Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 114

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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1 “Note 12 to the Consolidated Financial Statements—Future Minimum Rents and Lease Payments” for information regarding our future minimum operating lease payments. Refer to Part I, Item 1 “Note 20 to the Consolidated Financial Statements—Commitments and Contingencies” for more detail.

Cash Flows

Comparison of the cash flow activity for the three months ended March 31, 2024 is as follows (in thousands, except percentage change):

Three Months Ended March 31,20252024Dollar ChangePercent ChangeNet cash provided by operating activities$30,536 $65,128 $(34,592)(53.1)%Net cash provided by (used in) investing activities$15,945 $(71,360)$87,305 (122.3)%Net cash (used in) provided by financing activities$(11,732)$20,648 $(32,380)(156.8)%

Cash and cash equivalents and restricted cash were $133.9 million and $99.2 million at March 31, 2025 and December 31, 2024, respectively.

Operating Activities 

Net cash provided by operating activities decreased by $34.6 million, or 53.1%, to $30.5 million for the three months ended March 31, 2025 compared to $65.1 million for the three months ended March 31, 2024. The decrease primarily resulted from the dispositions of Foothill Research and Maxwell in the first quarter of 2025 and 3176 Porter in the fourth quarter of 2024, significant tenant move-outs in 2024, lower production activity at Quixote in 2025 and lease termination fees paid in 2025 to exit several operating leases at Quixote.

Investing Activities  

Net cash provided by investing activities for the three months ended March 31, 2025 was $15.9 million compared to $71.4 million of net cash used in investing activities for the three months ended March 31, 2024. The change primarily resulted from $63.2 million of proceeds from sales of real estate during the three months ended March 31, 2025. There were no sales of real estate during the three months ended March 31, 2024. The change was additionally driven by a $16.4 million decrease in contributions to unconsolidated entities and a $7.7 million decrease in additions to investment in real estate during the three months