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OFFON

HUDSON PACIFIC PROPERTIES, INC.

(HPP)
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Hudson Pacific Properties Unveils Plans for New Hybrid Mass Timber Office Building At Bentall Centre in Vancouver

09/23/2021 | 09:00am EDT

Hudson Pacific Properties, Inc. has taken the next step in transforming Bentall Centre with the proposed addition of a 16-storey hybrid mass timber office and retail development called Burrard Exchange at Bentall Centre. Under the proposed plans, which were recently submitted to the city of Vancouver, approximately 450,000 square feet of office and retail space would be added within the Bentall Centre campus, creating one of the tallest exposed mass timber office buildings in North America on one of the last large development sites in Vancouver’s urban core. The Burrard Exchange name pays homage to its central location and the Burrard Street thoroughfare that connects False Creek to Coal Harbour, while Exchange connotes the role that an iconic campus like Bentall Centre has in bringing people and ideas together. Burrard Exchange’s design prioritizes both indoor and outdoor spaces to enhance connections to nature from within the building and meet growing demand for high-function outdoor areas and fresh air access. Replacing one of the site’s existing parkades, the development will create new street frontages, amenities and retail space to service the entire campus and the public. Global architecture leader Kohn Pedersen Fox Associates (KPF) was enlisted as the design architect and the Vancouver office of Adamson Associates Architects is the architect of record. Wood has a relatively low manufacturing carbon footprint compared to other materials and is the only material that can remove carbon from the atmosphere over the lifetime of its usage. This project represents Hudson Pacific’s first mass timber development and will build upon the momentum of other recently announced mass timber projects in British Columbia. Throughout the entitlement process, Hudson Pacific will work collaboratively with the City of Vancouver to gain support and approval for this innovative use of exposed mass timber. As with the rest of Hudson Pacific’s portfolio, upon delivery Burrard Exchange’s building operations will be 100% carbon neutral. The project is anticipated to create more than 2,000 direct and indirect jobs, with construction beginning as soon as early 2023.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 865 M - -
Net income 2021 23,9 M - -
Net Debt 2021 3 808 M - -
P/E ratio 2021 239x
Yield 2021 3,62%
Capitalization 4 238 M 4 238 M -
EV / Sales 2021 9,30x
EV / Sales 2022 8,61x
Nbr of Employees 375
Free-Float 97,6%
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Hudson Pacific Properties, Inc. Technical Analysis Chart | HPP | US4440971095 | MarketScreener
Technical analysis trends HUDSON PACIFIC PROPERTIES, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 27,83 $
Average target price 31,53 $
Spread / Average Target 13,3%
EPS Revisions
Managers and Directors
Victor J. Coleman Chairman & Chief Executive Officer
Mark T. Lammas President & Treasurer
Harout Krikor Diramerian Chief Financial Officer
Rocky B. Fried Independent Director
Jonathan M. Glaser Independent Director
Sector and Competitors