Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 80

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 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 September 30, 2025 related to our unsecured revolving credit facility and term loans:Covenant RatioCovenant LevelActual PerformanceTotal liabilities to total asset value≤ 60%43.7%Unsecured indebtedness to unencumbered asset value≤ 60%35.1%Adjusted EBITDA to fixed charges≥ 1.5x1.7x Secured indebtedness to total asset value≤ 45%24.9%Unencumbered NOI to unsecured interest expense≥ 1.75x2.3x  The following table summarizes existing covenants and their covenant levels related to the registered senior notes as of September 30, 2025:Covenant Ratio(1)Covenant LevelActual PerformanceDebt to total assets≤ 60%40.4%Total unencumbered assets to unsecured debt ≥ 150%323.1%Consolidated income available for debt service to annual debt service charge≥ 1.5x1.9x Secured debt to total assets≤ 40%22.7%_________________1.The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.25% Senior Notes, 3.95% Senior Notes, 4.65% Senior Notes and 5.95% Senior Notes.The operating partnership was in compliance with its financial covenants as of September 30, 2025.Repayment GuaranteesAlthough the rest of the operating partnership’s loans are secured and non-recourse, the operating partnership provides limited customary secured debt guarantees for items such as voluntary bankruptcy, fraud, misapplication of payments and environmental liabilities.The Company and certain of its subsidiaries guarantee the operating partnership’s unsecured debt. The likelihood of loss relating to this guarantee is remote as of September 30, 2025.

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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,