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

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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 activities for the three months ended March 31, 2025 was $15.9 million compared to $71.4 million of net cash used in investing activities for the three months ended March 31, 2024. The change primarily resulted from $63.2 million of proceeds from sales of real estate during the three months ended March 31, 2025. There were no sales of real estate during the three months ended March 31, 2024. The change was additionally driven by a $16.4 million decrease in contributions to unconsolidated entities and a $7.7 million decrease in additions to investment in real estate during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Financing Activities

Net cash used in financing activities for the three months ended March 31, 2025 was $11.7 million compared to $20.6 million of net cash provided by financing activities for the three months ended March 31, 2024. The change primarily resulted from a $78.7 million decrease in net borrowings during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, partially offset by the $40.9 million purchase of our partner’s interest in the 1455 Market property during the three 

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months ended March 31, 2024.

Off-Balance Sheet Arrangements

Unconsolidated Joint Venture Indebtedness

We have investments in unconsolidated real estate entities accounted for using the equity method of accounting. The following table provides information about our unconsolidated joint venture indebtedness as of March 31, 2025 (in thousands, except for percentages):

Ownership InterestAmount DrawnUndrawn CapacityTotal CapacityInterest RateContractual Maturity DateBentall Centre(1)20 %$451,018 $9,365 $460,383 CORRA + 2.30%7/1/2027Sunset Pier 94 Studios(2)26 %$60,450 $122,750 $183,200 SOFR + 4.75%9/9/2028

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(1)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. This loan is interest-only through its