On the eve of its third-quarter earnings call, Irvine, CA-based real estate investment trust HCP Inc. announced a new name and ticker symbol as well as the promotions of several individuals. Additionally, the REIT announced multimillion dollar deals involving Brookdale Senior Living and Capital Senior Living.
Effective Wednesday, HCP’s new name is Healthpeak Properties. The company’s common stock is expected to begin trading under the new name and ticker symbol PEAK at the opening of trading Nov. 5 on the New York Stock Exchange.
Healthpeak CEO Tom Herzog said the name change “represents the culmination of efforts to reposition our strategy, team, portfolio and balance sheet” now that the REIT has a “vastly improved and more focused portfolio.” A new website and logo accompany the other changes.
The REIT saw a net loss of $0.09 per share in the quarter.
The following promotions will take effect Jan. 1:
- Scott Brinker, currently executive vice president, will be promoted to president, assuming full operational oversight of the REIT’s business segments. He also will continue to be responsible for enterprise-wide investments and portfolio management, including acquisitions and dispositions.
- Jeff Miller, currently senior vice president – senior housing asset management, will be promoted to executive vice president – senior housing. In this expanded role, he will be responsible for oversight and execution of the senior housing segment, including advancing operational excellence.
- Lisa Alonso, currently senior vice president – human resources, will be promoted to executive vice president and chief human resources officer. She will continue to oversee all human resource activities while assuming greater leadership responsibilities and oversight.
Also, effective immediately, Healthpeak said, Barbat Rodgers has been promoted to senior director and will lead the organization’s investor relations effort. And Andrew Johns will head the financial planning and analysis team.
“Today’s announcements mark a significant milestone in Healthpeak’s 35-year history,” Herzog said Wednesday. “With the right leadership, strategy, portfolio and balance sheet in place, coupled with an energized and talented team, the opportunities in front of us are many.”
Brookdale, Capital deals
In other news, Healthpeak execs said the REIT has entered into an agreement to form a $790 million joint venture in which Healthpeak will sell a 46.5% interest in a 19-property senior housing operating portfolio managed by Brookdale Senior Living to a sovereign wealth fund.
The REIT also said it signed what it described as mutually beneficial agreements with Brookdale related to a previously announced continuing care retirement community joint venture and the triple-net portfolio. Healthpeak will acquire Brookdale’s 51% interest in 13 of 15 CCRC campuses for $541 million (increased from previously reported 12 campuses for $510 million). Healthpeak and Brookdale will jointly market for sale the remaining two campuses.
Healthpeak also signed an agreement to end early a nine-property master lease with Capital Senior Living. The lease originally was scheduled to mature in October 2020. REIT officials said they plan to convert four core properties to RIDEA structures with Atria Senior Living (three of the properties) and Discovery Senior Living (one) and sell five non-core properties to third parties over the next six to 12 months.