– Strong Leasing Activity of 500,000 Square Feet –

– Updated FFO Outlook –

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Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries, today announced financial results for the first quarter 2022.

"Our unique focus and specialized expertise in serving the growing tech and media industries yielded strong results during the first quarter, with notable leasing success across our world-class, amenitized, collaborative and sustainable office and studio space," commented Victor Coleman, Hudson Pacific's Chairman and CEO. "We signed over 500,000 square feet of leases, which included the full lease-up of our Harlow office development, and with tenant activity accelerating, we further expanded our leasing pipeline. Our work is progressing on over 2.3 million square feet of under construction and near-term planned state-of-the-art office and studio value creation opportunities, the first of which, Sunset Glenoaks, a 7-stage studio development in Los Angeles, will deliver in 2023."

Financial Results Compared to First Quarter 2021

• Total revenue increased 14.7% to $244.5 million

• Net loss attributable to common stockholders of $19.8 million, or $0.13 per diluted share, compared to net income of $5.0 million, or $0.03 per diluted share

• FFO, excluding specified items, increased 2.3% to $75.2 million and 3.0% to $0.50 per diluted share. Specified items consist of a trade name non-cash impairment of $8.5 million, or $0.06 per diluted share, and transaction-related expenses of $0.3 million, or $0.00 per diluted share

• FFO of $66.4 million, or $0.44 per diluted share, compared to $72.5 million, or $0.48 per diluted share

• AFFO grew 11.8% to $58.6 million

• Same-store property cash NOI was up 1.4% to $120.3 million

Leasing

• In-service office portfolio ended the quarter at 91.1% occupied and 92.3% leased upon signing 504,000 square feet of new and renewal leases. GAAP and cash rents increased 12.0% and 5.8% respectively, from prior levels

• Expanded global post-production firm Company 3 at the Company's Harlow office development on the Sunset Las Palmas studio lot in Hollywood with an approximately 11-year, 60,000-square-foot lease. Company 3 now leases and has taken possession of the entire 130,000-square-foot building, with GAAP revenue recognition on the expansion lease commencing January 2022

• Renewed and expanded Bank of Montreal with a 105,000-square-foot, approximately 11-year lease through July 2035 at Bentall Center in Vancouver, which is the site of the Company’s planned Burrard Exchange hybrid mass-timber office development

Development

• Google began tenant improvements at the Company’s 584,000-square-foot One Westside office redevelopment, which was delivered and commenced GAAP revenue recognition ahead of schedule in November 2021

• Successfully progressing over 2.3 million square feet of under construction and near-term planned development projects, including the Company’s under construction 7-stage, 241,000-square-foot Sunset Glenoaks studio development in Sun Valley, Los Angeles, which remains on-time and on-budget for delivery in third quarter 2023

• Expected near-term closing and podium delivery for the Company’s 546,000-square-foot Washington 1000 office development in Seattle’s Denny Triangle submarket, with anticipated construction start in second quarter 2022 and delivery in 2024

• Advancing entitlements for Burrard Exchange, the Company’s 450,000-square-foot hybrid mass-timber office building in Downtown Vancouver, and the 21-stage, 1.1 million-square-foot Sunset Waltham Cross studio development in Broxbourne, UK

Capital Markets

• Entered into an accelerated share repurchase agreement to purchase $200 million of outstanding common stock with approximately 6.6 million shares repurchased as of March 11 and final settlement expected during third quarter 2022

Balance Sheet as of March 31, 2022

• $3.2 billion of the Company's share of unsecured and secured debt and preferred units (net of cash and cash equivalents)

• $802.6 million of total liquidity comprised of $137.6 million of unrestricted cash and cash equivalents and $665.0 million of undrawn capacity under the unsecured revolving credit facility. The Company also has $147.4 million and $90.2 million of undrawn capacity under the construction loans secured by One Westside/10850 Pico and Sunset Glenoaks, respectively

• Investment grade credit rated with 68.2% unsecured and 75.4% fixed-rate debt and a weighted average maturity with extensions of 4.9 years

Dividend

• The Company's Board of Directors declared and paid a dividend on its common stock of $0.25 per share, equivalent to an annual rate of $1.00 per share, and on its 4.750% Series C cumulative preferred stock of $0.4453125 per share

ESG Leadership

• Launched new impact investing platform, EquiBlue^TM, which will seek to leverage commercial real estate to holistically provide economic opportunity and upward mobility for women and people of color. EquiBlue’s initial fund will target $300 million of equity, of which the Company, as sponsor, and CBRE, as strategic partner and service provider, will commit at least 20%

2022 Outlook

The Company is narrowing its 2022 full-year FFO guidance to a range of $2.02 to $2.08 per diluted share, excluding specified items. Specified items consist of the trade name non-cash impairment of $8.5 million and transaction-related expenses of $0.3 million, both identified as excluded items in the Company's first quarter 2022 FFO. This guidance assumes the successful disposition of the Company's four held-for-sale properties before the end of the third quarter for gross proceeds in the range of $325 to $350 million, which the Company expects to use to repay outstanding amounts under its unsecured revolving credit facility, to fund development costs, and for general corporate purposes.

The FFO outlook reflects management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of events referenced in this press release and in earlier announcements. It otherwise excludes any impact from new acquisitions, dispositions, debt financings or repayments, recapitalizations, capital markets activity or similar matters. There can be no assurance that actual results will not differ materially from this estimate.

Below are some of the assumptions the Company used in providing this guidance (dollars and share data in thousands):

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information under "FFO Guidance" above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition costs and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Supplemental Information

Supplemental financial information regarding Hudson Pacific's first quarter 2022 results may be found on the Investors section of the Company's website at HudsonPacificProperties.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.

Conference Call

The Company will hold a conference call to discuss first quarter 2022 financial results at 11:00 a.m. PT / 2:00 p.m. ET on April 28, 2022. Please dial (844) 200-6205 and enter passcode 415769 to access the call. International callers should dial (929) 526-1599. A live, listen-only webcast and replay can be accessed via the Investors section of the Company's website at HudsonPacificProperties.com.

About Hudson Pacific Properties

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.

1. Hudson Pacific calculates FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“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), adjusting for consolidated and unconsolidated joint ventures. The calculation of FFO includes amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. Hudson Pacific believes that FFO is a useful supplemental measure of its 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 the Company's 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, the Company's 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, Hudson Pacific believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company's performance relative to its 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. Hudson Pacific uses FFO per share to calculate annual cash bonuses for certain employees.
   
   
   
   However, FFO should not be viewed as an alternative measure of Hudson Pacific's 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 the Company's properties, which are significant economic costs and could materially impact the Company's results from operations.

1. Hudson Pacific evaluates performance based upon property NOI from continuing operations. 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 income from continuing operations, as an indication of the Company's performance, or as an alternative to cash flows as a measure of liquidity, or the Company's ability to make distributions. All companies may not calculate NOI in the same manner. Hudson Pacific considers 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 the Company's properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Hudson Pacific calculates 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. Hudson Pacific defines 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. Hudson Pacific believes 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.

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