Hudson Pacific pays down revolver with proceeds from property sales

By William Gullotti

Buffalo, N.Y., Jan. 3 – Hudson Pacific Properties, Inc. used proceeds from the sale of two properties to pay down revolver debt, according to a Wednesday press release and an 8-K filing with the Securities and Exchange Commission.

The combined sale of the Los Angeles properties to the Regents of the University of California, properties that were 75% owned by Hudson Pacific, totaled $700 million before prorations and closing costs.

Proceeds were used to repay amounts outstanding under the company’s recently amended $900 million unsecured revolver.

“The opportunistic sale of One Westside and Westside Two significantly bolsters our balance sheet and we now have no debt maturities until year-end 2025,” said Victor Coleman, chairman and chief executive officer of Hudson Pacific, in the release.

The press release did not disclose the remaining balance or administrative agent associated with the December 2026-maturing revolver.

The real estate investment trust is based in Los Angeles.

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