Research Desk Line-up: Alexandria Real Estate Equities Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Hudson Pacific Properties, Inc. (NYSE: HPP) ("Hudson Pacific"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HPP, following the Company's announcement of its financial results on August 03, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Los Angeles California-based Company's total revenues grew 17.0% y-o-y to outperform market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Office industry. Pro-TD has currently selected Alexandria Real Estate Equities, Inc. (NYSE: ARE) for due-diligence and potential coverage as the Company announced on July 31, 2017, its financial and operating results for Q2 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Alexandria Real Estate Equities when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HPP; also brushing on ARE. With the links below you can directly download the report of your stock of interest free of charge at:
During Q2 FY17, Hudson Pacific's total revenues rose to $180.50 million from $154.32 million in Q2 FY16. Total revenue numbers for the reported quarter beat market consensus forecasts of $178.12 million.
The real estate investment trust reported net income attributable to Hudson Pacific's common stockholders of $3.55 million, or $0.02 per diluted share, in Q2 FY17 compared to $0.84 million, or $0.01 per diluted share, in Q2 FY16. Furthermore, the Company's funds from operations (FFO), excluding specified items, improved to $75.29 million, or $0.48 per share, during Q2 FY17 from $62.92 million, or $0.43 per share reported in the previous year's comparable quarter. Additionally, Wall Street had expected the Company to report FFO of $0.47 per diluted share.
Hudson Pacific's total operating expenses increased 13.3% to $152.39 million in Q2 FY17 from $134.51 million in Q2 FY16. For the reported quarter, the Company's income from operations surged 41.9% $28.11 million from $19,811 million in Q2 FY16. The Company's interest expenses rose 23.2% to $21.70 million in Q2 FY17 from $17.61 million in the previous year's same period. Furthermore, net operating income (NOI) was $118.03 million for Q2 FY17 compared to $98.94 million in the last year's corresponding period.
In Q2 FY17, the Company's Office Properties generated total revenues of $166.85 million, up 15.5% from $144.40 million in the prior year's comparable quarter. The segment's rental revenues increased to $133.60 million in Q2 FY17 from $118.05 million in Q2 FY16. Tenant recoveries also grew during the reported quarter to $25.04 million in Q2 FY17 from $21.30 million in Q2 FY16. The segment's Parking and Other revenues stood at $8.21 million for Q2 FY17, up from $5.05 million in the prior year's corresponding quarter. Furthermore, the segment's NOI improved to $111.38 million during Q2 FY17 from $95.31 million in Q2 FY16.
The Company's Media & Entertainment segment's total revenues were $13.65 million in Q2 FY17, surging 37.6% from $9.92 million in Q2 FY16. For the reported quarter, the segment's rental revenues came in at $9.11 million versus $6.86 million in Q2 FY16. The segment's other property-related revenue was $4.36 million in Q2 FY17 versus $2.81 million in the previous year's comparable quarter. Additionally, the segment's NOI came in at $6.65 million for Q2 FY17 versus $3.63 million in Q2 FY16.
On May 01, 2017, the Company completed its acquisition of Hollywood based Sunset Las Palmas Studios (formerly Hollywood Center Studios). The 373,150-square-foot media and entertainment campus with future development rights was purchased for $200.0 million before credits, pro-rations, and closing costs.
Cash Matters and Balance Sheet
Hudson Pacific's net cash provided by operations was $141.04 million during the first half of FY17 compared to $108.87 million in the first six months of FY16. The Company ended the quarter with cash and cash equivalents of $73.24 million versus $83.02 million as on December 31, 2016. Furthermore, net notes payable balance as on June 30, 2017, was $2.60 billion compared to $2.69 billion as on December 31, 2016.
In its outlook for full-year FY17, the Company has narrowed its FFO (excluding specified items) guidance to a range of $1.93 to $2.01 per diluted share, while maintaining the previous mid-point of $1.97 per diluted share.
On Tuesday, August 22, 2017, the stock closed the trading session at $32.57, slightly down 0.09% from its previous closing price of $32.60. A total volume of 315.68 thousand shares have exchanged hands. Hudson Pacific Properties' stock price advanced 1.62% in the last one month. The stock is trading at a PE ratio of 96.93 and has a dividend yield of 3.07%. The stock currently has a market cap of $5.13 billion.
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