In a new report, BMO Capital Markets analyst John Kim updates the firm’s outlook for healthcare REITs National Health Investors Inc NHI 0.96% and HCP Inc HCP 0.17% following the announcement that former NHI CEO Justin Hutchens is leaving the company and joining the team at HCP as EVP and CIO-Senior Housing and Care. Kim sees NHI’s loss as HCP’s gain and adjusted his outlook for the REIT’s accordingly, including a downgrade of NHI to Market Perform.

Big Surprise

According to Kim, the move came as a “significant surprise.” However, he wasn’t alone in getting caught off guard by the move, as the announcement sent NHI’s shares down 5.1 percent on Monday, while HCP gained 0.6 percent.

What NHI Lost

Since taking on the CEO position in 2011, Hutchens has successfully balanced…

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