Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 23

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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 preferred units as debt) as of March 31, 2025 (in thousands, except percentage):

Market CapitalizationUnsecured and secured debt(1)$4,198,667 Series A redeemable preferred units8,394 Total consolidated debt4,207,061 Equity capitalization(2)877,194 TOTAL CONSOLIDATED MARKET CAPITALIZATION$5,084,255 Total consolidated debt/total consolidated market capitalization82.7 %

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1.Excludes joint venture partner debt and unamortized deferred financing costs and loan discounts/premiums.

2.Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $2.95, as reported by the NYSE, on March 31, 2025, as well as the aggregate value of the Series C preferred stock liquidation preference as of March 31, 2025.

Outstanding Indebtedness

The following table sets forth information as of March 31, 2025 and December 31, 2024 with respect to our outstanding indebtedness, excluding unamortized deferred financing costs and loan discounts/premiums (in thousands):

March 31, 2025December 31, 2024Unsecured debt$2,138,000 $2,435,000 Secured debt$2,060,667 $1,752,667 Joint venture partner debt$66,136 $66,136 

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The operating partnership was in compliance with its financial covenants as of March 31, 2025, although there can be no assurance that it will continue to be in compliance with these financial covenants. Our ability to maintain compliance with our debt covenants is subject to numerous risks and uncertainties, many of which are outside of our control, including general economic conditions; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing, including as a result of further downgrades in the credit ratings of our unsecured indebtedness; our failure to generate sufficient cash flows to service our outstanding indebtedness, repay indebtedness when due and maintain dividend payments; and strikes or work stoppages. Failure to meet any of these covenants could cause an event of default under the agreements governing our indebtedness and/or accelerate some or all of our indebtedness. In addition, certain of