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 In Process & 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 September 30, 2025 Victor Coleman, Hudson Pacific's CEO and Chairman, commented, "We delivered another quarter of strong operational execution, highlighted by over 500,000 square feet of office leasing and our best year-to-date leasing performance since 2019. We also achieved positive absorption within our office portfolio during the quarter, marking a clear inflection point. The momentum is building across our West Coast markets, driven by AI and technology companies and 80% of our leasing activity was in the San Francisco Bay Area. "Our strategic positioning in the epicenters of innovation is resulting in unprecedented demand from exactly the tenant types our portfolio was designed to attract. Our 2.2 million square foot leasing pipeline, combined with the lowest lease expiration profile we've had in four years, positions us to further capitalize on this recovery with offensive new leasing. On the studio side, our cost-savings initiatives led NOI to approach breakeven while California's expanded tax credit program shows early promise with 74 new projects allocated credits since July. "From a capital structure perspective, we've significantly strengthened our balance sheet with $1 billion of liquidity, 100% of our debt fixed or capped, and no maturities until the second half of 2026. This financial flexibility, combined with our operational momentum and favorable market positioning, gives us confidence that Hudson Pacific is uniquely poised to deliver exceptional value as the West Coast office and studio recovery accelerates." Three Months Ended Unaudited, in thousands, except share data 9/30/25 9/30/24 OPERATIONAL HIGHLIGHTS Office In-service % occupied 75.9 % 79.1 % In-service % leased 76.5 % 80.0 % Leases executed (square feet) 515,450 539,272 % change in GAAP rent (6.3) % (11.5) % % change in cash rent (10.0) % (13.3) % Weighted average lease term (in months) 51.0 74.7 Net effective rent per square foot $ 44.05 $ 50.49 Studio In-service stage % leased(1) 65.8 % 75.9 % In-service total % leased(1) 64.6 % 73.8 % FINANCIAL HIGHLIGHTS Total revenues $ 186,617 $ 200,393 Net loss attributable to common stockholders $ (136,467) $ (97,918) Net loss per diluted share $ (0.30) $ (0.69) FFO (excluding specified items) per common stock/unit—diluted(2) $ 0.04 $ 0.10 FFO per common stock/unit—diluted(2) $ 0.03 $ 0.05 AFFO per common stock/unit—diluted(2) $ 0.03 $ 0.11 AFFO payout ratio(2) — % — % GAAP same-store NOI growth(3) (0.9) % (22.1) % Cash same-store NOI growth(3) (10.7) % (14.5) % Weighted average common stock/units outstanding—diluted 457,085 145,640 BALANCE SHEET HIGHLIGHTS HPP's share of debt, net/HPP's share of undepreciated book value(4) 32.2 % 37.2 % HPP's share of debt, net/cash adjusted EBITDAre for selected ratios(4) 11.5x 11.8x Weighted average years to maturity—HPP’s share of secured and unsecured debt 2.9 2.9 Unsecured revolving credit facility undrawn capacity $ 795,250 $ 605,000 Unrestricted cash and cash equivalents $ 190,436 $ 90,692 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 82.3% and 75.9%, 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 Financial Results Compared to Third Quarter 2024 • Total revenue of $186.6 million compared to $200.4 million, primarily due to asset sales and lower office occupancy • General and administrative expenses improved 30% to $13.7 million compared to $19.5 million • Note that all per-share metrics reflect the share count increase following the Company's second quarter common equity offering (457.1 million weighted average diluted shares compared to 145.6 million) • Net loss attributable to common stockholders of $136.5 million, or $0.30 per diluted share, compared to net loss of $97.9 million, or $0.69 per diluted share, mostly attributable to a loss on the deconsolidation of Sunset Glenoaks • FFO, excluding specified items, of $16.7 million, or $0.04 per diluted share, compared to $14.3 million, or $0.10 per diluted share, mostly due to general and administrative and interest expense savings, and higher studio NOI, all modestly offset by lower NOI. Specified items in the third quarter totaled $2.0 million, or $0.00 per diluted share, and primarily consisted of one-time expenses associated with cost-savings initiatives and financing activities, compared to specified items totaling $7.5 million, or $0.02 per diluted share • FFO of $14.6 million, or $0.03 per diluted share, compared to $6.8 million, or $0.05 per diluted share • AFFO of $12.3 million, or $0.03 per diluted share, compared to $15.8 million, or $0.11 per diluted share, mostly due to lower GAAP non-cash revenue, partially offset by the items affecting FFO as well as lower recurring capital expenditures • Same-store cash NOI of $89.3 million, compared to $100.0 million, primarily due to lower office occupancy Leasing • Executed 75 new and renewal leases totaling 515,450 square feet, including a 106,000-square-foot new lease with an AI company at Page Mill Center in Palo Alto • GAAP and cash rents on new leases signed were 6.3% and 10.0% lower, respectively, compared to prior levels, primarily attributable to several small leases signed in Palo Alto rolling from peak market rents to still healthy rents of approximately $80 per square foot NNN • In-service office portfolio ended the quarter at 75.9% occupied and 76.5% leased, up sequentially from 75.1% occupied and 76.2% leased in the second quarter this year • In-service studio portfolio and stages were 64.6% and 65.8% leased, respectively, over the trailing 12 months, up sequentially from 63.0% and 63.6% for the same metrics in the second quarter this year Transactions • Acquired partner’s 45% ownership interest in Hill7 office property in Seattle, in consideration for which the Company assumed the partner’s $45.5 million share of the joint venture’s debt and received $1.4 million of cash on hand Development • Received entitlements to redevelop the Company's 10900-10950 Washington office property into a mixed-use project with 508 residential units and 14,000 square feet of ground floor retail Balance Sheet as of September 30, 2025 • Completed $285 million refinancing of 1918 Eighth office property in Seattle, with proceeds used, together with cash on hand, to repay the Company's 55% share of the prior $314.3 million loan • Amended and extended the Company's unsecured revolving credit facility, increasing borrowings to $795 million maturing year-end 2026, and thereafter providing access to $462 million of borrowings maturing year- end 2029 including extensions • $1.0 billion of total liquidity comprised of $190.4 million of unrestricted cash and cash equivalents and $795.3 million of undrawn capacity under the unsecured revolving credit facility • $62.3 million, or $15.9 million at HPP's share, of undrawn capacity under the construction loan secured by Sunset Pier 94 Studios Executive Summary (continued) Three Months Ended September 30, 2025 Note: Definitions for commonly used terms on pages 27-29.
Page 5 of 32 Executive Summary (continued) Three Months Ended September 30, 2025 Note: Definitions for commonly used terms on pages 27-29. • HPP's share of net debt to HPP's share of undepreciated book value was 32.2%, with 100.0% of debt fixed or capped with a weighted average interest rate of 5.0% 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
Page 6 of 32 Corporate Information 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. 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 Victor J. Coleman Chairman of the Board, Chief Executive Officer, Hudson Pacific Properties, Inc. Theodore R. Antenucci President and Chief Officer, Catellus Development Corporation T. Ritson Ferguson Chief Executive Officer and Chief Investment Officer (retired), CBRE Global Investors Jonathan M. Glaser Managing Member, JMG Capital Management LLC Board of Directors: Drew B. Gordon Chief Investment Officer Kay L. Tidwell Executive Vice President, General Counsel and Chief Risk Officer Andy Wattula Chief Operating Officer Victor J. Coleman Chief Executive Officer and Chairman Mark Lammas President Lisa Burelli Chief People Officer Harout Diramerian Chief Financial Officer Executive Management:
Page 7 of 32 Corporate Information (continued) 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 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: 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 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
Page 8 of 32 Consolidated Balance Sheets In thousands, except share data 9/30/25 12/31/24 (Unaudited) ASSETS Investment in real estate, net $ 6,035,605 $ 6,442,178 Non-real estate property, plant and equipment, net 131,640 127,067 Cash and cash equivalents 190,436 63,256 Restricted cash 24,011 35,921 Accounts receivable, net 14,080 14,505 Straight-line rent receivables, net 204,880 199,748 Deferred leasing costs and intangible assets, net 361,610 327,514 Operating lease right-of-use assets 338,368 370,826 Prepaid expenses and other assets, net 95,278 90,114 Investment in unconsolidated real estate entities 243,353 221,468 Goodwill 156,529 156,529 Assets associated with real estate held for sale — 83,113 TOTAL ASSETS $ 7,795,790 $ 8,132,239 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 3,555,108 $ 4,176,844 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 243,821 193,861 Operating lease liabilities 350,736 380,004 Intangible liabilities, net 18,777 21,838 Security deposits, prepaid rent and other 75,813 84,708 Liabilities associated with real estate held for sale — 31,117 Total liabilities 4,310,391 4,954,508 Redeemable preferred units of the operating partnership 2,795 9,815 Redeemable non-controlling interest in consolidated real estate entities 49,266 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 9/30/25 and 12/31/24 425,000 425,000 Common stock, $0.01 par value, 722,400,000 authorized and 379,433,295 shares outstanding at 9/30/25; 481,600,000 authorized and 141,279,102 shares outstanding at 12/31/24 3,781 1,403 Additional paid-in capital 2,822,616 2,437,484 Accumulated other comprehensive loss (3,261) (8,417) Total HPP stockholders’ equity 3,248,136 2,855,470 Non-controlling interest—members in consolidated real estate entities 73,700 169,452 Non-controlling interest—units in the operating partnership 111,502 93,715 Total equity 3,433,338 3,118,637 TOTAL LIABILITIES AND EQUITY $ 7,795,790 $ 8,132,239
Page 9 of 32 Consolidated Statements of Operations Unaudited, in thousands, except per share data Three Months Ended Nine Months Ended 9/30/25 9/30/24 9/30/25 9/30/24 REVENUES Office Rental revenues $ 148,290 $ 162,908 $ 457,216 $ 506,931 Service and other revenues 6,289 4,034 18,407 11,125 Total office revenues 154,579 166,942 475,623 518,056 Studio Rental revenues 13,567 13,720 41,108 41,761 Service and other revenues 18,471 19,731 58,347 72,599 Total studio revenues 32,038 33,451 99,455 114,360 Total revenues 186,617 200,393 575,078 632,416 OPERATING EXPENSES Office operating expenses 71,577 79,502 215,355 227,753 Studio operating expenses 32,382 35,339 109,915 110,400 General and administrative 13,709 19,544 59,968 59,959 Depreciation and amortization 94,085 86,672 281,921 265,324 Total operating expenses 211,753 221,057 667,159 663,436 OTHER EXPENSES Loss from unconsolidated real estate entities (744) (3,219) (2,203) (6,443) Fee income 1,082 1,437 3,917 3,933 Interest expense (41,726) (45,005) (133,368) (133,253) Interest income 2,212 542 4,770 1,975 Management services reimbursement income—unconsolidated real estate entities 1,084 989 3,182 3,187 Management services expense—unconsolidated real estate entities (1,084) (989) (3,182) (3,187) Transaction-related expenses (139) (269) (590) (2,306) Unrealized loss on non-real estate investments (2,098) (1,081) (2,335) (3,024) Gain on sale of real estate, net — — 10,007 — Impairment loss — (36,543) (18,476) (36,543) Loss on deconsolidation of real estate entity (77,907) — (77,907) — Loss on extinguishment of debt (207) — (3,702) — Other income (expense) 601 (28) 516 1,449 Total other expenses (118,926) (84,166) (219,371) (174,212) Loss before income tax provision (144,062) (104,830) (311,452) (205,232) Income tax provision (24) (2,183) (672) (2,693) Net loss (144,086) (107,013) (312,124) (207,925) Net income attributable to Series A preferred units (53) (153) (320) (459) Net income attributable to Series C preferred shares (5,047) (5,047) (15,141) (15,141) Net income attributable to participating securities — — — (409) Net loss attributable to non-controlling interest in consolidated real estate entities 9,966 10,777 24,108 18,697 Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 974 968 2,771 3,086 Net loss attributable to common units in the operating partnership 1,779 2,550 6,382 5,004 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (136,467) $ (97,918) $ (294,324) $ (197,147) BASIC AND DILUTED PER SHARE AMOUNTS Net loss attributable to common stockholders—basic $ (0.30) $ (0.69) $ (1.11) $ (1.40) Net loss attributable to common stockholders—diluted $ (0.30) $ (0.69) $ (1.11) $ (1.40) Weighted average shares of common stock outstanding—basic 451,031 141,232 266,162 141,179 Weighted average shares of common stock outstanding—diluted 451,031 141,232 266,162 141,179
Page 10 of 32 Funds from Operations & Adjusted Funds from Operations Unaudited, in thousands, except per share data Note: Definitions for commonly used terms on pages 27-29. ADJUSTED FUNDS FROM OPERATIONS Three Months Ended Nine Months Ended 9/30/25 9/30/24 9/30/25 9/30/24 FFO (excluding specified items) $ 16,662 $ 14,320 $ 37,523 $ 62,806 Adjustments: GAAP non-cash revenue (straight-line rent and above/below-market rents) (270) 6,147 (4,645) 8,047 GAAP non-cash expense (straight-line rent expense and above/below- market ground rent) 1,289 1,695 4,781 4,999 Non-real estate depreciation and amortization 8,919 8,031 25,325 24,223 Non-cash interest expense 2,556 1,599 11,730 5,209 Share/unit-based compensation expense 3,553 5,926 12,252 19,347 Recurring capital expenditures, tenant improvements and lease commissions (20,383) (21,962) (78,998) (56,350) AFFO $ 12,326 $ 15,756 $ 7,968 $ 68,281 Weighted average common stock/units outstanding—diluted 457,085 145,640 271,997 145,564 AFFO per common stock/unit—diluted $ 0.03 $ 0.11 $ 0.03 $ 0.47 Dividends paid to common stock/unit holders $ — $ — $ — $ 15,377 AFFO payout ratio — % — % — % 22.5 % FUNDS FROM OPERATIONS Three Months Ended Nine Months Ended 9/30/25 9/30/24 9/30/25 9/30/24 Net loss $ (144,086) $ (107,013) $ (312,124) $ (207,925) Adjustments: Depreciation and amortization—consolidated 94,085 86,672 281,921 265,324 Depreciation and amortization—non-real estate assets (8,919) (8,031) (27,353) (24,223) Depreciation and amortization—HPP’s share from unconsolidated real estate entities 1,250 1,231 3,408 4,388 Loss on deconsolidation of real estate entity 77,907 — 77,907 — Gain on sale of real estate, net — — (10,007) — Impairment loss—real estate assets — 36,543 18,476 36,543 Unrealized loss on non-real estate investments 2,098 1,081 2,335 3,024 FFO attributable to non-controlling interests (2,611) 1,508 (12,616) (9,601) FFO attributable to preferred shares and units (5,100) (5,200) (15,461) (15,600) FFO to common stock/unit holders 14,624 6,791 6,486 51,930 Specified items impacting FFO: Transaction-related expenses 139 269 590 2,306 One-time employee separation costs (cost-savings initiatives) 1,163 — 1,163 — One-time termination of Quixote leases (cost-savings initiatives) 622 — 7,109 — One-time expenses associated with early repayment of debt—HPP’s share 114 — 5,185 — Forfeiture of non-cash compensation agreements — — 14,280 — Write-off of transportation assets (cost-savings initiatives) — — 626 — One-time termination of Quixote non-compete agreement (cost-savings initiatives) — — 1,402 — Non-cash revaluation associated with a loan swap (unqualified for hedge accounting) — 2,219 682 3,529 Non-cash deferred tax asset write-off—HPP’s share — 1,170 — 1,170 One-time straight-line rent reserve—HPP’s share — 3,871 — 3,871 FFO (excluding specified items) to common stock/unit holders $ 16,662 $ 14,320 $ 37,523 $ 62,806 Weighted average common stock/units outstanding—diluted 457,085 145,640 271,997 145,564 FFO per common stock/unit—diluted $ 0.03 $ 0.05 $ 0.02 $ 0.36 FFO (excluding specified items) per common stock/unit—diluted $ 0.04 $ 0.10 $ 0.14 $ 0.43
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 Nine Months Ended 9/30/25 9/30/24 % Change 9/30/25 9/30/24 % Change Same-store office statistics Number of properties 39 39 39 39 Square feet 11,929,972 11,862,465 11,929,972 11,862,465 Average % occupied 72.8 % 77.4 % 73.3 % 77.6 % 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 75.9 % 73.8 % 75.9 % 73.8 % Same-store NOI(1)(2) Office revenues $ 154,504 $ 158,987 (2.8) % $ 471,946 $ 493,223 (4.3) % Office expenses 71,694 74,936 (4.3) 213,223 215,492 (1.1) Same-store office NOI 82,810 84,051 (1.5) 258,723 277,731 (6.8) Studio revenues 14,937 14,769 1.1 47,561 54,382 (12.5) Studio expenses 9,548 9,813 (2.7) 31,129 33,985 (8.4) Same-store studio NOI 5,389 4,956 8.7 16,432 20,397 (19.4) Total same-store NOI $ 88,199 $ 89,007 (0.9) % $ 275,155 $ 298,128 (7.7) % SAME-STORE ANALYSIS (CASH BASIS) Three Months Ended Nine Months Ended 9/30/25 9/30/24 % Change 9/30/25 9/30/24 % Change Same-store NOI (cash basis)(2) Office cash revenues $ 154,008 $ 168,671 (8.7) % $ 467,411 $ 503,463 (7.2) % Office cash expenses 70,674 73,908 (4.4) 210,160 212,401 (1.1) Same-store office NOI (cash basis) 83,334 94,763 (12.1) 257,251 291,062 (11.6) Studio cash revenues 15,390 14,959 2.9 48,118 54,292 (11.4) Studio cash expenses 9,424 9,770 (3.5) 30,861 33,851 (8.8) Same-store studio NOI (cash basis) 5,966 5,189 15.0 17,257 20,441 (15.6) Total same-store NOI (cash basis) $ 89,300 $ 99,952 (10.7) % $ 274,508 $ 311,503 (11.9) % Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations. (2) Metro Center was included in the same-store office portfolio as of the second quarter 2025. Excluding Metro Center, same-store property cash NOI would have been (11.4)% and (13.1)% for the three and nine month periods, respectively.
Page 12 of 32 NOI Detail Three Months Ended September 30, 2025 | Unaudited, in thousands Same-Store Office Same-Store Studio Non-Same- Store Office Non-Same- Store Studio Total REVENUE Cash rent $ 122,581 $ 10,896 $ 21 $ 2,956 $ 136,454 Cash tenant recoveries 25,155 161 36 27 25,379 Straight-line rent 1,313 (444) 1 (20) 850 Amortization of above/below-market leases, net 1,012 — — — 1,012 Amortization of lease incentive costs (1,829) (9) — — (1,838) Total rental revenue 148,232 10,604 58 2,963 161,857 Service and other revenues 6,272 4,333 17 14,138 24,760 Total revenue 154,504 14,937 75 17,101 186,617 OPERATING EXPENSES Property operating expenses 70,674 9,424 (117) 22,011 101,992 Straight-line rent 367 — — 700 1,067 Share/unit-based compensation expense 12 124 — 113 249 Amortization of above/below-market ground leases, net 641 — — 10 651 Total operating expenses 71,694 9,548 (117) 22,834 103,959 CONSOLIDATED NOI(1) $ 82,810 $ 5,389 $ 192 $ (5,733) $ 82,658 Add: HPP’s share of NOI from unconsolidated real estate entity(2) — — 2,049 — 2,049 Less: NOI attributable to non-controlling interests(2) 11,567 2,554 (2) (440) 13,679 HPP’s share of NOI $ 71,243 $ 2,835 $ 2,243 $ (5,293) $ 71,028 HPP’s share of NOI - adjusted $ 71,243 $ 2,835 $ 2,243 $ (3,672) (3) $ 72,649 Reconciliation to cash NOI Consolidated NOI $ 82,810 $ 5,389 $ 192 $ (5,733) $ 82,658 Straight-line rent, net (946) 444 (1) 720 217 Share/unit-based compensation expense 12 124 — 113 249 Amortization of above/below-market leases, net (1,012) — — — (1,012) Amortization of lease incentive costs 1,829 9 — — 1,838 Amortization of above/below-market ground leases, net 641 — — 10 651 CONSOLIDATED CASH NOI $ 83,334 $ 5,966 $ 191 $ (4,890) $ 84,601 Add: HPP’s share of cash NOI from unconsolidated real estate entity(2) — — 1,847 — 1,847 Less: Cash NOI attributable to non-controlling interests(2) 11,507 2,792 (2) (437) 13,860 HPP’s share of cash NOI $ 71,827 $ 3,174 $ 2,040 $ (4,453) $ 72,588 HPP’s share of cash NOI - adjusted $ 71,827 $ 3,174 $ 2,040 $ (2,979) (3) $ 74,062 Note: Definitions for commonly used terms on pages 27-29. (1) See page 30 for non-GAAP reconciliations. (2) See page 26 for a list of our consolidated and unconsolidated joint venture properties. (3) Excludes one-time Quixote cost-savings initiatives totaling $1.6 million and $1.5 million of NOI and cash NOI, respectively.
Page 13 of 32 Debt Summary & Debt Metrics As of September 30, 2025 | Unaudited, in thousands 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 CMBS, net 1,069,767 530,767 Hill7 CMBS 101,000 101,000 3.38% 11/6/28 Office Portfolio CMBS(5) 470,833 470,833 SOFR + 3.76% 4/9/30 1918 Eighth CMBS 285,000 156,750 6.16% 9/11/30 Total secured debt 1,926,600 1,259,350 Total unsecured and secured debt $ 3,576,600 $ 2,909,350 Consolidated joint venture partner debt $ 66,136 $ — 4.50% 10/9/32 UNCONSOLIDATED DEBT Sunset Glenoaks Studios $ 100,600 $ 50,300 SOFR + 3.10% 1/9/27 Bentall Centre(2) 470,821 94,164 CORRA + 2.30% 7/1/27 Sunset Pier 94 Studios(2) 120,934 30,900 SOFR + 4.75% 9/9/28 Total unconsolidated debt $ 692,355 $ 175,364 Note: Definitions for commonly used terms on pages 27-29. (1) Maturity dates include the effect of extension options. (2) As of September 30, 2025, we had undrawn capacity of $795.3 million on our unsecured revolving credit facility, $0.9 million on our Bentall Centre loan and $15.9 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 Element LA, 11601 Wilshire, 5th & Bell, 450 Alaskan, 1740 Technology and 275 Brannan. (6) See pages 30-32 for non-GAAP reconciliations. DEBT METRICS Total unsecured and secured debt $ 3,576,600 Less: Consolidated cash and cash equivalents and restricted cash (214,447) Consolidated debt, net $ 3,362,153 Less: Partners' share of consolidated unsecured and secured debt (667,250) Add: HPP's share of unconsolidated real estate entities' debt 175,364 Add: Partners' share of consolidated cash and cash equivalents and restricted cash 24,866 Less: HPP's share of unconsolidated real estate entities' cash and cash equivalents and restricted cash (9,763) HPP's share of debt, net $ 2,885,370 HPP's share of debt, net/HPP's share of undepreciated book value(6) 32.2 % Consolidated debt, net/cash adjusted EBITDAre for selected ratios(6) 11.0x HPP's share of debt, net/HPP's share of cash adjusted EBITDAre for selected ratios(6) 11.5x
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 53.5 % 4.4% 3.1 Secured 1,434,714 46.5 5.7 2.8 Total $3,084,714 100.0 % 5.0% 2.9 HPP’s share of fixed, capped, and floating rate debt Fixed(2) $2,782,681 90.2 % 4.8% 2.8 Capped 302,033 9.8 7.3 3.8 Floating — — — — Total $3,084,714 100.0 % 5.0% 2.9 GAAP effective rate 5.2% Debt Maturity Schedule $400,000 $350,000 $500,000 $400,000 $— $530,767 $144,464 $131,900 $627,583 Secured Unsecured 2025 2026 2027 2028 2029 2030 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 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 benefit 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 $94,164 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 4/4/25 4/15/29 3.41% SOFR Interest rate caps Sunset Glenoaks Studios $50,300 8/15/22 1/9/27 4.50% SOFR Office Portfolio CMBS(3) $220,002 4/15/25 4/15/27 3.35% SOFR Sunset Pier 94 Studios $30,900 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% 43.7% Unsecured indebtedness to unencumbered asset value ≤ 60% 35.1% Adjusted EBITDA to fixed charges ≥ 1.5x 1.7x Secured indebtedness to total asset value ≤ 45% 24.9% Unencumbered NOI to unsecured interest expense ≥ 1.75x 2.3x Unsecured registered senior notes Debt to total assets ≤ 60% 40.4% Total unencumbered assets to unsecured debt ≥ 150% 323.1% Consolidated income available for debt service to annual debt service charge ≥ 1.5x 1.9x Secured debt to total assets ≤ 40% 22.7% (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 September 30, 2025, at which time the operating partnership was in compliance.
Page 16 of 32 Existing Portfolio Summary Unaudited, in thousands, except per share data Three Months Ended 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 Number of office properties owned 42 42 43 45 46 In-service office square feet 13,454,547 13,420,243 13,420,836 13,550,348 13,684,033 In-service office % leased 76.5 % 76.2 % 76.5 % 78.9 % 80.0 % In-service office % occupied 75.9 % 75.1 % 75.1 % 78.3 % 79.1 % Number of studio properties owned 5 5 5 5 5 In-service studio square feet(1) 1,447,966 1,448,324 1,446,024 1,452,168 1,452,168 In-service studio % leased(2) 64.6% 63.0 % 73.8 % 73.8 % 73.8 % HPP's Share ABR % by Industry 33.3% 17.1%9.5% 7.6% 7.1% 5.7% 19.7% Technology Media & Entertainment Legal Retail Business Services Financial Services Other YTD HPP's Share NOI % by Region 42.3% 21.6% 17.4% 16.0% 2.7% Silicon Valley San Francisco Seattle Los Angeles Vancouver HPP's Share Tech ABR % by Public/ Private Tenants & Age 67.2% 18.9% 13.9% 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 75.9%. (3) See page 30 for non-GAAP reconciliations. (4) Includes the in-service population of office and studio properties. (5) 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) (5)(4)
Page 17 of 32 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. Office Properties by Location 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 % $ 62,203,502 $ 31,723,786 $ 64.31 West Los Angeles 2 785,094 95.3 96.4 42,146,014 42,146,014 56.36 Downtown Los Angeles 1 131,701 100.0 100.0 6,549,823 6,549,823 49.73 Subtotal 8 1,883,989 98.0 98.5 110,899,339 80,419,623 60.05 San Francisco Bay Area, California North San Jose 5 2,665,890 55.3 56.5 68,780,752 68,780,752 46.62 San Francisco 6 2,253,936 68.2 68.3 98,181,634 86,937,367 63.88 Palo Alto 5 981,917 94.9 94.9 74,235,023 74,235,023 79.65 Redwood Shores 4 949,751 69.8 70.2 43,858,946 43,858,946 66.15 Foster City 1 724,136 83.5 86.1 34,983,459 34,983,459 57.83 Santa Clara 1 285,764 90.8 91.6 11,099,089 11,099,089 42.77 Subtotal 22 7,861,394 69.6 70.3 331,138,903 319,894,636 60.52 Seattle, Washington Denny Triangle 4 1,339,621 77.9 77.9 44,972,484 31,554,142 43.10 Pioneer Square 5 844,968 54.9 56.7 17,036,478 17,036,478 36.73 Subtotal 9 2,184,589 69.0 69.7 62,008,962 48,590,620 41.14 Vancouver, British Columbia Downtown Vancouver 1 1,524,575 90.7 91.0 40,435,423 8,087,085 29.24 Subtotal 1 1,524,575 90.7 91.0 40,435,423 8,087,085 29.24 TOTAL IN-SERVICE OFFICE(1) 40 13,454,547 75.9 % 76.5 % $ 544,482,627 $ 456,991,964 $ 53.34
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 501,057 92.6 94.3 Element LA West Los Angeles 284,037 100.0 100.0 Fourth & Traction Downtown Los Angeles 131,701 100.0 100.0 San Francisco Bay Area, California Concourse North San Jose 943,052 56.6 58.2 Gateway North San Jose 609,315 68.7 70.7 Metro Plaza North San Jose 479,190 58.0 58.0 Skyport Plaza North San Jose 418,476 7.1 7.6 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 318,177 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 78.6 79.2 Shorebreeze Redwood Shores 230,931 70.3 70.3 555 Twin Dolphin Redwood Shores 201,197 68.7 68.7 333 Twin Dolphin Redwood Shores 183,053 54.3 55.2 Metro Center Foster City 724,136 83.5 86.1 Techmart Santa Clara 285,764 90.8 91.6 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 189,451 25.9 25.9 505 First Pioneer Square 291,290 25.5 25.5 83 King Pioneer Square 185,790 27.5 35.6 450 Alaskan Pioneer Square 171,594 95.9 95.9 411 First Pioneer Square 164,216 91.0 91.0 95 Jackson Pioneer Square 32,078 76.4 76.4 Vancouver, British Columbia Bentall Centre Downtown Vancouver 1,524,575 90.7 91.0 TOTAL IN-SERVICE OFFICE 13,454,547 75.9 % 76.5 % 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 (early termination right between December 2026-February 2027) 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) 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. (6) 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. (7) PayPal, Inc. has exercised their early termination right at Fourth & Traction for July 2026. (8) 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) $ 39,150,826 8.6% 2 Netflix, Inc. 3 9/30/31 722,305 (2) 27,065,312 5.9 3 Amazon 2 2030-2031 850,964 (3) 24,649,423 5.4 4 Riot Games, Inc. 1 3/31/30 284,037 20,106,092 4.4 5 City and County of San Francisco 2 2033-2067 429,595 (4) 17,769,342 3.9 6 Nutanix, Inc. 1 5/31/30 215,857 12,031,216 2.6 7 Salesforce.com 1 2027-2028 176,400 (5) 10,589,189 2.3 8 Dell EMC Corporation 2 2026-2027 130,021 (6) 9,299,037 2.0 9 Coupa Software Incorporated 1 11/30/33 100,654 7,841,953 1.7 10 X.AI, LLC 1 9/30/31 105,536 6,838,733 1.5 11 PayPal, Inc. 1 7/17/26 131,701 (7) 6,549,823 1.4 12 Weil, Gotshal & Manges LLP 1 8/31/26 76,278 6,469,157 1.4 13 Glu Mobile, Inc. 1 11/30/27 61,381 5,485,949 1.2 14 Redfin Corporation 2 2026-2027 115,968 (8) 5,017,802 1.1 15 Rivian Automotive, LLC 1 4/30/28 55,805 4,980,956 1.1 TOTAL 3,914,556 $ 203,844,810 44.5% 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. (2) Adjusted to exclude one-time expenses associated with Quixote cost-savings initiatives. STUDIO PROPERITES 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 % 81.1 % $ 24,152,261 $ 12,317,653 $ 53.22 Sunset Bronson Studios Owned Hollywood 9 310,563 93.1 90.1 12,716,304 6,485,315 45.44 Sunset Las Palmas Studios Owned Hollywood 11 334,954 51.5 54.2 6,487,345 3,308,546 36.23 Sunset Glenoaks Studios Owned Sun Valley 7 243,300 10.3 8.4 740,688 370,344 36.21 TOTAL IN-SERVICE STUDIO 39 1,447,966 (1) 65.8 % 64.6 % $ 44,096,598 $ 22,481,858 $ 47.10 Quixote Studios Various Various 20 468,087 48.3% 41.0% $10,570,947 $10,570,947 $ 59.25 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 $10,992 $4,954 N/A N/A N/A $15,946 $11,410 $4,536 Quixote Studios & Services 2,575 5,088 1,721 6,193 515 16,092 20,972 (4,880) Quixote Adjustments(2) — — — — — — (1,621) 1,621 ADJUSTED TOTAL $13,567 $10,042 $1,721 $6,193 $515 $32,038 $30,761 $1,277
Page 21 of 32 Office Leasing Activity Dollars reflected are per square foot Three Months Ended 9/30/25 Nine Months Ended 9/30/25 Gross leasing activity New cash rate $54.41 $45.10 Renewal cash rate $47.76 $50.95 New square feet leased 347,599 1,097,669 Renewal square feet leased 167,851 606,131 Total square feet leased 515,450 1,703,800 Leases expired and terminated Contractual expiration square feet 208,528 1,301,415 Early termination square feet 62,243 383,243 Total square feet expired/terminated 270,771 1,684,658 GAAP rent expiring rate $48.95 $46.90 GAAP rent new/renewal rate $45.87 $47.79 % change in GAAP rent (6.3) % 1.9 % Cash rent expiring rate $54.85 $52.87 Cash rent new/renewal rate $49.38 $48.39 % change in cash rent (10.0) % (8.5) % Tenant improvements & leasing commissions (total / annual) New leases $102.41 / $19.43 $86.10 / $9.84 Renewal leases $9.56 / $3.89 $22.56 / $5.67 Blended $68.68 / $16.16 $62.46 / $8.96 Net effective rent New leases $41.95 $41.03 Renewal leases $47.72 $53.25 Blended $44.05 $45.58 Weighted average lease term (in months) New leases 63.2 105.0 Renewal leases 29.5 47.8 Blended 51.0 83.7 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) 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 3,916,655 Q4-2025 34 141,816 4,428,987 1.0 50.27 4,431,696 50.30 Total 2025 34 141,816 4,428,987 1.0 50.27 4,431,696 50.30 2026 139 1,022,988 51,392,903 11.2 56.88 51,305,459 56.79 2027 149 1,236,585 68,653,281 14.9 59.44 71,567,441 61.96 2028 127 1,518,106 90,369,586 19.6 69.54 95,944,643 73.83 2029 89 742,778 36,010,820 7.8 64.71 40,094,305 72.05 2030 79 1,809,624 78,635,256 17.1 55.87 88,910,082 63.17 2031 47 1,425,473 59,477,442 12.9 60.08 71,800,783 72.52 2032 14 144,214 6,236,607 1.4 58.29 7,290,184 68.13 2033 25 642,258 27,110,163 5.9 52.26 33,783,261 65.13 2034 14 173,266 6,169,239 1.3 36.27 10,838,792 63.73 Thereafter 37 964,942 28,293,544 6.2 41.29 44,908,434 65.53 Building management use 62 357,594 — — — — — Signed leases not commenced 19 87,044 3,171,796 0.7 38.88 3,924,381 48.10 TOTAL/WEIGHTED AVERAGE 835 14,183,343 $ 459,949,624 100.0 % $ 55.57 $ 524,799,461 $ 63.41 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 Q4 2025 Q1 2026 Q2 2026 Q3 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 8,901 $ 21.00 — $ — — $ — — $ — San Francisco Bay Area, California 25,920 65.70 19,913 41.31 12,115 34.23 — — Seattle, Washington 15,000 — — — — — — — Vancouver, British Columbia 5,195 42.81 — — — — — — TOTAL 55,016 $ 38.40 19,913 $ 41.31 12,115 $ 34.23 — $ — Backfilled Office Leases Los Angeles, California 3,265 $ 51.00 — $ — 2,287 $ 63.00 — $ — San Francisco Bay Area, California 9,407 77.49 — — 517 — — — Seattle, Washington — — — — — — — — Vancouver, British Columbia 19,489 5.23 — — 17,074 34.46 — — TOTAL 32,161 $ 31.02 — $ — 19,878 $ 36.85 — $ — Expiring Office Leases(1) Los Angeles, California 1,434 $ 72.51 116,746 $ 9.66 (2) 51,650 $ 57.18 140,312 $ 50.37 (3) San Francisco Bay Area, California 67,741 56.03 144,400 62.81 91,919 63.01 287,503 71.90 (4) Seattle, Washington 5,495 29.57 51,036 26.55 — — 1,861 41.80 Vancouver, British Columbia 67,146 27.52 23,925 22.96 26,835 30.25 20,747 32.06 TOTAL 141,816 $ 41.67 336,107 $ 36.01 170,404 $ 56.08 450,423 $ 63.23 Q4 2026 Q1 2027 Q2 2027 Q3 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 1,242 $ 57.29 26,211 $ 73.98 2,783 $ 73.98 7,940 $ 58.82 San Francisco Bay Area, California 56,856 54.56 216,729 65.03 218,893 65.65 (5) 150,394 64.42 Seattle, Washington 4,872 38.72 46,472 44.58 27,580 37.08 120,565 44.95 (6) Vancouver, British Columbia 3,084 31.59 13,415 30.85 22,425 35.42 46,389 31.85 TOTAL 66,054 $ 52.37 302,827 $ 61.15 271,681 $ 60.34 325,288 $ 52.42
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. (5) Includes Salesforce.com at Rincon Center for 83,372 square feet on April 30, 2027. (6) Includes Redfin Corporation at Hill7 for 112,990 square feet on July 31, 2027.
Page 25 of 32 In Process & 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 issuance of building permit or equivalent. (3) Based on receipt of temporary certificate of occupancy or equivalent. (4) Includes land and acquisition costs for Sunset Pier 94 Studios for $41.7 million. (5) Includes land and acquisition costs for Sunset Las Palmas Studios—Development for $20.8 million and Sunset Waltham Cross Studios for $174.5 million. IN-PROCESS DEVELOPMENT Under Construction Submarket Start Date(2) Estimated Completion Date(3) Estimated Stabilization Date Estimated Square Feet % Leased Project Costs as of 9/30/25(4) Total Estimated Project Costs(4) Estimated Stabilized Yield New York, New York Sunset Pier 94 Studios Manhattan Q3-2023 Q4-2025 Q3-2026 232,000 —% $ 270,724 $305,000- $325,000 7.7%-8.2% TOTAL 232,000 $ 270,724 FUTURE DEVELOPMENT PIPELINE Type Submarket Estimated Square Feet (Units) Project Costs as of 9/30/25(5) Los Angeles, California Sunset Las Palmas Studios—Development Office/Studio Hollywood 617,581 $ 29,656 Sunset Gower Studios—Development Office/Studio Hollywood 478,845 $ 7,963 Sunset Bronson Studios Lot D—Development Residential Hollywood 19,816 (33 units) $ — Element LA—Development Office West Los Angeles 500,000 $ — 10900-10950 Washington Residential West Los Angeles 428,623 (508 units) $ 1,608 Vancouver, British Columbia Burrard Exchange Office Downtown Vancouver 450,000 $ 8,160 Greater London, United Kingdom Sunset Waltham Cross Studios Studio Broxbourne 1,167,347 $ 303,039 TOTAL 3,662,212 $ 350,426 Recently Completed Submarket Completion Date Estimated Stabilization Date Estimated Square Feet % Occupied % Leased Seattle, Washington Washington 1000 Denny Triangle Q4-2024 Q1-2027 546,000 0.6% 0.6% TOTAL 546,000
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 1,974,575 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 share/unit-based 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 September 30, 2025 by (ii) 12. On a per square foot basis, ABR is divided by square footage under commenced leases as of September 30, 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 September 30, 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 September 30, 2025. For studio properties, ABR reflects actual base rent for the 12 months ended September 30, 2025, excluding tenant reimbursements. ABR per leased square foot calculated as (i) annual base rent divided by (ii) square footage under lease as of September 30, 2025. Average Percent Occupied: For same-store office properties, represents the average percent occupied during the three months ended September 30, 2025. For same-store studio properties, represents the average percent leased for the 12 months ended September 30, 2025. Backfilled Office Leases: Defined as new leases with respect to occupied space executed on or prior to September 30, 2025, but with commencement dates after September 30, 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 and restricted cash. 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 the full amount of debt related to the Hollywood Media Portfolio and 1918 Eighth joint ventures. Diluted Shares: Includes 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 September 30, 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 September 30, 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 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 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. Studio development properties are incorporated into the in-service portfolio the earlier of one year following completion or the project’s estimated stabilization date. Office development properties are incorporated into the in-service portfolio the earlier of 92% occupancy 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 September 30, 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 September 30, 2025, divided by (ii) total square feet, expressed as a percentage, whereas percent leased includes uncommenced leases. For studio properties, percent leased reflects the average percent leased for the 12 months ended September 30, 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 September 30, 2025 defined as all properties owned and included in our stabilized office portfolio as of July 1, 2024 and still owned and included in the stabilized office portfolio as of September 30, 2025. Same- store office for the nine months ended September 30, 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 September 30, 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 nine months ended September 30, 2024 and September 30, 2025. Same-Store Studio: Same-store studio for the three months ended September 30, 2025 defined as all properties owned and included in our stabilized studio portfolio as of July 1, 2024 and still owned and included in the stabilized studio portfolio as of September 30, 2025. Same- store studio for the nine months ended September 30, 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 September 30, 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 September 30, 2025, but with commencement dates after September 30, 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 Nine Months Ended 9/30/25 9/30/24 9/30/25 9/30/24 Net loss $ (144,086) $ (107,013) $ (312,124) $ (207,925) Adjustments: Loss from unconsolidated real estate entities 744 3,219 2,203 6,443 Fee income (1,082) (1,437) (3,917) (3,933) Interest expense 41,726 45,005 133,368 133,253 Interest income (2,212) (542) (4,770) (1,975) Management services reimbursement income—unconsolidated real estate entities (1,084) (989) (3,182) (3,187) Management services expense—unconsolidated real estate entities 1,084 989 3,182 3,187 Transaction-related expenses 139 269 590 2,306 Unrealized loss on non-real estate investments 2,098 1,081 2,335 3,024 Gain on sale of real estate, net — — (10,007) — Impairment loss — 36,543 18,476 36,543 Loss on deconsolidation of real estate entity 77,907 — 77,907 — Loss on extinguishment of debt 207 — 3,702 — Other (income) expense (601) 28 (516) (1,449) Income tax provision 24 2,183 672 2,693 General and administrative 13,709 19,544 59,968 59,959 Depreciation and amortization 94,085 86,672 281,921 265,324 NOI $ 82,658 $ 85,552 $ 249,808 $ 294,263 Add: HPP’s share of NOI from unconsolidated real estate entities 2,049 2,462 5,852 8,267 Less: NOI attributable to non-controlling interests 13,679 11,634 45,176 46,018 HPP’s share of NOI $ 71,028 $ 76,380 $ 210,484 $ 256,512 NOI Detail Same-store office cash revenues $ 154,008 $ 168,671 $ 467,411 $ 503,463 Straight-line rent 1,313 (10,324) 5,511 (13,011) Amortization of above/below-market leases, net 1,012 1,058 2,894 3,489 Amortization of lease incentive costs (1,829) (418) (3,870) (718) Same-store office revenues 154,504 158,987 471,946 493,223 Same-store studios cash revenues 15,390 14,959 48,118 54,292 Straight-line rent (444) (181) (529) 118 Amortization of lease incentive costs (9) (9) (28) (28) Same-store studio revenues 14,937 14,769 47,561 54,382 Same-store revenues 169,441 173,756 519,507 547,605 Same-store office cash expenses 70,674 73,908 210,160 212,401 Straight-line rent 367 371 1,105 1,119 Share/unit-based compensation expense 12 16 36 50 Amortization of above/below-market ground leases, net 641 641 1,922 1,922 Same-store office expenses 71,694 74,936 213,223 215,492 Same-store studio cash expenses 9,424 9,770 30,861 33,851 Share/unit-based compensation expense 124 43 268 134 Same-store studio expenses 9,548 9,813 31,129 33,985 Same-store expenses 81,242 84,749 244,352 249,477 Same-store NOI 88,199 89,007 275,155 298,128 Non-same-store NOI (5,541) (3,455) (25,347) (3,865) NOI $ 82,658 $ 85,552 $ 249,808 $ 294,263
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 9/30/25 9/30/24(1) Net loss $ (144,086) $ (107,013) Interest income—consolidated (2,212) (542) Interest expense—consolidated 41,726 45,005 Depreciation and amortization—consolidated 94,085 86,672 EBITDA (10,487) 24,122 Unconsolidated real estate entities depreciation and amortization 1,250 1,231 Unconsolidated real estate entities interest expense 1,379 3,857 EBITDAre (7,858) 29,210 Share/unit-based compensation expense 3,577 5,960 Straight-line rent receivables, net 214 11,838 Non-cash amortization of above/below-market leases, net (1,012) (1,195) Non-cash amortization of above/below-market ground leases, net 651 662 Amortization of lease incentive costs 1,838 518 Transaction-related expenses 139 269 Unrealized loss on non-real estate investments 2,098 1,081 Loss on deconsolidation of real estate entity 77,907 — Loss on debt extinguishment 207 — Impairment loss — 36,543 Other (income) expense (601) 28 Income tax provision 24 2,183 Other adjustments related to unconsolidated real estate entities (132) (118) Adjusted EBITDAre 77,052 86,979 One-time costs associated with cost-savings initiatives 1,638 — Adjusted EBITDAre (excluding specified items) 78,690 86,979 Studio cash NOI (2,550) 892 Office adjusted EBITDAre 76,140 87,871 x Annualization factor 4 4 Annualized office adjusted EBITDAre 304,560 351,484 Trailing 12-month studio cash NOI 66 744 Cash adjusted EBTIDAre for selected ratios 304,626 352,228 Less: Partners’ share of cash adjusted EBITDAre (54,397) (65,434) HPP’s share of cash adjusted EBITDAre $ 250,229 $ 286,794 Total consolidated unsecured and secured debt 3,576,600 4,151,650 Less: Consolidated cash and cash equivalents and restricted cash (214,447) (113,935) Consolidated debt, net $ 3,362,153 $ 4,037,715 Less: Partners’ share of debt, net (476,783) (644,027) HPP’s share of debt, net $ 2,885,370 $ 3,393,688 Consolidated debt, net/cash adjusted EBITDAre for selected ratios 11.0x 11.5x HPP’s share of debt, net/HPP’s share of cash adjusted EBITDAre for selected ratios 11.5x 11.8x (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 Q3 2024. As a result, the amounts reflected for Q3 2024 differ from the amounts previously reported as follows (in thousands): (a) other adjustments to unconsolidated real estate entities decreased by $118, which resulted in a corresponding $118 decrease in Adjusted EBITDAre, Adjusted EBITDAre (excluding specified items) and Office adjusted EBITDAre; (b) Annualized office adjusted EBITDAre decreased by $472 and Trailing 12-month studio cash NOI decreased by $24,992, resulting in a corresponding decrease of $25,464 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 $23,243, resulting in a corresponding $23,243 decrease in Consolidated debt, net; (d) Partners’ share of debt, net decreased by $8,802, resulting in a corresponding decrease in HPP’s share of debt, net of $14,441; and (e) as a result of the foregoing, the ratio of Consolidated debt, net to cash adjusted EBITDAre for selected ratios increased by 0.7x and the ratio of HPP’s share of debt, net to HPP’s share of cash adjusted EBITDAre for selected ratios increased by 0.9x.
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 9/30/25 9/30/24(1) Total assets $ 7,795,790 $ 8,317,392 Add: Accumulated depreciation 1,995,509 1,885,536 Add: Accumulated amortization 202,304 192,653 Less: Partners’ share of consolidated undepreciated book value (1,192,040) (1,395,140) Less: Investment in unconsolidated real estate entities (243,353) (227,418) Add: HPP’s share of unconsolidated undepreciated book value 412,272 338,178 HPP’s share of undepreciated book value $ 8,970,482 $ 9,111,201 Total consolidated unsecured and secured debt $ 3,576,600 $ 4,151,650 Less: Consolidated cash and cash equivalents and restricted cash (214,447) (113,935) Consolidated debt, net $ 3,362,153 $ 4,037,715 Less: Partners’ share of debt, net (476,783) (644,027) HPP’s share of debt, net $ 2,885,370 $ 3,393,688 HPP’s share of debt, net/HPP’s share of undepreciated book value 32.2 % 37.2 % (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 Q3 2024. As a result, the amounts reflected for Q3 2024 differ from the amounts previously reported as follows (in thousands): (a) Consolidated cash and cash equivalents and restricted cash increased by $23,243, resulting in a corresponding $23,243 decrease in Consolidated debt, net; (b) Partners’ share of debt, net decreased by $8,802, resulting in a corresponding decrease in HPP’s share of debt, net of $14,441; 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 0.2%.
