Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 72

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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 agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments.The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of March 31, 2025 and December 31, 2024:Fair Value Assets (Liabilities)Underlying Debt InstrumentType of InstrumentAccounting PolicyNotional AmountEffective DateMaturity DateInterest RateMarch 31, 2025December 31, 20241918 EighthSwapCash flow hedge$172,865 February 2023October 20253.75%$338 $524 1918 EighthCapPartial cash flow hedge(1)$314,300 June 2023December 20255.00%9 62 1918 EighthSold cap(2)Mark-to-market$172,865 June 2023December 20255.00%(5)(34)Hollywood Media Portfolio CMBSSwapCash flow hedge$351,186 August 2023June 20263.31%2,185 3,663 Hollywood Media Portfolio CMBSSwapCash flow hedge$180,000 February 2024August 20264.13%(791)(267)Hollywood Media Portfolio CMBSCapPartial cash flow hedge(1)$1,100,000 August 2024August 20256.01%— 4 Hollywood Media Portfolio CMBSSold cap(2)Mark-to-market$561,000 August 2024August 20256.01%— (2)Sunset Glenoaks StudiosCapCash flow hedge$100,600 January 2025January 20264.50%19 72 Office Portfolio CMBSCapMark-to-market$475,000 March 2025April 20274.96%542 — Office Portfolio CMBSSold cap(2)Mark-to-market$475,000 March 2025April 20274.96%(541)— TOTAL$1,756 $4,022 __________________ 1.$141,435 and $539,000 of the notional amounts of the 1918 Eighth