HRE PROPERTIES <HRE> CUTS QUARTERLY HRE Properties said its board cut the quarterly dividend to 45 cts per share from 57 cts, payable April 20 to holders of record March 31. HRE said the board reduced the dividend due to the continuing impact of overbuilding in its office building markets and its inability to replace the income from high yielding investments that have matured. HRE said in the first quarter ended January 31 it earned 38 cts per share, down from 47 cts a year before.