Newton REIT HRPT Properties Trust is changing its name to "CommonWealth REIT," effective July 1, to reflect a change in its investment strategy since its foundation in 1986.

According to a statement from the company:

"When it completed its initial public offering in 1986, HRP was known as "Health and Rehabilitation Properties Trust" and it primarily owned healthcare rehabilitation facilities. In 1994, HRP expanded its investment focus to include various senior housing facilities, and its name was changed to "Health and Retirement Properties Trust". In 1998, HRP changed its investment focus to include commercial office properties, and the present name of "HRPT Properties Trust" was adopted. Today, HRP is primarily invested in office and industrial properties and no longer makes investments in healthcare properties. The board of trustees determined that adopting the new name "CommonWealth REIT" may be an appropriate way to avoid any lingering confusion that the company may be a healthcare focused real estate investment trust, or REIT."

The company also announced that its board will implement a common share combination, by which the number of its common shares outstanding will be reduced by 75 percent. For every four existing common shares owned, shareholders will receive one new common share. Fractional shares will be issued where appropriate, the company said.

As a result of the share split, HRP said it expects to pay a regular quarterly dividend of $0.50 per share ($2.00 per share, per year), up from its prior regular quarterly dividend of $0.12 per share ($0.48 per share, per year).