Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 88

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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5 and 2024, the Company recognized $0.3 million of related rental expense in management services expense—unconsolidated real estate entities on the Consolidated Statement of Operations related to these leases.

20. Commitments and Contingencies

Fund InvestmentsThe Company invests in several non-real estate funds with an aggregate commitment to contribute up to $51.0 million. As of March 31, 2025, the Company has contributed $42.9 million to these funds, net of distributions, with $8.1 million remaining to be contributed. 

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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)

LegalFrom time to time, the Company is party to various lawsuits, claims and other legal proceedings arising out of, or incident to, the ordinary course of business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. As of March 31, 2025, the risk of material loss from such legal actions impacting the Company’s financial condition or results from operations has been assessed as remote.Letters of CreditAs of March 31, 2025, the Company had $11.6 million in outstanding letters of credit under the unsecured revolving credit facility. The letters of credit are largely related to utility company security deposit requirements.Contractual ObligationsThe Company has entered into a number of construction agreements related to its development activities at various properties and its obligations under executed leases. As of March 31, 2025, the Company had $77.6 million in related commitments.

21. Supplemental Cash Flow Information

Supplemental cash flow information for Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. is included as follows:Three Months Ended March 31,20252024Cash paid for interest, net of capitalized interest$41,418 $43,894 Non-cash investing and financing activitiesAccounts payable and accrued liabilities for real estate investments$69,013 $73,471 Operating lease liability remeasurements$5,729 $— Redemption of common units in the operating partnership$— $133 Restricted cash primarily consists of amounts held by lenders to fund reserves such as capital