Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 87

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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-real estate investments measured at NAV(1)(3)$— $— $— $48,460 $— $— $— $47,373 __________________ 1.Included in prepaid expenses and other assets, net on the Consolidated Balance Sheets.  2.Included in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.3.According to the relevant accounting standards, certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.Level 2 items include interest rate caps and swaps, which are valued on a quarterly basis using a linear regression model. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values.Other Financial Instruments    The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. The fair 

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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)

values of debt are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs. The table below represents the carrying value and fair value of the Company’s debt as of:June 30, 2025December 31, 2024Carrying ValueFair ValueCarrying ValueFair ValueLIABILITIESUnsecured debt(1)$1,650,000 $1,500,677 $2,435,000 $2,040,075 Secured debt(1)$2,059,000 $2,054,087 $1,752,667 $1,741,090 Consolidated joint venture partner debt$66,136 $61,292 $66,136 $60,637 _________________1.Amounts represent debt excluding unamortized deferred financing costs and loan discounts/premiums.

14. Share/Unit-Based Compensation

The Company’s 2010 Incentive Plan permits the Company’s board of directors (the “Board”) to grant, among other things, restricted