Intrinsic value of Hudson Pacific Properties - HPP

Previous Close

$31.87

  Intrinsic Value

$4.96

stock screener

  Rating & Target

str. sell

-84%

Previous close

$31.87

 
Intrinsic value

$4.96

 
Up/down potential

-84%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HPP.

We calculate the intrinsic value of HPP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.84
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
Revenue, $m
  640
  737
  842
  953
  1,072
  1,197
  1,329
  1,468
  1,613
  1,764
  1,922
  2,087
  2,258
  2,436
  2,621
  2,813
  3,013
  3,220
  3,436
  3,661
  3,894
  4,137
  4,390
  4,654
  4,928
  5,215
  5,514
  5,826
  6,152
  6,492
  6,848
Variable operating expenses, $m
 
  477
  544
  616
  693
  774
  859
  949
  1,042
  1,140
  1,242
  1,347
  1,458
  1,573
  1,692
  1,816
  1,945
  2,079
  2,218
  2,363
  2,514
  2,671
  2,834
  3,004
  3,182
  3,367
  3,560
  3,761
  3,971
  4,191
  4,421
Fixed operating expenses, $m
 
  142
  146
  150
  153
  157
  161
  165
  169
  174
  178
  182
  187
  192
  196
  201
  206
  212
  217
  222
  228
  233
  239
  245
  251
  258
  264
  271
  278
  284
  292
Total operating expenses, $m
  550
  619
  690
  766
  846
  931
  1,020
  1,114
  1,211
  1,314
  1,420
  1,529
  1,645
  1,765
  1,888
  2,017
  2,151
  2,291
  2,435
  2,585
  2,742
  2,904
  3,073
  3,249
  3,433
  3,625
  3,824
  4,032
  4,249
  4,475
  4,713
Operating income, $m
  89
  118
  151
  187
  226
  266
  309
  354
  401
  451
  502
  557
  613
  672
  732
  796
  861
  930
  1,001
  1,075
  1,152
  1,233
  1,317
  1,404
  1,495
  1,590
  1,690
  1,794
  1,903
  2,016
  2,135
EBITDA, $m
  358
  428
  506
  588
  676
  770
  868
  971
  1,079
  1,192
  1,310
  1,433
  1,561
  1,694
  1,832
  1,976
  2,126
  2,281
  2,443
  2,611
  2,786
  2,969
  3,159
  3,357
  3,563
  3,779
  4,004
  4,239
  4,484
  4,741
  5,009
Interest expense (income), $m
  82
  87
  106
  126
  148
  171
  196
  221
  248
  277
  306
  337
  370
  403
  438
  474
  512
  551
  591
  633
  677
  723
  770
  820
  871
  925
  981
  1,040
  1,101
  1,164
  1,231
Earnings before tax, $m
  44
  31
  46
  61
  78
  95
  113
  133
  153
  174
  196
  220
  244
  269
  295
  322
  350
  379
  410
  442
  475
  510
  546
  584
  624
  665
  709
  754
  802
  852
  904
Tax expense, $m
  0
  8
  12
  17
  21
  26
  31
  36
  41
  47
  53
  59
  66
  73
  80
  87
  94
  102
  111
  119
  128
  138
  147
  158
  168
  180
  191
  204
  217
  230
  244
Net income, $m
  34
  23
  33
  45
  57
  69
  83
  97
  112
  127
  143
  160
  178
  196
  215
  235
  255
  277
  299
  322
  347
  372
  399
  426
  455
  486
  517
  551
  585
  622
  660

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  83
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,679
  7,601
  8,679
  9,830
  11,052
  12,344
  13,705
  15,133
  16,628
  18,189
  19,818
  21,513
  23,278
  25,112
  27,019
  29,000
  31,059
  33,199
  35,424
  37,738
  40,144
  42,650
  45,258
  47,975
  50,808
  53,762
  56,843
  60,060
  63,420
  66,929
  70,597
Adjusted assets (=assets-cash), $m
  6,596
  7,601
  8,679
  9,830
  11,052
  12,344
  13,705
  15,133
  16,628
  18,189
  19,818
  21,513
  23,278
  25,112
  27,019
  29,000
  31,059
  33,199
  35,424
  37,738
  40,144
  42,650
  45,258
  47,975
  50,808
  53,762
  56,843
  60,060
  63,420
  66,929
  70,597
Revenue / Adjusted assets
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  5,855
  6,745
  7,701
  8,722
  9,807
  10,954
  12,161
  13,428
  14,755
  16,141
  17,585
  19,090
  20,656
  22,283
  23,975
  25,734
  27,561
  29,460
  31,434
  33,487
  35,622
  37,845
  40,160
  42,571
  45,085
  47,706
  50,440
  53,295
  56,276
  59,390
  62,645
Working capital, $m
  0
  -96
  -109
  -124
  -139
  -156
  -173
  -191
  -210
  -229
  -250
  -271
  -294
  -317
  -341
  -366
  -392
  -419
  -447
  -476
  -506
  -538
  -571
  -605
  -641
  -678
  -717
  -757
  -800
  -844
  -890
Total debt, $m
  2,473
  3,017
  3,601
  4,225
  4,887
  5,588
  6,325
  7,099
  7,909
  8,756
  9,638
  10,557
  11,514
  12,508
  13,541
  14,615
  15,731
  16,891
  18,097
  19,351
  20,655
  22,013
  23,427
  24,900
  26,435
  28,036
  29,706
  31,450
  33,270
  35,173
  37,161
Total liabilities, $m
  3,576
  4,120
  4,704
  5,328
  5,990
  6,691
  7,428
  8,202
  9,012
  9,859
  10,741
  11,660
  12,617
  13,611
  14,644
  15,718
  16,834
  17,994
  19,200
  20,454
  21,758
  23,116
  24,530
  26,003
  27,538
  29,139
  30,809
  32,553
  34,373
  36,276
  38,264
Total equity, $m
  3,103
  3,481
  3,975
  4,502
  5,062
  5,654
  6,277
  6,931
  7,616
  8,331
  9,077
  9,853
  10,661
  11,501
  12,375
  13,282
  14,225
  15,205
  16,224
  17,284
  18,386
  19,533
  20,728
  21,973
  23,270
  24,623
  26,034
  27,508
  29,046
  30,654
  32,333
Total liabilities and equity, $m
  6,679
  7,601
  8,679
  9,830
  11,052
  12,345
  13,705
  15,133
  16,628
  18,190
  19,818
  21,513
  23,278
  25,112
  27,019
  29,000
  31,059
  33,199
  35,424
  37,738
  40,144
  42,649
  45,258
  47,976
  50,808
  53,762
  56,843
  60,061
  63,419
  66,930
  70,597
Debt-to-equity ratio
  0.797
  0.870
  0.910
  0.940
  0.970
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.090
  1.100
  1.110
  1.110
  1.120
  1.120
  1.120
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  23
  33
  45
  57
  69
  83
  97
  112
  127
  143
  160
  178
  196
  215
  235
  255
  277
  299
  322
  347
  372
  399
  426
  455
  486
  517
  551
  585
  622
  660
Depreciation, amort., depletion, $m
  269
  310
  354
  401
  451
  503
  559
  617
  678
  741
  808
  876
  948
  1,022
  1,100
  1,180
  1,264
  1,351
  1,442
  1,536
  1,634
  1,736
  1,842
  1,953
  2,068
  2,188
  2,314
  2,445
  2,581
  2,724
  2,874
Funds from operations, $m
  182
  333
  388
  446
  508
  573
  642
  714
  789
  868
  951
  1,036
  1,125
  1,218
  1,315
  1,415
  1,520
  1,628
  1,741
  1,859
  1,981
  2,108
  2,241
  2,379
  2,523
  2,674
  2,831
  2,995
  3,167
  3,346
  3,534
Change in working capital, $m
  -38
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
Cash from operations, $m
  220
  346
  401
  460
  523
  589
  659
  732
  808
  888
  971
  1,058
  1,148
  1,241
  1,339
  1,440
  1,546
  1,655
  1,769
  1,888
  2,011
  2,140
  2,274
  2,413
  2,559
  2,711
  2,870
  3,036
  3,209
  3,390
  3,580
Maintenance CAPEX, $m
  0
  -269
  -309
  -353
  -400
  -450
  -502
  -558
  -616
  -677
  -740
  -807
  -876
  -948
  -1,022
  -1,100
  -1,180
  -1,264
  -1,351
  -1,442
  -1,536
  -1,634
  -1,736
  -1,842
  -1,953
  -2,068
  -2,188
  -2,314
  -2,445
  -2,581
  -2,724
New CAPEX, $m
  -889
  -890
  -956
  -1,021
  -1,085
  -1,147
  -1,207
  -1,267
  -1,327
  -1,386
  -1,445
  -1,505
  -1,566
  -1,628
  -1,692
  -1,758
  -1,827
  -1,899
  -1,974
  -2,053
  -2,136
  -2,223
  -2,315
  -2,411
  -2,513
  -2,621
  -2,735
  -2,854
  -2,981
  -3,114
  -3,255
Cash from investing activities, $m
  -525
  -1,159
  -1,265
  -1,374
  -1,485
  -1,597
  -1,709
  -1,825
  -1,943
  -2,063
  -2,185
  -2,312
  -2,442
  -2,576
  -2,714
  -2,858
  -3,007
  -3,163
  -3,325
  -3,495
  -3,672
  -3,857
  -4,051
  -4,253
  -4,466
  -4,689
  -4,923
  -5,168
  -5,426
  -5,695
  -5,979
Free cash flow, $m
  -305
  -812
  -865
  -914
  -962
  -1,007
  -1,051
  -1,093
  -1,134
  -1,174
  -1,214
  -1,254
  -1,294
  -1,334
  -1,375
  -1,418
  -1,462
  -1,508
  -1,556
  -1,607
  -1,661
  -1,717
  -1,777
  -1,840
  -1,907
  -1,978
  -2,053
  -2,132
  -2,216
  -2,305
  -2,399
Issuance/(repayment) of debt, $m
  429
  544
  584
  624
  663
  700
  737
  774
  810
  846
  883
  919
  956
  994
  1,033
  1,074
  1,116
  1,160
  1,206
  1,254
  1,305
  1,358
  1,414
  1,473
  1,535
  1,601
  1,670
  1,744
  1,821
  1,902
  1,988
Issuance/(repurchase) of shares, $m
  4
  438
  460
  482
  503
  522
  540
  557
  573
  588
  603
  616
  630
  644
  658
  673
  688
  703
  720
  737
  756
  775
  796
  818
  842
  867
  894
  923
  953
  985
  1,020
Cash from financing (excl. dividends), $m  
  453
  982
  1,044
  1,106
  1,166
  1,222
  1,277
  1,331
  1,383
  1,434
  1,486
  1,535
  1,586
  1,638
  1,691
  1,747
  1,804
  1,863
  1,926
  1,991
  2,061
  2,133
  2,210
  2,291
  2,377
  2,468
  2,564
  2,667
  2,774
  2,887
  3,008
Total cash flow (excl. dividends), $m
  147
  170
  180
  192
  204
  215
  227
  238
  249
  260
  271
  281
  293
  304
  316
  329
  342
  355
  369
  384
  399
  416
  433
  451
  470
  490
  511
  534
  557
  582
  609
Retained Cash Flow (-), $m
  -1,437
  -461
  -494
  -527
  -560
  -592
  -623
  -654
  -685
  -715
  -746
  -777
  -808
  -840
  -873
  -907
  -943
  -980
  -1,019
  -1,060
  -1,102
  -1,147
  -1,195
  -1,245
  -1,297
  -1,353
  -1,411
  -1,473
  -1,539
  -1,607
  -1,680
Prev. year cash balance distribution, $m
 
  83
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -209
  -314
  -335
  -356
  -376
  -396
  -416
  -436
  -455
  -475
  -495
  -515
  -536
  -557
  -579
  -601
  -625
  -650
  -676
  -703
  -732
  -762
  -794
  -827
  -863
  -900
  -939
  -981
  -1,025
  -1,071
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  -193
  -266
  -259
  -248
  -234
  -218
  -201
  -182
  -163
  -143
  -125
  -107
  -90
  -74
  -61
  -48
  -38
  -29
  -22
  -16
  -12
  -8
  -6
  -4
  -2
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  91.7
  84.7
  78.7
  73.6
  69.1
  65.2
  61.8
  58.8
  56.1
  53.7
  51.5
  49.5
  47.7
  46.1
  44.5
  43.1
  41.9
  40.7
  39.5
  38.5
  37.5
  36.6
  35.7
  34.8
  34.1
  33.3
  32.6
  31.9
  31.2
  30.6

Hudson Pacific Properties, Inc. is a real estate investment trust (REIT). The Company operates in two segments: office properties, and media and entertainment properties. The Company is focused on acquiring, repositioning, developing and operating office and media and entertainment properties in submarkets throughout Northern and Southern California and the Pacific Northwest. As of December 31, 2016, the Company's portfolio included office properties consisting of an aggregate of approximately 14.1 million square feet, and media and entertainment properties consisting of approximately 0.9 million square feet of sound-stage, office and supporting production facilities. As of December 31, 2016, the Company also owned undeveloped density rights for approximately 2.5 million square feet of future office and residential space. The Company's in-service office properties include stabilized office properties and lease-up office properties.

FINANCIAL RATIOS  of  Hudson Pacific Properties (HPP)

Valuation Ratios
P/E Ratio 127.9
Price to Sales 6.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow -6.5
Growth Rates
Sales Growth Rate 22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 79.7%
Total Debt to Equity 79.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 1.4%
Return On Equity - 3 Yr. Avg. 0.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 64.2%
Gross Margin - 3 Yr. Avg. 62.2%
EBITDA Margin 61.7%
EBITDA Margin - 3 Yr. Avg. 56.4%
Operating Margin 14.1%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 347.1%

HPP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HPP stock intrinsic value calculation we used $640 million for the last fiscal year's total revenue generated by Hudson Pacific Properties. The default revenue input number comes from 2016 income statement of Hudson Pacific Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HPP stock valuation model: a) initial revenue growth rate of 15.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.2%, whose default value for HPP is calculated based on our internal credit rating of Hudson Pacific Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hudson Pacific Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HPP stock the variable cost ratio is equal to 64.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $139 million in the base year in the intrinsic value calculation for HPP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Hudson Pacific Properties.

Corporate tax rate of 27% is the nominal tax rate for Hudson Pacific Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HPP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HPP are equal to 914.8%.

Life of production assets of 21.8 years is the average useful life of capital assets used in Hudson Pacific Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HPP is equal to -13%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3103 million for Hudson Pacific Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 155.912 million for Hudson Pacific Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hudson Pacific Properties at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ Snap Inc. snaps up San Francisco office in SoMa   [Nov-06-17 01:31PM  American City Business Journals]
▶ Hudson Pacific Properties, Inc. to Host Earnings Call   [Nov-02-17 10:20AM  ACCESSWIRE]
▶ Hudson Pacific reports 3Q results   [09:11AM  Associated Press]
▶ Hudson Pacific reports 2Q results   [Aug-04-17 12:34AM  Associated Press]
▶ Netflix leases more space in Hollywood   [Jul-13-17 02:10PM  American City Business Journals]
▶ AEG pulls its KeyArena proposal, citing lack of confidence in city process   [Jun-05-17 11:45AM  American City Business Journals]
▶ Hudson Pacific reports 1Q results   [May-04-17 09:11AM  Associated Press]
▶ Hudson Pacific adds third studio to Hollywood portfolio   [May-02-17 05:35PM  American City Business Journals]
▶ First look: AEG wants to redevelop KeyArena into the Seattle Coliseum (Images)   [Apr-12-17 05:10PM  American City Business Journals]
▶ Google gobbles up another chunk of San Francisco office space   [Mar-23-17 06:12PM  at bizjournals.com]
▶ Google gobbles up another chunk of San Francisco office space   [06:12PM  American City Business Journals]
Financial statements of HPP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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