Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 74

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 74
---
 Accumulated amortization(47,388)(40,380)Customer relationships, net50,512 57,520 Non-competition agreements5,300 8,200 Accumulated amortization(4,105)(4,926)Non-competition agreements, net1,195 3,274 Trade name37,200 37,200 Parking easement15,273 15,273 DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET$351,278 $327,514 Below-market leases$39,628 $40,535 Accumulated amortization(19,838)(18,697)INTANGIBLE LIABILITIES, NET$19,790 $21,838 The Company recognized the following amortization related to deferred leasing costs and intangibles:Three Months Ended June 30,Six Months Ended June 30,2025202420252024Deferred leasing costs and in-place lease intangibles(1)$(7,657)$(8,728)$(17,353)$(16,500)Lease incentives(2)$(1,238)$(222)$(1,862)$(222)Below-market ground leases(3)$(651)$(672)$(1,302)$(1,345)Above-market leases(2) $(1)$(16)$(166)$(29)Customer relationships(1)$(3,505)$(3,504)$(7,009)$(7,008)Non-competition agreements(1)$1,136 $(411)$(2,080)$(823)Below-market leases(2)$1,017 $1,298 $2,048 $2,732 Above-market ground leases(3)$— $10 $— $21 __________________ 1.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations. 2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations. During the six months ended June 30, 2025, the Company recorded a $0.1 million impairment charge related to the deferred leasing costs and intangible assets of the 625 Second office property. See Note 3 for details. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations.

22

Table