The accompanying consolidated financial statements of the Company and the operating partnership are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented.

The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in the 2025 Annual Report on Form 10-K of Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. and the notes thereto.

On December 1, 2025, the Company effected a one-for-seven reverse stock split of its common stock (the "Reverse Stock Split"). Immediately following the Reverse Stock Split, the Company amended its charter to decrease the par value of the Company’s common stock from $0.07 per share back to $0.01 per share and decrease the number of authorized shares from 740,800,000 shares (consisting of 722,400,000 shares of common stock and 18,400,000 shares of preferred stock) to 121,600,000

shares (consisting of 103,200,000 shares of common stock and 18,400,000 shares of preferred stock). The Company’s common stock began trading on the NYSE on a split-adjusted basis at market open on December 2, 2025.

On December 1, 2025, the Company, as general partner of Hudson Pacific Properties, L.P., executed the Sixth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P. to give effect to a one-for-seven reverse unit split (the “Reverse Unit Split”) of the common units, LTIP units and performance units of the Operating Partnership, which corresponds to the Reverse Stock Split described above.

All common share, common unit, LTIP unit, performance unit, per-share and per-unit amounts in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively restated to reflect the effect of the Reverse Stock Split and Reverse Unit Split.

The unaudited interim consolidated financial statements of the Company include the accounts of the Company, the operating partnership and all wholly-owned and controlled subsidiaries. The consolidated financial statements of the operating partnership include the accounts of the operating partnership and all wholly-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

As of June 30, 2026, the Company has determined that its operating partnership and 18 joint ventures met the definition of a VIE. 10 of these joint ventures are consolidated and eight are unconsolidated. The operating partnership met the definition of a VIE and is consolidated.

Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of certain VIEs can only be used to satisfy those VIEs’ own contractual obligations, and the VIEs’ creditors have no recourse to the general credit of the Company.


Entity	Property	Ownership Interest
Hudson One Ferry REIT, L.P.	Ferry Building	55.0	%
Sunset Bronson Entertainment Properties, LLC	Sunset Bronson Studios, ICON, CUE	51.0	%
Sunset Gower Entertainment Properties, LLC	Sunset Gower Studios	51.0	%
Sunset 1440 North Gower Street, LLC	Sunset Gower Studios	51.0	%
Sunset Las Palmas Entertainment Properties, LLC	Sunset Las Palmas Studios, Harlow	51.0	%
Sunset Services Holdings, LLC	None(1)	51.0	%
Sunset Studios Holdings, LLC	EPIC	51.0	%
Hudson Media and Entertainment Management, LLC	None(2)	51.0	%
Hudson 6040 Sunset, LLC	6040 Sunset	51.0	%
Hudson 1918 Eighth, L.P.	1918 Eighth	55.0	%

1.Sunset Services Holdings, LLC is the taxable REIT subsidiary ("TRS") that owns the Company's interests in the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios, Sunset Las Palmas Studios, and Sunset Pier 94 Studios.

2.Hudson Media and Entertainment Management, LLC manages the following properties: Sunset Gower Studios, Sunset Bronson Studios, Sunset Las Palmas Studios, 6040 Sunset, ICON, CUE, EPIC and Harlow (collectively, “Hollywood Media Portfolio”).

As of June 30, 2026, the Company has determined it is not the primary beneficiary of eight of its joint ventures that are VIEs. Due to its significant influence over the unconsolidated entities, the Company accounts for them using the equity method of accounting. Under the equity method, the Company initially records the investment at cost and subsequently adjusts for equity in earnings or losses and cash contributions and distributions. Refer to Note 5 for further details regarding our investments in unconsolidated joint ventures.

In the third quarter of 2025, a cash sweep for Sunset Glenoaks Studios commenced in accordance with the terms of the agreement for the loan secured by the property. As a result, the Company updated its VIE assessment of Sun Valley Peoria, LLC,

the owner of Sunset Glenoaks Studios, and Sun Valley Services, LLC, the related TRS, and concluded that it is no longer the VIEs’ primary beneficiary as it does not have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Therefore, the VIEs are no longer consolidated and are now accounted for using the equity method of accounting as the Company determined that it continues to have significant influence over the entities.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Ancillary revenues	$	20,485	$	19,016	$	38,400	$	37,572
Other revenues	$	4,197	$	5,928	$	8,505	$	13,282
Studio-related tenant recoveries	$	528	$	636	$	1,132	$	1,140
Management fee income	$	964	$	1,476	$	2,071	$	2,835
Management services reimbursement income	$	1,098	$	1,123	$	2,222	$	2,098

As of June 30, 2026 and December 31, 2025, the carrying value of goodwill was $8.8 million. No impairment of goodwill was recorded during the six months ended June 30, 2026 and 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments will require public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The amendments are effective for the Company’s annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.