Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 95

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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2024Company-owned common units in the operating partnership379,150,864 141,279,102 Company’s ownership interest percentage98.7 %97.4 %Non-controlling common units in the operating partnership(1)4,941,964 3,796,346 Non-controlling ownership interest percentage1.3 %2.6 %_________________ 1.Represents common units held by certain of the Company’s executive officers, directors and other outside investors. As of June 30, 2025, this amount represents both common units and performance units of 406,520 and 4,535,444, respectively. As of December 31, 2024, this amount represents both common units and performance units in the amount of 550,969 and 3,245,377, respectively.Common Stock ActivityOn June 13, 2025, the Company sold in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The pre-funded warrants have an exercise price of $0.01 per share and can be exercised at any time on or after June 13, 2025 at the option of the holder. The gross proceeds from the offering amounted to $689.3 million ($529.7 million from common stock and $159.6 million from pre-funded warrants). In connection with the offering, we paid underwriting fees of $27.4 million and other transaction costs of $5.0 million, resulting in net proceeds of $656.9 million. The proceeds from the offering were used to fully repay the outstanding amount under the unsecured revolving credit facility and for general corporate purposes. The Company’s ATM program permits sales of up to $125.0 million of common stock. The Company did not utilize the ATM program during the three and six months ended June 30, 2025. A cumulative total of $65.8 million has been sold as of June 30, 2025.Share Repurchase ProgramThe Company is authorized to repurchase shares of its common stock up to a total of $250.0 million under the share repurchase program. The Company did not utilize the share repurchase program during the three and six months ended June 30, 2025. Since commencement of the program, a cumulative total of $214.7 million had been repurchased. Share repurchases are accounted for on the trade date. The Company