Healthpeak Properties, Inc., formerly HCP, Inc., will cut its quarterly dividend by 18.9 percent to 30 cents per share in 2021. This follows a 34.5 percent dividend cut in 2014 by the former Dividend Aristocrat.

Healthpeak declared a quarterly common stock cash dividend of $0.30 per share to be paid on March 5, 2021, to stockholders of record as of the close of business on February 22, 2021. A new annual rate of $1.20 per share yields 3.9% at a stock price of $30.64.

PEAK states that the adjustment to the dividend aligns the company's payout ratio with its targeted Life Science, Medical Office and CCRC portfolio and strategy. The cut will result in $150 million of annual dividend savings.

Healthpeak Properties, Inc., formerly HCP, Inc., is a real estate investment trust (REIT), which invests in real estate serving the healthcare industry in the United States. Healthpeak owns and develops real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and CCRCs. The Company's segments include senior housing triple-net, senior housing operating portfolio (SHOP), life science and medical office. Its senior housing facilities include independent living facilities, assisted living facilities, memory care facilities, care homes, and continuing care retirement communities.