Hudson Pacific extends $1.1B Hollywood loan to 2027
HPP extends a $1.1 billion CMBS loan on its Hollywood Media Portfolio to late 2027 with no principal paydown and adds a $20 million leasing and capital reserve.
Rhea-AI Filing Summary
Hudson Pacific Properties, Inc. (HPP) announced that its operating partnership and affiliates entered into an Extension and Loan Modification Agreement for the $1.1 billion CMBS mortgage financing secured by the co-owned Hollywood Media Portfolio. The agreement, executed with Wilmington Trust as trustee, extends the loans’ stated maturity date to November 9, 2027 with the stated interest rate unchanged and no principal repayment required at closing.
The extension establishes a $20 million reserve for future leasing expenses and capital improvements, funded initially at closing and thereafter by sweeping excess cash flow from the portfolio for ongoing capital and certain operating costs. The 2.2 million-square-foot Hollywood Media Portfolio includes three Hollywood studio lots and five Class A office properties, plus rights to build another 1.1 million square feet. Hudson Pacific holds a 51% interest in the joint venture and entered into a derivative to swap SOFR at 3.50% through maturity, with reported interest expense to include fees and costs associated with the extension and derivative.
Positive
- $1.1 billion CMBS loan maturity on the Hollywood Media Portfolio is extended to November 9, 2027, reducing near-term refinancing pressure while keeping the stated interest rate unchanged and requiring no principal paydown at closing.
- The joint venture creates a $20 million reserve, funded at closing and by excess cash flow, dedicated to future leasing expenses, capital improvements and certain operating costs for the Hollywood Media Portfolio.
Negative
- Hudson Pacific states that reported interest expense will include fees and costs associated with the loan extension and the SOFR swap derivative, increasing accounting interest expense over the term of the financing.
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8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
CMBS mortgage financing amount: $1.1 billion
Extended loan maturity date: November 9, 2027
Leasing and capital reserve: $20 million
+4 more
7 metrics
CMBS mortgage financing amount
$1.1 billion
Loan secured by the Hollywood Media Portfolio
Extended loan maturity date
November 9, 2027
New stated maturity date under the Extension and Modification
Leasing and capital reserve
$20 million
Reserve established for future leasing expenses and capital improvements
SOFR swap rate
3.50%
Rate on derivative to swap SOFR through loan maturity
Existing portfolio size
2.2 million square feet
Hollywood Media Portfolio existing space
Future development rights
1.1 million square feet
Rights to build additional office and production space
Hudson Pacific ownership interest
51%
Joint venture interest in the Hollywood Media Portfolio
Key Terms
CMBS mortgage financing, Commercial Mortgage Pass-Through Certificates, SOFR, derivative, +1 more
5 terms
CMBS mortgage financing financial
"with respect to the $1.1 billion CMBS mortgage financing"
Commercial Mortgage Pass-Through Certificates financial
"Commercial Mortgage Pass-Through Certificates, Series 2021-Film"
SOFR financial
"entered into a derivative to swap SOFR at 3.50% through maturity"
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
derivative financial
"entered into a derivative to swap SOFR at 3.50% through maturity"
A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.
excess cash flow financial
"any future excess cash flow will be swept into this reserve"
FAQ
What loan did Hudson Pacific Properties (HPP) extend in this Form 8-K?
Hudson Pacific extended a $1.1 billion CMBS mortgage financing secured by its co-owned Hollywood Media Portfolio. The loans’ stated maturity date moved to November 9, 2027, with the stated interest rate unchanged and no principal repayment required at closing.
How does the HPP loan extension affect the Hollywood Media Portfolio maturity profile?
The Extension and Modification moves the loans’ stated maturity date to November 9, 2027. This pushes out repayment timing for the $1.1 billion CMBS financing on the Hollywood Media Portfolio while maintaining the existing stated interest rate.
What new reserve was created under the HPP loan Extension and Modification?
The agreement establishes a $20 million reserve for future leasing expenses and capital improvements at the Hollywood Media Portfolio. Any future excess cash flow will be swept into this reserve to fund leasing, capital improvements and certain other operating expenses and costs.
What is Hudson Pacific’s ownership interest in the Hollywood Media Portfolio mentioned in the 8-K?
Hudson Pacific owns a 51% interest in the Hollywood Media Portfolio through a joint venture. The portfolio totals about 2.2 million square feet of existing space and includes rights to build another 1.1 million square feet of office and production space.
Did the HPP loan extension require a principal paydown or change the loan’s interest rate?
No. The company states that the stated interest rate on the loans was unchanged by the Extension and Modification, and no principal repayment was required at closing in connection with the extension of the $1.1 billion CMBS financing.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 8-K
_________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15 (d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 9, 2026
_________________________________
(Exact name of registrant as specified in its charter)
| Hudson Pacific Properties, Inc. | ||||||||||||||||||||
| Hudson Pacific Properties, L.P. | ||||||||||||||||||||
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (310 445-5700
Not Applicable
(Former name or former address, if changed since last report)
_________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
| Hudson Pacific Properties, Inc. | ||||||||||||||||||||
| Hudson Pacific Properties, Inc. | ||||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Hudson Pacific Properties, Inc ☐
Hudson Pacific Properties, L.P. ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hudson Pacific Properties, Inc. ☐
Hudson Pacific Properties, L.P. ☐
Item 7.01 Regulation FD Disclosure
On September 11, 2026, the Company issued a press release announcing the Extension and Loan Modification Agreement discussed in Item 8.01 below, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Exhibit 99.1 is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.
Item 8.01 Other Events
On September 9, 2026, certain subsidiaries and affiliates of Hudson Pacific Properties, L.P. (the "Operating Partnership"), together with the Operating Partnership, entered into an Extension and Loan Modification Agreement with Wilmington Trust, National Association, as Trustee, for the benefit of the holders of BXHPP Trust 2021-Film, Commercial Mortgage Pass-Through Certificates, Series 2021-Film and the related VRR Interest Owner, as lender (the “Extension and Modification”), to that certain Loan Agreement, dated as of August 9, 2021, with respect to the $1.1 billion CMBS mortgage financing (the “Financing”) secured by its Hollywood Media Portfolio assets, which it co-owns. The Extension and Modification extends the stated maturity date of the loans that are part of the Financing to November 9, 2027, establishes a $20 million reserve for the funding of future leasing expenses and capital improvements at the portfolio properties, and provides that any future excess cash flow will be swept into this reserve for future leasing expenses, capital improvements, and certain other operating expenses and costs. The stated interest rate of the loans were unchanged by the Extension and Modification, and no principal repayment was required.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | Description | |||||||
| 99.1** | Press release dated September 11, 2026. | |||||||
104** | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
_____________
** Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| Date: September 11, 2026 | ||||||||||||||
| HUDSON PACIFIC PROPERTIES, INC. | ||||||||||||||
| By: | /s/ Mark T. Lammas | |||||||||||||
| Mark T. Lammas | ||||||||||||||
| President | ||||||||||||||
| HUDSON PACIFIC PROPERTIES, L.P. | ||||||||||||||
| By: | Hudson Pacific Properties, Inc., Its General Partner | |||||||||||||
| By: | /s/ Mark T. Lammas | |||||||||||||
| Mark T. Lammas | ||||||||||||||
| President | ||||||||||||||
Hudson Pacific Properties, Inc. Press Release |  | |||||||
Hudson Pacific Extends $1.1 Billion Loan on Hollywood Media Portfolio
Extension executed with no principal paydown, removing near-term maturity risk while preserving capital
LOS ANGELES (September 11, 2026)—Hudson Pacific Properties, Inc. (NYSE: HPP), an office REIT focused on top-tier real estate across high-barrier-to-entry West Coast gateway markets and preeminent studios in Los Angeles and New York, today announced that the company and its joint venture partner have extended the $1.1 billion CMBS loan secured by the Hollywood Media Portfolio. The extension moves the loan's maturity to November 9, 2027, with the stated interest rate unchanged and no principal paydown required at closing.
"This extension underscores our ability to execute a positive outcome for shareholders," said Harout Diramerian, Hudson Pacific’s CFO. "It provides us with additional time and flexibility to advance our leasing strategy across this portfolio, while proactively managing our broader debt maturity schedule."
The 2.2 million-square-foot Hollywood Media Portfolio includes three premier Hollywood studio lots, Sunset Gower Studios, Sunset Las Palmas Studios and Sunset Bronson Studios, along with five on-lot or adjacent Class A office properties, ICON, EPIC, Harlow, 6040 Sunset and CUE. The portfolio also includes rights to build another 1.1 million square feet of office and production space. Hudson Pacific owns a 51% interest in the portfolio through its joint venture and oversees day-to-day operations, leasing and development.
As part of the extension, the joint venture will reallocate partnership funds to a $20 million leasing reserve at closing. Excess cash flow from the portfolio will be swept to the reserve to fund on-going capital needs for the duration of the loan term. Hudson Pacific also entered into a derivative to swap SOFR at 3.50% through maturity. Reported interest expense will include fees and costs associated with the extension and derivative.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. (NYSE: HPP) owns, operates, develops and redevelops top-tier office real estate across high-barrier-to-entry West Coast gateway markets, including the San Francisco Bay Area, Los Angeles, Seattle and Vancouver. The company also owns a studio platform unique among publicly traded REITs, comprising one of the largest independent studio operations in Los Angeles, along with an additional studio in New York. Hudson Pacific's in-service portfolio of 46 properties includes approximately 12.8 million square feet of office space and approximately 1.7 million square feet of studio space, leased to investment-grade and blue-chip tenants in technology and media, balanced by legal, government, retail and financial and business services users. The company has been named GRESB's Global Sector Leader for U.S. office five years running and was one of the first REITs to achieve carbon neutrality across its operations, which it has maintained since 2020. For more information, visit HudsonPacificProperties.com.
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Hudson Pacific Properties, Inc. Press Release | | |||||||
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the company from time to time with the SEC.
Investor Contact
Laura Campbell
Executive Vice President, Investor Relations & Marketing
(310) 622-1702
lcampbell@hudsonppi.com
Media Contact
Laura Murray
Vice President, Communications
(310) 622-1781
lmurray@hudsonppi.com
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