Back to Newsroom
Back to Newsroom

Earnings Review and Free Research Report: Hudson Pacific’s Q2 Results Outshined Forecasts

Wednesday, 23 August 2017 07:20 AM

Pro-Trader Daily

Topic:

Research Desk Line-up: Alexandria Real Estate Equities Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 23, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Hudson Pacific Properties, Inc. (NYSE: HPP) ("Hudson Pacific"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HPP, following the Company's announcement of its financial results on August 03, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Los Angeles California-based Company's total revenues grew 17.0% y-o-y to outperform market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the REIT - Office industry. Pro-TD has currently selected Alexandria Real Estate Equities, Inc. (NYSE: ARE) for due-diligence and potential coverage as the Company announced on July 31, 2017, its financial and operating results for Q2 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Alexandria Real Estate Equities when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HPP; also brushing on ARE. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=HPP

http://protraderdaily.com/optin/?symbol=ARE

Earnings Reviewed

During Q2 FY17, Hudson Pacific's total revenues rose to $180.50 million from $154.32 million in Q2 FY16. Total revenue numbers for the reported quarter beat market consensus forecasts of $178.12 million.

The real estate investment trust reported net income attributable to Hudson Pacific's common stockholders of $3.55 million, or $0.02 per diluted share, in Q2 FY17 compared to $0.84 million, or $0.01 per diluted share, in Q2 FY16. Furthermore, the Company's funds from operations (FFO), excluding specified items, improved to $75.29 million, or $0.48 per share, during Q2 FY17 from $62.92 million, or $0.43 per share reported in the previous year's comparable quarter. Additionally, Wall Street had expected the Company to report FFO of $0.47 per diluted share.

Earnings Metrics

Hudson Pacific's total operating expenses increased 13.3% to $152.39 million in Q2 FY17 from $134.51 million in Q2 FY16. For the reported quarter, the Company's income from operations surged 41.9% $28.11 million from $19,811 million in Q2 FY16. The Company's interest expenses rose 23.2% to $21.70 million in Q2 FY17 from $17.61 million in the previous year's same period. Furthermore, net operating income (NOI) was $118.03 million for Q2 FY17 compared to $98.94 million in the last year's corresponding period.

Segment Performance

In Q2 FY17, the Company's Office Properties generated total revenues of $166.85 million, up 15.5% from $144.40 million in the prior year's comparable quarter. The segment's rental revenues increased to $133.60 million in Q2 FY17 from $118.05 million in Q2 FY16. Tenant recoveries also grew during the reported quarter to $25.04 million in Q2 FY17 from $21.30 million in Q2 FY16. The segment's Parking and Other revenues stood at $8.21 million for Q2 FY17, up from $5.05 million in the prior year's corresponding quarter. Furthermore, the segment's NOI improved to $111.38 million during Q2 FY17 from $95.31 million in Q2 FY16.

The Company's Media & Entertainment segment's total revenues were $13.65 million in Q2 FY17, surging 37.6% from $9.92 million in Q2 FY16. For the reported quarter, the segment's rental revenues came in at $9.11 million versus $6.86 million in Q2 FY16. The segment's other property-related revenue was $4.36 million in Q2 FY17 versus $2.81 million in the previous year's comparable quarter. Additionally, the segment's NOI came in at $6.65 million for Q2 FY17 versus $3.63 million in Q2 FY16.

Acquisitions

On May 01, 2017, the Company completed its acquisition of Hollywood based Sunset Las Palmas Studios (formerly Hollywood Center Studios). The 373,150-square-foot media and entertainment campus with future development rights was purchased for $200.0 million before credits, pro-rations, and closing costs.

Cash Matters and Balance Sheet

Hudson Pacific's net cash provided by operations was $141.04 million during the first half of FY17 compared to $108.87 million in the first six months of FY16. The Company ended the quarter with cash and cash equivalents of $73.24 million versus $83.02 million as on December 31, 2016. Furthermore, net notes payable balance as on June 30, 2017, was $2.60 billion compared to $2.69 billion as on December 31, 2016.

Outlook

In its outlook for full-year FY17, the Company has narrowed its FFO (excluding specified items) guidance to a range of $1.93 to $2.01 per diluted share, while maintaining the previous mid-point of $1.97 per diluted share.

Stock Performance

On Tuesday, August 22, 2017, the stock closed the trading session at $32.57, slightly down 0.09% from its previous closing price of $32.60. A total volume of 315.68 thousand shares have exchanged hands. Hudson Pacific Properties' stock price advanced 1.62% in the last one month. The stock is trading at a PE ratio of 96.93 and has a dividend yield of 3.07%. The stock currently has a market cap of $5.13 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: [email protected]

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

Topic:
Back to newsroom
Back to Newsroom
Share by: