Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 73

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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,501)$(7,711)$(24,854)$(24,211)Lease incentives(2)$(1,761)$(384)$(3,623)$(606)Below-market ground leases(3)$(651)$(673)$(1,953)$(2,018)Above-market leases(2) $(1)$(14)$(167)$(43)Customer relationships(1)$(3,502)$(3,504)$(10,511)$(10,512)Non-competition agreements(1)$(267)$(412)$(2,347)$(1,235)Below-market leases(2)$1,013 $1,210 $3,061 $3,942 Above-market ground leases(3)$— $11 $— $32 __________________ 1.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations. 2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations. During the nine months ended September 30, 2025, the Company recorded a $0.1 million impairment charge related to the deferred leasing costs and intangible assets of the 625 Second office property. The property was subsequently sold on May 30, 2025. See Note 3 for details. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. During the three and nine months ended September 30, 2024, the Company recorded $0.7 million of impairment charges related to the deferred leasing costs and intangible assets of the Maxwell, Foothill Research Center and 3176 Porter office properties. These properties were subsequently sold. See Note 3 for details. The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations.

7. Accounts Receivable

The Company’s accounting policy and methodology used to estimate the allowance for doubtful accounts related to receivables are discussed in the Company’s 2024 Annual Report on Form 10-K. Accounts Receivable As of September 30, 2025, accounts receivable was $14.3 million and there was a $0.2 million allowance for doubtful accounts. As of December 31, 2024, accounts receivable was $15.0 million and there was a $0.5 million allowance for doubtful accounts.Stra