Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 12

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 12
---
 by the Company with various expiration dates.

44

Historical Office Tenant Improvements and Leasing Commissions

The following table summarizes historical information regarding tenant improvement and leasing commission costs for tenants at our office properties: 

Three Months Ended March 31,20252024Renewals(1)Number of leases27 40 Square feet215,180 215,556 Tenant improvement costs per square foot(2)(3)$18.61 $26.96 Leasing commission costs per square foot(2)8.28 10.61 Total tenant improvement and leasing commission costs(2)$26.89 $37.57 New leases(4)Number of leases35 33 Square feet415,115 293,059 Tenant improvement costs per square foot(2)(3)$72.95 $40.86 Leasing commission costs per square foot(2)14.37 13.33 Total tenant improvement and leasing commission costs(2)$87.32 $54.19 TOTALNumber of leases62 73 Square feet630,295 508,615 Tenant improvement costs per square foot(2)(3)$55.32 $35.39 Leasing commission costs per square foot(2)12.39 12.26 TOTAL TENANT IMPROVEMENT AND LEASING COMMISSION COSTS(2)$67.71 $47.65 

__________________ 

1.Excludes retained tenants that have relocated or expanded into new space within our portfolio.    

2.Assumes all tenant improvement and leasing commissions are paid in the calendar year in which the lease is executed, which may be different than the year in which they were actually paid.

3.Tenant improvement costs are based on negotiated tenant improvement allowances set forth in leases, or, for any lease in which a tenant improvement allowance was not specified, the aggregate cost originally budgeted at the time the lease commenced.

4.Includes retained tenants that have relocated or expanded into new space within our portfolio.

Financings

During the three months ended March 31, 2025, there were $297.0 million of repayments on the unsecured revolving credit facility, net of borrowings. 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 capital and other corporate purposes.

During the three months ended March 31, 2025, the Company secured