessment process. For example, we tested controls over management’s process for ~~identifying and evaluating potential impairment indicators,~~ review of the estimated future cash flows, selection of significant assumptions, and estimation of the fair value of the real estate assets.Our testing of the Company’s impairment assessment included, ~~among~~involving other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present for any given real estate asset by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we searched for negative trends in property performance due to occupancy or cash flow changes, concentrations of significant upcoming lease expirations, and lease renegotiations or significant allowances for doubtful accounts for tenants that occupy a significant portion of a real estate asset. Additionally, we involved our valuation specialists in evaluating the reasonableness of management’s selected values for significant assumptions in the Company’s test for recoverability and measurement of impairment, if applicable, by utilizing independently identified external market sources. We also searched for contrary or corroborating evidence within other sources of the Company’s data as it relates to the underlying assumptions.
			Goodwill related to the Quixote reporting unit
			Goodwill and intangible assets related to the Quixote reporting unit
Description of the Matter			As discussed in Notes 2 and 3 to the consolidated financial statements, the Company had goodwill isassociated ~~tested~~with ~~for~~its ~~impairment~~Quixote atreporting ~~least~~unit. ~~annually~~The atCompany ~~the~~tests ~~reporting~~goodwill ~~unit~~for ~~level,~~impairment annually or ~~more~~between ~~frequently~~annual tests if ~~events~~an orevent ~~changes~~occurs inor circumstances change that would indicate that the ~~asset~~carrying amount may be impaired. ~~The~~Additionally, ~~Company~~as ~~assesses~~discussed ~~qualitative~~in ~~factors~~Notes to2 ~~determine~~and if7, itthe isCompany ~~more~~reviews ~~likely~~intangible ~~than~~assets ~~not~~for ~~that~~impairment ~~the~~whenever ~~fair~~events ~~value~~or ofchanges ~~the~~in ~~reporting~~circumstances ~~unit~~indicate isthat ~~less~~the ~~than its~~ carrying value, ~~including~~of ~~goodwill.~~an Ifasset ~~so,~~group amay ~~quantitative~~not ~~assessment~~be isrecoverable. ~~performed,~~As ~~and~~of toDecember ~~the~~31, ~~extent~~2025, the ~~carrying~~Company ~~value~~concluded ofthat ~~the~~there ~~reporting~~was ~~unit~~an ~~exceeds~~indication ~~its~~that ~~fair~~goodwill ~~value,~~and ~~impairment~~intangible isassets ~~recognized~~were impaired. As ofa ~~December 31~~result, ~~2024,~~an ~~the~~impairment ~~carrying~~test ~~value~~was ofperformed, and the Company’s ~~goodwill~~recorded ~~balance~~impairments ~~totaled~~of $~~157~~148 million, ~~after~~to ~~recognizing~~goodwill anand ~~impairment~~$81 ~~charge~~million ~~related~~ to ~~the~~intangible ~~Quixote reporting unit of $108 million~~assets.Auditing the Company’s impairment assessment for goodwill isand intangible assets was challenging and required an increased extent of audit effort because of the ~~subjective~~nature ~~auditor~~of ~~judgement~~the ~~necessary~~different inmethods, ~~evaluating~~models ~~management’s~~and ~~assessment~~underlying ofassumptions ~~the~~applicable ~~fair~~for ~~value~~each of the ~~Quixote~~assets ~~reporting~~assessed ~~unit~~for ~~and~~impairment, ~~whether~~which anaffect ~~impairment~~the ismeasurement ~~required.~~of ~~Additionally,~~the ~~auditing~~impairment loss. Auditing the Company’s measurement of impairment involves subjective auditor ~~judgement~~judgment in evaluating the reasonableness of management’s selected assumptions, such as projected revenues, ~~revenue~~which ~~growth~~involve ~~rates,~~unobservable ~~and discount rate, used in estimating the fair value of the reporting unit~~inputs.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s ~~goodwill~~ impairment review process for goodwill and intangible assets, including controls over management’s assessme

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