Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 135

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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1.1 million for the six months ended June 30, 2024. The increase primarily resulted from  $656.8 million of net proceeds raised in our offering of common stock and pre-funded warrants in June 2025, which was offset by a $561.0 million increase in repayments of notes payable, net of proceeds, during the six months ended June 30, 2025. Additionally, during the six months ended June 30, 2024, $40.9 million was spent on the purchase of our partner’s interest in our 1455 Market property, which contributed to the comparative increase in net cash provided by financing activities during the six months ended June 30, 2025.

Off-Balance Sheet Arrangements

Unconsolidated Joint Venture Indebtedness

We have investments in unconsolidated real estate entities accounted for using the equity method of accounting. The following table provides information about our unconsolidated joint venture indebtedness as of June 30, 2025 (in thousands, except for percentages):

Ownership InterestAmount DrawnUndrawn CapacityTotal CapacityInterest RateContractual Maturity DateBentall Centre(1)20 %$478,199 $6,992 $485,191 CORRA + 2.30%7/1/2027Sunset Pier 94 Studios(2)26 %$95,811 $87,389 $183,200 SOFR + 4.75%9/9/2028

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(1)The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of June 30, 2025. This loan is interest-only through its term.

(2)This loan has an initial interest rate of SOFR + 4.75% per annum until stabilization of the project, at which time the effective interest rate will decrease to SOFR + 4.00%. This loan is interest-only through its term. The maturity date includes the effect of extension options.

Critical Accounting Policies 

Our discussion and analysis of our historical financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements in conformity with GAAP requires us to make estimates of certain items and judgments as to certain future events, for example with respect to the assignment of the purchase price of an acquired property among land, buildings,