Deep Value Research — Part II Hudson Pacific Properties (HPP)

When a cornerstone walks into the storm.

Intro — Why we’re back here

When we first covered Hudson Pacific, we said this wasn’t a company that had failed — it was a balance sheet that couldn’t breathe.
Studios that Hollywood can’t rebuild. Towers that would cost billions to replace.
Yet the stock was priced like every property had turned into an empty parking lot.

That was Part I.
Now we’re in Part II — where someone finally stepped in with real capital and a long enough timeline to matter.

In June, Cohen & Steers (C&S) — the grandmasters of real assets — dropped $300 million into HPP.
They didn’t do it for yield. They did it because deep value doesn’t die — it just waits for courage to reprice it.

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What Changed — The Recap Deal

In mid-2025, HPP raised about $690 million through common shares and pre-funded warrants at $2.23 per unit.
Cohen & Steers took 43 % of that deal — roughly $300 million, equal to ~65 million shares or 17–18 % of the company on a fully diluted basis.
No board seat. No disclosed lock-up. No activist headlines.

But you don’t wire three hundred million into a distressed REIT for fun.
You do it because someone showed you a roadmap — a recap plan, asset sales, refinancing windows, studio monetization — and you believed it.

That’s the subtext nobody writes in press releases, but every serious investor hears between the lines.

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🚨 [THE FRAGMENTS VAULT | SUBSCRIBERS ONLY]

You’re about to hit the good part.
Below the fold:

• our full Base / Bear / Bull valuation map;

• Cohen & Steers’ likely 12–24 month playbook;

• and why this recap might quietly set up a $10 stock hiding inside a $2 quote.

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