Company: HPP
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001482512-25-000029
Chunk: 220

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 220
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 (in thousands):

Ownership InterestAmount DrawnUndrawn CapacityTotal CapacityInterest RateContractual Maturity DateBentall Centre(1)20 %$450,551 $9,355 $459,906 CORRA + 2.30%7/1/2027Sunset Pier 94 Studios(2)26 %29,783 153,417 183,200 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 December 31, 2024. This loan is interest-only through its term.

(2)This loan has an initial interest rate of SOFR + 4.75% per annum until stabilization of the project, at which time the effective interest rate will decrease to SOFR + 4.00%. This loan is interest-only through its term. The maturity date includes the effect of extension options.

Cash Flows 

Comparison of the cash flow activity for the year ended December 31, 2024 to the year ended December 31, 2023 is as follows (in thousands, except percentage change):Year Ended December 31,20242023Dollar ChangePercentage ChangeNet cash provided by operating activities$164,657 $232,256 $(67,599)(29.1)%Net cash (used in) provided by investing activities$(250,539)$467,841 $(718,380)(153.6)%Net cash provided by (used in) financing activities$65,903 $(866,672)$932,575 (107.6)%

Cash and cash equivalents and restricted cash were $99.2 million and $119.2 million at December 31, 2024 and 2023, respectively.

57

Operating Activities

Net cash provided by operating activities decreased by $67.6 million, or 29.1%, to $164.7 million for the year ended December 31, 2024 as compared to $232.3 million for the year ended December 31, 2023. The decrease primarily resulted from the property dispositions throughout 2023 and a significant tenant move-out at our 1455 Market property in the third quarter of 2023, as well as an overall decrease in occupancy across our portfolio in 2024, as compared to the prior year. The decrease was partially offset by