Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 71

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflects a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. The property was classified as held for sale as of March 31, 2025 and was subsequently sold on May 30, 2025.The Company had no impairments of real estate during the six months ended June 30, 2024.

4. Non-Real Estate Property, Plant and Equipment, net

The following table summarizes the Company’s non-real estate property, plant and equipment, net as of:June 30, 2025December 31, 2024Trailers$80,569 $77,903 Production equipment43,166 42,954 Trucks and other vehicles22,986 22,035 Leasehold improvements26,419 21,792 Furniture, fixtures and equipment2,135 2,454 Other equipment18,340 14,912 Non-real estate property, plant and equipment, at cost193,615 182,050 Accumulated depreciation(64,362)(54,983)NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET$129,253 $127,067 The Company did not recognize any impairment charges for non-real estate property, plant and equipment during the six months ended June 30, 2025 and 2024.

5. Investment in Unconsolidated Real Estate Entities

The following table summarizes the Company’s investments in unconsolidated joint ventures:PropertyProperty TypeSubmarketOwnership InterestFunctional CurrencySunset Waltham Cross StudiosFuture DevelopmentBroxbourne, United Kingdom35%Pound sterling(1)Bentall CentreOperating PropertyDowntown Vancouver20%Canadian dollar(2)(3)Sunset Pier 94 StudiosDevelopmentManhattan51%U.S. dollar(4)__________________ 1.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios development and the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity.2.The Company serves as the operating member of this