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Hudson Pacific (HPP) Inks a Lease Renewal with InvenSense
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Hudson Pacific Properties, Inc. (HPP - Free Report) announced a major lease renewal in Silicon Valley with InvenSense, Inc., a supplier of micro-electro-mechanical systems sensor platforms.
Particularly, this lease, which runs through April 2025, involves 139,336 square feet of office space at 1745 Technology Drive. This space is a part of company’s Concourse office complex in San Jose. The prior lease was set to expire in 2019.
Concourse is conveniently located at the junction of Technology Drive and Airport Parkway. Also, it is situated next to San Jose International Airport. The Class A office complex has seven buildings and spans across 944,386-square-feet.
Importantly, this early renewal indicates the rising demand for office space in the San Jose Airport submarket area and the strong interest of existing tenants in Hudson Pacific’s premium properties . The company boasts a portfolio of more than 2.6 million square feet in the San Jose Airport submarket area.
Notably, the improving economy and a healthy job market environment are anticipated to stoke growth in the office real estate market in 2018. However, the pace of growth will likely remain modest with an increased supply of office space that has been curbing the pricing power of landlords and resulting in elevated concession levels. Also, rate hike adds to its woes.
Amid these, the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share was revised 1% downward in a month’s time.
Nevertheless, shares of the company have outperformed its industry in the past three months, declining 5.4% compared with the industry’s descend of 8.5%.
Currently, Hudson Pacific has a Zacks Rank #4 (Sell).
Arbor Realty Trust’s Zacks Consensus Estimate for 2018 FFO per share have been revised 2.3% upward to 90 cents over the past month. Its share price has risen 0.7% in three months’ time.
Extra Space Storage’s FFO per share estimates for the current year have moved up 1.3% to $4.54 in a month’s time. Its shares have gained 0.4% over the past three months.
Sotherly Hotels’ FFO per share estimates for 2018 have been revised upward approximately 1.9% to $1.05 over the past month. The stock has gained 7.3% during the past six months.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
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Hudson Pacific (HPP) Inks a Lease Renewal with InvenSense
Hudson Pacific Properties, Inc. (HPP - Free Report) announced a major lease renewal in Silicon Valley with InvenSense, Inc., a supplier of micro-electro-mechanical systems sensor platforms.
Particularly, this lease, which runs through April 2025, involves 139,336 square feet of office space at 1745 Technology Drive. This space is a part of company’s Concourse office complex in San Jose. The prior lease was set to expire in 2019.
Concourse is conveniently located at the junction of Technology Drive and Airport Parkway. Also, it is situated next to San Jose International Airport. The Class A office complex has seven buildings and spans across 944,386-square-feet.
Importantly, this early renewal indicates the rising demand for office space in the San Jose Airport submarket area and the strong interest of existing tenants in Hudson Pacific’s premium properties . The company boasts a portfolio of more than 2.6 million square feet in the San Jose Airport submarket area.
Notably, the improving economy and a healthy job market environment are anticipated to stoke growth in the office real estate market in 2018. However, the pace of growth will likely remain modest with an increased supply of office space that has been curbing the pricing power of landlords and resulting in elevated concession levels. Also, rate hike adds to its woes.
Amid these, the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share was revised 1% downward in a month’s time.
Nevertheless, shares of the company have outperformed its industry in the past three months, declining 5.4% compared with the industry’s descend of 8.5%.
Currently, Hudson Pacific has a Zacks Rank #4 (Sell).
Stocks Worth a Look
A few better-ranked stocks from the same industry include Arbor Realty Trust (ABR - Free Report) , Extra Space Storage Inc. (EXR - Free Report) and Sotherly Hotels Inc. (SOHO - Free Report) . All three stocks carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Arbor Realty Trust’s Zacks Consensus Estimate for 2018 FFO per share have been revised 2.3% upward to 90 cents over the past month. Its share price has risen 0.7% in three months’ time.
Extra Space Storage’s FFO per share estimates for the current year have moved up 1.3% to $4.54 in a month’s time. Its shares have gained 0.4% over the past three months.
Sotherly Hotels’ FFO per share estimates for 2018 have been revised upward approximately 1.9% to $1.05 over the past month. The stock has gained 7.3% during the past six months.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
Click here to access these stocks >>