Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 132

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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, would increase. In addition, our ability to incur additional debt may be affected by our senior unsecured debt ratings as provided by the major credit rating agencies in the United States. Certain of the major U.S. credit rating agencies have previously downgraded our senior unsecured debt rating to non-investment grade. These and any further ratings downgrades could adversely impact our ability to access debt markets in the future and increase the cost of future debt. As of June 30, 2025, the credit ratings for our senior unsecured debt were B2, B and B+ from Moody’s, Standard and Poor’s and Fitch, respectively.

We are in the process of refinancing the $314.3 million loan secured by our 1918 Eighth property, which matures in December 2025. There can be no assurance as to whether the refinancing will be completed. Additionally, we have received commitments from six participating banks to extend $462 million of revolving credit commitments through December 31, 2029, including two 6-month extension options, and to increase by $20 million the revolving credit commitments under the current revolving credit facility through December 31, 2026 (including two 6-month extension options), in each case, subject to the satisfaction of certain conditions.There can be no assurance that the extension or increase will be completed.

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The following table sets forth our ratio of debt to total market capitalization (counting Series A redeemable preferred units as debt) as of June 30, 2025 (in thousands, except percentage):

Market CapitalizationUnsecured and secured debt(1)$3,709,000 Series A redeemable preferred units5,894 Total consolidated debt3,714,894 Equity capitalization(2)1,693,262 TOTAL CONSOLIDATED MARKET CAPITALIZATION$5,408,156 Total consolidated debt/total consolidated market capitalization68.7 %

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1.Excludes joint venture partner debt and unamortized deferred financing costs and loan discounts/premiums.

2.Equity capitalization represents the shares of common stock outstanding (including unvested restricted shares), pre-funded warrants, OP and LTIP units outstanding, restricted performance units and dilutive shares multiplied by the closing price of $2.74, as reported by the NYSE, on June 30, 2025, as well as the aggregate value of the Series C preferred stock liquidation preference as of June 30, 2025.

Out