What’s in a name change? In the case of HCP Inc. rebranding itself as Healthpeak Properties, the adjustment reflects a new reality, according to the firm’s boss.
During a Thursday earnings call, CEO Thomas Herzog reiterated that the new corporate moniker aligns with efforts to focus on health services and being an industry leader. But it also reflects the Irvine, CA-based real estate investment trust’s revised strategy, team, portfolio and balance sheet, he added.
The rebranded company reported third-quarter funds from operations as adjusted of 44 cents per share, barely surpassing industry estimates.
Healthpeak also announced that shares will begin trading under the new name and ticker symbol “PEAK” on the New York Stock exchange starting Nov. 5.
Although the firm generated revenues of more than $538 million, analysts credited much of the increase to its medical office and life science holdings.
Herzog said he sees the ongoing adjustments as moves that will pay dividends going forward.
“We have successfully transitioned to a vastly improved and more focused portfolio that we expect to produce high-quality cash flows, consistent earnings and strong dividend growth through the cycles,” he added.