Irvine, California-based health care real estate investment trust HCP announced it is changing its name to Healthpeak Properties on Wednesday, along with several leadership changes. The new name will take effect immediately. The company is also changing its New York Stock Exchange ticker logo to PEAK. That change will take effect on Nov. 5.
Healthpeak’s other big news is the promotion of Chief Investment Officer Scott Brinker to president. He will assume full operational oversight of Healthpeak’s senior housing, medical office and life science segments, with the leaders of each arm reporting to him. He will also continue to be responsible for enterprise-wide investments and portfolio management, including acquisitions and dispositions.
“This promotion will enable stronger strategic alignment across our segments, accelerated decision-making and portfolio optimization,” Healthpeak said in a press release.
The name change is the latest move in what has been an active 2019 for Healthpeak.
Under the leadership of Brinker and CEO Tom Herzog, the REIT has restructured its senior housing portfolio over the past couple years and entered 2019 in acquisition mode. It acquired $558 million in senior housing assets in the first quarter, acquired nine communities from Discovery Senior Living in May for $445 million, and sold 18 properties to Brookdale Senior Living (NYSE: BKD) earlier this month for $405 million.
Healthpeak does not expect its senior housing restructuring to yield results until 2020 at the earliest, but Herzog noted in the release it is primed to deliver consistent cash flows, earnings and dividend growth.
“We have developed a more disciplined investment approach. We are an innovative company at the forefront of providing premium real estate to the evolving healthcare industry, and are focused on delivering value to our shareholders, customers and employees,” Herzog’s statement read.
The name change announcement came in conjunction with the REIT reporting its third-quarter earnings. For the quarter ending on September 30, Healthpeak announced revenues of $537.97 million, an 18% increase over the previous year. The REIT also generated a net loss of $0.09 per share, NAREIT funds from operations (FFO) of $0.37 per share, FFO as adjusted of $0.44 per share and blended total portfolio share purchase plan cash NOI growth of 2.4%.
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