Hudson Pacific Properties Files Q2 2024 10-Q
Ticker: HPP-PC · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1482512
| Field | Detail |
|---|---|
| Company | Hudson Pacific Properties, Inc. (HPP-PC) |
| Form Type | 10-Q |
| Filed Date | Aug 9, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, real-estate, financials
TL;DR
**HPP Q2 10-Q filed. Financials and ops details out.**
AI Summary
Hudson Pacific Properties, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is a real estate investment trust. Key financial figures and business segments are presented within the report.
Why It Matters
This filing provides investors and stakeholders with a detailed look at Hudson Pacific Properties' financial health and operational status during the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a real estate company, Hudson Pacific Properties is subject to market fluctuations, interest rate changes, and tenant-related risks.
Key Numbers
- N/A — Revenue (Specific revenue figures are not detailed in this header section.)
- N/A — Net Income (Specific net income figures are not detailed in this header section.)
- N/A — Total Assets (Specific asset figures are not detailed in this header section.)
Key Players & Entities
- Hudson Pacific Properties, Inc. (company) — Filer of the 10-Q
- Hudson Pacific Properties, L.P. (company) — Related entity filing
- 20240630 (date) — End of reporting period
- 20240809 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 9, 2024.
What is the primary business of Hudson Pacific Properties, Inc.?
Hudson Pacific Properties, Inc. is in the Real Estate industry, with SIC code 6500.
What is the principal business address of Hudson Pacific Properties, Inc.?
The principal business address is 11601 Wilshire Blvd., Ninth Floor, Los Angeles, CA 90025.
What is the fiscal year end for Hudson Pacific Properties, Inc.?
The fiscal year end for Hudson Pacific Properties, Inc. is December 31.
Filing Stats: 4,656 words · 19 min read · ~16 pages · Grade level 16.3 · Accepted 2024-08-09 17:20:24
Key Financial Figures
- $0.01 — Pacific Properties, Inc. Common Stock, $0.01 par value HPP New York Stock Exchange
Filing Documents
- hpp-20240630.htm (10-Q) — 3006KB
- q22024ex101.htm (EX-10.1) — 111KB
- q22024ex311.htm (EX-31.1) — 8KB
- q22024ex312.htm (EX-31.2) — 8KB
- q22024ex313.htm (EX-31.3) — 8KB
- q22024ex314.htm (EX-31.4) — 8KB
- q22024ex321.htm (EX-32.1) — 6KB
- q22024ex322.htm (EX-32.2) — 6KB
- 0001482512-24-000085.txt ( ) — 14497KB
- hpp-20240630.xsd (EX-101.SCH) — 99KB
- hpp-20240630_cal.xml (EX-101.CAL) — 135KB
- hpp-20240630_def.xml (EX-101.DEF) — 627KB
- hpp-20240630_lab.xml (EX-101.LAB) — 952KB
- hpp-20240630_pre.xml (EX-101.PRE) — 856KB
- hpp-20240630_htm.xml (XML) — 2240KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements of Hudson Pacific Properties, Inc
ITEM 1. Financial Statements of Hudson Pacific Properties, Inc. Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 5 Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Loss (unaudited) for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statements of Equity (unaudited) for the three and six months ended June 30, 2024 and 2023 8 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 10
Financial Statements of Hudson Pacific Properties, L.P
ITEM 1. Financial Statements of Hudson Pacific Properties, L.P. Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 11 Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2024 and 2023 12 Consolidated Statements of Comprehensive Loss (unaudited) for the three and six months ended June 30, 2024 and 2023 13 Consolidated Statements of Capital (unaudited) for the three and six months ended June 30, 2024 and 2023 14 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 16 Notes to Unaudited Consolidated Financial Statements 17
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 43
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 65
Controls and Procedures
ITEM 4. Controls and Procedures 65
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 67
Risk Factors
ITEM 1A. Risk Factors 67
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 67
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 67
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 67
Other Information
ITEM 5. Other Information 67
Exhibits
ITEM 6. Exhibits 68
SIGNATURES
SIGNATURES 69 4 Table of Contents
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC
ITEM 1. FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC. HUDSON PACIFIC PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2024 (unaudited) December 31, 2023 ASSETS Investment in real estate, at cost $ 8,394,504 $ 8,212,896 Accumulated depreciation and amortization ( 1,776,693 ) ( 1,728,437 ) Investment in real estate, net 6,617,811 6,484,459 Non-real estate property, plant and equipment, net 120,761 118,783 Cash and cash equivalents 78,458 100,391 Restricted cash 21,482 18,765 Accounts receivable, net 18,251 24,609 Straight-line rent receivables, net 217,543 220,787 Deferred leasing costs and intangible assets, net 329,310 326,950 Operating lease right-of-use assets 363,843 376,306 Prepaid expenses and other assets, net 109,049 94,145 Investment in unconsolidated real estate entities 212,130 252,711 Goodwill 264,144 264,144 TOTAL ASSETS $ 8,352,782 $ 8,282,050 LIABILITIES AND EQUITY Liabilities Unsecured and secured debt, net $ 4,114,125 $ 3,945,314 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 228,036 203,736 Operating lease liabilities 378,785 389,210 Intangible liabilities, net 24,997 27,751 Security deposits, prepaid rent and other 83,940 88,734 Total liabilities 4,896,019 4,720,881 Commitments and contingencies (note 20) Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 51,140 57,182 Equity Hudson Pacific Properties, Inc. stockholders' equity: 4.750 % Series C cumulative redeemable preferred stock, $ 0.01 par value, $ 25.00 per share liquidation preference, 18,400,000 authorized, 17,000,000 shares outstanding at June 30, 2024 and December 31, 2023 425,000 425,000 Common stock, $ 0.01 par value, 481,600,000 authorized, 141,232,361 and 141,034,806 shares outstanding at June 30, 2024 and December 31, 2023, respectively 1,403 1,403 Additional
FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, L.P
ITEM 1. FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, L.P. HUDSON PACIFIC PROPERTIES, L.P. CONSOLIDATED BALANCE SHEETS (in thousands, except unit data) June 30, 2024 (unaudited) December 31, 2023 ASSETS Investment in real estate, at cost $ 8,394,504 $ 8,212,896 Accumulated depreciation and amortization ( 1,776,693 ) ( 1,728,437 ) Investment in real estate, net 6,617,811 6,484,459 Non-real estate property, plant and equipment, net 120,761 118,783 Cash and cash equivalents 78,458 100,391 Restricted cash 21,482 18,765 Accounts receivable, net 18,251 24,609 Straight-line rent receivables, net 217,543 220,787 Deferred leasing costs and intangible assets, net 329,310 326,950 Operating lease right-of-use assets 363,843 376,306 Prepaid expenses and other assets, net 109,049 94,145 Investment in unconsolidated real estate entities 212,130 252,711 Goodwill 264,144 264,144 TOTAL ASSETS $ 8,352,782 $ 8,282,050 LIABILITIES AND CAPITAL Liabilities Unsecured and secured debt, net $ 4,114,125 $ 3,945,314 Joint venture partner debt 66,136 66,136 Accounts payable, accrued liabilities and other 228,036 203,736 Operating lease liabilities 378,785 389,210 Intangible liabilities, net 24,997 27,751 Security deposits, prepaid rent and other 83,940 88,734 Total liabilities 4,896,019 4,720,881 Commitments and contingencies (note 20) Redeemable preferred units of the operating partnership 9,815 9,815 Redeemable non-controlling interest in consolidated real estate entities 51,140 57,182 Capital Hudson Pacific Properties, L.P. partners' capital 4.750 % Series C cumulative redeemable preferred units, $ 25.00 per unit liquidation preference, 17,000,000 units outstanding at June 30, 2024 and December 31, 2023 425,000 425,000 Common units, 144,910,188 and 143,845,239 outstanding at June 30, 2024 and December 31, 2023, respectively 2,791,371 2,733,795 Accumulated other comprehensive income (loss) 3,091 ( 62 ) Total Hudson Pacific Properties, L.P.