Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 22

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 22
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 sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program. 

The following table sets forth our borrowing capacity under various loans as of March 31, 2025 (in thousands):

LoanTotal Borrowing CapacityAmount DrawnRemaining Borrowing CapacityUnsecured revolving credit facility$775,000 $23,000 $752,000 Sunset Glenoaks Studios construction loan(1)50,300 50,300 — Bentall Centre(1)(2)(3)92,077 90,204 1,873 Sunset Pier 94 Studios construction loan(1)(2)46,810 15,445 31,365 TOTAL$964,187 $178,949 $785,238 

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1.Amounts are presented at HPP’s share.

2.This loan is held by an unconsolidated joint venture. 

3.The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of March 31, 2025.

Our ability to incur additional debt will be dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. If we incur additional debt, the risks associated with our leverage, including our ability to service our debt, would increase. In addition, our ability to incur additional debt may be affected by our senior unsecured debt ratings as provided by the major credit rating agencies in the United States. Certain of the major U.S. credit rating agencies have previously downgraded our senior unsecured debt rating to non-investment grade. These and any further ratings downgrades could adversely impact our ability to access debt markets in the future and increase the cost of future debt. As of March 31, 2025, the credit ratings for our senior unsecured debt were B2, BB- and BB- from Moody’s, Standard and Poor’s and Fitch, respectively.

We are in the process of refinancing the $314.3 million loan secured by our 1918 Eighth property, which matures in December 2025. There can be no assurance as to whether the refinancing will be completed.

The following table sets forth our ratio of debt to total market capitalization (counting Series A redeemable