Hudson Pacific Properties: The Preferreds Have Dipped, But I'm Not Buying

Matteo Colombo Hudson Pacific Properties (NYSE:HPP) has shed an intense amount of value over the last few months as the office REIT faces ever-higher vacancy rates, falling net operating income, and cash rent that's dipping. HPP last declared a quarterly cash dividend of $0.05 per share, kept unchanged from its prior distribution and$0.20 per share annualized for a 4% dividend yield. The Series C Preferreds (NYSE:HPP.PR.C), currently trading at $12.80 per share, would dip as low as$11 per share, or 45 cen ...