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Hudson Pacific Properties

NYSE:HPP
Snowflake Description

Reasonable growth potential with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HPP
NYSE
$5B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Hudson Pacific Properties is a visionary real estate investment trust that owns and operates more than 17 million square feet of marquee office and studio properties. The last earnings update was 15 days ago. More info.


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HPP Share Price and Events
7 Day Returns
-1.5%
NYSE:HPP
1.2%
US REITs
1.6%
US Market
1 Year Returns
-0.8%
NYSE:HPP
15.2%
US REITs
2.6%
US Market
HPP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hudson Pacific Properties (HPP) -1.5% 0% 1.5% -0.8% 21.4% 44.6%
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • HPP underperformed the REITs industry which returned 15.2% over the past year.
  • HPP underperformed the Market in United States of America which returned 2.6% over the past year.
Price Volatility
HPP
Industry
5yr Volatility vs Market

HPP Value

 Is Hudson Pacific Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hudson Pacific Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hudson Pacific Properties.

NYSE:HPP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:HPP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (61.51%))
0.859
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.859 * 5.96%)
7.85%

Discounted Cash Flow Calculation for NYSE:HPP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Hudson Pacific Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Hudson Pacific Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:HPP DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.85%)
2019 176.36 Analyst x2 163.52
2020 208.13 Analyst x3 178.94
2021 216.11 Est @ 3.83% 172.28
2022 223.68 Est @ 3.5% 165.34
2023 231.00 Est @ 3.27% 158.32
2024 238.18 Est @ 3.11% 151.36
2025 245.31 Est @ 3% 144.55
2026 252.46 Est @ 2.92% 137.94
2027 259.68 Est @ 2.86% 131.56
2028 267.01 Est @ 2.82% 125.43
Present value of next 10 years cash flows $1,529.26
NYSE:HPP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $267.01 × (1 + 2.73%) ÷ (7.85% – 2.73%)
$5,359.21
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,359.21 ÷ (1 + 7.85%)10
$2,517.50
NYSE:HPP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,529.26 + $2,517.50
$4,046.75
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,046.75 / 154.24
$26.49
NYSE:HPP Discount to Share Price
Calculation Result
Value per share (USD) From above. $26.49
Current discount Discount to share price of $33.94
= -1 x ($33.94 - $26.49) / $26.49
-28.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Hudson Pacific Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hudson Pacific Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hudson Pacific Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:HPP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.07
NYSE:HPP Share Price ** NYSE (2019-05-21) in USD $33.94
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hudson Pacific Properties.

NYSE:HPP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HPP Share Price ÷ EPS (both in USD)

= 33.94 ÷ 0.07

520.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hudson Pacific Properties is overvalued based on earnings compared to the US REITs industry average.
  • Hudson Pacific Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Hudson Pacific Properties's expected growth come at a high price?
Raw Data
NYSE:HPP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 520.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
63.8%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:HPP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 520.25x ÷ 63.8%

8.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hudson Pacific Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hudson Pacific Properties's assets?
Raw Data
NYSE:HPP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $22.49
NYSE:HPP Share Price * NYSE (2019-05-21) in USD $33.94
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NYSE:HPP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HPP Share Price ÷ Book Value per Share (both in USD)

= 33.94 ÷ 22.49

1.51x

* Primary Listing of Hudson Pacific Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hudson Pacific Properties is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Hudson Pacific Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Hudson Pacific Properties has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HPP Future Performance

 How is Hudson Pacific Properties expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
63.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hudson Pacific Properties expected to grow at an attractive rate?
  • Hudson Pacific Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Hudson Pacific Properties's earnings growth is expected to exceed the United States of America market average.
  • Hudson Pacific Properties's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:HPP Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HPP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 63.8%
NYSE:HPP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:HPP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HPP Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 969 93 1
2020-12-31 880 86 2
2019-12-31 27
NYSE:HPP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 752 240 10
2018-12-31 728 215 98
2018-09-30 719 251 115
2018-06-30 729 254 108
2018-03-31 734 272 96
2017-12-31 728 293 68
2017-09-30 706 266 57
2017-06-30 681 259 48
2017-03-31 654 254 45
2016-12-31 640 227 27
2016-09-30 627 255 -2
2016-06-30 614 220 -7

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hudson Pacific Properties's earnings are expected to grow significantly at over 20% yearly.
  • Hudson Pacific Properties's revenue is expected to grow by 9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HPP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Hudson Pacific Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HPP Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.60 0.60 0.60 1.00
2020-12-31 0.52 0.69 0.42 3.00
2019-12-31 0.18 0.18 0.18 1.00
NYSE:HPP Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.07
2018-12-31 0.63
2018-09-30 0.74
2018-06-30 0.70
2018-03-31 0.62
2017-12-31 0.44
2017-09-30 0.39
2017-06-30 0.35
2017-03-31 0.38
2016-12-31 0.26
2016-09-30 -0.02
2016-06-30 -0.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Hudson Pacific Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hudson Pacific Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hudson Pacific Properties has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HPP Past Performance

  How has Hudson Pacific Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hudson Pacific Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hudson Pacific Properties has delivered over 20% year on year earnings growth in the past 5 years.
  • Hudson Pacific Properties's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Hudson Pacific Properties's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Hudson Pacific Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hudson Pacific Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HPP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 751.69 10.12 63.56
2018-12-31 728.42 98.09 61.03
2018-09-30 719.32 114.60 59.18
2018-06-30 728.64 108.30 57.91
2018-03-31 733.97 95.65 56.21
2017-12-31 728.14 67.59 54.46
2017-09-30 706.00 57.41 55.26
2017-06-30 680.57 48.19 55.20
2017-03-31 654.39 45.48 53.71
2016-12-31 639.64 27.22 52.40
2016-09-30 627.09 -1.51 48.06
2016-06-30 614.07 -7.27 44.48
2016-03-31 611.56 -33.36 41.84
2015-12-31 520.85 -16.40 38.53
2015-09-30 433.73 -12.24 38.05
2015-06-30 350.33 -0.66 35.47
2015-03-31 260.64 28.00 31.68
2014-12-31 253.42 10.12 28.25
2014-09-30 243.30 12.36 23.91
2014-06-30 228.49 -0.83 22.13
2014-03-31 214.85 -5.89 20.74
2013-12-31 205.56 -10.82 19.95
2013-09-30 192.18 -16.69 18.94
2013-06-30 179.40 -14.44 18.01
2013-03-31 170.00 -18.31 16.97
2012-12-31 160.46 -17.64 16.50
2012-09-30 153.49 -14.88 16.73
2012-06-30 149.84 -14.26 15.50

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hudson Pacific Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hudson Pacific Properties used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Hudson Pacific Properties has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hudson Pacific Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hudson Pacific Properties has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HPP Health

 How is Hudson Pacific Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hudson Pacific Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hudson Pacific Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hudson Pacific Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hudson Pacific Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hudson Pacific Properties Company Filings, last reported 1 month ago.

NYSE:HPP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,864.68 3,189.81 62.91
2018-12-31 3,953.09 2,828.19 70.43
2018-09-30 3,971.65 2,471.80 79.44
2018-06-30 3,935.86 2,361.75 83.00
2018-03-31 3,949.04 2,240.69 86.00
2017-12-31 3,921.14 2,421.38 91.51
2017-09-30 3,973.11 2,424.36 87.72
2017-06-30 3,994.59 2,598.78 73.24
2017-03-31 4,036.38 2,388.39 115.69
2016-12-31 3,712.93 2,473.33 83.02
2016-09-30 3,656.55 2,430.36 89.35
2016-06-30 3,669.80 2,365.36 337.40
2016-03-31 3,701.27 2,097.67 57.37
2015-12-31 3,739.21 2,260.72 53.55
2015-09-30 3,911.13 2,096.95 46.67
2015-06-30 3,947.92 2,120.92 49.02
2015-03-31 1,894.90 789.73 247.89
2014-12-31 1,285.19 914.43 17.76
2014-09-30 1,299.01 921.77 69.41
2014-06-30 1,297.89 853.89 32.81
2014-03-31 1,302.00 827.91 29.10
2013-12-31 1,113.34 888.31 30.55
2013-09-30 1,110.53 892.04 29.43
2013-06-30 1,123.64 637.12 96.45
2013-03-31 1,090.78 530.02 141.63
2012-12-31 909.70 582.09 18.98
2012-09-30 920.65 359.45 27.38
2012-06-30 929.62 350.33 102.70
  • Hudson Pacific Properties's level of debt (82.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (63.6% vs 82.5% today).
  • Debt is not well covered by operating cash flow (7.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Hudson Pacific Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hudson Pacific Properties has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HPP Dividends

 What is Hudson Pacific Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.95%
Current annual income from Hudson Pacific Properties dividends. Estimated to be 3.22% next year.
If you bought $2,000 of Hudson Pacific Properties shares you are expected to receive $59 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hudson Pacific Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Hudson Pacific Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:HPP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:HPP Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.20 2.00
2020-12-31 1.10 6.00
2019-12-31 1.01 3.00
NYSE:HPP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-08 1.000 2.898
2018-12-07 1.000 3.221
2018-09-07 1.000 3.198
2018-06-08 1.000 2.916
2018-03-09 1.000 3.029
2017-12-08 1.000 3.110
2017-09-08 1.000 2.951
2017-06-09 1.000 3.020
2017-03-09 1.000 2.930
2016-12-09 0.800 2.277
2016-09-09 0.800 2.420
2016-06-10 0.800 2.541
2016-03-10 0.800 2.783
2015-12-10 0.800 3.112
2015-09-08 0.500 1.734
2015-06-08 0.500 1.685
2015-03-09 0.500 1.591
2014-12-05 0.500 1.606
2014-09-08 0.500 1.890
2014-06-11 0.500 1.926
2014-03-10 0.500 2.144
2013-12-03 0.500 2.289
2013-09-10 0.500 2.470
2013-06-10 0.500 2.388
2013-03-07 0.500 2.226
2012-12-10 0.500 2.351
2012-09-10 0.500 2.646
2012-06-11 0.500 2.879
2012-03-09 0.500 3.222
2011-12-09 0.500 3.425
2011-11-10 0.500 3.983
2011-11-07 0.500 3.981
2011-06-10 0.500 3.674
2011-03-10 0.500 3.372
2010-09-09 0.380 2.453

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Hudson Pacific Properties has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Hudson Pacific Properties only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Hudson Pacific Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Hudson Pacific Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hudson Pacific Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hudson Pacific Properties has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HPP Management

 What is the CEO of Hudson Pacific Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Victor Coleman
COMPENSATION $6,360,802
AGE 56
TENURE AS CEO 8.9 years
CEO Bio

Mr. Victor J. Coleman has been the Chairman, Chief Executive Officer and President of Hudson Pacific Properties, Inc. since June 2010. Mr. Coleman serves as the Chairman, Chief Executive Officer and President of Hudson Pacific Properties, L.P. Mr. Coleman co-founded Arden Realty Inc. in October 1996 and served as its President & Chief Operating Officer since October 1996. He founded Hudson Capital, LLC and served as its Managing Partner. Mr. Coleman was a Co-founder of Namiz and served as its President & Chief Operating Officer from 1990 to 1996. He served as Vice President of Los Angeles Realty Services Inc. from 1987 to 1989. He served as Director of Marketing and Investment Advisor at Development Systems International from 1985 to 1987 and an Associate at Drexel Burnham Lambert specializing in private placements with institutional and individual investors. He serves as Director of FastPay Partners LLC. He has been a Director of Hudson Pacific Properties, Inc. since June 2010. He has been an Independent Trustee of Kite Realty Group Trust since November 8, 2012. He served as a Director of Arden Realty Inc. since October 1996. He served as a Director of Douglas Emmett Inc. from October 30, 2006 to December 7, 2009 and Peoples Choice Financial Corporation from December 2004 to 2006. Mr. Coleman is an active community leader, has been the recipient of the Humanitarian Award for the National Conference of Christians and Jews. In 2015, Mr. Coleman was awarded the City of Hope’s 2015 Spirit of Life Award presented by the Los Angeles Real Estate & Construction Industries Council. He has been Founding Board of Directors for the Ziman Center for Real Estate at the Anderson School, UCLA, since 2004, the Boards of Fisher Center for Real Estate and Urban Economics, Ronald Reagan UCLA Medical Center, Los Angeles Sports & Entertainment Commission, the Archer School since 2007 and serves as a Director of the Bel Air Chapter of YPO. He holds a Bachelors of Arts in History from the University of California at Berkeley and received his Master of Business Administration Degree from Golden Gate University.

CEO Compensation
  • Victor's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Victor's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Hudson Pacific Properties management team in years:

7.6
Average Tenure
47.5
Average Age
  • The average tenure for the Hudson Pacific Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Victor Coleman

TITLE
Chairman
COMPENSATION
$6M
AGE
56
TENURE
8.9 yrs

Mark Lammas

TITLE
COO, CFO & Treasurer
COMPENSATION
$3M
AGE
51
TENURE
8.9 yrs

Alex Vouvalides

TITLE
Chief Investment Officer
COMPENSATION
$3M
AGE
39
TENURE
5.3 yrs

Chris Barton

TITLE
Executive Vice President of Development & Capital Investments
COMPENSATION
$2M
AGE
53
TENURE
3.8 yrs

Josh Hatfield

TITLE
Executive Vice President of Operations
COMPENSATION
$2M
AGE
45
TENURE
5.2 yrs

Harout Diramerian

TITLE
Chief Accounting Officer
AGE
43

Laura Campbell

TITLE
Senior Vice President of Investor Relations & Marketing

Kay Tidwell

TITLE
Executive VP
AGE
41
TENURE
8.5 yrs

Andrea Rupp

TITLE
Senior Vice President of Human Resources
TENURE
6.7 yrs

Sanford Shimoda

TITLE
Executive Vice President of Finance
COMPENSATION
$1M
AGE
50
TENURE
8.9 yrs
Board of Directors Tenure

Average tenure and age of the Hudson Pacific Properties board of directors in years:

8.9
Average Tenure
55
Average Age
  • The tenure for the Hudson Pacific Properties board of directors is about average.
Board of Directors

Victor Coleman

TITLE
Chairman
COMPENSATION
$6M
AGE
56
TENURE
8.9 yrs

Rocky Fried

TITLE
Director
COMPENSATION
$170K
AGE
50
TENURE
8.9 yrs

Robert Moran

TITLE
Director
COMPENSATION
$165K
AGE
55
TENURE
8.9 yrs

Mark Linehan

TITLE
Director
COMPENSATION
$180K
AGE
56
TENURE
8.9 yrs

Barry Porter

TITLE
Lead Independent Director
COMPENSATION
$189K
AGE
61
TENURE
1.3 yrs

Ted Antenucci

TITLE
Director
COMPENSATION
$169K
AGE
54
TENURE
8.9 yrs

Jon Glaser

TITLE
Director
COMPENSATION
$176K
AGE
55
TENURE
8.9 yrs

Chip Harris

TITLE
Director
COMPENSATION
$161K
AGE
59
TENURE
4.4 yrs

Andrea Wong

TITLE
Director
COMPENSATION
$161K
AGE
51
TENURE
1.8 yrs

Christy Haubegger

TITLE
Director
AGE
49
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • Hudson Pacific Properties insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. May 19 Sell Mark Lammas Individual 15. May 19 15. May 19 -56,835 $34.52 $-1,956,143
11. May 19 Sell Christopher Barton Individual 08. May 19 08. May 19 -27,756 $34.74 $-962,230
09. May 19 Sell Alexander Vouvalides Individual 07. May 19 07. May 19 -43,000 $35.10 $-1,509,300
06. Dec 18 Buy Mark Linehan Individual 04. Dec 18 04. Dec 18 2,000 $30.81 $61,620
28. Nov 18 Buy Jonathan Glaser Individual 27. Nov 18 27. Nov 18 5,000 $30.00 $148,680
08. Nov 18 Buy Jonathan Glaser Individual 06. Nov 18 07. Nov 18 1,957 $30.30 $58,933
08. Nov 18 Buy Theodore Antenucci Individual 06. Nov 18 06. Nov 18 8,264 $30.23 $249,812
12. Sep 18 Sell Christopher Barton Individual 10. Sep 18 10. Sep 18 -20,166 $33.12 $-665,925
06. Sep 18 Buy Jonathan Glaser Individual 05. Sep 18 05. Sep 18 6,000 $32.97 $197,800
12. Jun 18 Sell Arthur Suazo Individual 08. Jun 18 08. Jun 18 -10,000 $35.64 $-355,294
06. Jun 18 Sell Sanford Shimoda Individual 06. Jun 18 06. Jun 18 -5,000 $36.04 $-179,780
06. Jun 18 Sell Victor Coleman Individual 05. Jun 18 05. Jun 18 -46,213 $35.91 $-1,659,393
04. Jun 18 Sell Sanford Shimoda Individual 01. Jun 18 04. Jun 18 -5,000 $35.72 $-178,390
X
Management checks
We assess Hudson Pacific Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hudson Pacific Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HPP News

Simply Wall St News

Can Hudson Pacific Properties, Inc. (NYSE:HPP) Improve Its Returns?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Hudson Pacific Properties, Inc. … Our data shows Hudson Pacific Properties has a return on equity of 2.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Would Hudson Pacific Properties, Inc. (NYSE:HPP) Be Valuable To Income Investors?

Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations.. … Investors might not know much about Hudson Pacific Properties's dividend prospects, even though it has been paying dividends for the last nine years and offers a 2.9% yield. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1

Simply Wall St -

The Hudson Pacific Properties (NYSE:HPP) Share Price Is Up 56% And Shareholders Are Holding On

(NYSE:HPP) share price is 56% higher than it was five years ago, which is more than the market average. … During the five years of share price growth, Hudson Pacific Properties moved from a loss to profitability. … It might be well worthwhile taking a look at our free report on Hudson Pacific Properties's earnings, revenue and cash flow.

Simply Wall St -

Should You Be Worried About Insider Transactions At Hudson Pacific Properties, Inc. (NYSE:HPP)?

So shareholders might well want to know whether insiders have been buying or selling shares in Hudson Pacific Properties, Inc. … Hudson Pacific Properties Insider Transactions Over The Last Year. … That means that an insider was selling shares at around the current price of US$33.61

Simply Wall St -

Should You Worry About Hudson Pacific Properties, Inc.'s (NYSE:HPP) CEO Salary Level?

In 2010 Victor Coleman was appointed CEO of Hudson Pacific Properties, Inc. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Victor Coleman's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How Should You Analyze REIT Stock Hudson Pacific Properties, Inc. (NYSE:HPP)?

Hudson Pacific Properties, Inc. … Check out our latest analysis for Hudson Pacific Properties … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

Hudson Pacific Properties Inc (NYSE:HPP) Delivered A Weaker ROE Than Its Industry

By way of learning-by-doing, we'll look at ROE to gain a better understanding Hudson Pacific Properties Inc (NYSE:HPP). … Over the last twelve months Hudson Pacific Properties has recorded a ROE of 3.6%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should You Worry About Hudson Pacific Properties Inc's (NYSE:HPP) CEO Pay Check?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Hudson Pacific Properties Inc has a market capitalization of US$4.8b, and pays its CEO total annual compensation worth US$6m. … So Victor Coleman receives a similar amount to the median CEO pay, amongst the companies we looked at.

Simply Wall St -

What You Need To Know Before Investing In Hudson Pacific Properties Inc (NYSE:HPP)

Hudson Pacific Properties Inc is a US$5.27b. … real estate investment trust (REIT) based in Los Angeles, United States. … See our latest analysis for Hudson Pacific Properties

Simply Wall St -

Will Hudson Pacific Properties Inc (NYSE:HPP) Continue To Underperform Its Industry?

and want a simplistic look at the return on Hudson Pacific Properties Inc (NYSE:HPP) stock. … Hudson Pacific Properties Inc (NYSE:HPP) generated a below-average return on equity of 3.11% in the past 12 months, while its industry returned 7.63%. … Knowing these components can change your views on HPP's below-average returns

Simply Wall St -

HPP Company Info

Description

Hudson Pacific Properties is a visionary real estate investment trust that owns and operates more than 17 million square feet of marquee office and studio properties. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP, and listed as a component of the Russell 2000 and the Russell 3000 indices.

Details
Name: Hudson Pacific Properties, Inc.
HPP
Exchange: NYSE
Founded: 2006
$5,185,509,464
$5,215,552,502
154,238,830
Website: http://www.hudsonpacificproperties.com
Address: Hudson Pacific Properties, Inc.
11601 Wilshire Boulevard,
9th Floor,
Los Angeles,
California, 90025,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE HPP Common Stock New York Stock Exchange US USD 24. Jun 2010
DB HP9 Common Stock Deutsche Boerse AG DE EUR 24. Jun 2010
Number of employees
Current staff
Staff numbers
311
Hudson Pacific Properties employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 06:20
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.