[8-K] Hudson Pacific Properties, Inc. Reports Material Event

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Hudson Pacific Properties reported a challenging but active fourth quarter of 2025, combining heavy non-cash charges with stronger leasing and balance sheet moves. Total revenue rose to $256.0 million from $209.7 million, helped by a large lease termination fee tied to the sale of the Element LA office campus.

Net loss attributable to common stockholders widened to $277.9 million, or $4.31 per diluted share, driven mainly by a $280.8 million non-cash impairment of the Quixote business and other specified items. FFO excluding specified items was $13.6 million, or $0.21 per diluted share, while AFFO turned negative at $(9.1) million, or $(0.14) per diluted share, reflecting higher recurring capital spending and weaker fundamentals.

The company sold Element LA for $150 million and received an additional $81 million lease termination payment, using net proceeds to repay $206 million of CMBS debt and for general purposes. It ended 2025 with $933.6 million of liquidity, net debt to undepreciated book value of 31.9%, and no debt maturities until the third quarter of 2026. Office occupancy finished at 76.3%, with 518,196 square feet of Q4 leasing, and same-store cash NOI declined as average office occupancy fell. For 2026, management issued a full-year FFO outlook of $0.96–$1.06 per diluted share based on 80–82% average in-service office occupancy and modest same-store cash NOI contraction.

Insights

Large non-cash charges and negative AFFO offset de-leveraging and solid liquidity.

Hudson Pacific combined higher revenue with substantial write-downs in Q4 2025. A $280.8 million non-real-estate impairment at Quixote and other specified items pushed FFO to $(3.06) per diluted unit and net loss to $277.9 million.

Operationally, same-store cash NOI fell 10.1% on lower office occupancy, and AFFO turned slightly negative at $(9.1) million, signaling that recurring capital needs and softer fundamentals are pressuring cash-based earnings. However, the Element LA sale and lease termination proceeds funded repayment of $206 million of CMBS debt.

By year-end, liquidity improved to $933.6 million, net debt to undepreciated book value eased to 31.9%, and all debt was fixed or capped with no maturities until Q3 2026. The 2026 FFO outlook of $0.96–$1.06 per share relies on 80–82% office occupancy and slightly negative same-store cash NOI, so the trajectory of leasing and occupancy through 2026 will be central to how closely results track that range.

02/26/2026 - 09:00 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 8-K

_________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15 (d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

_________________________________

Hudson Pacific Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-34789

27-1430478

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)


11601 Wilshire Blvd., Ninth Floor
Los Angeles,	California	90025
(Address of principal executive offices)		(Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report)

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

HPP

New York Stock Exchange

4.750% Series C Cumulative Redeemable Preferred Stock

HPP Pr C

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, Hudson Pacific Properties, Inc. (also referred to herein as the “Company,” “we,” “us,” or “our”) issued a press release regarding our financial results for the fourth quarter ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1, which is incorporated herein by reference.

Also on February 26, 2026, we made available on our website (www.hudsonpacificproperties.com) certain supplemental information concerning our financial results and operations for the fourth quarter. A copy of the supplemental information is furnished herewith as Exhibit 99.2, which is incorporated herein by reference.

Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01 Regulation FD Disclosure.

As discussed in Item 2.02 above, we issued a press release regarding our financial results for the quarter ended December 31, 2025 and made available on our website certain supplemental information relating to our financial results for the quarter ended December 31, 2025.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.


(d)			Exhibits.


Exhibit No.						Description
99.1**						Press release dated February 26, 2026 regarding the Company’s financial results for the quarter ended December 31, 2025.
99.2**						Supplemental Operating and Financial Data for the quarter ended December 31, 2025.
104**						Cover Page Interactive Data File (embedded within the Inline XBRL document)

_____________

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HUDSON PACIFIC PROPERTIES, INC.

Date:

February 26, 2026

By:

/s/ Mark Lammas

Mark Lammas
President


Hudson Pacific Properties, Inc.
Press Release

Hudson Pacific Properties Reports

Fourth Quarter 2025 Financial Results

– Signed 2.2M Sq Ft of Office Leases in 2025 Including 518,000 Sq Ft in Fourth Quarter –

– Achieved Second Sequential Quarter of Positive Net Absorption –

– Provides 2026 Full-Year FFO Outlook –

____________

LOS ANGELES (February 26, 2026)—Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP") today announced financial results for the fourth quarter 2025.

"2025 was a breakthrough year for Hudson Pacific as we fundamentally transformed our capital structure and significantly enhanced our operating efficiency," said Victor Coleman, Chairman and CEO. "We executed nearly $330 million of strategic asset sales, completed more than $2 billion of proactive capital transactions that extended our maturity runway and nearly doubled our liquidity, and drove meaningful annual cost savings through G&A reduction and operational restructuring. Most importantly, we delivered our strongest leasing performance since 2019, signing more than 2.2 million square feet of office leases as market fundamentals continue to strengthen across our West Coast portfolio.

"Our priorities for 2026 are clear and executable: drive occupancy growth to unlock embedded NOI expansion, eliminate Quixote's earnings drag by year-end, and maintain capital discipline through value-driven asset sales and strategic deleveraging. With our leasing pipeline now at 2.3 million square feet, fourth quarter tours up more than 50% year-over-year, and the lowest office lease expiration schedule we've had in four years, we have clear line of sight to a return to FFO growth and strengthened earnings potential as we move through the year."

Financial Results Compared to Fourth Quarter 2024

•Total revenue of $256.0 million compared to $209.7 million, largely attributable to the lease termination fee associated with the sale of an office campus, Element LA

•General and administrative expenses improved to $13.0 million compared to $19.5 million

•Net loss attributable to common stockholders of $277.9 million, or $4.31 per diluted share, compared to net loss of $167.0 million, or $8.28 per diluted share, primarily due to the items affecting revenue and a non-cash, non-real-estate impairment of Quixote

•FFO, excluding specified items, of $13.6 million, or $0.21 per diluted share, compared to $15.5 million, or $0.74 per diluted share. Specified items in the fourth quarter totaled $213.6 million, or $3.27 per diluted share, primarily consisting of the aforementioned non-cash, non-real estate impairment and one-time lease termination fee, net, compared to specified items totaling $108.5 million, or $5.21 per diluted share

•FFO of $(200.0) million, or $(3.06) per diluted share, compared to $(93.0) million, or $(4.47) per diluted share, largely attributable to the items affecting net loss

•AFFO of $(9.1) million, or $(0.14) per diluted share, compared to $3.6 million, or $0.17 per diluted share, primarily due to the items affecting FFO, lower non-cash compensation expense and higher recurring capital expenditures

•Same-store cash NOI of $84.8 million compared to $94.3 million, primarily due to lower average office occupancy

Leasing

•Executed 79 new and renewal leases totaling 518,196 square feet


Hudson Pacific Properties, Inc.
Press Release

◦Subsequent to the quarter, signed a renewal lease with Weil, Gotshal & Manges for 59,000 square feet through 2038

•GAAP rents increased 0.4% and cash rents decreased 9.0% from prior levels

•In-service office portfolio ended the quarter at 76.3% occupied and 77.0% leased, up sequentially from 75.9% occupied and 76.5% leased in the third quarter this year. Fourth-quarter-end occupied and leased percentages would have been 76.8% and 77.5%, respectively, without the sale of Element LA

•In-service studio portfolio and stages were 67.1% and 69.1% leased, respectively, over the trailing 12 months, up sequentially from 64.6% and 65.8% in the third quarter of this year, driven by improved occupancy at Sunset Las Palmas Studios

Dispositions

•Sold Element LA, a 284,000-square-foot office campus in West Los Angeles, California, for $150 million and received a separate lease termination payment of $81 million, all before prorations and closing costs, with total net proceeds used to repay $206 million of CMBS debt associated with the property and the remainder designated for general corporate purposes

Development

•Completed Sunset Pier 94 Studios in Manhattan on time and under budget, and signed leases with tenants during and subsequent to the quarter such that approximately 90% of the facility, including all six stages, is leased within the first quarter of operations

Balance Sheet as of December 31, 2025

•$933.6 million of total liquidity comprised of $138.4 million of unrestricted cash and cash equivalents and $795.3 million of undrawn capacity under the unsecured revolving credit facility

•$39.3 million, or $10.0 million at HPP's share, of undrawn capacity under construction loan secured by Sunset Pier 94 Studios

•HPP's share of net debt to HPP's share of undepreciated book value was 31.9% with 100.0% of debt fixed or capped with a weighted average interest rate of 4.9% and no debt maturities until third quarter 2026

Dividend

•The Company's Board of Directors declared and paid a dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share

2026 Outlook

Hudson Pacific is providing a full-year 2026 FFO outlook of $0.96 to $1.06 per diluted share. There are no specified items in connection with this outlook.

This 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, amendments or repayments, recapitalizations, capital markets activity or similar matters. There can be no assurance that actual results will not differ materially from these estimates.

Below are some of the assumptions the Company used in providing this outlook:


Hudson Pacific Properties, Inc.
Press Release

Unaudited, in thousands, except share data


	Full Year 2026
	Assumptions
Metric	Low	High
Average in-service office occupancy(1)	80.0%	82.0%
Growth in same-store property cash NOI(2)(3)	(1.75)%	(0.75)%
GAAP non-cash revenue (straight-line rent and above/below-market rents)(4)	$11,500	$16,500
GAAP non-cash expense (straight-line rent expense and above/below-market ground rent)	$(6,000)	$(8,000)
General and administrative expenses(5)	$(49,500)	$(55,500)
Interest expense(6)	$(151,000)	$(161,000)
Non-real estate depreciation and amortization	$(12,000)	$(14,000)
FFO from unconsolidated joint ventures	$500	$2,500
FFO attributable to non-controlling interests	$(22,000)	$(26,000)
FFO attributable to preferred units/shares	$(20,000)	$(20,000)
Weighted average common stock/units outstanding—diluted(7)	65,000,000	66,000,000

(1)In-service office includes all office properties within the same-store for full year 2026, along with one non-same store property, Bentall Centre.

(2)Same-store for the full year 2026 is defined as the 37 office properties and three studio properties, as applicable, owned and included in the Company's stabilized portfolio as of January 1, 2025, and anticipated to still be owned and included in the stabilized portfolio through December 31, 2026.

(3)Please see non-GAAP information below for definition of cash NOI.

(4)Includes non-cash straight-line rent associated with the studio and office properties.

(5)Includes non-cash compensation expense, which the Company estimates at $11,500 in 2026.

(6)Includes non-cash interest expense, which the Company estimates at $7,500 in 2026.

(7)Diluted shares represent ownership in the Company through shares of common stock, OP Units and other convertible or exchangeable instruments. The weighted average fully diluted common stock/units outstanding for 2026 includes an estimate for the dilution impact of stock grants to the Company's executives under its long-term incentive programs. This estimate is based on the projected award potential of such programs as of the end of the most recently completed quarter, as calculated in accordance with the ASC 260, Earnings Per Share.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, 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 fourth quarter 2025 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 fourth quarter 2025 financial results at 9:00 a.m. PT / 12:00 p.m. ET on February 26, 2026. The conference call will be available via live audio webcast on the Investors section of the Company's website at HudsonPacificProperties.com. A replay of the audio webcast will also be available following the call.

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


Hudson Pacific Properties, Inc.
Press Release

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.

Investor Contact

Laura Campbell

Executive Vice President, Investor Relations & Marketing

(310) 622-1702

lcampbell@hudsonppi.com

Media Contact

Laura Murray

Vice President, Communications

(310) 622-1781

lmurray@hudsonppi.com

(FINANCIAL TABLES FOLLOW)


Hudson Pacific Properties, Inc.
Press Release

Consolidated Balance Sheets

In thousands, except share data


	12/31/25		12/31/24
	(Unaudited)
ASSETS
Investment in real estate, at cost	$	7,793,299	$	8,233,286
Accumulated depreciation and amortization	(1,953,048)		(1,791,108)
Investment in real estate, net	5,840,251		6,442,178
Non-real estate property, plant and equipment, net	72,397		127,067
Cash and cash equivalents	138,358		63,256
Restricted cash	23,770		35,921
Accounts receivable, net	14,923		14,505
Straight-line rent receivables, net	195,425		199,748
Deferred leasing costs and intangible assets, net	307,390		327,514
Operating lease right-of-use assets	333,258		370,826
Prepaid expenses and other assets, net	86,607		90,114
Investment in unconsolidated real estate entities	246,835		221,468
Goodwill	8,754		156,529
Assets associated with real estate held for sale	—		83,113
TOTAL ASSETS	$	7,267,968	$	8,132,239

LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net	$	3,351,458	$	4,176,844
Joint venture partner debt	66,136		66,136
Accounts payable, accrued liabilities and other	209,382		193,861
Operating lease liabilities	343,886		380,004
Intangible liabilities, net	17,772		21,838
Security deposits, prepaid rent and other	74,369		84,708
Liabilities associated with real estate held for sale	—		31,117
Total liabilities	4,063,003		4,954,508

Redeemable preferred units of the operating partnership	2,795		9,815
Redeemable non-controlling interest in consolidated real estate entities	50,581		49,279

Equity
HPP stockholders' equity:
Preferred stock, $0.01 par value, 18,400,000 authorized; 4.750% Series C cumulative redeemable preferred stock; $25.00 per share liquidation preference, 17,000,000 outstanding at 12/31/25 and 12/31/24	425,000		425,000
Common stock, $0.01 par value, 103,200,000 authorized and 54,227,096 shares outstanding at 12/31/25; 68,800,000 authorized and 20,182,702 shares outstanding at 12/31/24, respectively	529		1,403
Additional paid-in capital	2,548,488		2,437,484
Accumulated other comprehensive loss	(1,860)		(8,417)
Total HPP stockholders' equity	2,972,157		2,855,470
Non-controlling interest—members in consolidated real estate entities	67,869		169,452
Non-controlling interest—units in the operating partnership	111,563		93,715
Total equity	3,151,589		3,118,637
TOTAL LIABILITIES AND EQUITY	$	7,267,968	$	8,132,239


Hudson Pacific Properties, Inc.
Press Release

Consolidated Statements of Operations

In thousands, except per share data


	Three Months Ended				Year Ended
	12/31/25		12/31/24		12/31/25		12/31/24
	(Unaudited)		(Unaudited)		(Unaudited)
REVENUES
Office
Rental revenues	$	216,754	$	170,689	$	681,793	$	677,620
Service and other revenues	3,683		3,531		14,267		14,656
Total office revenues	220,437		174,220		696,060		692,276
Studio
Rental revenues	13,747		12,136		54,855		53,897
Service and other revenues	21,843		23,310		80,190		95,909
Total studio revenues	35,590		35,446		135,045		149,806
Total revenues	256,027		209,666		831,105		842,082
OPERATING EXPENSES
Office operating expenses	68,661		77,896		284,016		305,649
Studio operating expenses	33,811		38,030		143,726		148,430
General and administrative	12,985		19,492		72,953		79,451
Depreciation and amortization	93,046		89,101		374,967		354,425
Total operating expenses	208,503		224,519		875,662		887,955
OTHER EXPENSES
Income (loss) from unconsolidated real estate entities	2,136		(865)		(67)		(7,308)
Fee income	1,482		1,336		5,399		5,269
Interest expense	(38,850)		(44,140)		(172,218)		(177,393)
Interest income	1,468		492		6,238		2,467
Management services reimbursement income—unconsolidated real estate entities	1,024		932		4,206		4,119
Management services expense—unconsolidated real estate entities	(1,024)		(932)		(4,206)		(4,119)
Transaction-related expenses	—		(193)		(590)		(2,499)
Unrealized loss on non-real estate investments	(663)		(934)		(2,998)		(3,958)
(Loss) gain on sale of real estate, net	(4,293)		(2,453)		5,714		(2,453)
Impairment loss	(280,844)		(113,121)		(299,320)		(149,664)
Loss on deconsolidation of real estate entity	—		—		(77,907)		—
Loss on extinguishment of debt	(6,751)		—		(10,453)		—
Other (expense) income	(2,328)		198		(1,812)		1,647
Total other expenses	(328,643)		(159,680)		(548,014)		(333,892)
Loss before income tax benefit (provision)	(281,119)		(174,533)		(592,571)		(379,765)
Income tax benefit (provision)	945		1,052		273		(1,641)
Net loss	(280,174)		(173,481)		(592,298)		(381,406)
Net income attributable to Series A preferred units	(44)		(153)		(364)		(612)
Net income attributable to Series C preferred shares	(5,047)		(5,047)		(20,188)		(20,188)
Net income attributable to participating securities	—		—		—		(409)
Net loss attributable to non-controlling interest in consolidated real estate entities	3,250		6,359		27,357		25,056
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities	477		973		3,248		4,059
Net loss attributable to common units in the operating partnership	3,619		4,353		10,000		9,357
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(277,919)	$	(166,996)	$	(572,245)	$	(364,143)

BASIC AND DILUTED PER SHARE AMOUNTS
Net loss attributable to common stockholders—basic	$	(4.31)	$	(8.28)	$	(12.81)	$	(18.05)
Net loss attributable to common stockholders—diluted	$	(4.31)	$	(8.28)	$	(12.81)	$	(18.05)
Weighted average shares of common stock outstanding—basic	64,444		20,176		44,683		20,170
Weighted average shares of common stock outstanding—diluted	64,444		20,176		44,683		20,170


Hudson Pacific Properties, Inc.
Press Release

Funds from Operations(1)

Unaudited, in thousands, except per share data


	Three Months Ended				Year Ended
	12/31/25		12/31/24		12/31/25		12/31/24
RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS (“FFO”)(1):
Net loss	$	(280,174)	$	(173,481)	$	(592,298)	$	(381,406)
Adjustments:
Depreciation and amortization—consolidated	93,046		89,101		374,967		354,425
Depreciation and amortization—non-real estate assets	(8,499)		(10,493)		(35,852)		(34,716)
Depreciation and amortization—HPP's share from unconsolidated real estate entities(2)	1,246		1,242		4,654		5,630
Loss (gain) on sale of real estate, net	4,293		2,453		(5,714)		2,453
Loss on deconsolidation of real estate entity	—		—		77,907		—
Impairment loss—real estate assets	—		5,506		18,476		42,049
Unrealized loss on non-real estate investments	663		934		2,998		3,958
FFO attributable to non-controlling interests	(5,475)		(3,082)		(18,092)		(12,789)
FFO attributable to preferred units	(5,091)		(5,200)		(20,552)		(20,800)
FFO to common stock/unit holders	(199,991)		(93,020)		(193,506)		(41,196)
Specified items impacting FFO:
Transaction-related expenses	—		—		590		2,306
Impairment loss—non-real estate assets	280,844		107,615		280,844		107,615
One-time termination of Quixote leases (cost-savings initiatives)	—		—		7,109		—
Sale/disposal of transportation assets (cost-savings initiatives)	1,581		2,236		2,207		2,236
One-time termination of Quixote non-compete agreement (cost-savings initiatives)	—		—		1,402		—
One-time employee separation costs (cost-savings initiatives)	—		—		1,163		—
One-time expenses associated with early repayment of debt—HPP’s share	6,751		—		11,936		—
Non-cash revaluation associated with a loan swap (unqualified for hedge accounting)	—		—		682		3,529
Forfeiture of non-cash compensation agreements	—		—		14,280		—
One-time lease termination fee, net	(69,032)		—		(69,032)		—
Prior period property and income tax adjustments	(3,929)		—		(3,929)		—
One-time distribution from unconsolidated real estate entity	(2,648)		—		(2,648)		—
One-time impact of tax legislation change	—		788		—		—
Non-cash deferred tax asset adjustment—HPP’s share	—		(2,121)		—		(951)
One-time straight-line rent reserve—HPP’s share	—		—		—		3,871
FFO (excluding specified items) to common stock/unit holders	$	13,576	$	15,498	$	51,098	$	77,410

Weighted average common stock/units outstanding—diluted	65,342		20,819		45,394		20,800
FFO per common stock/unit—diluted	$	(3.06)	$	(4.47)	$	(4.26)	$	(1.98)
FFO (excluding specified items) per common stock/unit—diluted	$	0.21	$	0.74	$	1.13	$	3.72

(1) We calculate Funds from Operations ("FFO") in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. 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 the HPP’s share of real estate-related depreciation and amortization, excluding amortization of deferred financing costs and depreciation of non-real estate assets. The calculation of FFO includes the HPP’s share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets.

FFO is a non-GAAP financial measure we believe 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


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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.

(2) HPP's share is a Non-GAAP financial measure calculated as the measure on a consolidated basis, in accordance with GAAP, plus our Operating Partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the Operating Partnership’s percentage ownership interest), minus our partners’ share of the measure from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). We believe that presenting HPP’s share of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because we have several significant joint ventures, and in some cases, we exercise significant influence over, but do not control, the joint venture. In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest.


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Adjusted Funds from Operations(1)

Unaudited, in thousands, except per share data


	Three Months Ended				Year Ended
	12/31/25		12/31/24		12/31/25		12/31/24
FFO (excluding specified items)	$	13,576	$	15,498	$	51,098	$	77,410
Adjustments:
GAAP non-cash revenue (straight-line rent and above-below-market rents)	(952)		339		(5,597)		4,515
GAAP non-cash expense (straight-line rent expense and above-below-market ground rent)	1,691		2,722		6,472		7,721
Non-real estate depreciation and amortization	6,918		8,257		32,243		32,480
Non-cash interest expense	1,682		1,679		13,412		6,888
Non-cash compensation expense	3,782		6,540		16,034		25,887
Recurring capital expenditures, tenant improvements and lease commissions	(35,758)		(31,447)		(114,756)		(87,797)
AFFO	$	(9,061)	$	3,588	$	(1,094)	$	67,104

Weighted average common stock/units outstanding	65,342		20,819		45,394		20,800
AFFO per common stock/unit—diluted	$	(0.14)	$	0.17	$	(0.02)	$	3.23

(1) Adjusted Funds from Operations ("AFFO") is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO (excluding specified items) HPP's share of non-cash compensation expense and amortization of deferred financing costs, and subtracting recurring capital expenditures related to HPP's share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of HPP’s share of straight-line rents, amortization of lease buy-out costs, amortization of above- and below-market lease intangible assets and liabilities, amortization of above- and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs.


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Net Operating Income(1)

Unaudited, in thousands


	Three Months Ended
	12/31/25		12/31/24
RECONCILIATION OF NET LOSS TO NET OPERATING INCOME (“NOI”):
Net loss	$	(280,174)	$	(173,481)
Adjustments:
(Income) loss from unconsolidated real estate entities	(2,136)		865
Fee income	(1,482)		(1,336)
Interest expense	38,850		44,140
Interest income	(1,468)		(492)
Management services reimbursement income—unconsolidated real estate entities	(1,024)		(932)
Management services expense—unconsolidated real estate entities	1,024		932
Transaction-related expenses	—		193
Unrealized loss on non-real estate investments	663		934

Loss on sale of real estate, net	4,293		2,453
Impairment loss	280,844		113,121
Loss on extinguishment of debt	6,751		—
Other expense (income)	2,328		(198)
Income tax benefit	(945)		(1,052)
General and administrative	12,985		19,492
Depreciation and amortization	93,046		89,101
NOI	$	153,555	$	93,740

NOI BREAKDOWN
Same-store office cash revenues	144,540		160,585
Straight-line rent	3,623		(253)
Amortization of above-/below-market leases, net	1,004		1,026
Amortization of lease incentive costs	(2,680)		(631)
Same-store office revenues	146,487		160,727

Same-store studios cash revenues	19,278		16,023
Straight-line rent	(643)		(222)

Amortization of lease incentive costs	(9)		(9)
Same-store studio revenues	18,626		15,792

Same-store revenues	165,113		176,519

Same-store office cash expenses	66,941		70,862
Straight-line rent	367		371
Non-cash compensation expense	5		11
Amortization of above-market and below-market ground leases, net	641		641
Same-store office expenses	67,954		71,885

Same-store studio cash expenses	12,089		11,422

Non-cash compensation expense	119		30

Same-store studio expenses	12,208		11,452

Same-store expenses	80,162		83,337

Same-store NOI	84,951		93,182
Non-same-store NOI	68,604		558
NOI	$	153,555	$	93,740

(1) We evaluate performance based upon property Net Operating Income ("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 our performance, or as an alternative to cash flows as a measure of liquidity, or our ability to make


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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 income from continuing operations. 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 (rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (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.

Page 2 of 32 Table of Contents Page Executive Summary 3 Corporate Information 6 Consolidated Balance Sheets 8 Consolidated Statements of Operations 9 Funds from Operations & Adjusted Funds from Operations 10 Consolidated Same-Store Property Performance 11 NOI Detail 12 Debt Summary & Debt Metrics 13 Debt Maturities, Composition & Hedging Instruments 14 Debt Covenant Compliance 15 Existing Portfolio Summary 16 Office Properties by Location 17 Office Properties Occupancy Detail 18 15 Largest Office Tenants 19 Studio Properties & Services 20 Office Leasing Activity 21 Expiring Office Leases Summary 22 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters 23 Recently Completed & Future Development Pipeline 25 Consolidated & Unconsolidated Ventures 26 Definitions 27 Non-GAAP Reconciliations 30 Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “HPP,” “we,” “us,” or “our.” This Supplemental Information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: 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. These factors are not exhaustive. For a discussion of important risks related to Hudson Pacific’s business and an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K as well as other risks described in documents we file with the Securities and Exchange Commission, or SEC. You are cautioned that the information contained herein speaks only as of the date hereof and Hudson Pacific assumes no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise. This Supplemental Information also includes non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. In addition, quantitative reconciliations of the differences between the most directly comparable GAAP and non-GAAP financial measures presented are also provided within this Supplemental Information. Definitions of these non-GAAP financial measures, along with that of HPP’s Share of certain of these measures, can be found in the Definitions section of this Supplemental information.

Page 3 of 32 Executive Summary Three Months Ended December 31, 2025 "2025 was a breakthrough year for Hudson Pacific as we fundamentally transformed our capital structure and significantly enhanced our operating efficiency," said Victor Coleman, Chairman and CEO. "We executed nearly $330 million of strategic asset sales, completed more than $2 billion of proactive capital transactions that extended our maturity runway and nearly doubled our liquidity, and drove meaningful annual cost savings through G&A reduction and operational restructuring. Most importantly, we delivered our strongest leasing performance since 2019, signing more than 2.2 million square feet of office leases as market fundamentals continue to strengthen across our West Coast portfolio. "Our priorities for 2026 are clear and executable: drive occupancy growth to unlock embedded NOI expansion, eliminate Quixote's earnings drag by year-end, and maintain capital discipline through value-driven asset sales and strategic deleveraging. With our leasing pipeline now at 2.3 million square feet, fourth quarter tours up more than 50% year-over-year, and the lowest office lease expiration schedule we've had in four years, we have clear line of sight to a return to FFO growth and strengthened earnings potential as we move through the year." Three Months Ended Unaudited, in thousands, except share data 12/31/25 12/31/24 OPERATIONAL HIGHLIGHTS Office In-service % occupied 76.3 % 78.3 % In-service % leased 77.0 % 78.9 % Leases executed (square feet) 518,196 441,924 % change in GAAP rent 0.4 % (6.0) % % change in cash rent (9.0) % (9.9) % Weighted average lease term (in months) 76.5 46.7 Net effective rent per square foot $ 41.41 $ 45.75 Studio In-service stage % leased(1) 69.1 % 76.8 % In-service total % leased(1) 67.1 % 73.8 % FINANCIAL HIGHLIGHTS Total revenues $ 256,027 $ 209,666 Net loss attributable to common stockholders $ (277,919) $ (166,996) Net loss per diluted share $ (4.31) $ (8.28) FFO (excluding specified items) per common stock/unit—diluted(2) $ 0.21 $ 0.74 FFO per common stock/unit—diluted(2) $ (3.06) $ (4.47) AFFO per common stock/unit—diluted(2) $ (0.14) $ 0.17 GAAP same-store NOI growth(3) (8.8) % (3.1) % Cash same-store NOI growth(3) (10.1) % (11.4) % Weighted average common stock/units outstanding—diluted 65,342 20,819 BALANCE SHEET HIGHLIGHTS HPP's share of debt, net/HPP's share of undepreciated book value(4) 31.9 % 38.4 % HPP's share of debt, net/cash adjusted EBITDAre for selected ratios(4) 11.2x 11.7x Weighted average years to maturity—HPP’s share of secured and unsecured debt 2.6 2.6 Unsecured revolving credit facility undrawn capacity $ 795,250 $ 455,000 Unrestricted cash and cash equivalents $ 138,358 $ 63,256 Note: Definitions for commonly used terms on pages 27-29. (1) Excluding studio development Sunset Glenoaks (which contributed to in-service trailing 12-month results for the first time during second quarter 2025), stage and total leased percentages would have been 86.2% and 78.8%, respectively. (2) See page 10 for a reconciliation of net loss to FFO and AFFO. (3) See page 12 for cash NOI reconciliation. (4) See pages 30-32 for non-GAAP reconciliations.

Page 4 of 32 Executive Summary (continued) Three Months Ended December 31, 2025 Note: Definitions for commonly used terms on pages 27-29. Financial Results Compared to Fourth Quarter 2024 • Total revenue of $256.0 million compared to $209.7 million, largely attributable to the lease termination fee associated with the sale of an office campus, Element LA • General and administrative expenses improved to $13.0 million compared to $19.5 million • Net loss attributable to common stockholders of $277.9 million, or $4.31 per diluted share, compared to net loss of $167.0 million, or $8.28 per diluted share, primarily due to the items affecting revenue and a non-cash, non-real-estate impairment of Quixote • FFO, excluding specified items, of $13.6 million, or $0.21 per diluted share, compared to $15.5 million, or $0.74 per diluted share. Specified items in the fourth quarter totaled $213.6 million, or $3.27 per diluted share, primarily consisting of the aforementioned non-cash, non-real estate impairment and one-time lease termination fee, net, compared to specified items totaling $108.5 million, or $5.21 per diluted share • FFO of $(200.0) million, or $(3.06) per diluted share, compared to $(93.0) million, or $(4.47) per diluted share, largely attributable to the items affecting net loss • AFFO of $(9.1) million, or $(0.14) per diluted share, compared to $3.6 million, or $0.17 per diluted share, primarily due to the items affecting FFO, lower non-cash compensation expense and higher recurring capital expenditures • Same-store cash NOI of $84.8 million compared to $94.3 million, primarily due to lower average office occupancy Leasing • Executed 79 new and renewal leases totaling 518,196 square feet ◦ Subsequent to the quarter, signed a renewal lease with Weil, Gotshal & Manges for 59,000 square feet through 2038 • GAAP rents increased 0.4% and cash rents decreased 9.0% from prior levels • In-service office portfolio ended the quarter at 76.3% occupied and 77.0% leased, up sequentially from 75.9% occupied and 76.5% leased in the third quarter this year. Fourth-quarter-end occupied and leased percentages would have been 76.8% and 77.5%, respectively, without the sale of Element LA • In-service studio portfolio and stages were 67.1% and 69.1% leased, respectively, over the trailing 12 months, up sequentially from 64.6% and 65.8% in the third quarter of this year, driven by improved occupancy at Sunset Las Palmas Studios Dispositions • Sold Element LA, a 284,000-square-foot office campus in West Los Angeles, California, for $150 million and received a separate lease termination payment of $81 million, all before prorations and closing costs, with total net proceeds used to repay $206 million of CMBS debt associated with the property and the remainder designated for general corporate purposes Development • Completed Sunset Pier 94 Studios in Manhattan on time and under budget, and signed leases with tenants during and subsequent to the quarter such that approximately 90% of the facility, including all six stages, is leased within the first quarter of operations Balance Sheet as of December 31, 2025 • $933.6 million of total liquidity comprised of $138.4 million of unrestricted cash and cash equivalents and $795.3 million of undrawn capacity under the unsecured revolving credit facility • $39.3 million, or $10.0 million at HPP's share, of undrawn capacity under construction loan secured by Sunset Pier 94 Studios • HPP's share of net debt to HPP's share of undepreciated book value was 31.9% with 100.0% of debt fixed or capped with a weighted average interest rate of 4.9% and no debt maturities until third quarter 2026

Page 5 of 32 Executive Summary (continued) Three Months Ended December 31, 2025 Note: Definitions for commonly used terms on pages 27-29. Dividend • The Company's Board of Directors declared and paid a dividend on its 4.750% Series C cumulative preferred stock of $0.296875 per share

Page 6 of 32 Corporate Information Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Lisa Burelli Chief People Officer Harout Diramerian Chief Financial Officer 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. Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Executive Officer, Catellus Development Corporation Jon Bortz Chairman and Chief Executive Officer, Pebblebrook Hotel Trust T. Ritson Ferguson Chief Executive Officer and Chief Investment Officer (retired), CBRE Global Investors Drew B. Gordon Chief Investment Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Andy Wattula Chief Operating Officer Robert L. Harris II Executive Chairman (retired), Acacia Research Corporation Michael Nash Co-Founder and Chairman (retired), Blackstone Real Estate Debt Strategies Barry Sholem Founder and Partner, MSD Partners, L.P. and Chairman and Senior Advisor, BDT & MSD Partners Andrea Wong President (retired), International Production, Sony Pictures Television Board of Directors: Executive Management:

Page 7 of 32 Corporate Information (continued) Morgan Stanley Ronald Kamdem (212) 296-8319 Piper Sandler & Company Alexander Goldfarb (212) 466-7937 Wells Fargo Securities Blaine Heck (443) 263-6529 Wolfe Research Ally Yaseen (646) 582-9253 Fitch Ratings Peter Siciliano (646) 582-4760 Moody’s Investor Service Ranjini Venkatesan (212) 553-3828 Standard & Poor’s Hannah Gray (646) 784-0134 Equity Research Coverage: Rating Agencies: Corporate Contact: Corporate Headquarters 11601 Wilshire Boulevard Ninth Floor Los Angeles, CA 90025 (310) 445-5700 Website www.hudsonpacificproperties.com Investor Relations Laura Campbell Executive Vice President, Investor Relations and Marketing (310) 622-1702 BofA Securities Jana Galan (646) 855-5042 BMO Capital Markets John Kim (212) 885-4115 BTIG Tom Catherwood (212) 738-6140 Cantor Fitzgerald Richard Anderson (929) 441-6927 Citigroup Global Markets Seth Bergey (212) 816-2066 Goldman Sachs Caitlin Burrows (212) 902-4736 Green Street Advisors Dylan Burzinski (949) 640-8780 Jefferies LLC Joe Dickstein (212) 778-8771 Mizuho Securities Vikram Malhotra (212) 282-3827

Page 8 of 32 Consolidated Balance Sheets In thousands, except share data 12/31/25 12/31/24 (Unaudited) ASSETS Investment in real estate, net $ 5,840,251 $ 6,442,178 Non-real estate property, plant and equipment, net 72,397 127,067 Cash and cash equivalents 138,358 63,256 Restricted cash 23,770 35,921 Accounts receivable, net 14,923 14,505 Straight-line rent receivables, net 195,425 199,748 Deferred leasing costs and intangible assets, net 307,390 327,514 Operating lease right-of-use assets 333,258 370,826 Prepaid expenses and other assets, net 86,607 90,114 Investment in unconsolidated real estate entities 246,835 221,468 Goodwill 8,754 156,529 Assets associated with real estate held for sale — 83,113 TOTAL ASSETS $ 7,267,968 $ 8,132,239 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,351,458 $ 4,176,844 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 209,382 193,861 Operating lease liabilities 343,886 380,004 Intangible liabilities, net 17,772 21,838 Security deposits, prepaid rent and other 74,369 84,708 Liabilities associated with real estate held for sale — 31,117 Total liabilities 4,063,003 4,954,508 Redeemable preferred units of the operating partnership 2,795 9,815 Redeemable non-controlling interest in consolidated real estate entities 50,581 49,279 Equity HPP stockholders' equity: 4.750% Series C cumulative redeemable preferred stock, $0.01 par value, $25.00 per share liquidation preference, 18,400,000 authorized, 17,000,000 shares outstanding at 12/31/25 and 12/31/24 425,000 425,000 Common stock, $0.01 par value, 103,200,000 authorized and 54,227,096 shares outstanding at 12/31/25; 68,800,000 authorized and 20,182,702 shares outstanding at 12/31/24 529 1,403 Additional paid-in capital 2,548,488 2,437,484 Accumulated other comprehensive loss (1,860) (8,417) Total HPP stockholders’ equity 2,972,157 2,855,470 Non-controlling interest—members in consolidated real estate entities 67,869 169,452 Non-controlling interest—units in the operating partnership 111,563 93,715 Total equity 3,151,589 3,118,637 TOTAL LIABILITIES AND EQUITY $ 7,267,968 $ 8,132,239

Page 9 of 32 Consolidated Statements of Operations In thousands, except per share data Three Months Ended Year Ended 12/31/25 12/31/24 12/31/25 12/31/24 (Unaudited) (Unaudited) (Unaudited) REVENUES Office Rental revenues $ 216,754 $ 170,689 $ 681,793 $ 677,620 Service and other revenues 3,683 3,531 14,267 14,656 Total office revenues 220,437 174,220 696,060 692,276 Studio Rental revenues 13,747 12,136 54,855 53,897 Service and other revenues 21,843 23,310 80,190 95,909 Total studio revenues 35,590 35,446 135,045 149,806 Total revenues 256,027 209,666 831,105 842,082 OPERATING EXPENSES Office operating expenses 68,661 77,896 284,016 305,649 Studio operating expenses 33,811 38,030 143,726 148,430 General and administrative 12,985 19,492 72,953 79,451 Depreciation and amortization 93,046 89,101 374,967 354,425 Total operating expenses 208,503 224,519 875,662 887,955 OTHER EXPENSES Income (loss) from unconsolidated real estate entities 2,136 (865) (67) (7,308) Fee income 1,482 1,336 5,399 5,269 Interest expense (38,850) (44,140) (172,218) (177,393) Interest income 1,468 492 6,238 2,467 Management services reimbursement income—unconsolidated real estate entities 1,024 932 4,206 4,119 Management services expense—unconsolidated real estate entities (1,024) (932) (4,206) (4,119) Transaction-related expenses — (193) (590) (2,499) Unrealized loss on non-real estate investments (663) (934) (2,998) (3,958) (Loss) gain on sale of real estate, net (4,293) (2,453) 5,714 (2,453) Impairment loss (280,844) (113,121) (299,320) (149,664) Loss on deconsolidation of real estate entity — — (77,907) — Loss on extinguishment of debt (6,751) — (10,453) — Other (expense) income (2,328) 198 (1,812) 1,647 Total other expenses (328,643) (159,680) (548,014) (333,892) Loss before income tax benefit (provision) (281,119) (174,533) (592,571) (379,765) Income tax benefit (provision) 945 1,052 273 (1,641) Net loss (280,174) (173,481) (592,298) (381,406) Net income attributable to Series A preferred units (44) (153) (364) (612) Net income attributable to Series C preferred shares (5,047) (5,047) (20,188) (20,188) Net income attributable to participating securities — — — (409) Net loss attributable to non-controlling interest in consolidated real estate entities 3,250 6,359 27,357 25,056 Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 477 973 3,248 4,059 Net loss attributable to common units in the operating partnership 3,619 4,353 10,000 9,357 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (277,919) $ (166,996) $ (572,245) $ (364,143) BASIC AND DILUTED PER SHARE AMOUNTS Net loss attributable to common stockholders—basic $ (4.31) $ (8.28) $ (12.81) $ (18.05) Net loss attributable to common stockholders—diluted $ (4.31) $ (8.28) $ (12.81) $ (18.05) Weighted average shares of common stock outstanding—basic 64,444 20,176 44,683 20,170 Weighted average shares of common stock outstanding—diluted 64,444 20,176 44,683 20,170

Page 10 of 32 Funds from Operations & Adjusted Funds from Operations Unaudited, in thousands, except per share data FUNDS FROM OPERATIONS Three Months Ended Year Ended 12/31/25 12/31/24 12/31/25 12/31/24 Net loss $ (280,174) $ (173,481) $ (592,298) $ (381,406) Adjustments: Depreciation and amortization—consolidated 93,046 89,101 374,967 354,425 Depreciation and amortization—non-real estate assets (8,499) (10,493) (35,852) (34,716) Depreciation and amortization—HPP’s share from unconsolidated real estate entities 1,246 1,242 4,654 5,630 Loss (gain) on sale of real estate, net 4,293 2,453 (5,714) 2,453 Loss on deconsolidation of real estate entity — — 77,907 — Impairment loss—real estate assets — 5,506 18,476 42,049 Unrealized loss on non-real estate investments 663 934 2,998 3,958 FFO attributable to non-controlling interests (5,475) (3,082) (18,092) (12,789) FFO attributable to preferred shares and units (5,091) (5,200) (20,552) (20,800) FFO to common stock/unit holders (199,991) (93,020) (193,506) (41,196) Specified items impacting FFO: Transaction-related expenses — — 590 2,306 Impairment loss—non-real estate assets 280,844 107,615 280,844 107,615 One-time termination of Quixote leases (cost-savings initiatives) — — 7,109 — Sale/disposal of transportation assets (cost-savings initiatives) 1,581 2,236 2,207 2,236 One-time termination of Quixote non-compete agreement (cost- savings initiatives) — — 1,402 — One-time employee separation costs (cost-savings initiatives) — — 1,163 — One-time expenses associated with early repayment of debt— HPP’s share 6,751 — 11,936 — Non-cash revaluation associated with a loan swap (unqualified for hedge accounting) — — 682 3,529 Forfeiture of non-cash compensation agreements — — 14,280 — One-time lease termination fee, net (69,032) — (69,032) — Prior period property and income tax adjustments (3,929) — (3,929) — One-time distribution from unconsolidated real estate entity (2,648) — (2,648) — One-time impact of tax legislation change — 788 — — Non-cash deferred tax asset adjustment—HPP’s share — (2,121) — (951) One-time straight-line rent reserve—HPP’s share — — — 3,871 FFO (excluding specified items) to common stock/unit holders $ 13,576 $ 15,498 $ 51,098 $ 77,410 Weighted average common stock/units outstanding—diluted 65,342 20,819 45,394 20,800 FFO per common stock/unit—diluted $ (3.06) $ (4.47) $ (4.26) $ (1.98) FFO (excluding specified items) per common stock/unit—diluted $ 0.21 $ 0.74 $ 1.13 $ 3.72 Note: Definitions for commonly used terms on pages 27-29. ADJUSTED FUNDS FROM OPERATIONS Three Months Ended Year Ended 12/31/25 12/31/24 12/31/25 12/31/24 FFO (excluding specified items) $ 13,576 $ 15,498 $ 51,098 $ 77,410 Adjustments: GAAP non-cash revenue (straight-line rent and above/below- market rents) (952) 339 (5,597) 4,515 GAAP non-cash expense (straight-line rent expense and above/ below-market ground rent) 1,691 2,722 6,472 7,721 Non-real estate depreciation and amortization 6,918 8,257 32,243 32,480 Non-cash interest expense 1,682 1,679 13,412 6,888 Non-cash compensation expense 3,782 6,540 16,034 25,887 Recurring capital expenditures, tenant improvements and lease commissions (35,758) (31,447) (114,756) (87,797) AFFO $ (9,061) $ 3,588 $ (1,094) $ 67,104 Weighted average common stock/units outstanding—diluted 65,342 20,819 45,394 20,800 AFFO per common stock/unit—diluted $ (0.14) $ 0.17 $ (0.02) $ 3.23 Dividends paid to common stock/unit holders $ — $ — $ — $ 15,377 AFFO payout ratio — % — % — % 22.9 %

Page 11 of 32 Consolidated Same-Store Property Performance Unaudited, in thousands, except number of properties and square feet SAME-STORE ANALYSIS Three Months Ended Year Ended 12/31/25 12/31/24 % Change 12/31/25 12/31/24 % Change Same-store office statistics Number of properties 38 38 38 38 Square feet 11,649,252 11,590,798 11,649,252 11,590,798 Average % occupied 73.3 % 76.5 % 72.8 % 77.0 % Same-store studio statistics Number of properties 3 3 3 3 Square feet 1,204,666 1,204,666 1,204,666 1,204,666 Average % leased 78.8 % 73.8 % 78.8 % 73.8 % Same-store NOI(1) Office revenues $ 146,487 $ 160,727 (8.9) % $ 599,534 $ 634,885 (5.6) % Office expenses 67,954 71,885 (5.5) 275,224 281,802 (2.3) Same-store office NOI 78,533 88,842 (11.6) 324,310 353,083 (8.1) Studio revenues 18,626 15,792 17.9 66,186 70,173 (5.7) Studio expenses 12,208 11,452 6.6 43,336 45,437 (4.6) Same-store studio NOI 6,418 4,340 47.9 22,850 24,736 (7.6) Total same-store NOI $ 84,951 $ 93,182 (8.8) % $ 347,160 $ 377,819 (8.1) % SAME-STORE ANALYSIS (CASH BASIS) Three Months Ended Year Ended 12/31/25 12/31/24 % Change 12/31/25 12/31/24 % Change Same-store NOI (cash basis)(2) Office cash revenues $ 144,540 $ 160,585 (10.0) % $ 593,950 $ 643,529 (7.7) % Office cash expenses 66,941 70,862 (5.5) 271,147 277,688 (2.4) Same-store office NOI (cash basis) 77,599 89,723 (13.5) 322,803 365,841 (11.8) Studio cash revenues 19,278 16,023 20.3 67,395 70,314 (4.2) Studio cash expenses 12,089 11,422 5.8 42,949 45,274 (5.1) Same-store studio NOI (cash basis) 7,189 4,601 56.2 24,446 25,040 (2.4) Total same-store NOI (cash basis) $ 84,788 (3) $ 94,324 (10.1) % $ 347,249 (3) $ 390,881 (11.2) % Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations. (2) Metro Center became part of the same-store office portfolio as of the second quarter 2025. Excluding Metro Center, same-store cash NOI growth would have been (9.4)% and (11.9)% for the three- and 12-month periods, respectively. (3) Adjusted for prior period property tax one-time items at Ferry Building and EPIC during fourth quarter 2025, same-store cash NOI growth would have been (13.1)% and (11.9)% for the three- and 12-month periods, respectively.

Page 12 of 32 NOI Detail Three Months Ended December 31, 2025 | Unaudited, in thousands Same-Store Office Same-Store Studio Non-Same- Store Office Non-Same- Store Studio Total REVENUE Cash rent $ 120,212 $ 11,645 $ 84,582 (1) $ 2,605 $ 219,044 Cash tenant recoveries 20,695 165 1,739 — 22,599 Straight-line rent 3,623 (643) (12,421) (2) (16) (9,457) Amortization of above/below-market leases, net 1,004 — — — 1,004 Amortization of lease incentive costs (2,680) (9) — — (2,689) Total rental revenue 142,854 11,158 73,900 2,589 230,501 Service and other revenues 3,633 7,468 50 14,375 25,526 Total revenue 146,487 18,626 73,950 16,964 256,027 OPERATING EXPENSES Property operating expenses 66,941 12,089 707 20,704 100,441 Straight-line rent 367 — — 796 1,163 Non-cash compensation expense 5 119 — 103 227 Amortization of above/below-market ground leases, net 641 — — — 641 Total operating expenses 67,954 12,208 707 21,603 102,472 CONSOLIDATED NOI(3) $ 78,533 $ 6,418 $ 73,243 $ (4,639) $ 153,555 Add: HPP’s share of NOI from unconsolidated real estate entity(4) — — 1,859 — 1,859 Less: NOI attributable to non-controlling interests(4) 11,843 3,080 3 — 14,926 HPP’s share of NOI $ 66,690 $ 3,338 $ 75,099 $ (4,639) $ 140,488 HPP’s share of NOI - adjusted $ 66,690 $ 3,338 $ 6,067 (5) $ (4,639) $ 71,456 Reconciliation to Cash NOI Consolidated NOI $ 78,533 $ 6,418 $ 73,243 $ (4,639) $ 153,555 Straight-line rent, net (3,256) 643 12,421 812 10,620 Non-cash compensation expense 5 119 — 103 227 Amortization of above/below-market leases, net (1,004) — — — (1,004) Amortization of lease incentive costs 2,680 9 — — 2,689 Amortization of above/below-market ground leases, net 641 — — — 641 CONSOLIDATED CASH NOI $ 77,599 $ 7,189 $ 85,664 $ (3,724) $ 166,728 Add: HPP’s share of cash NOI from unconsolidated real estate entity(4) — — 1,617 — 1,617 Less: Cash NOI attributable to non-controlling interests(4) 11,520 3,406 3 — 14,929 HPP’s share of Cash NOI $ 66,079 $ 3,783 $ 87,278 $ (3,724) $ 153,416 HPP’s share of Cash NOI - adjusted $ 66,079 $ 3,783 $ 6,278 (6) $ (3,724) $ 72,416 Note: Definitions for commonly used terms on pages 27-29. (1) Concurrently with the close of the Element LA property sale during fourth quarter 2025, we received a separate payment in the amount of $81.0 million for the early termination of the existing lease. (2) Includes $(12.0) million straight-line rent write-off for the termination of the existing lease at Element LA in connection with the fourth quarter 2025 property sale. (3) See page 30 for non-GAAP reconciliations. (4) See page 26 for a list of our consolidated and unconsolidated joint venture properties. (5) Excludes Element LA lease termination fee, net of straight line rent write-off totaling $69.0 million. (6) Excludes Element LA lease termination fee of $81.0 million.

Page 13 of 32 Debt Summary & Debt Metrics As of December 31, 2025 | Unaudited, in thousands Note: Definitions for commonly used terms on pages 27-29. (1) Maturity dates include the effect of extension options. (2) As of December 31, 2025, we had undrawn capacity of $795.3 million on our unsecured revolving credit facility and $10.0 million on our Sunset Pier 94 Studios loan (amounts at HPP’s share). (3) $333.3 million of commitments maturing December 21, 2026 and $462.0 million of commitments maturing December 31, 2029. (4) Secured by Sunset Gower Studios, Sunset Las Palmas Studios, Sunset Bronson Studios, 6040 Sunset, Harlow, ICON, Cue and EPIC. (5) Secured by 11601 Wilshire, 5th & Bell, 450 Alaskan, 1740 Technology and 275 Brannan. (6) In October 2025, the joint venture that owns Sunset Glenoaks Studios, in which we have a 50% ownership interest, ceased making debt service payments on the non-recourse mortgage loan due to insufficient property cash flows. (7) See pages 31-32 for non-GAAP reconciliations. DEBT METRICS Total unsecured and secured debt $ 3,367,850 Less: Consolidated cash and cash equivalents and restricted cash (162,128) Consolidated debt, net $ 3,205,722 Less: Partners' share of consolidated unsecured and secured debt (667,250) Add: HPP's share of unconsolidated real estate entities' debt 133,284 Add: Partners' share of consolidated cash and cash equivalents and restricted cash 22,801 Less: HPP's share of unconsolidated real estate entities' cash and cash equivalents and restricted cash (3,373) HPP's share of debt, net $ 2,691,184 HPP's share of debt, net/HPP's share of undepreciated book value(6) 31.9 % Consolidated debt, net/cash adjusted EBITDAre for selected ratios(6) 10.8x HPP's share of debt, net/HPP's share of cash adjusted EBITDAre for selected ratios(6) 11.2x DEBT SUMMARY Outstanding Balance HPP’s Share Stated Interest Rate Maturity Date(1) UNSECURED DEBT Unsecured revolving credit facility(2)(3) $ — $ — SOFR + 1.15% to 1.60% 12/31/29 3.95% Registered senior notes 400,000 400,000 3.95% 11/1/27 5.95% Registered senior notes 350,000 350,000 5.95% 2/15/28 4.65% Registered senior notes 500,000 500,000 4.65% 4/1/29 3.25% Registered senior notes 400,000 400,000 3.25% 1/15/30 Total unsecured debt 1,650,000 1,650,000 SECURED DEBT Hollywood Media Portfolio CMBS(4) 1,100,000 561,000 SOFR + 1.10% 8/9/26 Acquired Hollywood Media Portfolio CMBS debt (30,233) (30,233) SOFR + 2.11% 8/9/26 Hollywood Media Portfolio, net 1,069,767 530,767 Hill7 CMBS 101,000 101,000 3.38% 11/6/28 Office Portfolio CMBS(5) 262,083 262,083 SOFR + 4.15% 4/9/30 1918 Eighth CMBS 285,000 156,750 6.16% 9/11/30 Total secured debt 1,717,850 1,050,600 Total unsecured and secured debt $ 3,367,850 $ 2,700,600 Consolidated joint venture partner debt $ 66,136 $ — 4.50% 10/9/32 UNCONSOLIDATED DEBT Sunset Glenoaks Studios(6) $ — $ — SOFR + 3.10% 1/9/27 Bentall Centre 482,622 96,524 CORRA + 2.30% 7/1/27 Sunset Pier 94 Studios(7) 143,870 36,760 SOFR + 4.75% 9/9/28 Total unconsolidated debt $ 626,492 $ 133,284

Page 14 of 32 Debt Maturities, Composition & Hedging Instruments(1) Unaudited, in thousands DEBT COMPOSITION Weighted Average Amount % of Total Debt Effective Interest Rate Years to Maturity HPP’s share of secured and unsecured debt Unsecured $1,650,000 58.2 % 4.4% 2.8 Secured 1,183,884 41.8 5.5 2.3 Total $2,833,884 100.0 % 4.9% 2.6 HPP’s share of fixed, capped, and floating rate debt Fixed(2) $2,785,041 98.3 % 4.8% 2.6 Capped 48,843 1.7 8.4 3.1 Floating — — — — Total $2,833,884 100.0 % 4.9% 2.6 GAAP effective rate 5.0% Debt Maturity Schedule $— $400,000 $350,000 $500,000 $400,000 $540,767 $106,524 $147,760 $10,000 $378,833 Secured Unsecured 2025 2026 2027 2028 2029 2030 + 0 200,000 400,000 600,000 800,000 1,000,000 Note: Definitions for commonly used terms on pages 27-29. (1) Reflects HPP’s share of principal amortization and maturities based on contractual maturity dates, including impact of extension options, and excluding unamortized deferred financing costs, loan discounts/premiums, and consolidated joint venture partners’ debt. (2) Fixed rate debt includes debt subject to interest rate swaps. (3) Notional amount decreases monthly in line with amortization of the underlying debt instrument. HEDGING INSTRUMENTS Underlying Debt Instrument HPP Notional Amount Effective Date Maturity Date Strike/Swap Rate Underlying Index Interest rate swaps Hollywood Media Portfolio CMBS, net $351,186 8/15/23 6/15/26 3.31% SOFR Bentall Centre $96,524 11/1/23 7/1/27 4.36% CORRA Hollywood Media Portfolio CMBS, net $180,000 2/9/24 8/9/26 4.13% SOFR Office Portfolio CMBS $250,000 12/15/25 4/15/29 3.41% SOFR Interest rate caps Office Portfolio CMBS(3) $11,250 12/15/25 2/15/27 3.35% SOFR Sunset Pier 94 Studios $36,760 9/15/25 9/15/26 4.00% SOFR

Page 15 of 32 Debt Covenant Compliance(1) Covenant Actual Performance Unsecured revolving credit facility and term loans Total liabilities to total asset value ≤ 60% 43.1% Unsecured indebtedness to unencumbered asset value ≤ 60% 36.4% Adjusted EBITDA to fixed charges ≥ 1.5x 1.63x Secured indebtedness to total asset value ≤ 45% 23.0% Unencumbered NOI to unsecured interest expense ≥ 1.75x 2.3x Minimum liquidity coverage > $125MM Yes Unsecured registered senior notes Debt to total assets ≤ 60% 39.7% Total unencumbered assets to unsecured debt ≥ 150% 309.2% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 1.9x Secured debt to total assets ≤ 40% 21.0% (1) Covenants and actual performance reflect most restrictive terms and definitions of latest amended and restated credit agreement or indentures governing unsecured registered senior notes in accordance with our financial results as of December 31, 2025, at which time the operating partnership was in compliance.

Page 16 of 32 Existing Portfolio Summary Three Months Ended 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Number of office properties owned 41 42 42 43 45 In-service office square feet 13,178,041 13,454,547 13,420,243 13,420,836 13,550,348 In-service office % leased 77.0 % 76.5 % 76.2 % 76.5 % 78.9 % In-service office % occupied 76.3 % 75.9 % 75.1 % 75.1 % 78.3 % Number of studio properties owned 5 5 5 5 5 In-service studio square feet(1) 1,447,966 1,447,966 1,448,324 1,446,024 1,452,168 In-service studio % leased(2) 67.1 % 64.6 % 63.0 % 73.8 % 73.8 % HPP's Share ABR % by Industry 36.5% 16.7%8.6% 7.6% 6.9% 5.8% 17.9% Technology Media & Entertainment Legal Retail Business Services Financial Services Other YTD HPP's Share NOI % by Region 41.2% 21.1% 18.0% 17.0% 2.7% Silicon Valley San Francisco Los Angeles Seattle Vancouver HPP's Share Tech ABR % by Public/ Private Tenants & Age 67.4% 19.0% 13.6% Public Private > 10 Yrs. Private < 10 Yrs. YTD HPP's Share NOI % Office vs. Studio 100.0% Office Studio Note: Definitions for commonly used terms on pages 27-29. (1) See page 20 for a list of in-service studio properties. (2) Excluding studio development Sunset Glenoaks (which contributed to in-service trailing 12-month results for the first time during second quarter 2025), the total leased percentage would have increased to 78.8%. (3) See page 30 for non-GAAP reconciliations. (4) Excludes Element LA lease termination fee, net of straight line rent write-off totaling $69.0 million. (5) Includes the in-service population of office and studio properties. (6) Reflects status of tenant or tenant's parent entity. There can be no assurance that tenant's parent entity will satisfy lease and other obligations upon default. (3) (6)(5) (4)

Page 17 of 32 Office Properties by Location Note: Definitions for commonly used terms on pages 27-29. (1) Excludes 215,325 square feet taken off-line for change of use and/or significant capital repositioning. Properties Square Feet % Occupied % Leased Annualized Base Rent HPP’s Share Annualized Base Rent Annualized Base Rent Per Square Foot Los Angeles, California Hollywood 5 967,194 100.0 % 100.0 % $ 62,520,637 $ 31,885,524 $ 64.64 West Los Angeles 1 501,078 93.5 94.7 22,148,575 22,148,575 47.28 Downtown Los Angeles 1 131,701 100.0 100.0 6,549,823 6,549,823 49.73 Subtotal 7 1,599,973 98.0 98.3 91,219,035 60,583,922 58.20 San Francisco Bay Area, California North San Jose 5 2,666,985 57.5 58.4 70,945,556 70,945,556 46.22 San Francisco 6 2,253,936 68.2 68.3 98,976,126 87,518,248 64.39 Palo Alto 5 981,920 94.9 94.9 75,818,488 75,818,488 81.35 Redwood Shores 4 949,755 68.8 69.3 43,785,295 43,785,295 67.02 Foster City 1 724,121 88.3 89.5 37,905,051 37,905,051 59.28 Santa Clara 1 285,764 89.0 90.0 11,305,679 11,305,679 44.44 Subtotal 22 7,862,481 70.6 71.1 338,736,195 327,278,317 61.02 Seattle, Washington Denny Triangle 4 1,341,620 77.8 79.9 45,126,338 31,639,160 43.25 Pioneer Square 5 845,178 56.4 57.5 16,995,116 16,995,116 35.62 Subtotal 9 2,186,798 69.5 71.2 62,121,454 48,634,276 40.86 Vancouver, British Columbia Downtown Vancouver 1 1,528,789 92.5 93.2 43,483,392 8,696,678 30.74 Subtotal 1 1,528,789 92.5 93.2 43,483,392 8,696,678 30.74 TOTAL IN-SERVICE 39 13,178,041 (1) 76.3 % 77.0 % $ 535,560,076 $ 445,193,193 $ 53.27

Page 18 of 32 Office Properties Occupancy Detail Submarket Square Feet % Occupied % Leased Los Angeles, California ICON Hollywood 326,792 100.0 100.0 EPIC Hollywood 301,127 100.0 100.0 Harlow Hollywood 129,931 100.0 100.0 6040 Sunset Hollywood 114,958 100.0 100.0 CUE Hollywood 94,386 100.0 100.0 11601 Wilshire West Los Angeles 501,078 93.5 94.7 Fourth & Traction Downtown Los Angeles 131,701 100.0 100.0 San Francisco Bay Area, California Concourse North San Jose 943,052 57.7 58.6 Gateway North San Jose 608,895 72.6 74.4 Metro Plaza North San Jose 480,039 60.3 60.3 Skyport Plaza North San Jose 419,142 10.4 10.9 1740 Technology North San Jose 215,857 100.0 100.0 1455 Market San Francisco 1,007,646 47.2 47.2 Rincon Center San Francisco 530,135 97.4 97.4 Ferry Building San Francisco 266,402 98.8 99.9 901 Market San Francisco 204,381 32.4 32.4 875 Howard San Francisco 188,252 83.9 83.9 275 Brannan San Francisco 57,120 100.0 100.0 Palo Alto Square Palo Alto 318,180 98.4 98.4 3400 Hillview Palo Alto 207,857 100.0 100.0 Page Mill Hill Palo Alto 182,562 75.5 75.5 Page Mill Center Palo Alto 172,666 100.0 100.0 Clocktower Square Palo Alto 100,655 100.0 100.0 Towers at Shore Center Redwood Shores 334,570 75.3 75.7 Shorebreeze Redwood Shores 230,931 69.7 69.7 555 Twin Dolphin Redwood Shores 201,219 68.3 70.1 333 Twin Dolphin Redwood Shores 183,035 56.3 56.3 Metro Center Foster City 724,121 88.3 89.5 Techmart Santa Clara 285,764 89.0 90.0 Seattle, Washington 1918 Eighth Denny Triangle 667,724 99.4 99.4 Hill7 Denny Triangle 285,310 46.9 46.9 5th & Bell Denny Triangle 197,136 100.0 100.0 Met Park North Denny Triangle 191,450 25.6 40.5 505 First Pioneer Square 291,290 25.5 25.5 83 King Pioneer Square 185,790 35.6 35.6 450 Alaskan Pioneer Square 171,594 95.9 95.9 411 First Pioneer Square 164,426 89.8 95.2 95 Jackson Pioneer Square 32,078 76.4 76.4 Vancouver, British Columbia Bentall Centre Downtown Vancouver 1,528,789 92.5 93.2 TOTAL IN-SERVICE OFFICE 13,178,041 76.3 % 77.0 % Note: Definitions for commonly used terms on pages 27-29.

Page 19 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Google, Inc. expirations: (i) 208,843 square feet at Rincon Center on February 29, 2028, (ii) 207,857 square feet at 3400 Hillview on November 30, 2028 and (iii) 41,354 square feet at Ferry Building on October 31, 2029. (2) Netflix, Inc. expirations: (i) 326,792 square feet at ICON, (ii) 301,127 square feet at EPIC and (iii) 94,386 square feet at CUE. (3) Amazon expirations: (i) 659,150 square feet at 1918 Eighth on September 30, 2030 and (ii) 191,814 square feet at 5th & Bell on May 31, 2031. (4) City and County of San Francisco expirations: (i) 39,573 square feet at 1455 Market on September 19, 2033, (ii) 389,316 square feet at 1455 Market on April 30, 2045 and (iii) 706 square feet at Ferry Building on April 30, 2067. (5) Nutanix expirations: (i) 215,857 square feet at 1740 Technology on May 31, 2030 and (ii) 13,898 square feet at Metro Plaza on July 31, 2030. (6) Salesforce.com expirations at Rincon Center: (i) 83,372 square feet on April 30, 2027 and (ii) 93,028 square feet on October 31, 2028. Salesforce.com subleases 182,378 feet at Rincon Center to Twilio Inc. and pays 50% of cash rents received pursuant to the sublease at a current average of $280,000 per month with annual growth thereafter, in addition to contractual base rent. (7) Dell EMC Corporation expirations: (i) 83,549 square feet at 875 Howard on June 30, 2026 and (ii) 46,472 square feet at 505 First on January 31, 2027. (8) PayPal, Inc. has exercised their early termination right at Fourth & Traction for July 2026. (9) Redfin Corporation expirations: (i) 2,978 square feet at Gateway on September 30, 2026 and (ii) 112,990 square feet at Hill7 on July 31, 2027. HPP’s Share # of Properties Lease Expiration Occupied Square Feet Annualized Base Rent % of Annualized Base Rent 1 Google, Inc. 3 2028-2029 458,054 (1) $ 39,743,079 8.9% 2 Netflix, Inc. 3 9/30/31 722,305 (2) 27,066,646 6.1 3 Amazon 2 2030-2031 850,964 (3) 24,733,556 5.6 4 City and County of San Francisco 2 2033-2067 429,595 (4) 17,769,342 4.0 5 Nutanix, Inc. 2 2030 229,755 (5) 12,653,291 2.8 6 Salesforce.com 1 2027-2028 176,400 (6) 10,746,119 2.4 7 Dell EMC Corporation 2 2026-2027 130,021 (7) 9,299,037 2.1 8 Coupa Software Incorporated 1 11/30/33 100,654 8,077,212 1.8 9 X.AI LLC 1 10/31/31 105,536 6,838,733 1.5 10 PAYPAL INC 1 7/17/26 131,701 (8) 6,549,823 1.5 11 Weil, Gotshal & Manges LLP 1 8/31/26 76,278 6,469,157 1.5 12 Glu Mobile, Inc. 1 11/30/27 61,381 5,637,567 1.3 13 Redfin Corporation 2 2026-2027 115,968 (9) 5,022,579 1.1 14 RIVIAN AUTOMOTIVE, LLC 1 4/30/28 55,805 4,980,956 1.1 15 Covington & Burling LLP 1 8/31/28 40,779 4,483,680 1.0 TOTAL 3,685,196 $ 190,070,777 42.7% 15 Largest Office Tenants

Page 20 of 32 Note: Definitions for commonly used terms on pages 27-29. (1) Excludes 25,244 square feet taken off-line for change of use and/or significant capital repositioning. STUDIO PROPERTIES Owned/ Leased Submarket # of Stages Square Feet Stage % Leased Total % Leased Annualized Base Rent HPP’s Share Annualized Base Rent Annualized Base Rent Per Square Foot Los Angeles, California Sunset Gower Studios Owned Hollywood 12 559,149 100.0 % 81.6 % $ 24,456,909 $ 12,473,024 $ 53.57 Sunset Bronson Studios Owned Hollywood 9 310,563 90.8 89.6 12,760,515 6,507,862 45.84 Sunset Las Palmas Studios Owned Hollywood 11 334,954 65.3 63.9 7,305,566 3,725,839 34.66 Sunset Glenoaks Studios Owned Sun Valley 7 243,300 12.2 9.3 898,989 449,495 37.62 TOTAL IN-SERVICE STUDIO 39 1,447,966 (1) 69.1 % 67.1 % $ 45,421,979 $ 23,156,220 $ 46.76 Quixote Studios Various Various 20 468,087 53.3% 45.9% $11,211,035 $11,211,035 $ 55.18 Studio Properties & Services STUDIO NOI DETAIL ($ in thousands) Revenue Categories Quarter to Date Rental Studio Ancillary Pro Supplies Transportation Location Total Studio Revenues Total Studio Expenses Total Studio NOI In-Service Studio $11,157 $7,468 N/A N/A N/A $18,625 $12,224 $6,401 Quixote Studios & Services 2,590 4,941 1,549 7,471 414 16,965 21,587 (4,622) TOTAL $13,747 $12,409 $1,549 $7,471 $414 $35,590 $33,811 $1,779

Page 21 of 32 Office Leasing Activity Dollars reflected are per square foot Three Months Ended 12/31/25 Year Ended 12/31/25 Gross Leasing Activity New cash rate $39.71 $44.09 Renewal cash rate $46.47 $49.74 New square feet leased 294,080 1,391,749 Renewal square feet leased 224,116 830,247 Total square feet leased 518,196 2,221,996 Leases expired and terminated Contractual expiration square feet 111,119 1,412,534 Early termination square feet 11,300 394,543 Total square feet expired/terminated 122,419 1,807,077 GAAP rent expiring rate $43.09 $45.93 GAAP rent new/renewal rate $43.26 $46.64 % change in GAAP rent 0.4 % 1.6 % Cash rent expiring rate $48.34 $51.72 Cash rent new/renewal rate $43.99 $47.27 % change in cash rent (9.0) % (8.6) % Tenant improvements & leasing commissions (total / annual) New leases $84.78 / $11.57 $85.85 / $10.12 Renewal leases $22.96 / $4.28 $22.67 / $5.20 Blended $54.58 / $8.57 $60.72 / $8.87 Net effective rent New leases $33.83 $39.68 Renewal leases $49.35 $52.19 Blended $41.41 $44.66 Weighted average lease term (in months) New leases 87.9 101.8 Renewal leases 64.5 52.3 Blended 76.5 82.1 Note: Definitions for commonly used terms on pages 27-29.

Page 22 of 32 Expiring Office Leases Summary HPP’s Share # of Leases Expiring Square Feet Expiring(1) Square Feet Expiring(1) Annualized Base Rent % of Office Annualized Base Rent Annualized Base Rent Per Square Foot Annualized Base Rent at Expiration Annualized Base Rent Per Square Foot at Expiration Vacant 3,788,193 3,688,559 Q1-2026 33 329,500 244,118 $ 244,118 2.3 % $ 41.75 $ 10,193,438 $ 41.76 Q2-2026 36 174,219 139,669 139,669 1.9 60.82 7,884,426 56.45 Q3-2026 41 445,356 414,636 414,636 5.8 63.49 26,409,406 63.69 Q4-2026 20 67,622 63,623 63,623 0.8 53.66 3,439,295 54.06 Total 2026 130 1,016,697 862,046 48,423,827 10.8 56.17 47,926,565 55.60 2027 157 1,228,212 1,139,269 68,006,244 15.2 59.69 70,311,263 61.72 2028 139 1,518,086 1,334,769 92,965,880 20.9 69.65 98,102,165 73.50 2029 98 763,519 575,997 37,618,005 8.4 65.31 41,218,323 71.56 2030 79 1,553,814 1,152,515 60,162,651 13.4 52.20 67,801,701 58.83 2031 63 1,493,802 1,049,471 63,618,151 14.2 60.62 74,739,820 71.22 2032 15 156,722 116,726 6,773,028 1.5 58.02 7,794,946 66.78 2033 26 648,858 525,309 27,870,727 6.2 53.06 34,362,838 65.41 2034 15 183,919 180,725 6,702,757 1.5 37.09 11,390,702 63.03 2035 20 400,273 195,939 8,981,262 2.0 45.84 11,220,690 57.27 Thereafter 22 685,326 558,611 23,929,816 5.3 42.84 38,874,665 69.59 Building management use 63 382,526 330,062 — — — — — Signed leases not commenced 22 94,920 85,149 2,724,593 0.6 32.00 3,201,263 37.60 TOTAL/ WEIGHTED AVERAGE 849 13,914,867 11,795,147 $ 447,776,941 100.0 % $ 55.24 $ 506,944,941 $ 62.53 Note: Definitions for commonly used terms on pages 27-29. (1) Total expiring square footage does not include month-to-month leases.

Page 23 of 32 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters Q1 2026 Q2 2026 Q3 2026 Q4 2026 Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Uncommenced Office Leases Los Angeles, California 2,832 $ 66.00 3,069 $ 66.84 — $ — — $ — San Francisco Bay Area, California 27,688 46.07 13,304 49.28 — — — — Seattle, Washington 37,444 9.35 — — — — — — Vancouver, British Columbia — — 10,583 24.26 — — — — TOTAL 67,964 $ 26.67 26,956 $ 41.45 — $ — — $ — Backfilled Office Leases Los Angeles, California — $ — 2,287 $ 63.00 — $ — — $ — San Francisco Bay Area, California 16,620 45.84 2,314 40.16 — — — — Seattle, Washington 45,180 27.00 2,566 20.00 — — — — Vancouver, British Columbia 13,483 0.97 17,074 35.01 7,000 29.17 — — TOTAL 75,283 $ 26.50 24,241 $ 36.55 7,000 $ 29.17 — $ — Expiring Office Leases(1) Los Angeles, California 114,958 $ 8.70 (2) 27,257 $ 57.74 143,145 $ 49.28 (3) 1,242 $ 57.29 San Francisco Bay Area, California 125,473 65.83 100,534 58.72 260,725 72.84 (4) 59,838 55.43 Seattle, Washington 55,474 24.99 4,684 31.85 3,128 41.10 1,612 40.17 Vancouver, British Columbia 33,595 14.03 41,744 34.63 38,358 30.48 4,930 35.37 TOTAL 329,500 $ 33.74 174,219 $ 52.07 445,356 $ 61.40 67,622 $ 53.64 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Square Feet Rent Per Square Foot Uncommenced Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California — — — — — — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia — — — — — — — — TOTAL — $ — — $ — — $ — — $ — Backfilled Office Leases Los Angeles, California — $ — — $ — — $ — — $ — San Francisco Bay Area, California — — — — — — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia — — — — — — — — TOTAL — $ — — $ — — $ — — $ — Expiring Office Leases(1) Los Angeles, California 9,184 $ 74.71 2,783 $ 73.98 7,940 $ 58.82 15,287 $ 70.38 San Francisco Bay Area, California 221,343 64.79 225,937 65.57 (5) 150,896 64.94 285,643 68.73 (6) Seattle, Washington 49,792 41.61 27,580 37.08 120,565 44.95 (7) 924 31.83 Vancouver, British Columbia 13,415 31.34 22,425 35.98 46,388 32.36 28,110 37.00 TOTAL 293,734 $ 59.64 278,725 $ 60.45 325,789 $ 52.75 329,964 $ 66.00

Page 24 of 32 Uncommenced, Backfilled & Expiring Office Leases—Next Eight Quarters (continued) Note: Definitions for commonly used terms on pages 27-29. (1) Excludes building management offices with various expiration dates. (2) Includes Picture Shop, LLC at 6040 Sunset for 114,958 square feet on December 31, 2025. (3) Includes PayPal, Inc. at Fourth & Traction for 131,701 square feet on July 17, 2026. (4) Includes Dell EMC Corporation at 875 Howard for 83,549 square feet on June 30, 2026 and Weil, Gotshal & Manges LLP at Towers at Shore Center for 76,278 square feet on August 31, 2026 (renewed for 59,403 square feet effective February 2026). (5) Includes Salesforce.com at Rincon Center for 83,372 square feet on April 30, 2027. (6) Includes Glu Mobile, Inc. at 875 Howard for 61,381 square feet on November 30, 2027. (7) Includes Redfin Corporation at Hill7 for 112,990 square feet on July 31, 2027.

Page 25 of 32 Recently Completed & Future Development Pipeline(1) Unaudited, in thousands, except square feet Note: Definitions for commonly used terms on pages 27-29. (1) Represents 100% share of consolidated and unconsolidated joint ventures. See page 26 for HPP’s share of joint venture properties. (2) Based on receipt of temporary certificate of occupancy or equivalent. (3) Includes land and acquisition costs for Sunset Las Palmas Studios—Development for $20.8 million and Sunset Waltham Cross Studios for $174.7 million. FUTURE DEVELOPMENT PIPELINE Type Submarket Estimated Square Feet Project Costs as of 12/31/25(5) Los Angeles, California Sunset Las Palmas Studios—Development Office/Studio Hollywood 617,581 $ 29,817 Sunset Gower Studios—Development Office/Studio Hollywood 478,845 $ 7,940 Sunset Bronson Studios Lot D—Development Residential Hollywood 19,816 (33 units) $ — 10900-10950 Washington Residential West Los Angeles 428,623 (508 units) $ 1,632 Vancouver, British Columbia Burrard Exchange Office Downtown Vancouver 450,000 $ 8,417 Greater London, United Kingdom Sunset Waltham Cross Studios Studio Broxbourne 1,167,347 $ 304,389 TOTAL 3,162,212 $ 352,195 RECENTLY COMPLETED DEVELOPMENT Submarket Completion Date(2) Estimated Stabilization Date Estimated Square Feet % Occupied % Leased Seattle, Washington Washington 1000 Denny Triangle Q4-2024 Q3-2027 546,000 0.5% 0.5% New York, New York Sunset Pier 94 Studios Manhattan Q4-2025 Q3-2026 232,000 N/A N/A TOTAL 778,000

Page 26 of 32 Consolidated & Unconsolidated Ventures Venture Partner Submarket Square Feet(1) HPP Ownership % CONSOLIDATED VENTURES Los Angeles, California(2) Sunset Gower Studios Blackstone Hollywood 1,044,644 51.0 % Sunset Las Palmas Studios Blackstone Hollywood 971,129 51.0 % Sunset Bronson Studios Blackstone Hollywood 330,379 51.0 % ICON Blackstone Hollywood 326,792 51.0 % EPIC Blackstone Hollywood 301,127 51.0 % Harlow Blackstone Hollywood 129,931 51.0 % 6040 Sunset Blackstone Hollywood 114,958 51.0 % CUE Blackstone Hollywood 94,386 51.0 % San Francisco, California Ferry Building Allianz San Francisco 266,402 55.0 % Seattle, Washington 1918 Eighth CPPIB Denny Triangle 667,724 55.0 % UNCONSOLIDATED VENTURES Los Angeles, California(2) Sunset Glenoaks Studios Blackstone Sun Valley 243,300 50.0 % New York, New York Sunset Pier 94 Studios Blackstone/Vornado Manhattan 232,000 25.6 % Vancouver, British Columbia Bentall Centre Blackstone Downtown Vancouver 1,997,348 20.0 % Greater London, United Kingdom Sunset Waltham Cross Studios Blackstone Broxbourne 1,167,347 35.0 % (1) Inclusive of estimated developable square feet. (2) Excluding Sunset Glenoaks Studios, Los Angeles properties owned jointly with Blackstone collectively referred to as the Hollywood Media Portfolio.

Page 27 of 32 Definitions Adjusted EBITDAre: Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share of interest and depreciation from unconsolidated real estate entities and further adjusted to eliminate the impact of certain non-cash items and items that we do not consider indicative of our ongoing performance. We believe that Adjusted EBITDAre is useful because it allows investors and management to evaluate and compare our performance from period to period in a meaningful and consistent manner, in addition to standard financial measurements under GAAP. Adjusted EBITDAre is not a measurement of financial performance under GAAP and should not be considered as an alternative to income attributable to common shareholders, as an indicator of operating performance or any measure of performance derived in accordance with GAAP. Our calculation of Adjusted EBITDAre may be different from the calculation used by other companies and, accordingly, comparability may be limited. Adjusted Funds from Operations (“AFFO”): Non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO (excluding specified items) HPP’s share of non-cash compensation expense and amortization of deferred financing costs, and subtracting recurring capital expenditures related to HPP’s share of tenant improvements and leasing commissions (excluding pre-existing obligations on contributed or acquired properties funded with amounts received in settlement of prorations), and eliminating the net effect of HPP’s share of straight-line rents, amortization of lease buy-out costs, amortization of above- and below-market lease intangible assets and liabilities, amortization of above- and below-market ground lease intangible assets and liabilities and amortization of loan discounts/premiums. AFFO is not intended to represent cash flow for the period. We believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Annualized Base Rent (“ABR”): For office properties, 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. For studio properties, ABR 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. Average Percent Occupied: For same-store office properties, represents the average percent occupied during the three months ended December 31, 2025. For same-store studio properties, represents the average percent leased for the 12 months ended December 31, 2025. Backfilled Office Leases: Defined as new leases with respect to occupied space executed on or prior to December 31, 2025, but with commencement dates after December 31, 2025, and within the next eight quarters. Cash Rent Growth: Initial stabilized cash rents on new and renewal leases compared to expiring cash rents in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. Consolidated Debt: Consolidated unsecured and secured debt. Consolidated Debt, Net: Similar to consolidated debt, less consolidated cash and cash equivalents. Consolidated Unsecured and Secured Debt: Excludes joint venture partner debt, unamortized deferred financing costs and unamortized loan discounts/premiums related to our registered senior debt. Includes full amount of debt related to the Hollywood Media Portfolio and 1918 Eighth joint ventures. Dilutive Shares: Represents an estimate of the total shares and units issuable under our 2023 Performance Stock Unit (“PSU”) Plan as of quarter end, based on the projected award potential of the program as of the end of the period, calculated in accordance with Accounting Standards Codification (“ASC”) 260, Earnings Per Share. Effective Interest Rate: Interest rate with respect to indebtedness calculated based on a 360-day year for actual days elapsed. Debt with a variable interest rate component reflects SOFR or CORRA as of December 31, 2025, except to the extent that such debt is subject to a rate which has been fixed pursuant to a swap is above the capped rate, in which case the rate is calculated based on the swapped or capped rate, as applicable. Page 14 details our interest rate hedging instruments. We have an option to make an irrevocable election to change the interest rate depending on our credit rating or a specified base rate plus an applicable margin. As of December 31, 2025, no such election had been made.

Page 28 of 32 Definitions (continued) Estimated Stabilized Yield: Calculated as the quotient of estimated NOI and our investment in a property once project stabilizes and initial rental concessions, if any, have elapsed, excluding the impact of leverage. Cash rents related to development and redevelopment projects are expected to increase over time and average cash yields are expected to be greater than estimated initial stabilized yields. Our estimates for cash yields and total costs at completion represent our current estimates, which may be updated upon project completion or sooner, if there are significant changes to expected yields or costs. We caution against placing undue reliance on the estimated stabilized yields which are based solely on our estimates, using data available to us during the development process. The amount of total investment required to reach stabilized occupancy may differ substantially from our estimates due to various factors. We can provide no assurance that the actual stabilized yields will be consistent with the estimated stabilized yields set forth herein. Estimated Project Costs: Estimated project costs exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. Estimated Square Feet: 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. Estimated Stabilization Date: Based on management’s estimate of stabilized occupancy (92.0%). Occupancy for stabilization purposes defined as the commencement of cash rental payments. Funds from Operations (“FFO”): We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts. The White Paper defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus the HPP’s share of real estate-related depreciation and amortization, excluding amortization of deferred financing costs and depreciation of non-real estate assets. The calculation of FFO includes the HPP’s share of amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. FFO is a non-GAAP financial measure we believe 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. GAAP Effective Rate: Similar to effective interest rate except it includes the amortization of deferred financing costs and loan discounts/ premiums. HPP’s Share: Non-GAAP financial measures calculated as the measure on a consolidated basis, in accordance with GAAP, plus our Operating Partnership’s share of the measure from our unconsolidated joint ventures (calculated based upon the Operating Partnership’s percentage ownership interest), minus our partners’ share of the measure from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). We believe that presenting HPP’s share of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because we have several significant joint ventures, and in some cases, we exercise significant influence over, but do not control, the joint venture. In such instances, GAAP requires us to account for the joint venture entity using the equity method of accounting, which we do not consolidate for financial reporting purposes. In other cases, GAAP requires us to consolidate the venture even though our partner(s) own(s) a significant percentage interest. HPP’s Share of Debt: Similar to consolidated debt except it includes HPP’s share of unconsolidated joint venture debt and excludes partners’ share of consolidated joint venture partner debt.

Page 29 of 32 In-Service Properties: Owned properties, excluding repositioning, redevelopment, development and held for sale properties. Office development properties are incorporated into the in-service portfolio the earlier of 92% occupancy or the project’s estimated stabilization date. Studio development properties are incorporated into the in-service portfolio the earlier of one year following completion or the project’s estimated stabilization date. Net Effective Rent: Weighted average straight-line annual cash rent, net of annualized tenant improvements and lease commissions. Triple net (NNN) and modified gross base rents are adjusted to include estimated annual expenses consistent with those included in comparable full service gross base rents. Net Operating Income (“NOI”): We evaluate 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 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 income from continuing operations. 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 (rental revenues, other property-related revenue, tenant recoveries and other operating revenues), less property-level operating expenses (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. Operating Partnership: The Company conducts all of its operations through the Operating Partnership, Hudson Pacific Properties, L.P., and serves as its sole general partner. As of December 31, 2025, the Company owned 97.4% of the ownership interest in the Operating Partnership, including unvested restricted units. Outstanding Balance: Outstanding debt balances including partners’ share of consolidated entities and excludes unamortized deferred financing costs and loan discounts/premiums. Percent Occupied/Leased: For office properties, calculated as (i) square footage under commenced leases as of December 31, 2025, divided by (ii) total square feet, expressed as a percentage, whereas percent leased includes uncommenced leases. For studio properties, percent occupied reflects the average percent occupied for the 12 months ended December 31, 2025. Project Costs: Exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970-360-25 and operating expenses capitalized in accordance with ASC 970-340. Same-Store Office: Same-store office for the three months ended December 31, 2025 defined as all properties owned and included in our stabilized office portfolio as of October 1, 2024 and still owned and included in the stabilized office portfolio as of December 31, 2025. Same- store office for the year ended December 31, 2025 defined as all properties owned and included in our stabilized office portfolio as of January 1, 2024 and still owned and included in the stabilized office portfolio as of December 31, 2025. Since its acquisition as part of a portfolio in the second quarter of 2015, Metro Center has not reached stabilized occupancy (92%) so has never been included in the same- store office portfolio, instead it remains the only office asset within that portfolio that was still held as a non-same-store, lease-up property. During second quarter 2025, in an effort to simplify our in-service and same-store disclosures, Metro Center was included within our same- store office properties and continues to be included for both the three and twelve months ended December 31, 2024 and December 31, 2025. Same-Store Studio: Same-store studio for the three months ended December 31, 2025 defined as all properties owned and included in our stabilized studio portfolio as of October 1, 2024 and still owned and included in the stabilized studio portfolio as of December 31, 2025. Same-store studio for the year months ended December 31, 2025 defined as all properties owned and included in our stabilized studio portfolio as of January 1, 2024 and still owned and included in the stabilized studio portfolio as of December 31, 2025. Straight-Line Rent Growth: Represents a comparison between initial straight-line rents on new and renewal leases as compared to the straight-line rents on expiring leases in the same space. New leases are only included if the same space was leased within the previous 12 months. Excludes tenants paying percentage rent in lieu of base rent. Uncommenced Office Leases: Defined as new leases with respect to vacant space executed on or prior to December 31, 2025, but with commencement dates after December 31, 2025 and within the next eight quarters. Definitions (continued)

Page 30 of 32 Non-GAAP Reconciliations Unaudited, in thousands RECONCILIATION OF NET LOSS TO NOI Three Months Ended Year Ended 12/31/25 12/31/24 12/31/25 12/31/24 Net loss $ (280,174) $ (173,481) $ (592,298) $ (381,406) Adjustments: (Income) loss from unconsolidated real estate entities (2,136) 865 67 7,308 Fee income (1,482) (1,336) (5,399) (5,269) Interest expense 38,850 44,140 172,218 177,393 Interest income (1,468) (492) (6,238) (2,467) Management services reimbursement income—unconsolidated real estate entities (1,024) (932) (4,206) (4,119) Management services expense—unconsolidated real estate entities 1,024 932 4,206 4,119 Transaction-related expenses — 193 590 2,499 Unrealized loss on non-real estate investments 663 934 2,998 3,958 Loss on extinguishment of debt 6,751 — 10,453 — Loss on deconsolidation of real estate entity — — 77,907 — Loss (gain) on sale of real estate 4,293 2,453 (5,714) 2,453 Impairment loss 280,844 113,121 299,320 149,664 Other expense (income) 2,328 (198) 1,812 (1,647) Income tax (benefit) provision (945) (1,052) (273) 1,641 General and administrative 12,985 19,492 72,953 79,451 Depreciation and amortization 93,046 89,101 374,967 354,425 NOI $ 153,555 $ 93,740 $ 403,363 $ 388,003 Add: HPP’s share of NOI from unconsolidated real estate entities 1,859 1,843 7,711 10,111 Less: NOI attributable to non-controlling interests 14,926 14,387 60,102 60,404 HPP’s share of NOI $ 140,488 $ 81,196 $ 350,972 $ 337,710 NOI Detail Same-store office cash revenues $ 144,540 $ 160,585 $ 593,950 $ 643,529 Straight-line rent 3,623 (253) 8,236 (11,810) Amortization of above/below-market leases, net 1,004 1,026 3,898 4,515 Amortization of lease incentive costs (2,680) (631) (6,550) (1,349) Same-store office revenues 146,487 160,727 599,534 634,885 Same-store studios cash revenues 19,278 16,023 67,395 70,314 Straight-line rent (643) (222) (1,172) (104) Amortization of lease incentive costs (9) (9) (37) (37) Same-store studio revenues 18,626 15,792 66,186 70,173 Same-store revenues 165,113 176,519 665,720 705,058 Same-store office cash expenses 66,941 70,862 271,147 277,688 Straight-line rent 367 371 1,472 1,490 Non-cash compensation expense 5 11 42 61 Amortization of above/below-market ground leases, net 641 641 2,563 2,563 Same-store office expenses 67,954 71,885 275,224 281,802 Same-store studio cash expenses 12,089 11,422 42,949 45,274 Non-cash compensation expense 119 30 387 163 Same-store studio expenses 12,208 11,452 43,336 45,437 Same-store expenses 80,162 83,337 318,560 327,239 Same-store NOI 84,951 93,182 347,160 377,819 Non-same-store NOI 68,604 558 56,203 10,184 NOI $ 153,555 $ 93,740 $ 403,363 $ 388,003

Page 31 of 32 Non-GAAP Reconciliations (continued) Unaudited, in thousands RECONCILIATIONS OF NET LOSS TO ADJUSTED EBITDARE (ANNUALIZED) AND TOTAL UNSECURED AND SECURED DEBT TO CONSOLIDATED DEBT, NET AND HPP’S SHARE OF DEBT, NET Three Months Ended 12/31/25 12/31/24(1) Net loss $ (280,174) $ (173,481) Interest income—consolidated (1,468) (492) Interest expense—consolidated 38,850 44,140 Depreciation and amortization—consolidated 93,046 89,101 EBITDA (149,746) (40,732) Unconsolidated real estate entities depreciation and amortization 1,246 1,242 Unconsolidated real estate entities interest expense 960 1,315 EBITDAre (147,540) (38,175) Impairment loss 280,844 113,121 Unrealized loss on non-real estate investments 663 934 Loss on sale of real estate 4,293 2,453 Other expense (income) 2,328 (198) Transaction-related expenses — 193 Non-cash compensation expense 3,791 6,563 Straight-line rent receivables, net 10,533 3,105 Non-cash amortization of above/below-market leases, net (1,004) (1,026) Non-cash amortization of above/below-market ground leases, net 641 640 Amortization of lease incentive costs 2,689 641 Loss on extinguishment of debt 6,751 — Income tax benefit (945) (1,052) Other adjustments related to unconsolidated real estate entities (159) (207) Adjusted EBITDAre 162,885 86,992 One-time lease termination income, property tax adjustments and distribution income (86,838) — Adjusted EBITDAre (excluding specified items) 76,047 86,992 Studio cash NOI (3,530) 507 Office adjusted EBITDAre 72,517 87,499 x Annualization factor 4 4 Annualized office adjusted EBITDAre 290,068 349,996 Trailing 12-month studio cash NOI(1) 6,153 5,682 Cash adjusted EBTIDAre for selected ratios 296,221 355,678 Less: Partners’ share of cash adjusted EBITDAre (55,406) (62,433) HPP’s share of cash adjusted EBITDAre $ 240,815 $ 293,245 Total Consolidated unsecured and secured debt 3,367,850 4,187,667 Less: Consolidated cash and cash equivalents and restricted cash (162,128) (99,177) Consolidated debt, net $ 3,205,722 $ 4,088,490 Less: Partners’ share of debt, net (514,538) (643,237) HPP’s share of debt, net $ 2,691,184 $ 3,445,253 Consolidated debt, net/cash adjusted EBITDAre for selected ratios 10.8x 11.5x HPP’s share of debt, net/HPP’s share of cash adjusted EBITDAre for selected ratios 11.2x 11.7x (1) In Q1 2025, we refined our calculation of certain elements of Cash adjusted EBITDAre for selected ratios, HPP’s share of cash adjusted EBITDAre, Consolidated debt, net, and HPP’s share of debt, net in order to present a more comprehensive measure of performance. As part of this refinement, the calculation now includes the cash NOI of Quixote studios and services, which was previously excluded from the calculation and noted as such in prior period footnotes. To ensure comparability with the prior year period, we have retroactively applied the revised calculation to the results for Q4 2024. As a result, the amounts reflected for Q4 2024 differ from the amounts previously reported as follows (in thousands): (a) other adjustments to unconsolidated real estate entities decreased by $207, which resulted in a corresponding $207 decrease in Adjusted EBITDAre, Adjusted EBITDAre (excluding specified items) and Office adjusted EBITDAre; (b) Annualized office adjusted EBITDAre decreased by $828 and Trailing 12-month studio cash NOI decreased by $18,646, resulting in a corresponding decrease of $19,474 in Cash adjusted EBITDAre for selected ratios and HPP’s share of cash adjusted EBITDAre; (c) Consolidated cash and cash equivalents and restricted cash increased by $35,921, resulting in a corresponding $35,921 decrease in Consolidated debt, net; (d) Partners’ share of debt, net decreased by $15,005, resulting in a corresponding decrease in HPP’s share of debt, net of $20,916; and (e) as a result of the foregoing, the ratio of Consolidated debt, net to cash adjusted EBITDAre for selected ratios increased by 0.5x and the ratio of HPP’s share of debt, net to HPP’s share of cash adjusted EBITDAre for selected ratios increased by 0.6x.

Page 32 of 32 Non-GAAP Reconciliations (continued) Unaudited, in thousands RECONCILIATIONS OF TOTAL ASSETS TO HPP’S SHARE OF UNDEPRECIATED BOOK VALUE AND TOTAL UNSECURED AND SECURED DEBT TO HPP’S SHARE OF DEBT, NET 12/31/25 12/31/24(1) Total assets $ 7,267,968 $ 8,132,239 Add: Accumulated depreciation 2,023,261 1,929,290 Add: Accumulated amortization 204,328 199,955 Less: Partners’ share of consolidated undepreciated book value (1,189,837) (1,402,911) Less: Investment in unconsolidated real estate entities (246,835) (221,468) Add: HPP’s share of unconsolidated undepreciated book value 382,369 327,034 HPP’s share of undepreciated book value $ 8,441,254 $ 8,964,139 Total consolidated unsecured and secured debt $ 3,367,850 $ 4,187,667 Less: Consolidated cash and cash equivalents and restricted cash (162,128) (99,177) Consolidated debt, net $ 3,205,722 $ 4,088,490 Less: Partners’ share of debt, net (514,538) (643,237) HPP’s share of debt, net $ 2,691,184 $ 3,445,253 HPP’s share of debt, net/HPP’s share of undepreciated book value 31.9 % 38.4 % (1) In Q1 2025, we refined our calculation of certain elements of Consolidated debt, net, and HPP’s share of debt, net in order to present a more comprehensive measure of performance. To ensure comparability with the prior year period, we have retroactively applied the revised calculation to the results for Q4 2024. As a result, the amounts reflected for Q4 2024 differ from the amounts previously reported as follows (in thousands): (a) Consolidated cash and cash equivalents and restricted cash increased by $35,921, resulting in a corresponding $35,921 decrease in Consolidated debt, net; (b) Partners’ share of debt, net decreased by $15,005, resulting in a corresponding decrease in HPP’s share of debt, net of $20,916; and (c) as a result of the foregoing, the ratio of HPP’s share of debt, net to HPP’s share of undepreciated book value decreased by 0.3%.

Source: View Original Filing on SEC EDGAR

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