Company: HPP
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001482512-25-000029
Chunk: 217

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 217
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 of which has been sold through December 31, 2024. Any future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program.

The following table sets forth our borrowing capacity under various loans as of December 31, 2024 (in thousands): 

LoanTotal Borrowing CapacityAmount DrawnRemaining Borrowing CapacityUnsecured revolving credit facility(1)$775,000 $320,000 $455,000 Sunset Glenoaks construction loan(2)$50,300 $49,800 $500 Bentall Centre(2)(3)(4)$91,981 $90,110 $1,871 Sunset Pier 94 Studios construction loan(2)(3)$46,810 $7,610 $39,200 

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1.In January 2025, the Company amended its credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million.

2.Amounts are presented at HPP’s share.

3.This loan is held by an unconsolidated joint venture.

4.The loan was transacted in Canadian dollars. Amounts are shown in U.S. dollars using the foreign currency exchange rate as of December 31, 2024.

Our ability to incur additional debt will be dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. If we incur additional debt, the risks associated with our leverage, including our ability to service our debt, would increase. 

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The following table sets forth our ratio of debt to total market capitalization (counting series A preferred units as debt) as of December 31, 2024 (in thousands, except percentage): Market CapitalizationDecember 31, 2024Unsecured and secured debt(1)$4,187,667 Series A redeemable preferred units9,815 Total consolidated debt4,197,482 Equity capitalization(2)881,851 TOTAL CONSOLIDATED MARKET CAPITALIZATION$5,079,333 Total consolidated debt/total consolidated market capitalization82.6 %

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1.Excludes joint