Hudson Pacific Properties REIT cuts dividend in half to drop implied yield below 10%

Shares of Hudson Pacific Properties Inc.
HPP,
-0.93%
fell 0.1% in morning trading Friday, after the real estate investment trust (REIT) focused on “dynamic tech and media” cut its quarterly dividend in half to boost liquidity. Shareholders of record on June 20 will be paid the new dividend of 12.5 cents a share, down from 25 cents a share, on June 30. Based on recent stock prices, the new annual dividend rate implies a dividend yield of 9.54%, which compares with the yield for the Real Estate Select Sector SPDR exchange-traded fund
XLRE,
-0.08%
of 3.64% and the implied yield for the S&P 500
SPX,
+0.48%
of 1.59%. The company said it has more than $800 million in total liquidity, and the new lower dividend will boost liquidity by $18 million.