🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

HCP Names Michael D. McKee As New Interim President, CEO

Published 07/12/2016, 08:45 AM
Updated 10/23/2024, 11:45 AM
AAPL
-
DOC
-
COR_old
-
WPC
-
APLE
-

HCP, Inc. (NYSE:HCP) , the Irvine, CA-based healthcare real estate investment trust (“REIT”) announced the appointment of Michael D. McKee, its Executive Chairman, to play the additional roles of interim President and CEO. Notably, McKee replaced Lauralee Martin, who has left the company and its Board of Directors. A member of the Board of Directors since 2008 and the CEO for the last three years, Lauralee made several contributions to the company.

Due to the departure of Ms. Lauralee, HCP is expected to incur a severance charge of around 3 cents per share in third-quarter 2016. However, with the green signal from the Board for the spin-off of the HCRMC portfolio of SNF and assisted living assets, and other skilled nursing assets, into an independent and publicly-traded real estate investment trust (“SpinCo”), the Board is now trying to develop the next generation of leadership of HCP. The Board will start the process of finding a permanent CEO, which is likely to take between three and six months.

HCP acquires, develops, manages, sells and leases a diverse portfolio of healthcare real estate related properties. Currently, HCP has a Zacks Rank #2 (Buy).

Investors interested in the REIT sector can consider other favorably-ranked stocks like Apple (NASDAQ:AAPL) Hospitality REIT, Inc. (NYSE:APLE) , CoreSite Realty Corporation (NYSE:COR) and W. P. Carey Inc. (NYSE:WPC) . All these stocks sport the Zacks Rank #1 (Strong Buy).



HCP INC (HCP): Free Stock Analysis Report

WP CAREY INC (WPC): Free Stock Analysis Report

CORESITE REALTY (COR): Free Stock Analysis Report

APPLE HOSP REIT (APLE): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.