Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 89

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 improvements, taxes, insurance, debt service and operating expenditures. The following table provides a reconciliation of cash and cash equivalents and restricted cash at the beginning and end of the periods presented for Hudson Pacific Properties, Inc and Hudson Pacific Properties, L.P.:Three Months Ended March 31,20252024BEGINNING OF PERIODCash and cash equivalents$63,256 $100,391 Restricted cash35,921 18,765 TOTAL$99,177 $119,156 END OF PERIODCash and cash equivalents$86,474 $114,305 Restricted cash47,452 19,267 TOTAL$133,926 $133,572 

22. Subsequent Events

On April 4, 2025, the Company entered into the following agreements in relation to the Office Portfolio CMBS loan:•an interest rate swap agreement to fix SOFR at a rate of 3.4075% effective as of April 4, 2025 through April 15, 2029 on $250.0 million of indebtedness;•an interest rate cap agreement to cap SOFR at a rate of 3.35% effective as of April 15, 2025 through April 15, 2027 on $224.2 million of indebtedness. 

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Table of ContentsHudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P.Notes to Unaudited Consolidated Financial Statements(Unaudited, tabular amounts in thousands, except square footage, share and unit data)

On April 29, 2025, the Company tendered for the full repayment of its Series B, Series C and Series D notes with a prepayment date of May 9, 2025. The repayment was financed with additional borrowings on the unsecured revolving credit facility.

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Table of Contents

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part I, Item 1 “Financial Statements of Hudson Pacific Properties, Inc.,” “Financial Statements of Hudson Pacific Properties, L.P.” and “Notes to Unaudited Consolidated Financial Statements.” Statements in this Item 2 contain forward-looking statements. For a discussion of important risks related to our business and related to investing in our securities, including risks that could cause actual results and events to