Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 30

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 30
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 June 30, 2025 (in thousands, except percentage):

Market CapitalizationUnsecured and secured debt(1)$3,709,000 Series A redeemable preferred units5,894 Total consolidated debt3,714,894 Equity capitalization(2)1,693,262 TOTAL CONSOLIDATED MARKET CAPITALIZATION$5,408,156 Total consolidated debt/total consolidated market capitalization68.7 %

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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), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $2.74, as reported by the NYSE, on June 30, 2025, as well as the aggregate value of the Series C preferred stock liquidation preference as of June 30, 2025.

Outstanding Indebtedness

The following table sets forth information as of June 30, 2025 and December 31, 2024 with respect to our outstanding indebtedness, excluding unamortized deferred financing costs and loan discounts/premiums (in thousands):

June 30, 2025December 31, 2024Unsecured debt$1,650,000 $2,435,000 Secured debt$2,059,000 $1,752,667 Joint venture partner debt$66,136 $66,136 

The operating partnership was in compliance with its financial covenants as of June 30, 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 our indebtedness