Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 29

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 29
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 stream of cash flow that provides us with resources to pay operating expenses, debt service and fund quarterly dividend and distribution requirements. 

Our ability to access the equity capital markets will be dependent on a number of factors as well, including general market conditions for REITs and market perceptions about us.

In June 2025, we issued in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The gross proceeds from the offering amounted to $689.3 million.

We have an ATM program that allows us to sell up to $125.0 million of common stock, $65.8 million of which has been sold through September 30, 2025. Any future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program. 

The following table sets forth our borrowing capacity under various loans as of September 30, 2025 (in thousands):

LoanTotal Borrowing CapacityAmount DrawnRemaining Borrowing CapacityUnsecured revolving credit facility$795,250 $— $795,250 Sunset Glenoaks Studios construction loan(1)(2)50,300 50,300 — Bentall Centre(1)(2)(3)95,016 94,164 852 Sunset Pier 94 Studios construction loan(1)(2)46,810 30,900 15,910 TOTAL$987,376 $175,364 $812,012 

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1.Amounts are presented at HPP’s share.

2.This loan is held by an unconsolidated joint venture.

3.The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of September 30, 2025.

Our ability to incur additional debt will be dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. If we incur additional debt, the risks associated with our leverage, including our ability to service our debt, would increase. In addition, our ability to incur additional debt may be affected by our senior unsecured debt ratings as provided by the major credit rating agencies in the United States. Certain of the major U.S. credit rating agencies have