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Last $31.61 USD
Change Today +0.29 / 0.93%
Volume 456.0K
As of 8:04 PM 04/20/15 All times are local (Market data is delayed by at least 15 minutes).

hudson pacific properties in (HPP) Snapshot

Open
$31.40
Previous Close
$31.32
Day High
$31.72
Day Low
$31.23
52 Week High
04/6/15 - $34.25
52 Week Low
05/9/14 - $22.71
Market Cap
2.8B
Average Volume 10 Days
969.6K
EPS TTM
$0.15
Shares Outstanding
88.5M
EX-Date
03/18/15
P/E TM
210.7x
Dividend
$0.50
Dividend Yield
1.58%
Current Stock Chart for HUDSON PACIFIC PROPERTIES IN (HPP)

hudson pacific properties in (HPP) Related Businessweek News

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hudson pacific properties in (HPP) Details

Hudson Pacific Properties, Inc. operates as a vertically integrated real estate trust (REIT) in the United States. It engages in owning, operating, and acquiring office, and media and entertainment properties primarily in Northern and Southern California in Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley, and the East Bay. As of March 31, 2011, it owned a portfolio of 15 office properties; and 2 media and entertainment properties in California comprising approximately 4.4 million square feet. The company has elected to be treated as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. The company is based in Los Angeles, California.

151 Employees
Last Reported Date: 03/2/15

hudson pacific properties in (HPP) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $780.0K
Co-Founder and Consultant
Total Annual Compensation: $18.8K
Chief Financial Officer and Treasurer
Total Annual Compensation: $585.0K
Executive Vice President of Operations & Deve...
Total Annual Compensation: $468.8K
Executive Vice President of Finance
Total Annual Compensation: $450.0K
Compensation as of Fiscal Year 2014.

hudson pacific properties in (HPP) Key Developments

Hudson Pacific Properties, Inc. Extends Lease through 2030 at Sunset Bronson Studios in Hollywood, California

Hudson Pacific Properties, Inc. announced that KTLA-TV has signed an agreement to extend its lease through 2030 for 94,205 square feet at the company’s Sunset Bronson Studios in Hollywood, California. KTLA has been headquartered in the office buildings and stages on the southeast corner of the Sunset Bronson lot for close to 60 years. Situated on 10.6 acres with frontage along Sunset Boulevard, Sunset Bronson’s legacy footprint consists of 144,084 square feet of sound stage facilities and 169,638 square feet of support space. KTLA’s lease renewal and planned renovation of their home since the 1950s coincides with a number of significant capital projects and improvements undertaken by Hudson at Sunset Bronson. Last September, Hudson commenced construction on an approximately 1,600-space parking structure. In January of this year, Hudson began development of ICON, a 323,000-square-foot creative office tower and 90,000-square-foot production facility, with anticipated delivery in the fourth quarter of 2016.

Hudson Pacific Properties, Inc. Revised FFO Outlook for the Year 2015; Amends its Debt Facilities

Hudson Pacific Properties, Inc. announced the completion of its acquisition of Equity Office Properties’ San Francisco Peninsula and Silicon Valley portfolio (“EOP Northern California Portfolio”) from Blackstone Real Estate Partners V and VI (“Blackstone”) for approximately 63.5 million common shares and operating partnership units and $1.75 billion in cash (before certain credits, prorations and closing costs). The company is increasing its full-year 2015 FFO guidance from a range of $1.42 to $1.48 per diluted share (excluding specified items) to a revised range of $1.50 to $1.56 per diluted share (excluding specified items). This guidance reflects the acquisitions, dispositions, financings and leasing activity previously announced and referenced herein. For purposes of this estimate, the company has assumed that the interest rate with respect to the $250.0 million portion of the five-year term facility, which remains floating at closing, and the interest rate with respect to the $550.0 million two-year term facility, which remains floating at closing, will be fixed, effective as of May 15, 2015, to a combined rate of 4.25% per annum (including estimated amortization of deferred financing costs). The full-year 2015 FFO estimate reflects Hudson management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and earnings from events referenced in this release, but otherwise excludes any impact from future unannounced or speculative acquisitions, dispositions, debt financings or repayments, recapitalizations, capital market activity or similar matters. In anticipation of closing, the company amended and restated its unsecured revolving and term loan facility to, among other things, increase the unsecured revolving credit facility from $300.0 to $400.0 million, increase the five-year unsecured term loan facility from $150.0 to $550.0 million, and add a seven-year $350.0 million unsecured term loan facility. Hudson also entered into a two-year $550.0 million unsecured term loan to facilitate an expedited closing. The $550.0 million five-year term facility was fully drawn by Hudson at closing to replace its existing $150.0 million five-year term loan facility, with the incremental $400.0 million applied toward the EOP Northern California Portfolio acquisition. Similar to Hudson’s prior five-year term loan facility, this facility bears interest at a rate equal to LIBOR plus 130 to 220 basis points per annum depending on the Company’s leverage ratio. At closing, Hudson entered into interest rate contracts with respect to $300.0 million of the five-year term loan facility which, effective as of May 1, 2015, swaps one-month LIBOR to a fixed rate of 1.36% through the loan's maturity on April 1, 2020. Based on the Company’s current leverage ratio and the rate under these swaps, $300.0 million this facility bears interest at a rate of 2.66% per annum commencing May 1, 2015. The remaining $250.0 million bears interest at a rate equal to LIBOR plus 130 to 220 basis points per annum depending on the Company’s leverage ratio. Amortization of deferred financing costs associated with this facility is projected to increase interest expense by 0.20% per annum. The $350.0 million seven-year term facility was fully drawn by Hudson at closing to partially fund the EOP Northern California Portfolio acquisition. This facility bears interest at a rate equal to LIBOR plus 160 to 255 basis points per annum depending on the Company’s leverage ratio. At closing, Hudson entered into interest rate contracts with respect to the seven-year term loan facility, which, effective as of May 1, 2015, swapped one-month LIBOR to a fixed rate of 1.61% through the loan's maturity on April 1, 2022. Based on the Company’s current leverage ratio and the rate under these swaps, this facility bears interest at a rate of 3.21% per annum, commencing May 1, 2015. Amortization of deferred financing costs associated with this facility is projected to increase interest expense by 0.16% per annum. Finally, the $550.0 million two-year term facility was fully drawn by Hudson at closing to partially fund the EOP Northern California Portfolio acquisition. This facility bears interest at a rate equal to LIBOR plus 130 to 220 basis points per annum depending on the Company’s leverage ratio, and may be prepaid without penalty. Hudson is considering longer-term debt alternatives to refinance this facility.

Hudson Pacific Properties, Inc. Elects Cohen, Schreiber and Nash to Board

Effective upon the closing of the Acquisition on April 1, 2015, the number of directors of Hudson Pacific Properties, Inc. was increased from eight to eleven and Mr. Cohen, Mr. Schreiber and Mr. Nash were elected to the Board, with terms expiring at the annual meeting of the stockholders of the Company to be held in 2015 and when their successors are duly elected and qualify.

 

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Valuation HPP Industry Range
Price/Earnings 100.0x
Price/Sales 8.2x
Price/Book 2.0x
Price/Cash Flow 29.4x
TEV/Sales 6.3x
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