Barclays Maintains an 'Overweight' on Hudson Pacific Properties (HPP); Updating Estimates
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Price: $13.90 -4.14%
Rating Summary:
8 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on Hudson Pacific Properties (NYSE: HPP), PT $17.
Barclays analyst says, "Following the release of updated earnings guidance and subsequent discussions with management, we are adjusting our model to more accurately reflect recent debt repayment, including the $110 million Rincon mortgage refinancing (4/29), $47 million credit facility repayment (5/4), and $14 million Tierrasanta mortgage repayment (6/1). We are also lowering our weighted average share count to no longer assume the conversion of the series A preferred units which become exchangeable in June 2013. These units were converted for the calculation of the 1Q11 average diluted share count because of their dilutive impact, but we do not assume the same treatment going forward because of the unpredictable nature of HPP's share price and other factors (including recent common equity issuance) that make the adjustment less likely..."
"As a result of the above adjustments, we are increasing our FY2011 FFO estimate to $1.00 per share, from $0.94 per share previously. However, we are maintaining our 2012 estimate of $1.08 per share due to slightly more conservative core growth and financing assumptions. Our FFO estimates imply a four-year (2011-2015) CAGR of 12%; our CAD estimates also imply 12% annual growth."
For more ratings news on Hudson Pacific Properties click here and for the rating history of Hudson Pacific Properties click here.
Shares of Hudson Pacific Properties closed at $16.00 yesterday.
Barclays analyst says, "Following the release of updated earnings guidance and subsequent discussions with management, we are adjusting our model to more accurately reflect recent debt repayment, including the $110 million Rincon mortgage refinancing (4/29), $47 million credit facility repayment (5/4), and $14 million Tierrasanta mortgage repayment (6/1). We are also lowering our weighted average share count to no longer assume the conversion of the series A preferred units which become exchangeable in June 2013. These units were converted for the calculation of the 1Q11 average diluted share count because of their dilutive impact, but we do not assume the same treatment going forward because of the unpredictable nature of HPP's share price and other factors (including recent common equity issuance) that make the adjustment less likely..."
"As a result of the above adjustments, we are increasing our FY2011 FFO estimate to $1.00 per share, from $0.94 per share previously. However, we are maintaining our 2012 estimate of $1.08 per share due to slightly more conservative core growth and financing assumptions. Our FFO estimates imply a four-year (2011-2015) CAGR of 12%; our CAD estimates also imply 12% annual growth."
For more ratings news on Hudson Pacific Properties click here and for the rating history of Hudson Pacific Properties click here.
Shares of Hudson Pacific Properties closed at $16.00 yesterday.
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