Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 64

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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Customer relationships97,900 97,900 Accumulated amortization(43,884)(40,380)Customer relationships, net54,016 57,520 Non-competition agreements5,300 8,200 Accumulated amortization(3,839)(4,926)Non-competition agreements, net1,461 3,274 Trade name37,200 37,200 Parking easement15,273 15,273 DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET$318,254 $327,514 Below-market leases$40,290 $40,535 Accumulated amortization(19,483)(18,697)INTANGIBLE LIABILITIES, NET$20,807 $21,838 

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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)

The Company recognized the following amortization related to deferred leasing costs and intangibles:Three Months Ended March 31,20252024Deferred leasing costs and in-place lease intangibles(1)$(8,848)$(7,772)Lease incentives(2)$(624)$— Below-market ground leases(3)$(651)$(673)Above-market leases(2) $(165)$(13)Customer relationships(1)$(3,503)$(3,504)Non-competition agreements(1)$(1,814)$(412)Below-market leases(2)$1,031 $1,407 Above-market ground leases(3)$— $11 __________________ 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 three months ended March 31, 2025, the Company recorded $0.1 million of impairment charges related to the deferred leasing costs and intangible assets of the 625 Second office property. See Note 3 for details. The impairment charges are recorded within impairment loss on the Consolidated Statement of Operations.

7. Accounts Receivable

The Company’s accounting policy and methodology used to estimate the allowance for doubtful accounts related to receiv