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

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 per square foot(2)(3)$85.29 $70.41 $70.95 $55.87 Leasing commission costs per square foot(2)17.12 19.72 15.15 14.47 Total tenant improvement and leasing commission costs(2)$102.41 $90.13 $86.10 $70.34 TOTALNumber of leases75 85 209 237 Square feet515,450 539,272 1,703,800 1,587,418 Tenant improvement costs per square foot(2)(3)$55.47 $44.20 $49.64 $42.32 Leasing commission costs per square foot(2)13.21 13.62 12.82 12.76 TOTAL TENANT IMPROVEMENT AND LEASING COMMISSION COSTS(2)$68.68 $57.82 $62.46 $55.08 

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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 nine months ended September 30, 2025, there were $320.0 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 nine months ended September 30, 2025, the Company secured the Office Portfolio CMBS loan with an aggregate principal amount of $475.0 million. The loan is secured by six office properties, bears interest at SOFR + 3.76% and matures on April 9, 2027, with three optional one-year extensions permitting certain financial and other covenants are met. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving