Company: HPP
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001193125-25-140284
Chunk: 10

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-06-13
Form: 424B5
Chunk 10
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 addition, as of March 31, 2025, we have seen increases in technology
requirements and average square footage.

While trailing twelve-month net effective rents for both blended and new leases during the
twelve-month period ended March 31, 2025 remained below pre-pandemic levels (an estimated 7% and 4%, respectively), we saw an increase in lease term for each of blended and new leases during the same
twelve-month period (an estimated 54% and 72%, respectively). We believe that our leasing trends are also bolstered by the start of a

S-2

period of lower quarterly lease expirations and the lease-up of recently completed and under-construction office and studio projects, which we believe
provide an opportunity to grow our cash flows with minimal additional capital investment. Our future development pipeline includes the development of seven projects with an estimated 3.2 million square feet, located in four markets. Of these
development projects, 60% and 40% are for office and studio properties, respectively.

On May 30, 2025, we sold the 625 Second Street
property for net proceeds of approximately $25 million.

Deleveraging Plan

In the first quarter of 2025, we secured a commercial mortgaged-backed securities loan for total gross proceeds of $475.0 million (the
“Office Portfolio CMBS”). We used the proceeds from the loan to repay $259.0 million on our unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property. As of March 31, 2025,
HPP’s share of near-term debt maturities consist of $432 million due in the fourth quarter of 2025, $704 million due in the second half of 2026 and $596 million due in 2027. Of such amounts, 49% are secured by assets with
significant weighted-average lease terms remaining and high occupancy, and none of the office assets securing such loans was less than 90% leased. As of May 9, 2025, using additional borrowings under our unsecured revolving credit facility, we
repaid our Series B, Series C and Series D notes in full. As of June 4, 2025, we had approximately $326.8 million of liquidity, including approximately $265.0 million of undrawn capacity under our unsecured revolving credit facility
and $61.8 million of cash and cash equivalents