Opinions
Michelle Wearing
Hudson Pacific Properties
HPP-N
TOP PICK
Aug 22, 2019
$33.160
Stock price when the opinion was issued
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PAST TOP PICK
(A Top Pick Aug 22/19, Up 7%) High quality office and state of the art studio properties on the western coast. Strong results yesterday, raised guidance for the third time this year. Adds on weakness. Bullish on US west coast office market. Significant demand and limited supply. Further runway for growth.
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PAST TOP PICK
(A Top Pick Aug 22/19, Down 26%) Sold in March. They own high-quality office on the west coast from LA to Vancouver. She sold in March anticipating the damage from COVID. She is cautious about this REIT and type of REIT until a vaccine emerges, likely next year. No, the office isn't dead and she expects most people to return to the office, but this could take years. Cash flow has held up well.
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Focuses on west coast office in San Fran, LA, Seattle, even Vancouver. Also invests in studios in Hollywood and NYC. San Fran has found it really hard to recover, as it needs leadership on safety, cleanliness, and almost rule of law. SF is a brain centre for the US, so HPP could be an interesting investment in terms of an office market recovery.
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Owns high-quality studio properties in LA, San Francisco, Seattle and Vancouver. They're known as the Silicon Valley landlord, which makes up 50% of its total base rent, including Google, Netflix and Uber. She's bullish west coast real estate, supported by strong demand and limited supply. Share price is 25% discount to NAV (Analysts’ price target is $38.25)