Added to YB: 2024-03-01
Pitch date: 2024-03-01
HPP [bearish]
Hudson Pacific Properties, Inc.
+71.47%
current return
Author Info
No bio for this author
Company Info
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries.
Market Cap
$424.9M
Pitch Price
$42.62
Price Target
3.25 (-73%)
Dividend
N/A
EV/EBITDA
17.91
P/E
-1.17
EV/Sales
6.86
Sector
Office REITs
Category
turnaround
[SHORT] Hudson Pacific Properties ($HPP) short pitch
$HPP office REIT poised for more pain despite 74% drop; 36% Bay Area vacancy, tech tenant risk, 14.6x debt/EBITDA, 33% rent expiring <2yrs. Inflated val vs peers; 50% downside to $3.25 on vacancy/solvency risk. Catalysts: vacancy ⬆️, weak earnings, covenant breach, fire sales.
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