Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 61

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 ASSOCIATED WITH REAL ESTATE HELD FOR SALE$25,905 LIABILITIESAccounts payable, accrued liabilities and other$355 Security deposits and prepaid rent155 LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE$510 Impairment of Long-Lived AssetsDuring the three months ended March 31, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflects a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations.The Company had no impairments of real estate during the three months ended March 31, 2024.

4. Non-Real Estate Property, Plant and Equipment, net

The following table summarizes the Company’s non-real estate property, plant and equipment, net as of:March 31, 2025December 31, 2024Trailers$79,908 $77,903 Production equipment43,167 42,954 Trucks and other vehicles22,017 22,035 Leasehold improvements23,565 21,792 Furniture, fixtures and equipment2,387 2,454 Other equipment17,143 14,912 Non-real estate property, plant and equipment, at cost188,187 182,050 Accumulated depreciation(59,822)(54,983)NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET$128,365 $127,067 The Company did not recognize any impairment charges for non-real estate property, plant and equipment during the three months ended March 31, 2025 and 2024.

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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)

5. Investment in Unconsolidated Real Estate Entities

The following table summarizes the Company’s investments in unconsolidated joint ventures:PropertyProperty TypeSubmarketOwnership InterestFunctional CurrencySunset Waltham Cross StudiosFuture DevelopmentBroxbourne, United Kingdom35%Pound sterling(1)Bentall CentreOperating PropertyDowntown Vancouver20%Canadian dollar(