Young Ku's questions to Hudson Pacific Properties (HPP) leadership • Q1 2025
Question
Young Ku of Wells Fargo asked about the company's debt covenant compliance, particularly the NOI to interest expense ratio, and sought details on potential 2026 lease expirations and the size of new studio production deals.
Answer
An executive confirmed they expect to remain covenant compliant, noting Q1 coverage ratios exceeded internal models. President Mark Lammas mentioned recent amendments improved covenant ratios. EVP of Leasing Art Suazo identified three large 2026 expirations, with renewal talks underway for two. CEO Victor Coleman described two new studio deals as each covering two stages plus support space, with one being a multi-year term.