12/20/2019 | by

As the year comes to a close, Nareit reflects on member REITs that changed their names to better align with their company goals. In 2019, 10 Nareit member REITs underwent name changes:

Terrafina is now CIBanco S.A. I.B.M. Fideicomiso F/00939 (Terrafina) (BMV: TERRA13)

Cole Real Estate Income Strategy (Daily NAV), Inc. is now CIM Income NAV, Inc.

Resource Capital Corp. is now Exantas Capital Corp. (NYSE: XAN)

HCP, Inc. is now Healthpeak Properties (NYSE: PEAK)

Lodging Opportunity Fund REIT is now Legendary Capital, LLC

American Realty Capital New York City REIT is now New York City REIT

Government Properties Income Trust is now Office Properties Income Trust (NYSE: OPI)

RAMCO is now RPT Realty (NYSE: RPT)

Safety, Income & Growth Inc. is now Safehold Inc. (NYSE: SAFE)

Hospitality Properties Trust is now Service Properties Trust (NYSE: SVC)

Nareit reached out to these member REITs to find out more about what their name changes mean. Here’s what company leaders had to say:

“In 2016, C-III Capital Partners acquired the management contract of Resource Capital Corp and leveraged its commercial real estate platform to restructure Resource Capital Corp into a profitable, differentiated commercial real estate investment trust. This required C-III to dispose of various non-core assets while originating new high-quality loans and CMBS offering attractive risk-adjusted returns. As this plan progressed, we renamed the entity Exantas Capital Corp, which is Greek for Sextant, a navigational tool used at sea. The renaming occurred when C-III had completed substantially all of the non-core asset divestitures and a clearer and more directed course had been determined for the Company going forward.” –Matt Stern, president, Exantas

“The name change to Healthpeak Properties represents the culmination of efforts to reposition our strategy, team, portfolio and balance sheet. Over the past few years, we’ve become more disciplined in our investment approach and we have worked diligently to position our portfolio with a focus on the three primary private-pay healthcare segments. As an innovative company at the forefront of providing high-quality real estate to the evolving healthcare industry, we are committed to delivering value to our shareholders, customers, and employees.” –Tom Herzog, CEO, Healthpeak Properties

“The name Safehold speaks to the strength and certainty of our new, modernized ground lease offering, invoking the familiar concepts of leasehold and freehold. Safehold is revolutionizing the way commercial real estate is owned with an optimized capital solution that can help maximize returns and minimize risk for owners, developers and operators.” –Kate Doerge, senior vice president, marketing, Safehold

“The name Service Properties Trust captures the essential nature of our tenants’ businesses and represents our broader portfolio composition of hotels and net lease service and necessity-based retail properties. We remain focused on generating value by delivering secure and predictable cash flows. Our acquisition today diversifies our tenant concentration and we believe will improve our overall rent coverage.” –John Murray, managing trustee, president, and CEO, Service Properties Trust

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