Core Thesis - Hudson Pacific Properties, Inc. (HPP) is viewed as undervalued due to a disconnect between its intrinsic value and market price, primarily because of a constrained balance sheet despite owning valuable assets like Hollywood studios and office towers [2][5] Investment and Recapitalization - In mid-2025, Cohen & Steers (C&S) invested $300 million in HPP as part of a $690 million recapitalization, acquiring approximately 43% of the raise, which represents about 17-18% of the fully diluted company [3][5] - The investment was made without board representation or activist intentions, indicating confidence in the management's strategy and the potential to unlock the value of HPP's assets over time [4] Market Perception and Future Outlook - The C&S investment is seen as a validation of the deep value in HPP, suggesting that with a strengthened balance sheet and a credible recapitalization roadmap, the company is positioned to realize the intrinsic value of its properties [5] - The market may begin to reprice HPP, offering significant upside potential as investors recognize the structural and financial improvements that support the company's turnaround [5] Historical Context - A previous bearish thesis highlighted concerns over HPP's over-leveraged balance sheet and declining occupancy, leading to a stock price depreciation of approximately 62.28% since September 2024 [6]

Core Viewpoint - Investing in Singapore REITs (S-REITs) can provide stable and reliable passive income for investors, with specific focus on three REITs for long-term monthly income generation. Group 1: CapitaLand Integrated Commercial Trust (CICT) - CICT is Singapore's largest REIT with a total property value of S$27.0 billion, comprising 21 properties in Singapore, two in Frankfurt, and three in Sydney [2][3] - The portfolio's occupancy rate is 97.2%, with a weighted average lease expiry (WALE) of 3.2 years, and a distribution yield of 4.8% [5][4] - CICT's net property income grew by 0.2% year-on-year to S$874.2 million, with a slight increase in gearing ratio to 39.2% and an improved interest coverage ratio of 3.5 [4][5] Group 2: CapitaLand Ascendas REIT (CLAR) - CLAR is Singapore's first and largest listed industrial REIT, with a portfolio value of S$17.7 billion and 228 properties [8][9] - The portfolio occupancy rate is 91.3%, with a WALE of 3.6 years, and a distribution yield of 5.4% [10][9] - CLAR's DPU has shown stability, with a slight increase to S$0.15205 in 2024, and a healthy rental reversion rate of 7.6% in Q3 2025 [10][11] Group 3: Frasers Centrepoint Trust (FCT) - FCT is a suburban retail REIT with assets under management of approximately S$8.3 billion, owning four of Singapore's top ten largest prime suburban malls [14][15] - In FY2025, FCT's gross revenue increased by 10.8% year-on-year to S$389.6 million, with a total DPU of S$0.12113 [15][16] - The overall portfolio occupancy rate is strong at 98.1%, with a distribution yield of 5.4% and a rental reversion rate of 7.8% in FY2025 [16][18]