Hudson Pacific, Kilroy Realty and SL Green Realty REITs Hit New 52-Week Lows

These three real estate investment trusts (REITs) hit new 52-week lows this week, demonstrating how the uncertainty about interest rates continues to plague the sector. Hudson Pacific Properties Inc. HPP, Kilroy Realty Corp. KRC and SL Green Realty Corp. SLG have all tanked to the lowest they’ve been for all this year.

Hudson Pacific Properties is based in Los Angeles with operations there as well as in San Francisco; Redwood City, California; Seattle; and Vancouver, British Columbia, Canada. The company focuses on offices and properties in the technology and media sectors. With a market capitalization of $1.39 billion, Hudson Pacific is trading at about half its book value and pays a 10.24% dividend. Here’s the weekly price chart:

Kilroy Realty is headquartered in Los Angeles and specializes in office real estate with an emphasis on the tech industry. The company has 55 properties with 14 million square feet of space. Kilroy is trading with a price-earnings ratio of 19 and at an 18% discount to its book value. Its market capitalization is $4.52 billion. The company pays a dividend of 5.65%. Kilroy’s weekly price chart is here:

 SL Green Realty bills itself as “New York City’s largest owner of office real estate” with interest in 62 buildings totaling 33.6 million square feet. With a market capitalization of $2.24 billion, the company is trading at about half its book value and paying a 9.38% dividend. Scotiabank recently downgraded its opinion of SL Green from “sector perform” to “sector underperform” and reduced the price target from $43 to $34.

The weekly price chart is here:

The stock price is nearing the lows of the March 2020 pandemic-scare era. The decline from the early 2022 high of $80 to the current $35 is a more than 50% drop in less than 12 months.

Not investment advice. For educational purposes only.

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