Company: HPP
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001482512-25-000029
Chunk: 194

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 194
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 Cross Studios(6)StudioBroxbourne1,167,347TBDTBDTOTAL3,233,589 TOTAL UNDER CONSTRUCTION AND FUTURE DEVELOPMENT4,011,589 

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1.Estimated square footage represents management’s estimate of leasable square footage, which may be less or more than the Building Owners and Managers Association (BOMA) rentable area. Square footage may change over time due to re-measurement or re-leasing. For land properties, square footage represents management’s estimate of developable square footage, the majority of which remains subject to entitlement approvals not yet obtained.

2.We own 25.6% of the ownership interest in the unconsolidated joint venture that owns Sunset Pier 94 Studios. 

3.We own 51% of the ownership interests in the consolidated joint venture that owns Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios.

4.Pending entitlement to develop approximately 500 residential units.

5.We own 20% of the ownership interests in the unconsolidated joint venture that owns Burrard Exchange.

6.We own 35% of the ownership interests in the unconsolidated joint venture that owns Sunset Waltham Cross Studios.

Properties are selected for repositioning when an asset or portions of an asset are taken offline for a change of use or if the asset requires significant base building improvements resulting in substantial downtime in occupancy. Subsequently, when the square footage offline for a full building reaches 92.0% occupancy, it would be included in our in-service population. 

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The following table summarizes the portions of office and studio projects currently under repositioning as of December 31, 2024: 

LocationSubmarketSquare FeetRepositioning:899 HowardSan Francisco96,240 Page Mill CenterPalo Alto79,056 Rincon CenterSan Francisco36,905 Sunset Las Palmas StudiosHollywood18,594 Palo Alto SquarePalo Alto12,740 Metro PlazaNorth San Jose10,382 Sunset Gower StudiosHollywood6,650 TOTAL REPOSITIONING260,567 

Financings

During the year ended December 31, 2024, there were $128.0 million of borrowings on the unsecured revolving credit facility, net of repayments. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working