Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 70

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 also resulted in a decrease in the total capacity from $900.0 million to $775.0 million.IndebtednessThe Company presents its financial statements on a consolidated basis. Notwithstanding such presentation, except to the extent expressly indicated, the Company’s separate property-owning subsidiaries are not obligors of or under the debt of their respective affiliates and each property-owning subsidiary’s separate liabilities do not constitute obligations of its respective affiliates.Loan agreements include events of default that the Company believes are usual for loans and transactions of this type. As of the date of this filing, there have been no events of default associated with the Company’s loans.The following table provides information regarding the Company’s future minimum principal payments due on the Company’s debt (after the impact of extension options, if applicable) as of March 31, 2025:YearUnsecured and Secured DebtJoint Venture Partner DebtRemaining 2025$573,300 $— 20261,242,767 — 2027556,600 — 2028451,000 — 2029500,000 — Thereafter875,000 66,136 TOTAL$4,198,667 $66,136 

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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)

Debt CovenantsThe operating partnership’s ability to borrow under its unsecured loan arrangements remains subject to ongoing compliance with financial and other covenants as defined in the respective agreements. Certain financial covenant ratios are subject to change in the occurrence of material acquisitions as defined in the respective agreements. Other covenants include certain limitations on dividend payouts and distributions, limits on certain types of investments outside of the operating partnership’s primary business and other customary affirmative and negative covenants.The following table summarizes existing covenants and their covenant levels as of March 31, 2025 related to our unsecured revolving credit facility and term loans:Covenant RatioCovenant LevelActual PerformanceTotal liabilities to total asset value≤ 65%46.9%Unsecured indebtedness to unencumbered asset value≤ 65%41.7%Adjusted EBITDA to fixed charges≥ 1.4x1.7x Secured indebtedness to total asset value≤ 45%23.7%Unencumbered NOI to un