Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into …
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Competitive advantage assessment
Key risks
Weak NOI MarginsNOI margins lag peers (score 0.11), indicating weak pricing power.
Elevated Leverage RiskLeverage is elevated (score 0.30), raising refinancing risk.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Hudson Pacific Properties, Inc. ranks #24 of 27
scored companies in REIT - Office by moat score — the top 89%.
The widest moat in the group is Easterly Government Properties, (DEA)
at 78/100.
Moat scores for companies ranked near HPP in REIT - Office
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 26
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 22
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 22
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 14
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 18
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is Hudson Pacific Properties, Inc.'s moat score?
Hudson Pacific Properties, Inc. (HPP) scores 19 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #24 of 27 scored companies in REIT - Office, the top 89%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is AFFO Strength (26/100) and its weakest is Rent Pricing Power (11/100).
How does Hudson Pacific Properties, Inc. compare with other REIT - Office companies?
Hudson Pacific Properties, Inc. ranks #24 of 27 scored companies in REIT - Office by moat score. The widest moat in REIT - Office is Easterly Government Properties, (DEA) at 78/100. The companies ranked closest are Creative Media & Community Trus (CMCT) at 20 just above it and Orion Office REIT Inc. (ONL) at 14 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.
Why is Hudson Pacific Properties, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Hudson Pacific Properties, Inc.?
The REIT Specialized template measures 6 defenses, and HPP scores: Rent Pricing Power (11), AFFO Strength (26), Balance Sheet & Cost of Capital (22), Capital Recycling & Growth (22), Operational Efficiency (14), Portfolio Quality & Diversification (18). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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