Hudson Pacific Properties : Corporate Responsibility Report

CORPORATE2023 RESPONSIBILITY

REPORT

TABLE OF

CONTENTS

INTRODUCTION

1. A Letter to our Stakeholders
2. About Us
3. Better Blueprint

5	Vision and Strategy

1. Better Blueprint Goals

1. Memberships and Awards

1. About This Report

SUSTAINABLE

MINIMIZING OUR FOOTPRINT

15 Climate and Energy

15	Our Science-Based Climate Strategy

19 Energy Efficient Buildings

24 Renewable Energy

27 Embodied Carbon

30 Sustainable Behavior

32	Waste, Water, and Biodiversity
35	Water and Biodiversity

HEALTHY

HEALTHY BUILDINGS, HEALTHY LIVES

39 Health and Safety

42 Wellness and Wellbeing

EQUITABLE

VIBRANT, THRIVING CITIES FOR ALL

1. Diversity and Inclusion
2. Diverse Workforce
3. Equitable and Inclusive Culture

1. Supplier Diversity
2. Industry Engagement
3. Community Impact

52	Charitable Giving and Impact Investing
55	Giving Drives and Volunteering

GOVERNANCE

58 Human Capital Management

1. Ethics and Compliance
2. Risk Management

1. Supply Chain Management
2. Corporate Governance
3. ESG Integration and Governance

APPENDICES

71 Appendix A: Data Tables

76 Appendix B: Reference Tables

87 Appendix C: Ernst & Young Independent Accountants' Report

INTRODUCTION

A Letter to Hudson Pacific's Stakeholders

As we reflect on 2023, we are proud to remain a leader in commercial real estate corporate responsibility, earning top honors in 2023 from key industry organizations and ranking systems including the GRESB Real Estate Assessment, Nareit Leader in the Light Awards, ENERGY STAR Partner of the Year Awards, Newsweek's America's Most Responsible Companies and S&P Global Sustainability Yearbook. With an unprecedented wave of new sustainability regulations coming online over the course of the next decade in our core West Coast markets, maintaining this leadership position is more important than ever, and the work we have done to date positions us well to comply.

On the office side of our business, we are on track to meet our science-based climate target to reduce absolute operational greenhouse gas emissions by 50% by 2030, and we continue to reinvest in our portfolio to create spaces that prioritize sustainability as well as health and wellness to attract leading companies who demand this type of environment. We know these investments not only help decarbonize our portfolio, but also drive significant value for our stakeholders.

As our business has expanded to encompass a robust production services component, we have remained committed to decarbonizing these assets as well as our real estate operations. We used the downtime caused by the historic Hollywood writers and actors strikes in 2023 to fast-track conversion of additional trailers in our Quixote fleet to be part of its Verde line, which has long been the gold standard for green production trailers. We also developed our first solar all-electric trailer, which does not use gasoline or diesel and can operate for approximately 30 hours without needing to be plugged in. Because many of our media clients share our commitment to decarbonization, these units are in high demand.

Over the last five years, our Better Blueprint corporate responsibility program has been embedded in every aspect of our business and every department within our company. From office to studio, design to construction, leasing to operations and more, the pages of this report are infused with the passion of our teams that make our accomplishments possible, and we are incredibly grateful to the employees across our company doing this important work, day in and day out. We know there is much more work to do, and see this 2023 Corporate Responsibility Report as an important stepping stone to achieve our ambitious goals for years to come.

Sincerely,

Sincerely,

Victor Coleman	Natalie Teear
CEO & Chairman of the	SVP, Innovation, Sustainability &
Board of Directors	Social Impact

INTRODUCTION | 03

About Us

Hudson Pacific Properties (NYSE: HPP or "Company") offers end-to-end real estate solutions for dynamic tenants in the synergistic, converging, and secular growth industries of tech and media.

We are a premier West Coast landlord with 19.6 million square feet of office and studio space across Los Angeles, Silicon Valley, San Francisco, Seattle, Vancouver, New York and London, including land for development. We are one of the largest independent owners and operators of studios in the US through Sunset Studios and Quixote, which collectively comprise 95 sound stages and an array of production services, including but not limited to, a fleet of more than 1800 production vehicles and other transportation assets.

Our top-tier portfolio combined with our management expertise have enabled us to cultivate a tenant base of premier blue-chip and growth companies, like Google and Netflix. Our strategic focus is value creation through less capital- and time-intensive repositionings and (re)developments, although our deep in-house expertise allows us to execute on a full range of office and studio opportunities-from incremental lease-up to cutting-edge new construction. We are at the forefront of reimagining outdated real estate to deliver marquee, creative workplaces where the most forward- thinking companies and their employees can thrive-today and in the future.

Square

Feet

19.6M

1 LOS ANGELES

5.1M S.F.

5 VANCOUVER

2.0M S.F.

Founded

In

2006

2 SILICON VALLEY

5.9M S.F.

6 NEW YORK

0.2M S.F.

Initial Public Offering

2010

3 SAN FRANCISCO

2.6M S.F.

7 LONDON

1.2M S.F.

Investment

Grade Company

NYSE:

HPP

4 SEATTLE

5

2.7M S.F.4

3

2

Top Tenants

British Columbia	New York

Washington

6

United Kingdom

California

7

1

As of 12/31/23. Represents 100% of consolidated and unconsolidated joint ventures including land assets. Land square footage represents management's estimated of developable square feet, which may be subject to entitlement approvals not yet obtained.

INTRODUCTION | 04

Better BlueprintTM

Our corporate responsibility program, Better Blueprint, is informed by deep experience across every aspect of real estate.

™

Vision and Strategy

Better Blueprint brings to life our vision of vibrant, thriving urban spaces and places built for the long term. These principles and objectives provide a common thread that authentically guides our work and relations with tenants, customers, employees, investors and partners. Through this program, we aim to foster the growth of sustainable, healthy and equitable cities-vibrant cities, today and in the future.

S U S T A I N A B L E	H E A L T H Y	E Q U I T A B L E
Climate and Energy	Health and Safety	Diversity, Equity and Inclusion
Waste, Water and Biodiversity	Welness and Wellbeing	Community Impact

INTRODUCTION | 05

SPOTLIGHT ON:

OUR MATERIALITY ASSESSMENT

Better Blueprint is grounded in our understanding of the social and environmental issues that matter most to our business and stakeholders. Our seasoned leadership team developed this perspective in 2019 with direct feedback from employees across a variety of functional areas, as well as a comprehensive review of the most pressing issues for external stakeholders. This review assessed data from a range of sources, including the Global Real Estate Sustainability Benchmark (GRESB) survey, Sustainability Accounting Standards Board (SASB) Real Estate Sustainability Accounting Standard, local government sustainability plans and investor and tenant surveys, among others. Our leadership team revisits the results of this materiality assessment on an annual basis and makes adjustments accordingly. For example, when we acquired the Quixote production services company, which added a large fleet of cast trailers, trucks, and generators to our business, the topic of fleet decarbonization emerged as a new priority for our Better Blueprint program. However, we determined that fleet decarbonization was a sub-topic within the overall "climate and energy" issue, and therefore concluded that our high-level material issues-climate and energy; health, safety and well-being; diversity, equity and inclusion; homelessness; gentrification and affordability; and corporate governance-had not changed.

IMP ORTA NCE TO THE BUSINE S S

+ TALENT ATTRACTION		+ CLIMATE & ENERGY
+ EMPLOYEE ENGAGEMENT		+ HEALTH, SAFETY & WELL-BEING
+ TENANT ENGAGEMENT		+ DIVERSITY & INCLUSION
+ GOVERNMENT RELATIONS		+ HOUSING AFFORDABILITY
+ SAFETY & SECURITY		+ CORPORATE GOVERNANCE
+ RISK MANAGEMENT

+ WATER		+ WASTE
+ BIODIVERSITY		+ TRANSPORT & TRAFFIC
+ POLLUTION		+ LOCAL ECONOMIC IMPACT
+ DATA PRIVACY		+ COMMUNITY ENGAGEMENT
				+ LABOR CONDITIONS
				+ HUMAN RIGHTS

IMP ORTA NCE TO S TA K EHOLDERS

INTRODUCTION | 06

Better Blueprint Goals

We have streamlined our goals to align around our HPPx2030 vision.

100%

50%

50%

Zero

90%

50%

50%

>1%

$20+

Equal

15%

HPPx2030

carbon neutral & 100% renewable electricity in operations for 10 consecutive years

absolute reduction in Scope 1 and 2 GHG emissions from operations, without offsetting instruments1

absolute reduction in energy and water used in operations2

waste-meaning a 90% or higher landfill diversion rate-in operations

LEED, 80% Fitwel, 75% ENERGY STAR in-service office portfolio

absolute reduction in Scope 3 GHG emissions from production vehicles and other transportation assets3

of the production services business will come from the "Verde" offering of green production vehicles and other transportation assets

of adjusted net earnings donated annually for 10 consecutive years

million invested in innovative solutions to homelessness and housing affordability

representation of women in management (Director and above) and 100% increase in representation of Black Hispanic/Latino, and/or Asian employees in management4

of contractors on-site at all (re)development projects diverse and/or local

1. From a 2018 baseline
2. From a 2019 baseline
3. From a 2022 baseline
4. From a 2021 baseline

INTRODUCTION | 07

Better Blueprint Goals (cont.)

The table below summarizes our performance against the goals we laid out in our 2022 Corporate Responsibility Report.

PREVIOUS GOAL(S)		PERFORMANCE AGAINST GOAL DURING 2023

SCIENCE-BASED CLIMATE TARGET

Reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions across all operations by 50% by 2030, from a 2018 baseline

CARBON NEUTRALITY

Maintain 100% carbon neutrality (Scope 1 and 2 GHG emissions) across all operating properties

SCOPE 3 GHG EMISSIONS

Reduce absolute Scope 3 GHG emissions from our fleet by 50% by 2030, from a 2022 baseline, and grow our Verde offering to be 50% of the production services business by 2030. Measure all material Scope 3

GHG emissions annually, including but not limited to embodied carbon in all (re)development and major repositioning projects, require all (re)development projects to set project-specific embodied carbon reduction targets, and help 100% of our Tier 1 critical suppliers measure and disclose their Scope 1 and 2 GHG emissions by 2030

RENEWABLE ENERGY

Maintain 100% renewable electricity across all operating properties

ENERGY EFFICIENCY

Reduce energy consumption by 50% by 2030, from a 2019 baseline

ON TRACK

At year-end 2023, we had reduced absolute Scope 1 and 2 GHG emissions-excluding unbundled renewable energy credits (RECs) and offsets-by approximately 36% from our 2018 baseline

ACHIEVED / ON TRACK

We achieved 100% carbon neutrality in all operations in 2020 and have successfully maintained that status every year since

ACHIEVED / ON TRACK

At year-end 2023, we had reduced Scope 3 GHG emissions from our fleet by approximately 67% from our 2022 baseline (a one-time event driven largely by the Hollywood labor strikes in 2023), and the Verde offering was 12% of transportation revenue within the production services business. We measured and disclosed our organization's material Scope 3 GHG emissions for 2023 and continued to conduct project-specific embodied carbon reduction strategies for each of our (re) development and major repositioning projects. Approximately 19% of our critical Tier 1 suppliers (6 of 31) publicly disclose their GHG emissions

ACHIEVED / ON TRACK

We maintained 100% renewable electricity across all operating properties in 2023

ON TRACK

Energy consumption in our like-for-like portfolio decreased by 8% from 2022 to 2023, and our 2023 energy consumption was approximately 32% below our 2019 baseline

INTRODUCTION | 08

Better Blueprint Goals (cont.)

PREVIOUS GOAL(S)		PERFORMANCE AGAINST GOAL DURING 2023

WATER CONSERVATION

Reduce water use by 50% by 2030, from a 2019 baseline

WASTE

Achieve net zero waste (i.e. landfill diversion rate of 90% or higher) across all operations by 2030

LEED

Obtain LEED certification for 100% of (re)developments- Gold or higher for office projects, Silver or higher for studio projects-and maintain LEED certification at 90% or more of the in-service office portfolio

ON TRACK

Water use in our like-for-like portfolio decreased by 9% from 2022 to 2023, and our 2023 water use was approximately 38% below our 2019 baseline

ON TRACK

Our landfill diversion rate at the end of 2023 was 47%, up from 44% in 2022

ACHIEVED / ON TRACK

At year-end 2023, we had three development projects actively under construction: one office project, Washington 1000, which is on track to achieve LEED Gold, and two studio projects, Sunset Glenoaks and Sunset Pier 94 Studios, which are on track to achieve LEED Silver and Gold, respectively. Approximately 92% of our in-service office portfolio square footage was LEED certified, up from 90% at year-end 2022. Of this LEED-certified space, 98% is at the Gold or Platinum level

ENERGY STAR

Achieve ENERGY STAR certification at 75% of the in- service office portfolio by 2030

HEALTHY BUILDINGS

Achieve Fitwel certification at 80% of the in-service office portfolio by 2030

COMMUNITY IMPACT

Donate at least 1% of net earnings (adjusted for gains and impairment losses) annually and invest $20 million in innovative housing and homelessness solutions in our core markets

ON TRACK

At year-end 2023, approximately 75% of our in-service office portfolio square footage was ENERGY STAR certified, up from 72% at year-end 2022

ON TRACK

At year-end 2023, approximately 43% of our in-service office portfolio square footage was Fitwel certified, up from 40% at year-end 2022

ACHIEVED / ON TRACK

In 2023, we donated almost $850,000 to charitable causes, in line with prior year amounts. Had our net earnings also been in line with prior years we would have exceeded our 1% commitment; but because our 2023 net earnings were negative, our giving amounted to -0.5% of adjusted net earnings.

INTRODUCTION | 09

Better Blueprint Goals (cont.)

PREVIOUS GOAL(S)		PERFORMANCE AGAINST GOAL DURING 2023

DIVERSITY AND INCLUSION

Achieve equal representation of women in management (Director and above) and double representation of Black, Hispanic/Latino, and/or Asian employees in Management (Director & Above) by 2030, from a 2021 baseline

SUPPLIER DIVERSITY

Increase use of under-represented and/or local contractors on-site at (re)development projects to 15% by 2030

ON TRACK

At year-end 2023, our management population was 37% female and 23% Black, Hispanic/Latino and/or Asian

ACHIEVED / ON TRACK

All our active development projects are on track to exceed the 15% target

INTRODUCTION | 10