Farallon Capital Management Sells 3.51 Mln Shares of Hudson Pacific Properties Inc (HPP)

Farallon Capital Management, founded by Thomas Steyer, has reported reducing its exposure to Hudson Pacific Properties Inc (NYSE:HPP) to some 8.73 million shares, from over 12.23 million shares held previously. According to the filing with the SEC, the activist stake held by Farallon amasses 13% of the company’s common stock.

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According to a press release issued by Hudson Pacific Properties Inc (NYSE:HPP), the company has recently conducted a public offering, selling around 3.51 million shares held by Farallon Capital Management and its affiliates. The securities have disposed of at a price of around $23.03 per share.

Hudson Pacific Properties is a full-service real estate investment trust. For the previous quarter, the REIT reported funds from operations worth $15.6 million, equal to $0.26 per diluted share, up from $11.6 million ($0.23 per diluted share) posted for the same period of 2012. For the current year, Hudson Pacific Properties Inc (NYSE:HPP) said it expects FFO of $1.07 to $1.11 per diluted share. Hudson Pacific’s stock inched up around 5% since the beginning of the year.

Farallon is the largest shareholder of Hudson Pacific Properties Inc (NYSE:HPP), even following the decrease in its stake. Moreover, the fund is represented on the company’s board of directors by Richard B. Fried. D. E. Shaw‘s D E Shaw and Ken Griffin‘s Citadel Investment Group are two other shareholders, although, during the fourth quarter of last year, they both have significantly reduced their positions, by 44% and 64% over the quarter, respectively. D E Shaw’s stake contains around 120,700 shares, while Citadel’s position amasses some 39,900 shares.

Farallon Capital Management is a large fund, with around $4.83 billion in equity portfolio alone. The latest 13F filing shows that Farallon has the largest portion of its equity portfolio invested in Services stocks. Its most valuable holding is Time Warner Cable Inc (NYSE:TWC), in which the fund owns 2.43 million shares, worth $329.54 million. Aside from Hudson Pacific Properties Inc (NYSE:HPP), which is the second-largest position, Farallon also holds 2.84 million shares of American Tower Corp (NYSE:AMT), valued at $226.77 million.

Disclosure: none

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