Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 20

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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31, 2024. 

Interest income

Interest income decreased by $0.4 million, or 49.1%, to $0.4 million for the three months ended March 31, 2025 compared to $0.9 million for the three months ended March 31, 2024. The decrease was primarily driven by a decrease in interest rates on cash deposits and interest-bearing accounts.

Transaction-related expenses

Transaction-related expenses decreased by $2.2 million, or 100.0%, to $0 for the three months ended March 31, 2025 compared to $2.2 million for the three months ended March 31, 2024.The decrease was primarily related to dead deal costs incurred during the three months ended March 31, 2024.

Unrealized loss on non-real estate investments

We recognized an unrealized loss on non-real estate investments of $0.4 million for the three months ended March 31, 2025 compared to an unrealized loss of $0.9 million for the three months ended March 31, 2024, which were due to the observable changes in the fair value of the investments.

50

Gain on sale of real estate, net

During the three months ended March 31, 2025, we recognized a net gain on sale of $10.0 million attributable to the sales of our Foothill Research and Maxwell properties. No gain or loss on sale was recognized during the three months ended March 31, 2024.

Impairment loss

During the three months ended March 31, 2025, we recorded an impairment loss of $18.5 million due to a reduction in the estimated holding period for our 625 Second property. We did not record any impairment charges during the three months ended March 31, 2024.

Loss on extinguishment of debt

During the three months ended March 31, 2025, we recognized a loss on extinguishment of debt of $1.9 million related to the early repayment of the loan secured by our Element LA property. No gain or loss on extinguishment of debt was recognized during the three months ended March 31, 2024.

General and administrative expenses

General and administrative expenses decreased by $1.2 million, or 6.2%, to $18.5 million for the three months ended March 31, 2025 compared to $19.7 million for the three months ended March 31, 2024