THE NUMBERS Overview(1) Dollars and shares in thousands, except per share data 3Q15 4Q15 1Q16 2Q16 3Q16 Diluted earnings per common share $ 0.25 $ (1.29) $ 0.25 $ 0.64 $ 0.32 Rental and operating revenue(2) 690,293 694,087 675,776 683,158 687,602 Cash NOI and interest income(3) 471,536 483,896 472,749 495,806 477,809 Year-Over-Year SPP Cash NOI % growth, excluding QCP(3)(4) 3.5% 3.7% 2.9% 4.7% 3.1% Diluted FFO as adjusted per common share 0.79 0.80 0.69 0.74 0.72 Common stock outstanding 464,442 465,488 466,925 467,325 467,820 Total Debt(5) 11,580,676 11,433,878 11,304,221 11,122,837 11,301,191 Debt Ratios Secured Debt Ratio 4.8% 4.4% 4.3% 3.5% 3.8% Adjusted Fixed Charge Coverage 3.9x 3.9x 3.6x 3.8x 3.8x Portfolio Statistics Occupancy: Senior housing operating portfolio (“SHOP”) 86.8% 87.4% 88.0% 87.3% 87.9% Medical office 91.5% 92.0% 91.3% 91.6% 91.6% (1) Reconciliations of the non-GAAP financial measures used in this report to their most comparable GAAP financial measures are included in the Reconciliations section or elsewhere in this report. (2) Includes rental and related revenues, tenant recoveries, resident fees and services and income from Direct Financing Leases. (3) Revised to include the Company’s share of unconsolidated joint ventures. (4) Excludes 338 properties in Quality Care Properties, (“QCP”) as a result of the spin-off which occurred on October 31, 2016. (5) Reflects the adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs to be presented as a direct deduction to the related debt liability. 3 Life science 97.8% 97.9% 97.8% 98.5% 96.2% Senior housing triple-net87.0% 87.2% 86.6% 86.1% 86.1% Number of properties 1,279 1,205 1,200 1,191 1,198 Net Debt to Adjusted EBITDA5.8x 5.6x 6.2x 5.8x 6.1x Financial Leverage(5) 45.0% 45.0% 45.5% 44.6% 45.0% Total Market Equity $ 17,524,114 $ 18,028,746 $ 15,403,857 $ 16,741,109 $ 17,975,018 Capitalization Dividends per common share 0.565 0.565 0.575 0.575 0.575 Diluted FFO per common share $ 0.57 $ (0.99) $ 0.68 $ 0.71 $ 0.65 Year-Over-Year SPP Cash NOI % change(3) (0.8%)(0.1%)(0.7%)4.1%3.1% NOI(3) 475,048 481,450 457,107 460,886 455,818 Investment 24,334,865 23,455,941 23,316,184 23,215,105 23,482,765 Financial Metrics

Portfolio Summary As of and for the quarter ended September 30, 2016, dollars in thousands CASH NOI AND INTEREST INCOME Senior housing triple-net 292 18 $ 5,094,809 $ 101,465 91.6 Senior housing triple-net 22% QCP 26% Life science 114 19 3,496,300 72,062 100.0 Other 77 31 975,543 28,241 75.5 $477.8M 1,165 25 $ 21,518,969 $ 441,962 77.6 Senior housing operating portfolio 13% Other — N/A $ 765,075 $ 20,482 — Other 10% Life science — N/A $ 219,422 $ — — $ 276,588 $ — — Medical office 14% Life science 15% Senior housing operating portfolio 24 23 $ 815,511 $ 13,118 83.0 Medical office 1 11 9,631 350 100.0 33 24 $ 922,133 $ 15,365 83.2 Senior housing triple-net 292 18 $ 5,094,809 $ 101,465 91.6 Life science 118 19 3,803,563 73,569 100.0 (1) Self-pay and private insurance (including managed care) revenues as a percentage of total revenues for the trailing 12-months one quarter in arrears from the date reported. Revenues for medical office properties are considered 100% private pay. Other 81 31 1,749,768 49,113 74.7 1,198 25 $ 23,482,765 $ 477,809 77.6 4 QCP338 33 5,342,177 122,852 34.5 Medical office 226 23 3,660,945 68,455 100.0 Senior housing operating portfolio 143 22 3,831,503 62,355 89.8 Total Other 4 39 9,150 390 11.5 Life science 4 20 87,841 1,507 100.0 HCP’s Share of Unconsolidated JVs Medical office —N/A 57,166 —— Developments Debt Investments QCP338 33 5,342,177 122,852 34.5 Medical office 225 23 3,594,148 68,105 100.0 Senior housing operating portfolio 119 21 3,015,992 49,237 94.1 Property Count Age Investment Cash NOI and Interest Income Private Pay %(1) Property Portfolio

Portfolio Summary For the quarter ended September 30, 2016, dollars in thousands NOI, CASH NOI AND INTEREST INCOME Rental and Operating Revenue(1) Operating Expenses Interest Income Cash NOI and Interest Income NOI(2) Cash NOI(2) Senior housing triple-net $ 104,262 $ (1,794) $ 102,468 $ 101,465 $ — $ 101,465 Life science 90,847 (18,487) 72,360 72,062 — 72,062 Other 30,571 (1,190) 29,381 28,241 20,482 48,723 $ 633,788 $ (188,747) $ 445,041 $ 441,962 $ 20,482 $ 462,444 HCP’s Share of Unconsolidated JVs Life science 1,929 (406) 1,523 1,507 — 1,507 Other 410 (20) 390 390 — 390 Senior housing triple-net $ 104,262 $ (1,794) $ 102,468 $ 101,465 $ — $ 101,465 Life science 92,776 (18,893) 73,883 73,569 — 73,569 Other 30,981 (1,210) 29,771 28,631 20,482 49,113 $ 687,602 $ (231,784) $ 455,818 $ 457,327 $ 20,482 $ 477,809 (1) Includes rental and related revenues, tenant recoveries, resident fees and services and income from Direct Financing Leases. (2) Includes $8.1 million attributable to non-controlling interests, excluding DownREITs. 5 QCP123,716 (1,036) 122,680 122,852 —122,852 Medical office 114,155 (44,886) 69,269 68,455 —68,455 Senior housing operating portfolio 221,712 (163,965) 57,747 62,355 —62,355 Total $ 53,814 $ (43,037) $ 10,777 $ 15,365 $ —$ 15,365 Medical office 502 (148) 354 350 —350 Senior housing operating portfolio $ 50,973 $ (42,463) $ 8,510 $ 13,118 $ —$ 13,118 QCP123,716 (1,036) 122,680 122,852 —122,852 Medical office 113,653 (44,738) 68,915 68,105 —68,105 Senior housing operating portfolio 170,739 (121,502) 49,237 49,237 —49,237 Wholly-Owned

Capitalization Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION September 30, 2016 Shares Value Total Value Convertible partnership (DownREIT) units(1) 5,830 37.95 221,249 Consolidated Debt 10,920,535 HCP’s share of unconsolidated JV debt 380,656 COMMON STOCK AND EQUIVALENTS Common stock equivalent securities: Dilutive impact of options 79 79 79 63 63 Total common stock and equivalents 474,592 467,835 471,994 467,132 473,011 (1) Convertible partnership (“DownREIT”) units are exchangeable for an amount of cash based on the then-current market value of shares of the Company’s common stock at the time of conversion or, at the Company’s election, shares of the Company’s common stock. 6 Convertible partnership units 5,830 —4,159 —5,879 Restricted stock and units 863 128 128 138 138 Shares Outstanding September 30, 2016 Weighted Average Shares Three Months Ended September 30, 2016 Weighted Average Shares Nine Months Ended September 30, 2016 Diluted Diluted EPSFFO Diluted Diluted EPSFFO Common stock 467,820 467,628 467,628 466,931 466,931 Total Market Equity and Total Debt $ 29,276,209 Total Market Equity and Consolidated Debt $ 28,895,553 Total Market Equity $ 17,975,018 Common stock (NYSE: HCP)467,820 $ 37.95 $ 17,753,769

Indebtedness and Ratios As of September 30, 2016, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Senior Unsecured Notes HCP’s Share of Unconsolidated JV Debt Mortgage Debt Total Debt 2017 — 177,867 750,000 6.02 583,541 6.08 1,511,408 63,074 3.01 1,574,482 5.46 2019 — 285,626 450,000 3.97 3,839 N/A 739,465 12,098 3.17 751,563 3.17 2021 — — 1,200,000 5.54 11,277 5.39 1,211,277 12,276 5.49 1,223,553 5.54 2023 — — 800,000 4.45 2,993 N/A 802,993 3,205 3.96 806,198 4.43 2025 — — 1,350,000 3.94 3,276 N/A 1,353,276 18,064 3.87 1,371,340 3.93 Subtotal $ 1,372,032 $ 463,493 $ 8,300,000 $ 757,961 $ 10,893,486 $ 189,361 $ 11,082,847 (Discounts), premiums and debt costs, net — (1,312) (70,269) 4,754 (66,827) (243) (67,070) Weighted average interest rate % 1.85 1.96 4.63 5.79 4.25 3.48 4.23 (1) Includes £275.0 million translated into U.S. dollars at September 30, 2016. (2) Represents £137.0 million in 2017 and £220.0 million in 2019, both translated into U.S. dollars at September 30, 2016. (3) The rates are reported in the year in which the related debt matures. (4) Mortgage debt attributable to noncontrolling interests at September 30, 2016 was $50.5 million, excluding DownREITs. (5) Reflects pro rata share of mortgage and other debt in the Company’s unconsolidated joint ventures. (6) Represents non-interest bearing Entrance Fee deposits at certain of the Company’s senior housing facilities and demand notes that have no scheduled maturities. 7 Weighted average maturity in years 1.5 1.7 5.9 4.9 5.1 3.6 5.1 Total $ 1,372,032 $ 462,181 $ 8,229,731 $ 762,715 $ 10,920,535 $ 380,656 $ 11,301,191 Other debt(6) ————93,876 191,538 285,414 Thereafter ——300,000 6.88 104,220 4.13 404,220 2,993 3.90 407,213 6.15 2024 ——1,150,000 4.12 3,131 N/A 1,153,131 87 N/A 1,153,218 4.11 2022 ——900,000 3.93 2,861 N/A 902,861 14,688 4.39 917,549 3.92 2020 ——800,000 2.79 3,907 5.14 803,907 34,095 3.50 838,002 2.83 2018 1,372,032 —600,000 6.81 8,290 5.90 1,980,322 28,211 2.94 2,008,533 3.37 Bank Line of Credit(1) Term Loans(2) Amounts Rates %(3) Consolidated Amounts(4) Rates %(3)Debt Amounts(5) Rates %(3) Amounts Rates %(3) 2016 $ —$ — $ —N/A $ 30,626 8.04 $ 30,626 $ 570 N/A $ 31,196 7.89

Indebtedness and Ratios As of September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs DEBT STRUCTURE Weighted Average Balance % of Total Interest Rate Years to Maturity Floating rate 93,267 1 2.78% 1.9 Unsecured Fixed rate 8,585,626 77 4.55% 5.8 Combined $ 10,135,525 91 4.13% 5.1 Floating rate 1,643,166 15 1.89% 1.4 Other debt(1) 285,414 Total Debt $ 11,301,191 4.23% 5.1 FINANCIAL COVENANTS(2) Bank Line of Credit Secured Debt Ratio No greater than 30% 4% Fixed Charge Coverage Ratio (12 months) No less than 1.50x 3.6x CREDIT RATINGS (SENIOR UNSECURED DEBT) S&P Global BBB (Stable) (1) Represents non-interest bearing Entrance Fee deposits at certain of the Company’s senior housing facilities and demand notes that have no scheduled maturities. (2) Calculated based on the definitions contained in the credit agreement, which may differ from similar terms used in the Company’s consolidated financial statements as provided in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Compliance with certain of these financial covenants requires the inclusion of the Company’s consolidated amounts and its proportionate share of unconsolidated investees. 8 Fitch BBB (Stable) Moody’sBaa2 (Stable) Unsecured Leverage Ratio No greater than 60%48% Requirement Actual Compliance Leverage Ratio No greater than 60%45% (Discounts), premiums and debt costs, net (67,070) Combined$ 11,082,847 100 4.23% 5.1 Total Fixed rate 9,439,681 85 4.64% 5.7 Floating rate 1,549,899 14 1.84% 1.4 Combined$ 947,322 9 5.33% 4.6 Secured Fixed rate $ 854,055 8 5.61% 4.9

Acquisitions and Commitments For the nine months ended September 30, 2016, dollars and square feet in thousands Forward Yield(1) Investment Property Count Date Capacity Property Type QTD YTD NOI Cash NOI Wholly-Owned Various January 484 Units/Beds 6 $ — $ 95,471 Easton, PA February 64 Beds 1 Senior housing — 14,9 52 Directors Place Land July 4 Acres — Life science 6,000 6,000 HCP’s Share of Unconsolidated JVs 17 $ 235,250 $ 360,173 7.0 % 6.9% The Cove at Oyster Point - Phase II January/August 230 Sq. Ft. 2 Life science 30,000 215,28 0 Ridgeview June 301 Sq. Ft. 3 Life science — 62,000 DEBT INVESTMENT AND COMMITMENTS: 40 $ 265,250 $ 691,510 (1) Represents the average yield calculated using NOI and Cash NOI for the 12 month period following stabilization. (2) During the first quarter of 2016, the Company also acquired two assets from HCR ManorCare, Inc. (“HCRMC”) for $91.8 million. HCRMC used the proceeds from the sales to reduce its lease obligation to the Company in accordance with the HCRMC Amended Master Lease. 9 Maria Mallaband (Affiliate) March ——Other —17,0 07 23 $ 265,250 $ 674,503 Woodlands Plaza IVJanuary 170 Sq. Ft. 1Medical office —37,0 50 DEVELOPMENT COMMITMENTS Clearfield, UT - MBK JVMarch 130 Units 1 SHOP—14,50 0 Mid-Atlantic MorningsideSeptember 526 Units 7 SHOP186,250 18 6,250 Directors PlaceJuly136 Sq. Ft.2Life science43,0004 3,000 Senior housing/ Post-acute/skilled ACQUISITIONS(2)

Dispositions For the nine months ended September 30, 2016, dollars and square feet in thousands Sales Price Trailing Yield(1) Property Count NOI Cash NOI Date Capacity Property Type QTD YTD Wholly-Owned Various, HCRMC January, February 1,046 Beds/Units 11 $ — $ 62,269 Houston, TX April 50 Sq. Ft. 1 Medical office — 13,50 0 Bedford, OH June 211 Units 1 SHOP — 6,50 0 Post-acute/skilled/ Senior housing Various June 848 Beds/Units 7 — 13 0,000 HCP’s Share of Unconsolidated JVs $ 1,000 $ 298,026 6.8% 6.9% Projected Sales Price Held for Property Sale Date Capacity Count Property Type QTD YTD ASSETS HELD FOR SALE Jacksonville, FL June 245 Units 1 SHOP — 21,50 0 Salt Lake City, UT September 324 Sq. Ft. 4 Life science 75,750 75,750 (1) Represents the average yield using NOI and cash NOI for the twelve month period ended prior to the disposal date. (2) In January 2016, the Company entered into a purchase and sale agreement with Genentech who exercised their purchase option to acquire a life science portfolio in South San Francisco. The first tranche of the portfolio, which includes four properties representing 457,000 square feet, is expected to close in November 2016 for a sales price of $311.3 million and is reported as held for sale as of September 30, 2016. The second tranche, which includes four properties representing 337,000 square feet, is expected to close in July 2018 for a sales price of $269.4 million and remains in the Company’s operating portfolio as of September 30, 2016. 10 $ 88,250 $ 421,050 Southfield, MI September 299 Units 1 SHOP12,50 0 12,50 0 South San Francisco, CA(2) March 457 Sq. Ft.4 Life science —311,300 Denton, TX - HCP Ventures IVJanuary22 Beds1Hospital—5,000 Springville, UTSeptember11 Sq. Ft.1Medical office1,0001,000 Coyoacan, Mexico June23 Sq. Ft.1Medical office —5,550 Cambridge, MA April 78 Sq. Ft. 1Life science —74,207 Post-acute/skilled/ Senior housing DISPOSITIONS

Developments As of September 30, 2016, dollars and square feet in thousands DEVELOPMENT PROJECTS IN PROCESS Placed In Service(1) Costs Incurred to Date Cost to Complete Total at Completion Name of Project MSA Segment Yield(2) Pearland II Houston, TX Medical office $ 4,129 $ 11,042 $ 3,630 $ 18,801 Cypress Houston, TX Medical office 14,602 14,319 11,285 40,206 The Cove at Oyster Point - Phase I San Francisco, CA Life science 50,710 113,008 22,589 186,307 Woodlands Plaza IV Houston, TX Medical office — 14,370 22,680 37,050 Ridgeview San Diego, CA Life science — 30,185 31,815 62,000 HCP’s Share of Unconsolidated Joint Ventures $ 106,182 $ 274,868 $ 238,225 $ 619,275 7.7% Project Capacity Sq. Ft./Units Under Construction % of Total Project Leased Actual/Estimated Occupancy Health System Affiliate Placed In Service Total Project Unit of Measure Project Start Initial Stabilized Wholly-Owned Sky Ridge HCA 29 89 118 Sq. Ft. 47 3Q14 1Q16 4Q17 38 (3) The Cove at Oyster Point - Phase I N/A 209 247 Sq. Ft. 73 1Q15 3Q16 4Q17 The Cove at Oyster Point - Phase II N/A — 230 230 Sq. Ft. 50 1Q16 4Q17 1Q18 HCP’s Share of Unconsolidated Joint Ventures % of Total Projects Leased 59 (1) Cash NOI for assets placed in service was $0.5 million for the three months ended September 30, 2016. (2) Represents projected stabilized return on costs. (3) Project costs placed in service relate to 38,000 square feet of lab space and 32,000 square feet of amenity space. 11 Vintage ParkN/A 117 —117 Units N/A 1Q15 3Q16 1Q18 Ridgeview N/A —301 301 Sq. Ft. 50 2Q16 2Q18 1Q19 Woodlands Plaza IVMemorial Hermann —170 170 Sq. Ft. 100 1Q16 2Q17 2Q17 Cypress Memorial Hermann 55 110 165 Sq. Ft. 36 1Q15 1Q16 2Q19 Pearland IIMemorial Hermann 19 78 97 Sq. Ft. 60 2Q14 1Q16 3Q18 Vintage ParkHouston, TXSHOP22,080 ——22,080 $ 84,102 $ 274,868 $ 238,225 $ 597,195 The Cove at Oyster Point - Phase IISan Francisco, CA Life science —76,229 139,051 215,280 (3) Sky Ridge Denver, CO Medical office 14,661 15,715 7,175 37,551 Wholly-Owned

Redevelopments and Land Held for Development As of September 30, 2016, dollars and square feet in thousands REDEVELOPMENT PROJECTS IN PROCESS Costs Incurred to Date Costs to Complete Total at Completion Project Start Estimated CompletionYield(1) Name of Project MSA Segment Museum Medical Tower Houston, TX Medical office $ 110 $ 9,938 $ 10,048 3Q16 3Q17 Aurora I and II Denver, CO Medical office 291 8,597 8,888 3Q16 3Q17 Yorktown Washington, DC Medical office 22 6,186 6,208 3Q16 3Q17 LAND HELD FOR DEVELOPMENT Gross Site Acreage Estimated Rentable Sq. Ft. / Units Investment to Date Project MSA Segment Sierra Point San Francisco, CA Life science 23 540 Sq. Ft. $ 92,292 The Cove at Oyster Point - Phase III San Francisco, CA Life science 3 336 Sq. Ft. 27,313 Brittania Modular Labs III San Francisco, CA Life science 2 106 Sq. Ft. 10,747 Bressi Ranch II San Diego, CA Life science 18 300 Sq. Ft. 26,303 Directors Place San Diego, CA Life science 4 82 Sq. Ft. 6,000 105 $ 275,392 Oakmont Village Santa Rosa, CA SHOP 3 74 Units $ 2,200 Brandywine Philadelphia, PA SHOP 8 67 Units 797 120 $ 280,635 (1) Represents projected stabilized return on costs. 13 15 $ 5,243 Waldwick New York, NY SHOP 4 79 Units 2,246 HCP’s Share of Unconsolidated JVs Remaining Various Various 13 N/A 4,589 Torrey Pines Science Center San Diego, CA Life science6 93 Sq. Ft. 10,954 Poway II San Diego, CA Life science26 465 Sq. Ft. 42,621 The Cove at Oyster Point - Phase IV San Francisco, CA Life science2 164 Sq. Ft. 11,650 Forbes Research Center San Francisco, CA Life science8 326 Sq. Ft. 46,523 Wholly-Owned $ 1,720 $ 39,224 $ 40,944 6.5% Sunrise Tower IVLas Vegas, NVMedical office 184 6,316 6,500 3Q16 3Q17 Medical City Dallas Garage Dallas, TXMedical office 1,113 8,187 9,300 3Q16 2Q17 Wholly-Owned

Year-to-Date For the nine months ended September 30, 2016, dollars in thousands Senior Housing Triple-net Senior Housing Operating Life Science Medical Office Other Total Recurring capital expenditures $ 630 $ 11,517 $ 2,201 $ 10,416 $ — $ 24,764 Lease commissions — — 6,938 9,308 — 16,246 Non-recurring capital expenditures 31,770 36,453 586 2,900 5,114 76,823 Development 3,212 7,015 122,324 29,889 1,769 164,209 Revenue enhancing expenditures $ 34,982 $ 43,468 $ 138,163 $ 59,344 $ 6,883 $ 282,840 Total capital expenditures $ 35,688 $ 55,795 $ 159,677 $ 97,787 $ 6,883 $ 355,830 HCP’s Share of Unconsolidated JVs Revenue enhancing expenditures — 31,706 833 345 — 32,884 15 Total including unconsolidated JVs$ 35,688 $ 90,419 $ 160,584 $ 98,541 $ 6,883 $ 392,115 Total capital expenditures$ —$ 34,624 $ 907 $ 754 $ —$ 36,285 Recurring capital expenditures —2,918 74 409 —3,401 Capitalized interest 76 810 5,059 2,545 —8,490 Redevelopment——209 13,776 —13,985 Tenant improvements - 1st generation ——15,044 12,779 —27,823 Recurring capital expenditures $ 630 $ 11,517 $ 16,455 $ 35,898 $ —$ 64,500 Tenant improvements - 2nd generation ——7,316 16,174 —23,490 Wholly-Owned

Portfolio Diversification As of and for the quarter ended September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs CASH NOI AND INTEREST INCOME BY MSA Senior Housing Triple-net Senior Housing Operating % of Total Life Science Medical Office MSA Properties Total Other QCP Dallas, TX 49 23,333 5 5,126 1,427 — 8,257 7,138 1,385 San Diego, CA 36 17,262 4 760 1,293 13,489 1,720 — — Washington, DC 36 14,975 3 6,277 1,667 — 996 — 6,035 Chicago, IL 32 14,102 3 2,128 2,840 — — — 9,134 Tampa, FL 23 11,320 2 1,642 6,352 — 271 — 3,055 Cash NOI 1,198 $ 457,327 96 $ 101,465 $ 62,355 $ 73,569 $ 68,455 $ 28,631 $ 122,852 Total 1,198 $ 477,809 100 $ 101,465 $ 62,355 $ 73,569 $ 68,455 $ 49,113 $ 122,852 CASH NOI AND INTEREST INCOME BY OPERATOR/TENANT Senior Housing Triple-net Senior Housing Operating % of Total Life Science Medical Office Operator/Tenant Properties Total Other QCP HCR ManorCare 310 116,390 24 — — — — — 116,390 Amgen 7 12,230 3 — — 12,230 — — — Tandem Consulate Health Care 9 9,536 2 — — — — 7,669 1,867 1,198 $ 477,809 100 $ 101,465 $ 62,355 $ 73,569 $ 68,455 $ 49,113 $ 122,852 16 Remaining 491 187,514 39 20,518 3,083 61,339 68,455 29,524 4,595 HC-One 36 11,920 2 ————11,920 — Sunrise Senior Living 48 22,335 5 22,335 ————— Brookdale Senior Living 297 $ 117,884 25 $ 58,612 $ 59,272 $ —$ —$ —$ — Interest income —20,482 4 ————20,482 — Remaining 813 260,400 55 69,688 34,104 12,545 37,262 19,213 87,588 Denver, CO 27 13,509 3 3,556 4,167 —4,525 —1,261 Miami, FL40 14,920 3 2,364 4,525 —2,132 1,954 3,945 Houston, TX41 16,604 3 3,311 5,109 —7,858 326 — Philadelphia, PA24 17,819 4 4,154 871 —4,700 —8,094 San Francisco, CA 77 $ 53,083 11 $ 2,459 $ —$ 47,535 $ 734 $ —$ 2,355

Same Property Portfolio As of September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs THREE-MONTH SPP Senior housing operating 120 3,369,107 88 87.7% 86.9% 3.3% 3.3% 87.7% 87.3% (6.0%) (6.0%) Medical office 217 3,306,028 92 92.0% 92.3% 1.2% 3.1% 92.0% 92.1% 0.3% 0.8% QCP 337 5,327,194 100 N/A N/A (13.3%) 3.0% N/A N/A —% —% Total Portfolio excluding QCP 812 $ 16,018,251 94 1.6% 3.1% (1.6%) (1.3%) NINE-MONTH SPP Senior housing operating 83 2,368,394 62 86.9% 85.5% 6.4% 6.4% Medical office 204 2,912,367 81 91.8% 91.7% 2.0% 3.4% QCP 337 5,327,194 100 N/A N/A (15.6%) (1.1%) Total Portfolio excluding QCP 726 $ 14,395,169 84 2.4% 3.7% 17 Total Portfolio1,063 $ 19,722,363 88 (3.8%)2.2% Other 42 696,770 71 N/A N/A 1.7%1.6% Life science 110 3,400,391 95 97.2% 97.6% 4.8%8.8% Percent of Property Property Count Investment Portfolio Year-Over-Year Occupancy Growth 3Q16 3Q15 NOI Cash NOI Senior housing triple-net287 $ 5,017,247 98 86.1% 87.0% (0.1%)0.3% Total Portfolio1,149 $ 21,345,445 95 (3.2%)3.1%(1.1%)(0.9%) Other 78 925,478 94 N/A N/A (0.2%)(2.0%)N/A N/A 2.2%(1.0%) Life science 110 3,400,391 95 97.2% 97.6% 4.5%8.8%97.2% 98.3% (0.3%)0.3% Percent of Property Property Count Investment Portfolio Year-Over-Year Sequential Occupancy Growth Occupancy Growth 3Q16 3Q15 NOI Cash NOI 3Q16 2Q16 NOI Cash NOI Senior housing triple-net287 $ 5,017,247 98 86.1% 87.0% (0.3%)1.0%86.1% 86.1% (2.2%)(1.1%)

Expirations and Maturities(1) As of September 30, 2016, dollars in thousands EXCLUDES PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent Senior Housing Triple-net Life Science Medical Office Interest Income Year Total % of Total Other QCP 2017 113,363 7 9,433 34,437 58,814 7,815 419 2,445 2019 129,366 8 9,258 19,494 45,403 7,434 20,079 27,698 2021 86,699 5 11,237 44,171 28,937 1,815 — 539 2023 102,569 6 49,248 40,848 12,121 — 352 — 2025 78,443 5 9,388 15,433 28,843 21,749 3,030 — $ 1,719,690 100 $ 416,309 $ 272,011 $ 361,433 $ 113,459 $ 493,589 $ 62,889 13.5(3) 9.8 4.5 4.1 8.7 29.8 2.6 REFLECTS PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent Senior Housing Triple-net Life Science Medical Office Interest Income Year Total % of Total Other QCP 2017 173,854 10 9,433 34,437 56,997 7,815 7,885 57,288 2019 105,537 6 9,258 19,494 42,381 21,791 12,613 — 2021 97,854 6 11,237 44,171 40,092 1,815 — 539 (1) Excludes assets Held for Sale. (2) Includes month-to-month and holdover leases. (3) The weighted average maturity excluding QCP is 6.7 years. 2023 100,169 6 49,248 40,848 9,721 — 352 — 2025 79,166 5 9,388 15,433 29,566 21,749 3,030 — $ 1,719,690 100 $ 416,309 $ 272,011 $ 361,433 $ 113,459 $ 493,589 $ 62,889 18 Thereafter 761,750 44 230,411 11,147 17,707 36,968 465,517 — 2024 43,944 3 26,876 2,048 13,812 1,208 —— 2022 58,528 3 3,246 17,770 19,622 12,918 4,029 942 2020 121,625 7 39,311 24,588 49,350 8,213 163 — 2018 139,167 8 25,071 61,716 51,398 982 —— 2016(2) $ 38,096 2 $ 2,830 $ 359 $ 30,787 $ —$ —$ 4,120 Weighted average maturity in years Thereafter 776,602 45 230,412 16,892 26,297 37,484 465,517 — 2024 59,778 3 28,674 2,048 14,007 15,049 —— 2022 58,315 3 1,447 17,770 21,209 12,918 4,029 942 2020 117,063 7 39,311 18,843 50,533 8,213 163 — 2018 171,709 10 25,071 61,716 52,675 982 —31,265 2016(2) $ 25,783 1 $ 2,830 $ 359 $ 22,594 $ —$ —$ —

HEAT MAP Triple-Net Master Lease Profile(1) INVESTMENT TYPE Senior Housing QCP Other 1.2% 0.4% 0.4% 0.1% 0.8% No Corporate Guaranty Share of HCP Cash NOI and Interest Income 0.1% 0.7% % 0.2% 0.9% 0.2% 1.3% 0.6% 0.9% 0.5% 0.4% 1.2% 0.2% 0.1% 0.7% 0.5% 0.7% 24.2% 8.4% 1.2% (2) 0.7% 0.2% 0.1% 0.4% 0.3% 0.6% 0.8% 0.4% 0 2 4 6 8 10 12 14 16 1285 TERM (YEARS TO EXPIRATION) % of HCP Cash NOI and Interest Income Weighted Average Maturity EBITDAR Cash Flow Coverage (1) Agreements with cross-default protections are presented as a single master lease, including agreements that will be added to a master lease upon third party debt repayment. Excludes master leases with properties acquired during the period required to calculate CFC. (2) Represents HCRMC (guarantor) fixed charge coverage for the trailing 12 months ended September 30, 2016 as the portfolio is cross-collateralized under a single master lease with a corporate guaranty. (3) Percentage of Cash NOI supported by a corporate guaranty. # of Leases Guaranty(3) 1.00x - 1.25x 38.5 12 12/26/2026 96.9% 1.51x and above 3.7 7 12/27/2028 75.7% 19 EBITDAR CFC (TRAILING TWELVE MONTHS ENDED 6/30/2016) 0.50x 0.75x 1.00x 1.25x 1.50x 12.00x 1.26x - 1.50x 2.6 4 9/11/202642.3% Less than 1.0x 4.7 9 4/28/203076.6%

Senior Housing Triple-net New Supply - Assisted Living As of and for the quarter ended September 30, 2016, dollars in thousands NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) % of Triple-net Cash NOI Cash NOI Exposed to New Supply(3) 5 Year 80+ Population Growth % 2016-2021 Properties/ Units Under Construction(2) 75+ Penetration Rate Qualified Care Giver % Median Household Income Cash NOI Affordability (in years) 75+ Median Net Worth Unemployment % Market Units New York, NY 1,148 $ 5,434 5.4 3/ 314 $ 1,005 7.9 1.6 4.9 82 3.4 195 5.3 Washington, DC 609 2,730 2.7 4 / 484 1,142 11.8 3.3 9.0 101 7.1 250 3.6 San Francisco, CA 359 2,459 2.4 1 / 76 1,642 11.5 5.6 7.1 80 6.0 250 6.0 Denver, CO 564 2,239 2.2 4 / 389 2,239 15.3 6.2 6.2 63 5.2 239 2.7 618 1,982 2.0 3 / 314 460 15.8 6.7 6.0 64 >15 236 4.5 Dallas, TX Houston, TX 491 1,807 1.8 1 / 78 705 24.9 4.5 6.8 78 >15 250 4.2 520 1,520 1.5 — / — — 6.7 2.0 4.1 52 12.1 223 7.1 Miami, FL Baltimore, MD 293 1,463 1.4 — / — — 13.3 4.0 7.5 84 4.3 223 5.1 Riverside, CA 287 1,076 1.1 3 / 258 179 16.0 3.2 5.7 74 12.4 243 6.9 Orlando, FL 290 981 1.0 2 / 239 385 17.0 3.3 3.9 53 10.1 216 6.5 Remaining 9,530 29,350 29.0 19 / 1,584 3,978 8.3 3.5 4.9 56 7.1 217 5.6 % of Total Cash NOI and Interest Income 3.9% (1) Demographic data provided by Environmental Systems Research Institute (“ESRI”) for 2016. Construction and supply data provided by National Investment Center for Seniors Housing & Care (“NIC”) for the quarter ended September 30, 2016. Data reflects a 5-mile radius around each community and is weighted by Cash NOI. See definitions for further discussion on presented metrics. (2) Represents the number of properties and units with similar care types that are under construction. (3) Represents the Company’s Cash NOI exposed to new construction and expansions. 22 Total 19,927 $ 70,471 69.5 62 / 5,736 $ 18,416 9.9 3.8 5.8 $ 66 6.8 $ 224 5.3 Sacramento, CA 182 936 0.9 2 / 94 936 10.3 8.3 6.8 75 8.3 247 6.7 Greenville, SC 288 1,050 1.0 2 / 169 1,051 13.1 8.6 5.0 56 8.4 232 4.0 Detroit, MI 330 1,225 1.2 2 / 294 275 7.8 4.2 7.3 69 6.7 234 5.1 Chicago, IL351 1,509 1.5 6 / 520 1,112 8.5 3.7 8.6 86 6.2 250 5.2 Tampa, FL544 1,642 1.6 — / ——9.5 5.2 4.3 48 7.3 197 5.5 Portland, OR762 1,854 1.8 1 / 261 443 10.2 7.8 5.6 63 >15 196 5.4 Charlotte, NC 694 2,163 2.1 1 / 46 227 15.5 7.8 5.4 58 8.3 214 6.0 Atlanta, GA 854 2,377 2.3 6 / 496 589 15.5 6.8 6.5 68 13.5 221 4.1 Seattle, WA 513 2,560 2.5 1 / 60 1,185 9.7 5.9 7.6 81 5.9 248 6.5 Los Angeles, CA 700 4,114 4.1 1 / 60 863 9.6 3.6 5.6 72 4.8 243 5.6 US National Average10.3 4.7 4.5 $ 54 N/A $ 206 5.9

Senior Housing Triple-net New Supply - Independent Living & CCRC As of and for the quarter ended September 30, 2016, dollars in thousands NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) % of Triple-net Cash NOI Cash NOI Exposed to New Supply(3) 5 Year 75+ Population Growth % 2016-2021 Properties/ Units Under Construction(2) 75+ Penetration Rate % Qualified Care Giver % Median Household Income Cash NOI Affordability (in years) 75+ Median Net Worth Unemployment % Market Units Washington, DC 788 $ 3,547 3.5 1 / 212 $ 467 22.8 5.3 13.6 101 >15 250 3.3 Dallas, TX 1,017 3,144 3.1 1 / 75 1,753 16.2 7.9 4.0 54 10.9 224 5.0 Houston, TX 434 1,504 1.5 1 / 195 953 23.8 7.9 6.9 73 11.1 250 4.3 Denver, CO 236 1,317 1.3 — / — — 19.7 8.1 4.3 51 4.1 160 2.8 St. Louis, MO 368 1,151 1.1 1 / 180 612 11.5 4.2 5.7 62 >15 245 3.5 3,423 10,980 10.8 5 / 604 2,456 13.6 4.0 4.3 55 >15 212 6.9 Remaining % of Total Cash NOI and Interest Income 2.0% (1) Demographic data provided by ESRI for 2016. Construction and supply data provided by NIC for the quarter ended September 30, 2016. Data reflects a 5-mile radius (10-mile for entrance fee CCRCs) around each community and is weighted by Cash NOI. See definitions for further discussion on presented metrics. (2) Represents the number of properties and units with similar care types that are under construction. (3) Represents the Company’s Cash NOI exposed to new construction and expansions. 23 Total 8,156 $ 30,994 30.5 10 / 1,306 $ 9,671 14.0 4.8 10.5 $ 60 9.4 $ 212 5.9 Sebastian, FL213 1,097 1.1 — / ——12.8 1.1 3.7 45 >15 240 10.2 Jacksonville, FL317 1,251 1.2 — / ——14.6 6.3 3.8 51 10.0 181 6.1 Austin, TX269 1,464 1.4 — / ——23.2 7.3 4.7 51 3.6 221 3.6 Providence, RI549 2,109 2.1 — / ——9.7 1.9 5.6 59 3.5 153 5.7 Philadelphia, PA542 3,430 3.4 1 / 40 3,430 9.7 4.2 14.5 51 4.1 190 7.8 US National Average16.2 6.1 4.5 $ 54 N/A $ 206 5.9

SHOP By Market As of and for the quarter ended September 30, 2016, dollars in thousands, except REVPOR, includes HCP’s pro rata share of unconsolidated JVs OPERATING PORTFOLIO METRICS Units(1) REVPOR(1) % of Cash NOI 3-Month Occupancy % MSA Investment Cash NOI AL IL CCRC AL IL CCRC Tampa, FL $ 335,131 $ 6,352 10.2 318 426 2,136 90.3 $ 4,739 $ 3,682 $ 4,952 Miami, FL 221,501 4,525 7.3 396 963 — 93.5 4,284 3,827 — Chicago, IL 275,024 2,840 4.6 370 948 — 83.0 6,144 3,616 — Orlando, FL 107,667 2,270 3.6 232 — 1,010 77.9 4,120 — 5,235 Washington, DC 153,834 1,667 2.7 222 — — 98.7 6,540 — — Punta Gorda, FL 35,771 1,603 2.6 — — 660 81.3 — — 5,006 Los Angeles, CA 62,366 1,489 2.4 445 — — 94.1 6,314 — — Dallas, TX 70,355 1,427 2.3 357 257 — 92.8 3,533 2,039 — Memphis, TN 86,577 1,021 1.6 230 130 — 91.4 4,866 1,666 — Phoenix, AZ 41,495 983 1.6 — 211 — 90.2 — 3,704 — Remaining 1,162,286 16,869 26.9 4,727 1,576 2,134 87.5 4,497 3,385 4,358 (1) Unit type and REVPOR are based on the majority type within each community. AL includes needs-based care such as memory care. 25 Total $ 3,831,503 $ 62,355 100.0 9,320 7,703 7,417 87.9 $ 4,882 $ 3,334 $ 4,907 New York, NY36,363 899 1.4 120 ——94.0 6,143 —— Riverside, CA 73,242 995 1.6 316 183 —89.9 4,624 3,365 — San Diego, CA 65,367 1,293 2.1 318 ——89.5 7,745 —— Richmond, VA77,706 1,446 2.3 303 ——90.6 4,957 —— Austin, TX64,617 1,536 2.5 276 ——95.0 5,912 —— Jacksonville, FL89,727 1,633 2.6 ——525 81.9 ——6,736 Providence, RI87,562 1,927 3.1 191 413 —86.8 5,138 3,834 — Sarasota, FL148,319 2,304 3.7 258 164 746 80.4 3,951 4,755 4,581 Denver, CO 290,380 4,167 6.7 154 715 —94.1 3,711 4,230 — Houston, TX346,213 5,109 8.2 87 1,717 206 90.9 5,680 2,431 5,100

SHOP Same Property Portfolio Dollars in thousands, except REVPOR, includes HCP’s pro rata share of unconsolidated JVs SAME PROPERTY PORTFOLIO TREND 3Q15 4Q15 1Q16 2Q16 3Q16 Investment $ 3,263,932 $ 3,290,804 $ 3,318,490 $ 3,337,458 $ 3,369,107 3-month Occupancy % 86.9 87.5 88.0 87.3 87.7 NOI and Cash NOI: Operating expenses (145,157) (144,603) (147,581) (147,750) (151,518) NOI Margin % 25.7 26.8 28.0 27.2 25.5 SAME PROPERTY PORTFOLIO CASH NOI BY TYPE(2) Year-Over-Year Three-Month SPP Growth 3Q15 4Q15 1Q16 2Q16 3Q16 Independent Living 22,753 22,549 25,130 24,597 23,756 4.4% $ 50,168 $ 53,041 $ 57,512 $ 55,151 $ 51,838 3.3% (1) REVPOR cannot be derived from the information presented as units reflect 100% of the unit capacities for unconsolidated joint ventures and revenue is at the Company’s pro rata share. (2) Types are based on primary care type. 27 CCRC4,809 5,883 7,107 6,177 5,493 14.2% Assisted Living $ 22,606 $ 24,609 $ 25,275 $ 24,377 $ 22,589 (0.1%) Year-Over-Year Three-Month SPP Growth 3.3% $ 50,168 $ 53,041 $ 57,512 $ 55,151 $ 51,838 Total revenues $ 195,325 $ 197,644 $ 205,093 $ 202,901 $ 203,356 REVPOR(1)$ 4,234 $ 4,256 $ 4,384 $ 4,367 $ 4,356 Units 21,893 21,899 21,947 21,900 21,899 Property count 120 120 120 120 120

SHOP New Supply - Assisted Living As of and for the quarter ended September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) % of SHOP Cash NOI Cash NOI Exposed to New Supply(3) 5 Year 80+ Population Growth % 2016-2021 Properties/ Units Under Construction(2) 75+ Penetration Rate Qualified Care Giver % Median Household Income 75+ Median Net Worth Affordability (in years) Unemployment % Market Units Cash NOI Washington, DC 485 $ 1,667 2.7 2 / 148 $ 921 11.5 2.4 8.5 101 11.1 250 3.0 Los Angeles, CA 445 1,489 2.4 1 / 201 668 17.0 4.1 8.0 93 9.2 250 5.4 San Diego, CA 318 1,293 2.1 2 / 128 1,293 11.5 4.9 8.2 103 5.9 250 4.7 Memphis, TN 230 994 1.6 — / — — 11.7 4.9 6.9 68 14.7 250 5.1 Orlando, FL 232 875 1.4 — / — — 10.2 7.4 4.5 52 14.7 208 5.9 Providence, RI 191 808 1.3 1 / 58 387 1.6 4.3 4.5 51 3.7 135 6.6 Baltimore, MD 465 704 1.1 — / — — 6.3 3.5 5.2 62 7.4 213 6.9 Ventura, CA 159 659 1.1 — / — — 11.7 5.7 8.9 97 5.0 250 5.0 Sarasota, FL 258 604 1.0 4 / 338 604 10.9 4.0 3.5 49 >15 246 5.9 Denver, CO 154 530 0.9 2 / 148 530 14.6 5.2 4.3 51 >15 191 3.0 Remaining 3,769 7,225 11.5 16 / 1,411 1,590 7.7 2.6 4.0 51 11.6 205 6.0 % of Total Cash NOI and Interest Income 2.0% (1) Demographic data provided by ESRI for 2016. Construction and supply data provided by NIC for the quarter ended September 30, 2016. community and is weighted by Cash NOI. See definitions for further discussion on presented metrics. (2) Represents the number of properties and units with similar care types that are under construction. (3) Represents the Company’s Cash NOI exposed to new construction and expansions. Data reflects a 5-mile radius around each 28 Total 9,320 $ 25,819 41.5 39 / 3,381 $ 9,492 9.6 4.3 5.9 $ 66 10.1 $ 221 5.1 Tampa, FL318 530 0.8 — / ——9.6 7.6 4.4 46 10.2 172 6.1 Cincinnati, OH 341 565 0.9 — / ——4.5 4.2 4.3 53 10.1 202 5.6 Houston, TX87 613 1.0 — / ——24.2 6.5 7.2 81 11.4 250 4.2 Boston, MA 227 697 1.1 1 / 90 274 4.8 2.4 8.1 78 9.6 206 5.8 Sacramento, CA 189 721 1.2 2 / 94 404 10.7 7.6 5.3 68 10.8 241 7.6 Miami, FL396 848 1.4 — / ——7.9 4.2 3.1 46 11.7 209 8.3 New York, NY120 899 1.4 — / ——4.3 1.7 6.3 68 7.7 250 4.1 Dallas, TX357 1,116 1.8 4 / 376 552 13.3 4.5 5.9 63 >15 234 4.2 Richmond, VA303 1,446 2.3 3 / 183 1,446 6.6 15.1 7.9 80 >15 243 3.4 Austin, TX276 1,536 2.5 1 / 206 823 14.4 8.5 5.6 56 6.5 209 3.7 US National Average10.3 4.7 4.5 $ 54 N/A $ 206 5.9

SHOP New Supply - Independent Living & CCRC As of and for the quarter ended September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) % of SHOP Cash NOI Cash NOI Exposed to New Supply(3) 5 Year 75+ Population Growth % 2016-2021 Properties/ Units Under Construction(2) 75+ Penetration Rate Qualified Care Giver % Median Household Income 75+ Median Net Worth Affordability (in years) Unemployment % Market Units Cash NOI Tampa, FL 2,562 $ 5,822 9.3 1 / 32 $ 1,154 14.6 3.2 13.2 49 8.9 211 5.7 Miami, FL 963 3,677 5.9 2 / 498 1,325 16.3 2.4 3.6 50 >15 224 8.4 Chicago, IL 948 2,783 4.5 1 / 206 1,214 12.1 4.9 6.9 77 >15 236 7.0 Punta Gorda, FL 660 1,603 2.6 — / — — 22.0 7.3 14.6 49 9.1 250 7.7 Providence, RI 413 1,119 1.8 — / — — 9.2 0.3 4.9 55 9.1 171 5.9 Remaining 4,374 9,242 14.8 — / — — 13.4 4.9 7.3 62 >15 231 5.8 % of Total Cash NOI and Interest Income 1.2% (1) Demographic data provided by ESRI for 2016. Construction and supply data provided by NIC for the quarter ended September 30, 2016. Data reflects a 5-mile radius (10-mile for entrance fee CCRCs) around each community and is weighted by Cash NOI. See definitions for further discussion on presented metrics. (2) Represents the number of properties and units with similar care types that are under construction. (3) Represents the Company’s Cash NOI exposed to new construction and expansions. 29 Total 15,120 $36,536 58.5 7 / 1,288 $ 5,902 17.0 4.6 8.0 $ 58 >15 $ 231 5.6 Jacksonville, FL525 1,062 1.7 — / ——18.1 3.3 14.7 54 5.3 237 5.8 Orlando, FL1,010 1,395 2.2 — / ——44.1 3.5 13.8 44 8.7 250 7.2 Sarasota, FL910 1,700 2.7 — / ——17.0 6.0 8.9 47 11.3 250 5.5 Denver, CO 715 3,637 5.8 1 / 150 554 16.7 5.9 4.8 55 14.3 234 2.9 Houston, TX2,040 4,496 7.2 2 / 402 1,655 25.0 8.5 7.1 73 >15 249 4.7 US National Average16.2 6.1 4.5 $ 54 N/A $ 206 5.9

Life Science As of and for the quarter ended September 30, 2016, dollars and square feet in thousands, includes HCP’s pro rata share of unconsolidated JVs INVESTMENTS Property Count Cash NOI Square Feet Occupancy % MSA Investment San Francisco/San Jose, CA(1) 80 2,605,503 $ 54,668 4,431 97.8 $ Remaining(1) 8 151,367 4,624 512 100.0 HCP’s Share of Unconsolidated JVs San Diego, CA 2 46,478 719 131 91.8 Total 118 $ 3,584,141 $ 73,569 7,145 96.2 SAME PROPERTY PORTFOLIO 3Q15 4Q15 1Q16 2Q16 3Q16 Investment $3,360,739 $3,375,396 $3,383,508 $3,394,915 $3,400,391 Occupancy % 97.6 97.8 97.6 98.3 97.2 Total revenues $ 76,070 $ 77,153 $ 76,290 $ 78,831 $ 78,944 $ 60,723 $ 61,270 $ 62,509 $ 63,683 $ 63,461 Non-cash adjustments to NOI (1,803) (943) 144 233 615 Year-Over-Year Three-Month SPP Growth 8.8% (1) Cash NOI includes $6.2 million related to the first tranche of the purchase option exercised by Genentech in San Francisco and $1.4 million related to the four properties in Salt Lake City that are held for sale as of September 30, 2016, and are therefore excluded from all other metrics presented. 30 $ 58,920 $ 60,327 $ 62,653 $ 63,916 $ 64,076 Cash NOI: Operating expenses (15,347) (15,883) (13,781) (15,148) (15,483) NOI: Square feet 6,800 6,800 6,800 6,800 6,800 Property count 110 110 110 110 110 4 $ 87,841 $ 1,507 278 96.1 San Francisco, CA 2 41,363 788 147 100.0 114 $ 3,496,300 $ 72,062 6,867 96.2 San Diego, CA 26 739,430 12,770 1,924 91.7 Wholly-Owned

Life Science As of September 30, 2016, dollars and square feet in thousands, includes HCP’s pro rata share of unconsolidated JVs SELECTED LEASE EXPIRATION DATA (NEXT 5 YEARS) Total San Francisco/San Jose San Diego Remaining 2017 872 13 34,437 13 501 18,501 371 15,936 — — 2019 617 9 19,494 7 359 10,540 258 8,954 — — Thereafter 3,510 51 137,162 50 2,219 103,466 815 20,152 476 13,544 TENANT CONCENTRATION ANNUALIZED BASE RENT BY TENANT TYPE University, Govt, Research 4% Public Biotech/Medical Device 48% Genentech 1.8 400 6 22,141 8 AA Office a d R&D 1 LinkedIn 6.4 373 5 14,419 5 AAA Google 5.1 290 4 10,005 4 AA Takeda 1.4 166 2 7,788 3 A+ harma 18% Private Biotech/Medical Duke University 13.0 166 2 5,746 2 AA+ 16% 4.5 6,876 100 $ 272,011 100 (1) Includes month-to-month and holdover leases. (2) Includes 337,000 square feet and Annualized Base Rent of $20.0 million related to the second tranche of the purchase option exercised by Genentech that is expected to close in July 2018. The first tranche is held for sale as of September 30, 2016, and is therefore excluded from the operating portfolio. 31 Remaining 3.9 3,697 54 122,934 46 General Atomics 14.7 397 6 6,740 2 — Myriad Genetics 8.7 310 5 7,798 3 — Exelixis 1.0 246 4 11,784 4 — Rigel Pharmaceuticals 1.3 147 2 15,582 6 — Remaining Lease Term in Years Leased Square Feet Annualized Base Rent Credit Rating % of AmountTotal % of AmountTotal Amgen 6.0 684 10 $ 47,074 17 A 6,876 100 $ 272,011 100 4,480 $ 199,647 1,884 $ 58,258 512 $ 14,106 2020 600 9 18,843 7 253 8,264 347 10,579 —— 2018(2) 1,259 18 61,716 23 1,140 58,788 83 2,366 36 562 Leased Square Annualized Year Feet %Base Rent % Square Annualized Feet Base Rent Square Annualized Feet Base Rent Square Annualized Feet Base Rent 2016(1) 18 —$ 359 —8 $ 88 10 $ 271 —$ —

Medical Office As of and for the quarter ended September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs PORTFOLIO BY MARKET Square Feet On-campus(1) Off-campus(2) Total Cash Occupancy Dallas, TX $ 456,296 $ 8,257 89.6 1,944 — 139 — 2,083 — 12 Seattle, WA 211,453 6,385 99.8 667 — — — 667 — 4 Louisville, KY 211,356 4,626 95.6 669 17 450 15 1,119 32 7 Denver, CO 223,337 4,525 90.8 982 — — 10 982 10 6 Phoenix, AZ 167,090 2,862 87.3 519 — 208 — 727 — 4 San Diego, CA 108,303 1,720 96.7 — 176 155 — 155 176 2 Kansas City, MO 76,340 1,479 95.8 260 — — 8 260 8 2 Los Angeles, CA 84,776 1,221 80.8 106 — 174 — 280 — 2 Washington, DC 56,763 996 83.7 55 29 99 — 154 29 1 San Francisco, CA 41,531 734 100.0 — — — 104 — 104 1 Remaining 488,028 7,623 93.3 1,594 564 305 180 1,899 744 13 (1) Includes 4.8 million square feet subject to ground leases with average expirations of 54 years and renewal options generally ranging from 10 to 25 years. (2) Includes properties adjacent to a hospital campus (within 0.25 miles) or anchored by a health system, wherein the health system leases 50% or more of the property. 33 $ 3,603,779 $ 68,455 91.6 12,041 2,246 2,359 623 14,400 2,869 100 Jackson, MS30,016 652 100.0 —132 ———132 1 Sacramento, CA 74,221 824 93.8 ——29 92 29 92 1 Ogden, UT67,164 1,201 79.6 321 —13 68 334 68 2 San Antonio, TX67,919 1,250 80.6 353 ———353 —2 Las Vegas, NV110,214 1,626 83.5 528 ———528 —3 Miami, FL97,984 2,132 85.2 531 ——30 531 30 3 Salt Lake City, UT140,750 3,193 96.2 434 63 154 116 588 179 4 Nashville, TN152,980 4,591 96.0 1,288 10 ——1,288 10 8 Philadelphia, PA302,981 4,700 89.0 705 —436 —1,141 —7 Houston, TX434,277 7,858 93.0 1,085 1,255 197 —1,282 1,255 15 Leased Properties Investment NOI % Multi-tenant Single-tenant Multi-tenant Single-tenant Multi-tenant Single-tenant % of Total

Medical Office As of and for the quarter ended September 30, 2016, square feet in thousands, includes HCP’s pro rata share of unconsolidated JVs SQUARE FEET BY HEALTH SYSTEM Square Feet Directly Leased by Health System Health System Rank(1) % of Annualized Base Rent Credit Rating Adjacent / Anchored(2) % Square Feet Health System On-Campus Off-Campus Total % of Total Memorial Hermann 39 A1 1,349 80 — 1,429 8.3 8.5 4.5 CHS 4 B2 686 51 — 737 4.3 3.6 2.1 Providence 8 Aa3 563 — — 563 3.3 1.8 2.8 Iasis 72 B2 492 — — 492 2.7 1.6 1.4 Non-credit rated 462 240 870 1,572 9.1 % of Total 82.8 12.2 5.0 100.0 LEASING ACTIVITY Leased Square Feet Annualized Base Rent Per Sq. Ft. % Change In Rents(3) HCP Tenant Improvements Per Sq. Ft. Leasing Costs Per Sq. Ft. Average Lease Term (Months) Retention Rate YTD Dispositions (11) 9.16 Expirations (569) 23.61 New leases 104 21.68 30.69 7.37 69 Leased Square Feet as of September 30, 2016 15,821 $ 22.90 (1) Ranked by revenue based on Modern Healthcare’s Healthcare Systems Financial Database. (2) Denotes whether the medical office building is adjacent (within 0.25 miles) to a hospital campus or anchored, wherein approximately 50% or more is leased to a health system. (3) For comparative purposes, reflects adjustments for leases that converted to a different lease type upon renewal, amendment or extension of the original lease. 34 Terminations (17) 23.28 Renewals, amendments and extensions 467 23.48 1.4 $ 8.82 $ 3.42 51 77.6% Redevelopments28 21.35 Leased Square Feet as of June 30, 2016 15,819 $ 22.83 Total Healthcare Affiliated 95.0% Total 14,287 2,112 870 17,269 100.0 37.7 34.5 Remaining - credit rated 1,731 1,182 —2,913 16.9 Tenet 5 B2472 53 —525 3.0 0.3 0.3 Thomas Jefferson University 93 A1 705 ——705 4.1 1.4 1.5 Norton 100 —686 343 —1,029 6.0 3.9 3.9 HCA 2 Ba27,141 163 —7,304 42.3 16.7 18.0

Medical Office As of and for the quarter ended September 30, 2016, dollars and square feet in thousands, includes HCP’s pro rata share of unconsolidated JVs SELECTED LEASE EXPIRATION DATA (NEXT 5 YEARS) Total On-Campus Off-Campus 2017 2,439 15 58,814 16 1,966 47,633 473 11,181 2019 1,897 12 45,403 13 1,554 37,096 343 8,307 Thereafter 6,156 40 131,414 36 5,002 104,588 1,154 26,826 SAME PROPERTY PORTFOLIO 3Q15 4Q15 1Q16 2Q16 3Q16 Investment $ 3,241,211 $ 3,266,379 $ 3,279,091 $ 3,290,556 $ 3,306,028 Occupancy % 92.3 92.8 91.9 92.1 92.0 Total revenues $ 103,853 $ 102,541 $ 102,765 $ 104,042 $ 105,656 $ 64,640 $ 65,390 $ 64,613 $ 65,247 $ 65,421 Non-cash adjustments to NOI (1,085) (484) (751) (203) 124 Year-Over-Year Three-Month SPP Growth 3.1% (1) Includes month-to-month and holdover leases. 35 $ 63,555 $ 64,906 $ 63,862 $ 65,044 $ 65,545 Cash NOI: Operating expenses (39,213) (37,151) (38,152) (38,795) (40,235) NOI: Square feet 16,336 16,352 16,352 16,378 16,378 Property count 217 217 217 217 217 15,821 100 $ 361,433 100 13,105 $ 298,592 2,716 $ 62,841 2020 2,117 13 50,533 14 1,913 45,854 204 4,679 2018 2,265 14 52,675 15 1,890 44,074 375 8,601 Year Leased Square Annualized Feet %Base Rent % Square Annualized Feet Base Rent Square Annualized Feet Base Rent 2016(1) 947 6 $ 22,594 6 780 $ 19,347 167 $ 3,247

Other As of and for the quarter ended September 30, 2016, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs LEASED PROPERTIES Occupancy %(1) Property Count Cash NOI EBITDARM CFC EBITDAR CFC Type/Operator Investment Capacity Acute care 5 $ 380,185 $ 15,206 1,435 53.3 8.06x 7.55x 15 $ 570,061 $ 20,762 2,131 55.3 6.72x 6.27x Maria Mallaband 25 $ 158,865 $ 2,852 1,134 91.3 1.50x 1.25x 61 $ 387,573 $ 7,177 3,189 92.5 1.55x 1.30x Wholly-owned 1 $ 17,909 $ 302 120 N/A N/A N/A 5 $ 27,059 $ 692 540 75.2 DEBT INVESTMENTS Interest Income Investment DSC Yield Maturity Tandem Consulate Health Care 256,357 7,669 1.34x 11.9% 10/18 Remaining 45,807 4,700 N/A N/A 8/18-12/22 (1) Certain operators in the Company’s hospital portfolio are not required under their respective leases to provide operational data. 36 Total Debt Investments $ 765,075 $ 20,482 Four Seasons - UK100,870 518 0.75x 4.8%12/17-6/20 HC-One - UK$ 362,041 $ 7,595 2.28x 8.3%11/19 Total Leased Properties 81 $ 984,693 $ 28,631 5,860 HCP’s Share of Unconsolidated JVs4 9,150 390 420 75.2 N/A N/A Post-acute/skilled HC-One 36 228,708 4,325 2,055 93.1 1.58x 1.32x United Kingdom Remaining 10 189,876 5,556 696 57.2 3.34x 3.05x Hospitals

Other Same Property Performance As of and for the quarter ended September 30, 2016, dollars in thousands HOSPITALS 3Q15 4Q15 1Q16 2Q16 3Q16 Investment $ 570,105 $ 570,105 $ 570,105 $ 570,105 $ 570,061 3-month Occupancy %(1) 56.3 55.2 53.8 59.5 55.3 EBITDAR CFC 5.84x 5.98x 6.10x 6.25x 6.27x Total revenues $ 21,845 $ 21,542 $ 22,381 $ 21,503 $ 22,288 $ 21,260 $ 20,491 $ 21,194 $ 20,500 $ 21,098 Non-cash adjustments to NOI 286 296 303 582 (348) Year-Over-Year Three-Month SPP Growth (3.7%) UNITED KINGDOM 3Q15 4Q15 1Q16 2Q16 3Q16 Investment $ 395,856 $ 385,481 $ 376,224 $ 356,480 $ 346,266 3-month Occupancy % 89.0 91.3 92.7 92.5 91.3 EBITDAR CFC 1.34x 1.27x 1.27x 1.25x 1.25x Total revenues $ 8,505 $ 8,330 $ 7,857 $ 7,954 $ 7,311 $ 7,210 $ 7,209 $ 7,209 $ 7,276 $ 7,311 Non-cash adjustments to NOI (980) (955) (899) (830) (722) (1) Certain operators in the Company’s hospital portfolio are not required under their respective leases to provide operational data. $ 6,377 $ 6,383 $ 6,383 $ 6,516 $ 6,589 37 Year-Over-Year Three-Month SPP Growth 3.3% FX adjustment147 129 73 70 — Cash NOI: FX adjustment(1,295) (1,121) (648) (678) — NOI: EBITDARM CFC1.58x 1.51x 1.52x 1.49x 1.50x Beds967 967 967 967 967 Property count 59 59 59 59 59 $ 21,546 $ 20,787 $ 21,497 $ 21,082 $ 20,750 Cash NOI: Operating expenses (585) (1,051) (1,187) (1,003) (1,190) NOI: EBITDARM CFC6.25x 6.40x 6.53x 6.69x 6.72x Beds1,989 1,988 2,008 2,008 2,131 Property count 15 15 15 15 15

Unconsolidated Joint Ventures As of and for the quarter ended September 30, 2016, dollars and square feet in thousands Senior Housing Operating Medical Office Life Science Total CCRC Non-CCRC Other(1) Joint ventures’ investment $ 1,813,415 $ 1,398,909 $ 232,961 $ 14,374 $ 155,733 $ 11,438 HCP’s net equity investment(2) 572,394 450,188 47,964 4,667 68,251 1,324 Capacity 7,175 Units 1,052 Units 103 Sq. Ft. 278 Sq. Ft. 420 Beds SELECTED FINANCIAL DATA Operating expenses (86,547) (80,298) (5,265) (220) (739) (25) Depreciation and amortization (25,315) (22,583) (1,819) (197) (630) (86) Interest expense and other (1,716) (671) (924) — — (121) Net income (loss) $ (5,049) $ (8,208) $ (286) $ 1,224 $ 1,941 $ 280 FFO $ 20,327 $ 14,375 $ 1,533 $ 1,482 $ 2,571 $ 366 (1) Four post-acute/skilled facilities were deconsolidated as of January 1, 2016 in conjunction with the adoption of ASU 2015-02, Amendments to the Consolidation Analysis. (2) Excludes assets held for sale and land held for development. (3) Includes $4.5 million of non-refundable Entrance Fee amortization. Non-refundable Entrance Fees are recognized on a NOI/FFO basis over the estimated stay of the residents and are recognized on a cash/ FAD basis upon receipt, net of a reserve for early terminations. See Entrance Fees in Definitions. (4) Medical office includes activity for five assets that are held for sale. Non-refundable Entrance Fee amortization and deferred expenses(3) (5,289) (5,289) — — — — Non-cash adjustments to net income (654) (551) (33) (70) — — FAD $ 26,739 $ 21,275 $ 1,342 $ 1,271 $ 2,485 $ 366 HCP’S PRO-RATA SHARE Mortgage debt $ 189,118 $ 102,963 $ 86,155 $ — $ — $ — Cash NOI 15,365 11,982 1,136 350 1,507 390 FFO 10,094 7,044 655 582 1,520 293 39 FAD13,286 10,425 560 531 1,477 293 Net income (2,549) (4,022) (351) 434 1,166 224 NOI 10,777 7,374 1,136 354 1,523 390 Leasing costs and tenant and capital (2,304) (1,957) (158) (133) (56) — improvements Non-cash adjustments to NOI (38) ——(8)(30) — Non-refundable Entrance Fee sales, net(3) 14,697 14,697 ———— Depreciation and amortization 25,376 22,583 1,819 258 630 86 Income from discontinued operations(4)905 ——905 —— General and administrative expenses (59) —(42) (14) (3)— NOI $ 21,136 $ 15,046 $ 2,499 $ 530 $ 2,574 $ 487 Total revenues(3) $ 107,683 $ 95,344 $ 7,764 $ 750 $ 3,313 $ 512 Occupancy %85.6 94.5 100.0 96.1 75.2 Property count 33 15 9 1 4 4 Joint ventures’ mortgage debt 358,693 210,131 148,562 ——— HCP’s ownership percentage 49%45% - 85%20% - 67%50% - 63%80%

2017 Outlook and 2016 Guidance Projected full year 2017 and 2016, dollars in millions, except per share amounts TENTATIVE/PRELIMINARY AND SUBJECT TO CHANGE 2017 Outlook (November 1, 2016) 2016 Current Guidance (November 1, 2016) 2016 Prior Guidance (August 9, 2016)(1) Diluted earnings per common share $ 1.07 $ 1.13 $ 1.49 $ 1.55 $ 1.83 $ 1.89 Other depreciation and amortization 0.02 0.02 0.03 0.03 0.03 0.03 Gain on sales of real estate (0.43) (0.43) (0.54) (0.54) (0.51) (0.51) Diluted FFO per common share $ 1.88 $ 1.94 $ 2.35 $ 2.41 $ 2.72 $ 2.78 Loss on extinguishment of debt — — 0.10 0.10 — — Diluted FFO as adjusted per common share $ 1.89 $ 1.95 $ 2.69 $ 2.75 $ 2.83 $ 2.89 Amortization of net market lease intangibles and deferred revenues — — (0.01) (0.01) (0.01) (0.01) Amortization of deferred financing costs 0.03 0.03 0.04 0.04 0.04 0.04 Other depreciation and amortization (0.02) (0.02) (0.03) (0.03) (0.03) (0.03) Lease restructure payments 0.01 0.01 0.04 0.04 0.04 0.04 Joint venture and other adjustments (0.09) (0.09) (0.05) (0.05) (0.06) (0.06) General and administrative, inclusive of stock based compensation(2) $ 83 $ 88 $ 89 $ 92 $ 89 $ 92 Year-over-year SPP Cash NOI growth: Senior housing operating portfolio 4.0% 5.0% 3.75% 4.75% Medical office 2.0% 3.0% 2.3% 3.3% Year-over-year SPP Cash NOI growth, excluding QCP 2.5% 3.5% 2.75% 3.75% (1) 2016 prior guidance is not reported for year-over-year SPP growth as it is not comparable to the current guidance due to the change in segments, the spin-off of QCP and the inclusion of the Company’s pro rata share of unconsolidated joint ventures in SPP. (2) Excludes severance-related charges incurred in 2016. 40 Year-over-year SPP NOI growth, excluding QCP1.5%2.5%1.7%2.7% Other 0.75% 1.75% 0.75% 1.75% Life science 1.7%2.7%7.25% 8.25% Senior housing triple-net3.25% 4.25% 0.5%1.5% Total capital expenditures, inclusive of capitalized interest 487 512 488 496 488 496 Other items: Joint venture adjustments - CCRC entrance fees 0.07 0.07 0.07 0.07 0.07 0.07 Leasing costs and tenant and capital improvements (0.20) (0.20) (0.19) (0.19) (0.19) (0.19) Straight-line rents (0.03) (0.03) (0.04) (0.04) (0.04) (0.04) Amortization of deferred compensation0.04 0.04 0.03 0.03 0.03 0.03 Other supplemental information: Severance-related charges ——0.03 0.03 0.03 0.03 Transaction-related items and other 0.01 0.01 0.21 0.21 0.08 0.08 Joint venture FFO adjustments 0.11 0.11 0.06 0.06 0.06 0.06 Taxes associated with real estate disposition——0.11 0.11 0.11 0.11 Depreciation and amortization 1.11 1.11 1.20 1.20 1.20 1.20 Low High Low High Low High

Appendix Reconciliation of HCRMC EBITDAR and FCC Dollars in millions HCRMC UNAUDITED RESULTS OF OPERATIONS(1) Trailing 12 Months Ended September 30, 2016 June 30, 2016 Operating and general and administrative expenses (3,408.2) (3,455.1) Asset impairment(2) (6.0) (6.0) Interest expense (462.7) (467.6) Equity in earnings, interest income and other 17.2 14.4 Income tax (expense) benefit (4.5) 8.2 Loss from discontinued operations: Other income, net of taxes 1.0 4.5 Net loss EBITDAR AND FCC CALCULATION $ (97.4) $ (144.8) Operating and general and administrative expenses (3,408.2) (3,455.1) Facility EBITDARM from discontinued operations (2.6) (3.0) (1) Results include revenues and expenses related to all businesses managed by HCRMC including (i) Facility EBITDARM for communities owned by the Company, (ii) home health care, hospice and rehabilitation services and (iii) general and administrative, depreciation, interest and income tax expenses. All data was derived solely from information provided by HCRMC without independent verification by the Company. (2) Relates to a June 2016 impairment on a non-HCP facility. (3) Represents EBITDAR (as reported FCC) or normalized EBITDAR (normalized FCC) divided by total fixed charges. EBITDAR for the trailing 12-months ended September 30, 2016, includes losses of $9 million related to 33 non-strategic assets sold to date. Excluding these losses and rent associated with them, the normalized FCC would be 1.04x. EBITDAR $ 492.0 $ 500.1 Normalized EBITDAR $ 492.8 $ 501.0 Cash rent $ 461.5 $ 463.1 Total fixed charges $ 483.3 $ 485.0 Normalized FCC(3) 1.02x 1.03x 43 As Reported FCC(3)1.02x1.03x Interest expense - term loan and other 21.8 21.9 Fixed charges: Normalizing adjustments 0.8 0.9 Other adjustments 3.5 3.5 Equity in earnings, interest income and other 17.2 14.4 Revenues $ 3,882.1 $ 3,940.3 Loss from discontinued operations(1.6)1.5 Facility EBITDARM(2.6) (3.0) Loss from continuing operations$ (95.8) $ (146.3) Loss from continuing operations before income taxes$ (91.3) $ (154.5) Gain (loss) on disposal of assets16.7(49.3) Income before other (expenses) income and income taxes$ 337.5 $ 348.0 Depreciation and amortization expense (130.4) (131.2) Revenues $ 3,882.1 $ 3,940.3

REPORTING Definitions Adjusted Fixed Charge Coverage* Adjusted EBITDA divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and the Company’s ability to meet its interest payments on outstanding debt and pay dividends to its preferred stockholders, if applicable. The Company’s various debt agreements contain covenants that require the Company to maintain ratios similar to Adjusted Fixed Charge Coverage, and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain debt instruments of the Company. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Adjusted EBITDA and Fixed Charges. Affordability (in years) Affordability represents the number of years an individual can support the cost of residing in a senior housing facility. Affordability is calculated using the median net worth for individuals ages 75 and older, divided by the annualized revenue per occupied room (REVPOR), less the median income for individuals ages 75 and older. Markets with median income in excess of REVPOR reflect an Affordability metric of greater than (>) 15 years. Annualized Base Rent The most recent month’s (or subsequent month’s if acquired in the most recent month) base rent including additional rent floors, cash income from DFLs and/or interest income annualized for 12 months. Annualized Base Rent includes the Company’s share of unconsolidated joint ventures calculated on the same basis and excludes properties in the Company’s senior housing operating portfolio and properties sold or held for sale during the quarter. Further, Annualized Base Rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). The Company uses Annualized Base Rent for the purpose of determining Lease Expirations and Debt Investment Maturities. Cash Flow Coverage (“CFC”)* Facility EBITDAR or Facility EBITDARM divided by the aggregate of base rent and any additional rent due to the Company for the trailing 12-month period one quarter in arrears from the period presented with the exception of HCRMC which is current. CFC is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related rent and other obligations to the Company. However, CFC is subject to the same limitations and qualifications as Facility EBITDAR or Facility EBITDARM. CFC is not presented for: (i) properties operated under a RIDEA structure; or (ii) newly completed facilities under lease-up, facilities acquired or transitioned to new operators during the relevant trailing 12-month period, vacant facilities and facilities for which data is not available or meaningful. Consolidated Debt The carrying amount of bank line of credit and term loans (if applicable), senior unsecured notes, mortgage debt and other debt, as reported in the Company’s consolidated financial statements. Consolidated Gross Assets* The carrying amount of total assets, excluding investments in and advances to the Company’s unconsolidated joint ventures, after adding back accumulated depreciation and amortization, as reported in the Company’s consolidated financial statements. Consolidated Gross Assets is a supplemental measure of the Company’s financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Consolidated Secured Debt Mortgage and other debt secured by real estate, as reported in the Company’s consolidated financial statements. Continuing Care Retirement Community (“CCRC”) A senior housing facility which provides at least three levels of care (i.e., independent living, assisted living and skilled nursing). Debt Investments Loans secured by a direct interest in real estate and mezzanine loans. Debt Service The periodic payment of interest expense and principal amortization on secured loans. Debt Service Coverage (“DSC”)* Facility EBITDA divided by Debt Service. DSC is a supplemental measure of the borrower’s ability to generate sufficient liquidity to meet its obligations to the Company under the respective loan agreements. DSC is subject to the same limitations and qualifications as Facility EBITDA. Development Includes ground-up construction and redevelopments. Direct Financing Lease (“DFL”) Lease for which future minimum lease payments are recorded as a receivable, and the difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield. EBITDA and Adjusted EBITDA* Earnings before interest, taxes, depreciation and amortization for the Company. Adjusted EBITDA is defined as EBITDA excluding impairments (recoveries), gains or losses from real estate dispositions, transaction-related items, severance-related charges, litigation settlement charges, gain upon consolidation of joint venture and foreign currency exchange gains (losses). The Company considers EBITDA and Adjusted EBITDA important supplemental measures to net income (loss) because they provide an additional manner in which to evaluate the Company’s operating performance. Net income (loss) is the most directly comparable GAAP measure to EBITDA and Adjusted EBITDA. Entrance Fees Certain of the Company’s communities have residency agreements which require the resident to pay an upfront entrance fee prior to taking occupancy at the community. For NOI, net income and FFO, the non-refundable portion of the entrance fee is recorded as deferred entrance fee revenue and amortized over the estimated stay of the resident based on an actuarial valuation. For Cash NOI and FAD, the non-refundable entrance fees are recognized upon receipt, net of a reserve for statutory refunds due to early terminations. The refundable portion of a resident’s entrance fee is generally refundable within a certain number of months or days following contract termination or upon the sale of the unit. All refundable amounts due to residents at any time in the future are classified as current liabilities. 44

REPORTING Definitions Estimated / Actual Completion Date For Developments, management’s estimate of the period the core and shell structure improvements are expected to be or have been completed. For Redevelopments, management’s estimate of the period in which major construction activity in relation to the scope of the project has been or will be substantially completed. Facility EBITDA* EBITDA for a particular facility (not the Company), for the trailing twelve months and one quarter in arrears from the date reported. The Company uses Facility EBITDA in determining Debt Service Coverage. Facility EBITDA is subject to the same limitations as EBITDA. In addition, Facility EBITDA does not represent a borrower’s net income or cash flow from operations and should not be considered an alternative to those indicators. The Company receives periodic financial information from most borrowers regarding the performance under the loan agreement. The Company utilizes Facility EBITDA as a supplemental measure of the borrower’s ability to generate sufficient liquidity to meet their obligations to the Company. Facility EBITDA includes a management fee as specified in the borrower loan agreements with the Company. All borrower financial performance data was derived solely from information provided by borrowers without independent verification by the Company. Facility EBITDAR and Facility EBITDARM* Earnings before interest, taxes, depreciation, amortization and rent (and management fees), as applicable, for a particular facility accruing to the operator/tenant of the property (the Company as lessor), for the trailing 12 months and one quarter in arrears from the date reported. The Company uses Facility EBITDAR or Facility EBITDARM in determining Cash Flow Coverage and as a supplemental measure of the ability of the property to generate sufficient liquidity to meet related obligations to the Company. Facility EBITDAR includes: (i) contractual management fees; (ii) an imputed management fee of 5% of revenues for senior housing facilities and post-acute/ skilled facilities, with the exception of the HCRMC portfolio which uses 4%; or (iii) an imputed management fee of 2% of revenues for hospitals. All facility financial performance data was derived solely from information provided by operators/tenants without independent verification by the Company. Facility EBITDAR and Facility EBITDARM are subject to the same limitations and qualifications as Facility EBITDA. Facility EBITDAR and Facility EBITDARM are not presented for: (i) properties operated under a RIDEA structure; or (ii) newly completed facilities under lease-up, facilities acquired or transitioned to new operators during the relevant trailing 12-month period, vacant facilities and facilities for which data is not available or meaningful. Financial Leverage* Total Debt divided by Total Gross Assets. Financial Leverage is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. The ratio of Consolidated Debt to Consolidated Gross Assets is the most directly comparable GAAP measure to Financial Leverage. The Company’s pro rata share of total debt from the Company’s unconsolidated joint ventures is not intended to reflect its actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the joint ventures. Fixed Charges* Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Charges is a supplemental measure of the Company’s interest payments on outstanding debt and dividends to preferred stockholders for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations. Funds Available for Distribution (“FAD”)* See the “Funds Available for Distribution” section of the Company’s Form 10-Q for information regarding FAD. Funds From Operations (“FFO”) and FFO as Adjusted* See the “Funds From Operations” section of the Company’s Form 10-Q for information regarding FFO and FFO as adjusted. Healthcare System Affiliated Represents properties that are on-campus or adjacent to a healthcare system and properties that are leased 50% or more to a healthcare system. Investment* Represents: (i) the carrying amount of real estate assets and intangibles, after adding back accumulated depreciation and amortization less the value attributable to refundable Entrance Fee liabilities; and (ii) the carrying amount of DFLs and Debt Investments. Investment excludes land held for development and assets held for sale. Investment also includes the Company’s pro rata share of the real estate assets and intangibles held in the Company’s unconsolidated joint ventures, presented on the same basis. Metropolitan Statistical Areas (“MSA”) Metropolitan Statistical Areas are geographic entities delineated by the Office of Management and Budget for use by Federal Statistical agencies in collecting, tabulating, and publishing Federal statistics. A metro area contains a core urban area of 50,000 or more population, consists of one or more counties and includes the counties containing the core urban area, as well as any adjacent counties that have a high degree of social and economic integration (as measured by commuting to work) with the urban core. Net Debt* Total Debt less the carrying amount of cash and cash equivalents as reported in the Company’s consolidated financial statements and the Company’s pro rata share of cash and cash equivalents from the Company’s unconsolidated joint ventures. Total Debt is the most directly comparable GAAP measure to Net Debt. Net Debt is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Net Debt to Adjusted EBITDA* Net Debt divided by Adjusted EBITDA is a supplemental measure of the Company’s ability to decrease its debt. Because the Company may not be able to use its cash to reduce its debt on a dollar-for-dollar basis, this measure may have material limitations. Net Operating Income from Continuing Operations (“NOI”) and Cash NOI* See the “Net Operating Income” and “Same Property Portfolio” section of the Company’s Form 10-Q for information regarding NOI and Cash NOI. 45

REPORTING Definitions Occupancy For life science facilities and medical office buildings, Occupancy represents the percentage of total rentable square feet leased where rental payments have commenced, including month-to-month leases, as of the end of the period reported. For senior housing triple-net facilities, post-acute/ skilled facilities and hospitals, Occupancy represents the facilities’ average operating Occupancy for the trailing three-month period ended one quarter in arrears from the date reported. For properties in the Company’s senior housing operating portfolio, Occupancy represents the facilities’ average operating Occupancy for the most recent calendar quarter available. The percentages are calculated based on units for senior housing facilities and available beds for post-acute/skilled facilities and hospitals. The percentages shown exclude newly completed facilities under lease-up, facilities acquired or transitioned to new operators during the relevant period, vacant facilities and facilities for which data is not available or meaningful. All facility financial performance data was derived solely from information provided by operators/tenants and borrowers without independent verification by the Company. Penetration Rate Reflects the number of available senior housing units as a percentage of households with seniors age 75 and older. This measurement is an indicator of market demand for new development and expansion projects. Pooled Leases Two or more leases to the same operator/tenant or their subsidiaries under which their obligations are combined by virtue of cross default protection, a pooling agreement or multiple pooling agreements, or cross-guaranties. Qualified Care Giver (”QCG”) Qualified Care Giver represents a household consisting of individuals between 45 and 64 years of age with income of $100,000 or more. Qualified Care Giver % is the ratio of Qualified Care Givers to the total population, which provides an indication of senior housing demand due to the role adult children have in the senior housing selection process. Quality Mix Non-Medicaid revenues as a percentage of total revenues for the trailing 12 months ended one quarter in arrears, unless noted otherwise. Redevelopment Properties that require significant capital expenditures (generally more than 25% of acquisition cost or existing basis) to achieve stabilization or to change the use of the properties. Retention Rate The ratio of total renewed square feet to the total square feet expiring and available for lease, excluding the square feet for tenant leases terminated for default or buy-out prior to the expiration of the lease. REVPOR The 3-month average revenue per occupied room for the most recent calendar quarter available. RIDEA A structure whereby a taxable REIT subsidiary is permitted to rent a healthcare facility from its parent REIT and hire an independent contractor to operate the facility. Same Property Portfolio (“SPP”)* See the “Net Operating Income and Same Property Performance” section of the Company’s Form 10-Q for information regarding SPP. Secured Debt Ratio* Total Secured Debt divided by Total Gross Assets. Secured Debt Ratio is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. The ratio of Consolidated Secured Debt to Consolidated Gross Assets is the most directly comparable GAAP measure to Secured Debt Ratio. The Company’s pro rata share of Total Secured Debt from the Company’s unconsolidated joint ventures is not intended to reflect its actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the joint ventures. Skilled Mix Medicare and Managed Care revenues as a percentage of total revenues for the trailing 12 months. Square Feet (Sq. Ft.) The square footage for properties, excluding square footage for development or redevelopment properties prior to completion. Total Debt* Consolidated Debt plus the Company’s pro rata share of total debt from the Company’s unconsolidated joint ventures. Reflects the early adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs (previously included in other assets, net) to be presented as a direct deduction to the related debt liability. Total Debt is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Total Gross Assets* Consolidated Gross Assets plus the Company’s pro rata share of total assets from the Company’s unconsolidated joint ventures, after adding back accumulated depreciation and amortization. Reflects the early adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs (previously included in other assets, net) to be presented as a direct deduction to the related debt liability. Total Gross Assets is a supplemental measure of the Company’s financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Total Market Equity The total number of outstanding shares of the Company’s common stock multiplied by the closing price per share of its common stock on the New York Stock Exchange as of period end, plus the total number of convertible partnership units multiplied by the closing price per share of its common stock on the New York Stock Exchange as of period end (adjusted for stock splits). 46

REPORTING Definitions Total Secured Debt* Consolidated Secured Debt plus the Company’s pro rata share of mortgage debt from the Company’s unconsolidated joint ventures. Total Secured Debt is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Units/Square Feet/Beds Senior housing facilities are measured in available units (e.g., studio, one or two bedroom units). Life science facilities and medical office buildings are measured in square feet. Post-acute/skilled facilities and hospitals are measured in available beds. * Non-GAAP Supplemental Measures The Company believes that net income, as defined by U.S. generally accepted accounting principles (“GAAP”), is the most appropriate measure of its operating performance. In addition to net income as defined by GAAP, the Company believes Adjusted Fixed Charge Coverage, CFC, DSC, EBITDA, Adjusted EBITDA, Facility EBITDA, Facility EBITDAR, Facility EBITDARM, Financial Leverage, Fixed Charges, FAD, FFO, FFO as adjusted, Investment, Net Debt, Net Debt to Adjusted EBITDA, NOI, Cash NOI, SPP, Secured Debt Ratio, Total Debt, Total Gross Assets and Total Secured Debt are useful supplemental non-GAAP measures of its operating performance and financial position. As these non-GAAP measures have inherent limitations as analytical tools they should be used in conjunction with the Company’s most directly comparable GAAP presentations and not as alternatives to those indicators determined in accordance with GAAP. Reconciliations of Cash NOI, FAD, FFO, FFO as adjusted, NOI, and SPP to their most directly comparable GAAP measure, are included in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on November 1, 2016. Reconciliations of SPP NOI and SPP Cash NOI growth and SPP NOI and SPP Cash NOI growth excluding QCP to their most directly comparable GAAP measure, are included in the accompanying earnings release. Reconciliations of the remaining non-GAAP supplemental measures used in this report to their most directly comparable GAAP measure are included elsewhere in this report. The Company’s computations of non-GAAP measures may not be comparable to similar measures reported by other companies. The information in this supplemental report should be read in conjunction with the accompanying earnings release and the Form 10-Q referenced above. 47

Reconciliations of Non-GAAP Measures As of September 30, 2016, dollars in thousands INVESTMENT Senior Housing Triple-net Life Science Medical Office SHOP Other QCP Non-Segment Total Investments in and advances to unconsolidated joint ventures — (501,108) (68,251) (21,414) (1,324) — — (592,097) Consolidated Gross Assets $ 5,416,039 $ 3,140,304 $ 4,087,725 $ 3,581,113 $ 1,826,148 $ 5,343,856 $ 545,588 $ 23,940,773 — 1,124,314 25,861 29,693 10,244 — — 1,190,112 Total Gross Assets $ 5,416,039 $ 4,264,618 $ 4,113,586 $ 3,610,806 $ 1,836,392 $ 5,343,856 $ 545,588 $ 25,130,885 Land held for development — — (270,803) (946) (3,643) — — (275,392) 75,840 57,342 169,115 249,700 4,397 9,796 — 566,190 Non-real estate related assets(1) (339,872) (482,667) (110,375) (152,749) (61,865) (11,475) (67,388) (1,226,391) (57,198) (7,790) (97,960) (45,866) (25,513) — — (234,327) Investment $ 5,094,809 $ 3,831,503 $ 3,803,563 $ 3,660,945 $ 1,749,768 $ 5,342,177 $ — $ 23,482,765 Wholly-owned 5,094,809 3,015,992 3,715,722 3,651,314 1,740,618 5,342,177 — 22,560,632 — 815,511 87,841 9,631 9,150 — — 922,133 Investment $ 5,094,809 $ 3,831,503 $ 3,803,563 $ 3,660,945 $ 1,749,768 $ 5,342,177 $ — $ 23,482,765 (1) Includes straight-line rent receivables, net of reserves, lease commissions, net of amortization, cash and restricted cash, the value attributable to refundable Entrance Fee liabilities for the Company’s CCRC JV, and other assets. 49 HCP’s share of unconsolidated joint ventures Real estate intangible liabilities, net of held for sale Fully depreciated real estate and intangibles excluding held for sale Gross assets held for sale——————(478,200) (478,200) HCP’s share of unconsolidated JV gross assets Accumulated depreciation and amortization net of assets held for 920,077 418,084 759,082 894,944 174,573 72,244 105,321 3,344,325 sale Consolidated total assets $ 4,495,962 $ 3,223,328 $ 3,396,894 $ 2,707,583 $ 1,652,899 $ 5,271,612 $ 440,267 $ 21,188,545

Reconciliations of Non-GAAP Measures Dollars in thousands TOTAL DEBT September 30, 2016 December 31, 2015 September 30, 2015 Term loans(2)(3) 462,181 524,807 538,912 Mortgage debt(2) 762,715 932,212 938,988 Consolidated Debt $ 10,920,535 $ 11,069,003 $ 11,098,089 HCP’s share of unconsolidated JV other debt 191,538 192,600 174,136 Cash and cash equivalents (132,891) (346,500) (120,498) Net Debt $ 11,134,920 $ 11,063,164 $ 11,422,989 (1) Includes £275.0 million, £269.5 million and £241.5 million translated into U.S. dollars at September 30, 2016, December 31, 2015 and September 30, 2015, respectively. (2) Reflects the adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs to be presented as a direct deduction to the related debt liability. (3) Represents £357.0 million translated into U.S. dollars. 50 HCP’s share of unconsolidated JV cash and cash equivalents (33,380) (24,214) (37,189) Total Debt $ 11,301,191 $ 11,433,878 $ 11,580,676 HCP’s share of unconsolidated JV mortgage debt(2) 189,118 172,275 308,451 Other debt 93,876 94,445 94,561 Senior unsecured notes(2) 8,229,731 9,120,107 8,524,804 Bank line of credit(1) $ 1,372,032 $ 397,432 $ 1,000,824

COMPANY Information BOARD OF DIRECTORS MICHAEL D. MCKEE Chairman of the Board, President and Chief Executive Officer, HCP, Inc. JAMES P. HOFFMANN Former Partner and Senior Vice President, Wellington Management Company DAVID B. HENRY Lead Independent Director, HCP, Inc. Former Vice Chairman and Chief Executive Officer, Kimco Realty Corporation PETER L. RHEIN Partner, Sarlot & Rhein JOSEPH P. SULLIVAN Chairman Emeritus, Board of Advisors, RAND Health BRIAN G. CARTWRIGHT Senior Advisor, Patomak Global Partners LLC CHRISTINE N. GARVEY Former Global Head of Corporate Real Estate Services, Deutsche Bank AG EXECUTIVE MANAGEMENT MICHAEL D. MCKEE Chairman of the Board, President and Chief Executive Officer KAI HSIAO Executive Vice President Senior Housing Asset Management THOMAS D. KIRBY Executive Vice President Acquisitions and Valuations THOMAS M. HERZOG Executive Vice President and Chief Financial Officer THOMAS M. KLARITCH Executive Vice President Medical Office Properties J. JUSTIN HUTCHENS Executive Vice President and Chief Investment Officer DARREN A. KOWALSKE Executive Vice President TROY E. MCHENRY Executive Vice President, General Counsel and Corporate Secretary JOHN LU Executive Vice President Corporate Finance and Investments SCOTT A. ANDERSON Executive Vice President and Chief Accounting Officer KENDALL K. YOUNG Executive Vice President Senior Housing Investments JONATHAN M. BERGSCHNEIDER Executive Vice President Life Science Estates 51

The Cove at Oyster Point Development South San Francisco, CA Forward-Looking Statements & Risk Factors “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this supplemental report which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among other things, the Company’s expectations regarding (i) the Company’s pending or contemplated acquisitions, dispositions and development projects, including with respect to closing dates, completion dates, stabilization dates, rentable square feet and total investment, (ii) rentable square feet for land held for development and (iii) the Company’s 2017 outlook and 2016 guidance. These statements are made as of the date hereof, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions and other factors—many of which are out of the Company’s and its management’s control and difficult to forecast—that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the Company’s reliance on a concentration of a small number of tenants and operators for a significant portion of its revenues, with its concentration in Brookdale increasing as a result of the consummation of the spin-off of QCP on October 31, 2016; the financial condition of the Company’s existing and future tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings, which results in uncertainties regarding the Company’s ability to continue to realize the full benefit of such tenants’ and operators’ leases and borrowers’ loans; the ability of the Company’s existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and to generate sufficient income to make rent and loan payments to the Company and the Company’s ability to recover investments made, if applicable, in their operations; competition for tenants and operators, including with respect to new leases and mortgages and the renewal or rollover of existing leases; competition for skilled management and other key personnel; availability of suitable properties to acquire at favorable prices and the competition for the acquisition and financing of those properties; the Company’s ability to negotiate the same or better terms with new tenants or operators if existing leases are not renewed or the Company exercises its right to replace an existing tenant or operator upon default; the risks associated with the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision making authority and its reliance on its partners’ financial condition and continued cooperation; the Company’s ability to achieve the benefits of investments, including those investments discussed above, within expected time frames or at all, or within expected cost projections; the potential impact on the Company and its tenants, operators and borrowers from current and future litigation matters, including the possibility of larger than expected litigation costs, adverse results and related developments; the effect on the Company’s tenants and operators of legislation and other legal requirements, including licensure, certification and inspection requirements, and laws addressing entitlement programs and related services, including Medicare and Medicaid, which may result in future reductions in reimbursements; changes in federal, state or local laws and regulations, Continued 52

The Solana Preserve Houston, TX Forward-Looking Statements & Risk Factors (Continued) including those affecting the healthcare industry that affect the Company’s costs of compliance or increase the costs, or otherwise affect the operations, of its tenants and operators; volatility or uncertainty in the capital markets, the availability and cost of capital as impacted by interest rates, changes in the Company’s credit ratings, and the value of its common stock, and other conditions that may adversely impact the Company’s ability to fund its obligations or consummate transactions, or reduce the earnings from potential transactions; changes in global, national and local economic conditions, and currency exchange rates; changes in the credit ratings on U.S. government debt securities or default or delay in payment by the government of its obligations; the Company’s ability to manage its indebtedness level and changes in the terms of such indebtedness; the Company’s ability to maintain its qualification as a real estate investment trust; the impact of the spin-off transaction on our business; and other risks and uncertainties described from time to time in the Company’s Securities and Exchange Commission (SEC) filings. The Company cautions investors not to place undue reliance on any forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. The information in this supplemental report should be read in conjunction with the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the SEC. The Reporting Definitions and Reconciliations of Non-GAAP Measures are an integral part of the information presented herein. On the Company’s website, www.hcpi.com, you can access, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on the Company’s website is not incorporated by reference into, and should not be considered a part of, this supplemental report. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at www.sec.gov. This supplemental report also includes market and industry data that the Company has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. The market and industry data is often based on industry surveys and preparers’ experience in the industry. Similarly, although the Company believes that the surveys and market research that others have performed are reliable, it has not independently verified this information. For more information, contact Tom Herzog, Executive Vice President and Chief Financial Officer, at (949) 407-0400. 53