Answer
$$ r^2= \frac{4}{\cos2\theta} .$$
Work Step by Step
Since
$$ x=r\cos \theta,\quad y=r\cos \theta, \quad z=z,$$
then $ x^2-y^2=4$ takes the form
$$ r^2\cos^2\theta-r^2\sin^2\theta =4\Longrightarrow r^2=\frac{4}{\cos^2\theta-\sin^2\theta}=\frac{4}{\cos2\theta} .$$