Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 129

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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 decreased $1.6 million, or 77.9%, to $0.5 million for the six months ended June 30, 2025 compared to $2.0 million for the six months ended June 30, 2024. The decrease was primarily related to legal expenses incurred in connection with early lease terminations at Quixote during the six months ended June 30, 2025.

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Unrealized loss on non-real estate investments

We recognized an unrealized loss on our non-real estate investments of $0.2 million for the six months ended June 30, 2025 compared to a loss of $1.9 million for the six months ended June 30, 2024, which were due to the observable changes in the fair value of the investments.

Gain on sale of real estate, net

During the six months ended June 30, 2025, we recognized a net gain of $10.0 million primarily attributable to the sales of our Foothill Research and Maxwell properties. No gain or loss on sale was recognized during the six months ended June 30, 2024.

Impairment loss

During the six months ended June 30, 2025, we recorded an impairment loss of $18.5 million due to a reduction in the estimated holding period for our 625 Second office property. We did not record any impairment charges during the six months ended June 30, 2024.

Loss on extinguishment of debt

During the six months ended June 30, 2025, we recognized a $3.5 million loss on extinguishment of debt related to the early repayment of the loan secured by our Element LA property and the Series B, C and D notes. No gain or loss on extinguishment of debt was recognized during the six months ended June 30, 2024. 

Other (expense) income

During the six months ended June 30, 2025, we recognized other expense of $0.1 million. During the six months ended June 30, 2024, we recognized other income of $1.5 million related to the sale of a non-real estate investment.

Income tax provision

There was no significant change in the income tax provision. We recognized an income tax provision of $0.6 million for the six months ended June 30, 2025 compared to $0.5 million for the six months ended June 30, 202