Company: HPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001482512-25-000150
Chunk: 65

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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.As of September 30, 2025, the operating partnership has determined that 10 of its joint ventures met the definition of a VIE and are consolidated:EntityPropertyOwnership InterestHudson One Ferry REIT, L.P.Ferry Building55.0 %Sunset Bronson Entertainment Properties, LLCSunset Bronson Studios, ICON, CUE51.0 %Sunset Gower Entertainment Properties, LLCSunset Gower Studios51.0 %Sunset 1440 North Gower Street, LLCSunset Gower Studios51.0 %Sunset Las Palmas Entertainment Properties, LLCSunset Las Palmas Studios, Harlow51.0 %Sunset Services Holdings, LLCNone(1)51.0 %Sunset Studios Holdings, LLCEPIC51.0 %Hudson Media and Entertainment Management, LLCNone(2)51.0 %Hudson 6040 Sunset, LLC6040 Sunset51.0 %Hudson 1918 Eighth, L.P.1918 Eighth55.0 %__________________ 1.Sunset Services Holdings, LLC is the taxable REIT subsidiary (“TRS”) that wholly owns Services Holdings, LLC, which owns 100% interests in Sunset Bronson Services, LLC, Sunset Gower Services, LLC and Sunset Las Palmas Services, LLC, which are the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios, respectively.2.Hudson Media and Entertainment Management, LLC manages the following properties: Sunset Gower Studios, Sunset Bronson Studios, Sunset Las Palmas Studios, 6040 Sunset, ICON, CUE, EPIC and Harlow (collectively, “Hollywood Media Portfolio”).As of September 30, 2025 and December 31, 2024, the Company has determined that its operating partnership met the definition of a VIE and is consolidated. Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of certain VIEs can only be used to satisfy those VIEs’ own contractual obligations, and the VIEs’ creditors have no recourse to the general credit of the Company.Unconsolidated Joint VenturesIn August 2025, a cash sweep for Sunset Glenoaks Studios commenced in accordance with the terms of the agreement for the loan secured by the property. As a result, the Company updated its VIE assessment of Sun Valley Peoria, LLC, the owner of Sunset