Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 31

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 31
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 contain specific cross-default provisions with respect to specified other indebtedness, giving the lenders the right to declare a default if we are in default under other loans in some circumstances.

Liquidity Uses

Contractual Obligations

During the six months ended June 30, 2025, there were no material changes outside the ordinary course of business in the information regarding specified contractual obligations contained in our 2024 Annual Report on Form 10-K. Refer to Part I, Item 1 “Note 9 to the Consolidated Financial Statements—Debt” for information regarding our future minimum principal payments due on our outstanding debt. Refer to Part I, Item 1 “Note 12 to the Consolidated Financial Statements—Future Minimum Rents and Lease Payments” for information regarding our future minimum operating lease payments. Refer to Part I, Item 1 “Note 20 to the Consolidated Financial Statements—Commitments and Contingencies” for more detail.

Cash Flows

Comparison of the cash flow activity for the six months ended June 30, 2025 to the six months ended June 30, 2024 is as follows (in thousands, except percentage change):

Six Months Ended June 30,20252024Dollar ChangePercent ChangeNet cash provided by operating activities$28,496 $100,750 $(72,254)(71.7)%Net cash used in investing activities$(8,078)$(121,030)$112,952 (93.3)%Net cash provided by financing activities$147,532 $1,064 $146,468 13,765.8 %

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Cash and cash equivalents and restricted cash were $267.1 million and $99.2 million at June 30, 2025 and December 31, 2024, respectively.

Operating Activities 

Net cash provided by operating activities decreased by $72.3 million, or 71.7%, to $28.5 million for the six months ended June 30, 2025 compared to $100.8 million for the six months ended June 30, 2024. The decrease primarily resulted from the dispositions of our Foothill Research, Maxwell and 625 Second properties in 2025 and our 3176 Porter property in the fourth quarter of 2024, lease terminations at our 1455 Market, Concourse and 901 Market properties, lower production activity at Quixote and one-time lease termination fees paid to exit several operating leases at