# Hudson Pacific Properties, Inc. (HPP) Informational only - not investment advice. CIK: 0001482512 SIC: 6500 Real Estate SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1482512 Filing source: https://www.sec.gov/Archives/edgar/data/1482512/000148251226000038/hpp-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 831105000 | USD | 2025 | 2026-02-27 | | Net income | -592298000 | USD | 2025 | 2026-02-27 | | Assets | 7267968000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001482512.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 639,639,000 | 728,139,000 | 728,418,000 | 818,182,000 | 804,965,000 | 896,835,000 | 1,026,224,000 | 952,297,000 | 842,082,000 | 831,105,000 | | Net income | | | 43,758,000 | 94,561,000 | 111,781,000 | 55,846,000 | 16,430,000 | 29,012,000 | -16,517,000 | -170,700,000 | -381,406,000 | -592,298,000 | | Gross profit | 117,975,000 | 149,146,000 | | | 460,708,000 | 516,660,000 | 505,186,000 | 560,988,000 | 612,406,000 | 501,832,000 | 388,003,000 | 403,363,000 | | Diluted EPS | | | 0.25 | 0.44 | 0.63 | 0.28 | 0.00 | 0.04 | -0.39 | -9.54 | -18.05 | -12.81 | | Operating cash flow | | | 226,774,000 | 292,959,000 | 214,626,000 | 288,011,000 | 302,032,000 | 314,863,000 | 369,501,000 | 232,256,000 | 164,657,000 | 120,977,000 | | Dividends paid | | | 117,819,000 | 158,544,000 | 157,003,000 | 157,825,000 | 154,996,000 | 154,560,000 | 145,427,000 | 54,960,000 | 15,377,000 | 351,000 | | Share buybacks | | | 0.00 | 0.00 | 50,000,000 | 0.00 | 80,213,000 | 46,137,000 | 37,206,000 | 1,369,000 | 0.00 | 0.00 | | Assets | | | 6,678,998,000 | 6,622,070,000 | 7,070,879,000 | 7,466,568,000 | 8,350,202,000 | 8,990,189,000 | 9,319,140,000 | 8,282,050,000 | 8,132,239,000 | 7,267,968,000 | | Liabilities | | | 2,966,071,000 | 2,700,929,000 | 3,117,793,000 | 3,622,131,000 | 4,244,533,000 | 4,653,933,000 | 5,434,450,000 | 4,720,881,000 | 4,954,508,000 | 4,063,003,000 | | Stockholders' equity | | | 3,103,283,000 | 3,637,771,000 | 3,543,546,000 | 3,416,793,000 | 3,463,139,000 | 3,741,822,000 | 3,305,104,000 | 3,078,014,000 | 2,855,470,000 | 2,972,157,000 | | Cash and cash equivalents | | | 83,015,000 | 78,922,000 | 53,740,000 | 46,224,000 | 113,686,000 | 96,555,000 | 255,761,000 | 100,391,000 | 63,256,000 | 138,358,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 6.84% | 12.99% | 15.35% | 6.83% | 2.04% | 3.23% | -1.61% | -17.93% | -45.29% | -71.27% | | Return on equity | | | 1.41% | 2.60% | 3.15% | 1.63% | 0.47% | 0.78% | -0.50% | -5.55% | -13.36% | -19.93% | | Return on assets | | | 0.66% | 1.43% | 1.58% | 0.75% | 0.20% | 0.32% | -0.18% | -2.06% | -4.69% | -8.15% | | Liabilities / equity | | | 0.96 | 0.74 | 0.88 | 1.06 | 1.23 | 1.24 | 1.64 | 1.53 | 1.74 | 1.37 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001482512.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | -0.05 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | -0.12 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.14 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 245,168,000 | -31,474,000 | -0.26 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 231,443,000 | -35,752,000 | -0.27 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 223,423,000 | -88,654,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 214,023,000 | -53,355,000 | -0.37 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 218,000,000 | -47,557,000 | -0.33 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 200,393,000 | -107,013,000 | -0.69 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 209,666,000 | -173,481,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 198,459,000 | -80,278,000 | -0.53 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 190,002,000 | -87,760,000 | -0.41 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 186,617,000 | -144,086,000 | -0.30 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 256,027,000 | -280,174,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 181,852,000 | -50,904,000 | -0.82 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1482512/000148251226000050/hpp-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-08 Report date: 2026-03-31 ITEM 2.    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 I, Item 1 “Financial Statements of Hudson Pacific Properties, Inc.,” “Financial Statements of Hudson Pacific Properties, L.P.” and “Notes to Unaudited Consolidated Financial Statements.” Statements in this Item 2 contain forward-looking statements. 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 II, Item 1A “Risk Factors.” In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur. Forward-looking Statements Certain written and oral statements made or incorporated by reference from time to time by us or our representatives in this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q, 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. The risks set forth above are not exhaustive. Other sections of this report may include additional 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 36 Table of Contents 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. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report. Executive Summary Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at March 31, 2026, our portfolio of owned real estate included office properties comprising approximately 13.9 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet and land properties comprising approximately 3.7 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 20 sound stages. The following table summarizes our consolidated and unconsolidated portfolio as of March 31, 2026: Number of Properties Rentable Square Feet(1) Percent Occupied(2) Percent Leased(2) Annualized Base Rent per Square Foot(3) OFFICE Same-store(4) 37 11,372,298 75.9  % 76.2  % $ 57.22  Non-same store 1 1,532,492 92.3  94.3  30.24  Total in-service office 38 12,904,790 77.8  % 78.4  % $ 53.42  STUDIO Same-store(5) 3 1,204,666 84.5  % 84.5  % $ 46.15  Non-same store(6) 2 475,084 25.3  25.3  44.71 Total in-service studio 5 1,679,750 67.7  % 67.7  % $ 46.25  Total 43 14,584,540 Repositioning(7) 2 519,350 0.2  % 0.2  % $ —  Development(8) 1 546,000 0.5  0.5  —  Held-for-sale 0 0 —  —  —  Total repositioning, development and held-for-sale 3 1,065,350 0.3  % 0.3  % $ —  Total office and studio properties 46 15,649,890 Future development(9) 6 3,162,212 TOTAL 52 18,812,102 __________________  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.Percent occupied for office properties is calculated as (i) square footage under commenced leases as of March 31, 2026, 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 March 31, 2026, divided by (ii) total square feet, expressed as a percentage. Percent occupied/leased for studio properties is calculated based on the average percent occupied during the three months ended March 31, 2026. 3.Annualized base rent (“ABR”) per square foot for office properties is calculated by multiplying (i) cash base rents under commenced leases excluding tenant reimbursements as of March 31, 2026 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of March 31, 2026. 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 March 31, 2026. 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 March 31, 2026. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended March 31, 2026, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of March 31, 2026. 4.Same-store office for the three months ended March 31, 2026 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2025 and still owned and included in the stabilized office portfolio as of March 31, 2026. 5.Includes studio properties owned and included in our portfolio as of January 1, 2025 and still owned and included in our portfolio as of March 31, 2026. 6.Includes 231,784 square feet related to recently completed development Sunset Pier 94 studios and 243,300 square feet related to Sunset Glenoaks Studios. 37 Table of Contents 7.Refer to Repositioning table in this document for the office and studio projects under repositioning as of March 31, 2026. 8.Includes 546,000 square feet related to the office development Washington 1000. 9.Includes entitlement to develop up to 428,623 square feet (508 residential units) at 10900-10950 Washington. 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 March 31, 2026: Tenant # of Properties Lease Expiration Total Occupied Square Feet HPP’s Share Annualized Base Rent(1) Percent of Annualized Base Rent 1 Google, Inc. 3 2028-2029 458,054  (2) $ 40,204,174  9.0  % 2 Netflix, Inc. 3 9/30/31 722,305  (3) 27,353,579  6.1  3 Amazon 2 2030-2031 850,964  (4) 24,733,556  5.5  4 City and County of San Francisco 2 2033-2067 429,595  (5) 17,769,342  4.0  5 Nutanix, Inc. 2 2030 229,755  (6) 12,653,291  2.8  6 Salesforce.com 1 2027-2028 176,400  (7) 10,746,119  2.4  7 Dell EMC Corporation 2 2026-2032 130,021  (8) 9,354,339  2.1  8 Coupa Software Incorporated 1 11/30/33 100,654  8,077,212  1.8  9 Weil [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high 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, 2025, our portfolio of owned real estate included office properties comprising approximately 13.9 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 20 sound stages. As of December 31, 2025, our in-service office portfolio was 77.0% leased (including leases not yet commenced). Our in-service studio properties average percent leased for the twelve months ended December 31, 2025 was 78.8%. Current Year Highlights Property Dispositions During the year ended December 31, 2025 the Company sold its Maxwell, Foothill Research Center, 625 Second and Element LA properties for $46.0 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. 40 Under Construction and Future Development Projects The following table summarizes the properties currently under construction and future development pipelines as of December 31, 2025: Type Submarket Estimated Square Feet(1) Estimated Completion Date Estimated Stabilization Date Recently Completed: Seattle, Washington Washington 1000 Office Denny Triangle 546,000  Q4-2024 Q3-2027 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 TBD Sunset Gower Studios—Development(3) Office/Studio Hollywood 478,845 TBD TBD Sunset Bronson Studios Lot D—Development(4) Residential Hollywood 19,816 (33 units) TBD TBD 10900/10950 Washington Residential West Los Angeles 428,623 (508 units) TBD TBD Vancouver, British Columbia Burrard Exchange(4) Office Downtown Vancouver 450,000 TBD TBD Greater London, United Kingdom Sunset Waltham Cross Studios(5) Studio Broxbourne 1,167,347 TBD TBD TOTAL 3,162,212  TOTAL UNDER CONSTRUCTION AND FUTURE DEVELOPMENT 3,940,212  _____________ 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.We own 20% of the ownership interests in the unconsolidated joint venture that owns Burrard Exchange. 5.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. 41 The following table summarizes the portions of office and studio projects currently under repositioning as of December 31, 2025: Location Submarket Square Feet Repositioning: 899 Howard San Francisco 96,240  1455 Market San Francisco 49,272  Rincon Center San Francisco 38,514  Sunset Las Palmas Studios Hollywood 18,594  Bentall Centre Downtown Vancouver 18,559  Palo Alto Square Palo Alto 12,740  Sunset Gower Studios Hollywood 6,650  TOTAL REPOSITIONING 240,569  Financings During the year ended December 31, 2025, there were $320.0 million of repayments on the unsecured revolving credit facility, net of 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. During the twelve months ended December 31, 2025, the Company secured the Office Portfolio CMBS loan (a commercial mortgage-backed securities loan) with an 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 and to repay the $168.0 million loan secured by the Element LA property. The loan was originally secured by six office properties, including the Element LA property. Upon the sale of the Element LA property in the fourth quarter of 2025, the Company made an early partial repayment of the Office Portfolio CMBS loan in the amount of $206.3 million. The loan is 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. 42 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, 2025, the percent leased for our in-service office properties was approximately 77.0% (or 76.3%, excluding leases signed but not commenced as of that date). As of December 31, 2025, the percent leased, based on a 12-month trailing average, was approximately 78.8% for in-service studio properties. 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 in California, the Pacific Northwest, New York and Western Canada. We operate our production services business in key US media markets in California, New York, Atlanta and New 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. 43 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. 44 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 Investment 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 subjective and are based on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates 45 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. 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 in a manner similar to the goodwill analysis and the inputs are generally considered Level 3 within the fair value hierarchy. 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 46 •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 (“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 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. As such, no provision for federal income taxes has been included for the operating partnership. 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, 2025, we have not established a liability for uncertain tax positions. 47 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. 48 Results of Operations The following table summarizes our portfolio as of December 31, 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) 38  11,649,252 74.2  % 74.9  % $ 56.96  Non-same store 1  1,528,789 92.5  93.2  30.74  Total in-service office 39  13,178,041 76.3  % 77.0  % $ 53.27  STUDIO Same-store(5) 3  1,204,666 78.8  % 78.8  % $ 46.96  Non-same-store 1  243,300  9.3  9.3  37.62 Total in-service studio 4  1,447,966 67.1  % 67.1  % $ 46.76  Total 43  14,626,007 Repositioning(6) 1  240,569 —  % —  % $ —  Development(7) 2  778,000 0.3  0.3  —  Total repositioning and development 3  1,018,569 0.3  % 0.3  % $ —  Total office and studio properties 46  15,644,576 Future development(8) 6  3,162,212 TOTAL 52  18,806,788 ____________ 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. Represents 100% share of consolidated and unconsolidated joint ventures. 2.Percent occupied for office properties is calculated as (i) square footage under commenced leases as of December 31, 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, 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, 2025 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of December 31, 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, 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, 2025. Annualized base rent per square foot for studio properties reflects actual base rent for the 12 months ended December 31, 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, 2025. 4.Includes office properties owned and included in our stabilized portfolio as of January 1, 2024 and still owned and included in the stabilized portfolio as of December 31, 2025. 5.Includes studio properties owned and included in our portfolio as of January 1, 2024 and still owned and included in our portfolio as of December 31, 2025. 6.Refer to Repositioning table in this document for the office and studio projects under repositioning as of December 31, 2025. 7.Includes 546,000 square feet related to the office development Washington 1000 and 232,000 square feet related to Sunset Pier 94 Studios. 8.Includes entitlement to develop up to 428,623 square feet (508 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. 49 Comparison of the year ended December 31, 2025 to the year ended December 31, 2024 Net Loss Net loss increased $210.9 million, or 55.3%, to $592.3 million for the year ended December 31, 2025 compared to $381.4 million for the year ended December 31, 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, 2024 and still owned and included in the stabilized portfolio as of December 31, 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 50 The following table reconciles net loss to NOI (in thousands, except percentage change): Year Ended December 31, 2025 2024 Dollar Change Percentage Change NET LOSS $ (592,298) $ (381,406) $ (210,892) 55.3  % Adjustments: Loss from unconsolidated real estate entities 67  7,308  (7,241) (99.1) Fee income (5,399) (5,269) (130) 2.5  Interest expense 172,218  177,393  (5,175) (2.9) Interest income (6,238) (2,467) (3,771) 152.9  Management services reimbursement income—unconsolidated real estate entities (4,206) (4,119) (87) 2.1  Management services expense—unconsolidated real estate entities 4,206  4,119  87  2.1  Transaction-related expenses 590  2,499  (1,909) (76.4) Unrealized loss on non-real estate investment 2,998  3,958  (960) (24.3) Loss on extinguishment of debt 10,453  —  10,453  —  Loss on deconsolidation of real estate entity 77,907  —  77,907  —  (Gain) loss on sale of real estate, net (5,714) 2,453  (8,167) (332.9) Impairment loss 299,320  149,664  149,656  100.0  Other expense (income) 1,812  (1,647) 3,459  (210.0) Income tax (benefit) provision (273) 1,641  (1,914) (116.6) General and administrative 72,953  79,451  (6,498) (8.2) 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. 51 The following table gives further detail on our consolidated NOI (in thousands): Year Ended December 31, 2025 2024 Same-store Non-same-store Total Same-store Non-same-store Total REVENUES Office Rental revenues $ 585,470  $ 96,323  $ 681,793  $ 621,013  $ 56,607  $ 677,620  Service and other revenues 14,064  203  14,267  13,872  784  14,656  Total office revenues 599,534  96,526  696,060  634,885  57,391  692,276  Studio Rental revenues 42,366  12,489  54,855  41,733  12,164  53,897  Service and other revenues 23,820  56,370  80,190  28,440  67,469  95,909  Total studio revenues 66,186  68,859  135,045  70,173  79,633  149,806  Total revenues 665,720  165,385  831,105  705,058  137,024  842,082  OPERATING EXPENSES Office operating expenses 275,224  8,792  284,016  281,802  23,847  305,649  Studio operating expenses 43,336  100,390  143,726  45,437  102,993  148,430  Total operating expenses 318,560  109,182  427,742  327,239  126,840  454,079  Office NOI 324,310  87,734  412,044  353,083  33,544  386,627  Studio NOI 22,850  (31,531) (8,681) 24,736  (23,360) 1,376  NOI $ 347,160  $ 56,203  $ 403,363  $ 377,819  $ 10,184  $ 388,003  52 The following table gives further detail on our change in consolidated NOI (in thousands, except percentage change): 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. 53 Other Expenses Loss from unconsolidated real estate entities We recorded a $0.1 million loss from unconsolidated real estate entities for the year ended December 31, 2025 compared to a loss of $7.3 million for the year ended December 31, 2024. The change was primarily driven by nonrecurring mark-to-market adjustments for an interest rate swap that did not qualify for hedge accounting during the year ended December 31, 2024 and a distribution received in excess of our investment in an unconsolidated real estate entity during the year ended December 31, 2025. Fee income Fee income increased by $0.1 million, or 2.5%, to $5.4 million for the year ended December 31, 2025 compared to $5.3 million for the year ended December 31, 2024. Fee income represents the management fee income earned from our unconsolidated real estate entities. 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, 2025 2024 Dollar Change Percentage Change Gross interest expense(1) $ 197,271  $ 210,022  $ (12,751) (6.1) % Capitalized interest (39,289) (40,367) 1,078  (2.7) Non-cash interest expense(2) 14,236  7,738  6,498  84.0  TOTAL $ 172,218  $ 177,393  $ (5,175) (2.9) % _________________ 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 $12.8 million, or 6.1%, to $197.3 million for the year ended December 31, 2025 compared to $210.0 million for the year ended December 31, 2024. The decrease was primarily related to lower outstanding borrowings on the unsecured line of credit, the 2025 repayments of the Element LA loan and Series B, C and D notes as well as lower reference rates on our floating rate debt. The decrease was partially offset by the interest expense related to the Office Portfolio CMBS loan, which was obtained in March 2025. Capitalized interest decreased by $1.1 million, or 2.7%, to $39.3 million for the year ended December 31, 2025 compared to $40.4 million for the year ended December 31, 2024. The decrease was primarily driven by the completion of our Sunset Glenoaks Studios development in 2024, partially offset by increased development activity at our 10900 Washington and Washington 1000 properties during the year ended December 31, 2025. Non-cash interest expense increased by $6.5 million, or 84.0% to $14.2 million for the year ended December 31, 2025 compared to $7.7 million for the year ended December 31, 2024. The increase was primarily related to the amortization of cash premiums paid to obtain new interest rate caps during the year ended December 31, 2025 and an increase in the amortization of deferred financing costs driven by the Office Portfolio CMBS loan, which was obtained in March 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, 2025, we recorded transaction-related expenses of $0.6 million primarily related to legal expenses incurred in connection with early lease terminations at Quixote. During the year ended December 31, 2024, we recorded transaction-related expenses $2.5 million primarily related to dead deals. Unrealized loss on non-real estate investments We recognized an unrealized loss on non-real estate investments of $3.0 million for the year ended December 31, 2025 compared to an unrealized loss on non-real estate investments of $4.0 million for the year ended December 31, 2024. The activity in both periods is due to the observable changes in the fair value of the investments. 54 Loss on extinguishment of debt During the year ended December 31, 2025, we recognized a $10.5 million loss on extinguishment of debt due to the early partial repayment of the Office Portfolio CMBS loan, the 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 deconsolidation of real estate entity During the year ended December 31, 2025, we recognized a $77.9 million loss related to the deconsolidation of our Sunset Glenoaks Studios property. The loss was calculated as the difference between 1) the sum of the fair value of the Company’s retained noncontrolling investment in the joint venture and the carrying amount of the noncontrolling interest in the 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 deconsolidation was recognized during the year ended December 31, 2024. Gain (loss) on sale of real estate, net During the year ended December 31, 2025, we recognized a $5.7 million net gain on sale of real estate attributable to the sales of our Foothill Research, Maxwell and Element LA properties. During the year ended December 31, 2024, we recognized a $2.5 million loss on sale of real estate attributable to the sale of our 3176 Porter property. Impairment loss During the year ended December 31, 2025, we recognized an impairment loss of $299.3 million related to the impairment of the goodwill, certain non-real estate property, plant and equipment and certain intangible assets of Quixote as well as the impairment of our 625 Second office property. During the year ended December 31, 2024, we recognized an impairment loss of $149.7 million related to the impairment of goodwill associated with the Quixote reporting unit as well as the impairment of certain office properties. Other (expense) income During the year ended December 31, 2025, we recognized other expense of $1.8 million primarily due to a loss on the sale of non-real estate property, plant and equipment. During the year ended December 31, 2024 we recognized other income of $1.6 million primarily driven by the sale of a non-real estate investment. Income tax benefit (provision) During the year ended December 31, 2025, we recorded an income tax benefit of $0.3 million primarily related to the deferred tax effect of impairment losses related to Quixote during the year ended December 31, 2025. During the year ended December 31, 2024, we recorded an income tax provision of $1.6 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 decreased by $6.5 million, or 8.2%, to $73.0 million for the year ended December 31, 2025 compared to $79.5 million for the year ended December 31, 2024. The decrease was mainly driven by Company-wide cost-cutting initiatives, such as reductions in payroll, bonus and travel and entertainment expenses, partially offset by an increase in non-cash executive compensation primarily due to the accelerated recognition of $14.3 million of compensation expense related to the cancellation of the 2024 performance unit equity awards by the Company’s top three most highly compensated executive officers. Depreciation and amortization expense Depreciation and amortization expense increased by $20.5 million, or 5.8%, to $375.0 million for the year ended December 31, 2025 compared to $354.4 million for the year ended December 31, 2024. The increase was primarily related to the following activity during the year ended December 31, 2025: accelerated depreciation of tenant improvements related to early lease terminations at our 6040 Sunset, Element LA, Quixote, Hill7 and Fourth & Traction properties; disposals of transportation assets at Quixote; accelerated amortization of a non-competition agreement intangible asset at Quixote; and accelerated depreciation related to the demolition of an unused building structure at our Sunset Las Palmas Studios property for its conversion to a parking lot. The increase was partially offset by the effect of the sales of our 3176 Porter property in 2024 and Foothill Research, Maxwell and 625 Second properties in 2025. 55 Comparison of the year ended December 31, 2024 to the year ended December 31, 2023 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, 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 Pier 94 Studios construction loan (unconsolidated joint venture); and •proceeds from additional secured, unsecured debt financings or offerings. Liquidity Sources We had approximately $138.4 million of cash and cash equivalents at December 31, 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. 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. In June 2025, we 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. We have an ATM program that allows us to sell up to $125.0 million of common stock, $65.8 million of which has been sold through December 31, 2025. Any 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. 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.Amounts are presented at HPP’s share. 2.This loan is held by an unconsolidated joint venture. 3.Total borrowing capacity includes an original borrowing 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, 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. 56 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, 2025 Unsecured and secured debt(1) $ 3,367,850  Series A redeemable preferred units 2,795  Total consolidated debt 3,370,645  Equity capitalization(2) 1,141,187  TOTAL CONSOLIDATED MARKET CAPITALIZATION $ 4,511,832  Total consolidated debt/total consolidated market capitalization 74.7  % _____________ 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 $10.83, as reported by the NYSE, on December 31, 2025 as well as the aggregate value of the Series C preferred stock liquidation preference as of December 31, 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, 2025 December 31, 2024 Unsecured debt $ 1,650,000  $ 2,435,000  Secured debt $ 1,717,850  $ 1,752,667  Joint venture partner debt $ 66,136  $ 66,136  The operating partnership was in compliance with its financial covenants as of December 31, 2025. Credit Ratings The following table provides information with respect to our credit ratings at December 31, 2025: Agency Credit Rating Moody’s B2 Standard and Poor’s B Fitch 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) $ 3,367,850  $ 1,079,767  $ 871,000  $ 1,417,083  $ —  Principal payments on joint venture partner debt(1) 66,136  —  —  —  66,136  Interest payments—fixed rate(1)(2)(3) 353,258  116,989  173,545  57,442  5,282  Interest payments—variable rate(1)(2)(4) 21,139  17,994  1,922  1,223  —  Operating leases(5) 631,934  35,612  69,523  63,725  463,074  TOTAL $ 4,440,317  $ 1,250,362  $ 1,115,990  $ 1,539,473  $ 534,492  _____________ 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. 3.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. 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, 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, 2025, the Company had $96.7 million in outstanding obligations under the agreements, of which $92.0 million is expected to be incurred within one year from December 31, 2025. The Company invests in several non-real estate funds with an aggregate commitment to contribute up $51.0 million. As of December 31, 2025, the Company has contributed $42.3 million, net of recallable distributions, with $8.7 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, 2025 (in thousands): Ownership Interest Amount Drawn Undrawn Capacity Total Capacity Interest Rate Contractual Maturity Date Bentall Centre(1) 20  % $ 482,622  $ —  $ 482,622  CORRA + 2.30% 7/1/2027 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, 2025. This loan is interest-only through its term. (2)This loan has an initial interest rate of SOFR + 3.10% per annum until certain performance targets have been met, at which time the effective interest rate will decrease to SOFR + 2.50%. 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, 2025 2024 Dollar Change Percentage Change Net cash provided by operating activities $ 120,977  $ 164,657  $ (43,680) (26.5) % Net cash provided by (used in) investing activities $ 42,845  $ (250,539) $ 293,384  (117.1) % Net cash (used in) provided by financing activities $ (100,871) $ 65,903  $ (166,774) (253.1) % Cash and cash equivalents and restricted cash were $162.1 million and $99.2 million at December 31, 2025 and 2024, respectively. Operating Activities Net cash provided by operating activities decreased by $43.7 million, or 26.5%, to $121.0 million for the year ended December 31, 2025 as compared to $164.7 million for the year ended December 31, 2024. The decrease primarily resulted from the dispositions of our Foothill Research, Maxwell and 625 Second in 2025 and our 3176 Porter property in late 2024, lease terminations at our 1455 Market, Met Park North, Concourse, Hill 7, 83 King, Towers at Shore Center and 901 Market properties, lower production activity at Quixote, and an increase in cash outflows for lease incentives. The decrease was partially offset by lease termination fee income received at Element LA in connection with its sale. Investing Activities Net cash provided by investing activities increased by $293.4 million, or 117.1%, to $42.8 million for the year ended December 31, 2025 as compared to $250.5 million of cash used in investing activities for the year ended December 31, 2024. The change primarily resulted from a $214.9 million increase in proceeds from sales of real estate, a $55.3 million decrease in additions 58 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 used in financing activities increased by $166.8 million, or 253.1%, to $100.9 million for the year ended December 31, 2025 as compared to $65.9 million of cash provided by financing activities for the year ended December 31, 2024. The change resulted primarily from a $2.0 billion increase in payments of unsecured and secured debt, partially offset by a $1.1 billion increase in borrowings and $661.8 million in proceeds from the sale of common stock and pre-funded warrants during the year ended December 31, 2025. The increase was further offset by $41.0 million spent on the purchase of our partner’s interest in our 1455 Market property during 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) 59