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Hudson Pacific Properties, Inc.’s (HPP - Free Report) operating partnership — Hudson Pacific Properties, L.P. — has announced the pricing of an underwritten public offering of senior notes valued at $400 million.
The offering comprises 3.950% senior unsecured obligations of the operating partnership and will mature on Nov 1, 2027. It will be unconditionally and fully guaranteed by the company.
The notes will be sold to the public at a price of 99.815% of par value, carrying a coupon rate of 3.950%. The offering is anticipated to close on Oct 2, 2017, in compliance with customary closing conditions.
The operating partnership plans to utilize the net proceeds of this offering to initially settle a five-year term loan aggregating $150 million due in April 2020. The remaining proceeds will thereafter be used to repay amounts outstanding under the operating partnership’s revolving credit facility or for general corporate purposes.
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring office properties, and media and entertainment properties in select growth markets, primarily in Northern and Southern California. The company is headquartered in Los Angeles, CA.
The funds raised through this offering will help the company pursue expansion plans in the near future. This, along with its robust operating platform, will likely enable it to execute strategic priorities and drive growth in net asset value. Moreover, we believe the senior notes offering will bring down the company’s cost of capital, which will in turn strengthen the balance sheet and fuel growth.
Shares of Hudson Pacific have underperformed the industry it belongs to, year to date. The company’s shares have lost 5.6%, while the industry recorded growth of 4.7%, during this time period.
Hudson Pacific currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for funds from operation (FFO) per share estimates for the third quarter and full-year 2017 remained unchanged at 50 cents and $1.96 respectively, over the past month.
Stocks to Consider
Better-ranked stocks in the REIT space include Getty Realty Corporation (GTY - Free Report) , Seritage Growth Properties (SRG - Free Report) and Communications Sales & Leasing, Inc. (UNIT - Free Report) .
Getty Realty’s 2017 FFO per share estimates moved up 3.1% to $2 in a month’s time.
Seritage’s 2017 FFO per share estimates inched up 0.5% to $2.01 in the past 60 days.
Communications Sales & Leasing’s 2017 FFO per share estimates climbed 14.4% to $2.54 over the same time period.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
Hudson Pacific (HPP) Prices $400M Senior Notes Offering
Hudson Pacific Properties, Inc.’s (HPP - Free Report) operating partnership — Hudson Pacific Properties, L.P. — has announced the pricing of an underwritten public offering of senior notes valued at $400 million.
The offering comprises 3.950% senior unsecured obligations of the operating partnership and will mature on Nov 1, 2027. It will be unconditionally and fully guaranteed by the company.
The notes will be sold to the public at a price of 99.815% of par value, carrying a coupon rate of 3.950%. The offering is anticipated to close on Oct 2, 2017, in compliance with customary closing conditions.
The operating partnership plans to utilize the net proceeds of this offering to initially settle a five-year term loan aggregating $150 million due in April 2020. The remaining proceeds will thereafter be used to repay amounts outstanding under the operating partnership’s revolving credit facility or for general corporate purposes.
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring office properties, and media and entertainment properties in select growth markets, primarily in Northern and Southern California. The company is headquartered in Los Angeles, CA.
The funds raised through this offering will help the company pursue expansion plans in the near future. This, along with its robust operating platform, will likely enable it to execute strategic priorities and drive growth in net asset value. Moreover, we believe the senior notes offering will bring down the company’s cost of capital, which will in turn strengthen the balance sheet and fuel growth.
Shares of Hudson Pacific have underperformed the industry it belongs to, year to date. The company’s shares have lost 5.6%, while the industry recorded growth of 4.7%, during this time period.
Hudson Pacific currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for funds from operation (FFO) per share estimates for the third quarter and full-year 2017 remained unchanged at 50 cents and $1.96 respectively, over the past month.
Stocks to Consider
Better-ranked stocks in the REIT space include Getty Realty Corporation (GTY - Free Report) , Seritage Growth Properties (SRG - Free Report) and Communications Sales & Leasing, Inc. (UNIT - Free Report) .
While Getty Realty and Seritage sport a Zacks Rank #1 (Strong Buy), Communications Sales & Leasing carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Getty Realty’s 2017 FFO per share estimates moved up 3.1% to $2 in a month’s time.
Seritage’s 2017 FFO per share estimates inched up 0.5% to $2.01 in the past 60 days.
Communications Sales & Leasing’s 2017 FFO per share estimates climbed 14.4% to $2.54 over the same time period.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>