EX-99.2 3 a17-12126_1ex99d2.htm EX-99.2

Exhibit 99.2

supplemental report first quarter 2017 1 Plano Pediatrics B Plano, TX

Overview 3 Portfolio Summary 4 Capitalization and Debt 6 Investment Summary - Fundings & Dispositions 9 Developments and Redevelopments 10 Capital Expenditures 12 Portfolio Diversification 13 Same Property Portfolio 15 Expirations and Maturities 16 Triple-net Master Lease Profile 17 Portfolio Senior Housing Triple-net 18 Senior Housing Operating Portfolio 22 Life Science 28 Medical Office 31 Other 34 Unconsolidated Joint Ventures 37 Guidance 38 Glossary and Debt Ratios 39 TABLE OF Company Information 45 Forward-Looking Statements & Risk Factors 46 Discussion and Reconciliation of Non-GAAP Financial Measures 2

THE NUMBER S Overview(1) As of and for the quarter ended March 31, 2017, dollars, square feet and shares in thousands, except per share data Full Year 2017 Guidance (May 2, 2017) 1Q17 (1) Reconciliations, definitions and important discussions regarding the usefulness and limitations of the non-GAAP financial measures used in this report can be found at http://ir.hcpi.com/financial-reconciliation. (2) Includes the Company’s share of unconsolidated joint ventures (“JVs”) and assets sold in the quarter. (3) Financial Leverage is targeted to be in the 43% to 44% range and Net Debt to Adjusted EBITDA is targeted to be in the low to mid six-times range by the end of 2017, reflecting the impact from the sale of 64 Brookdale Senior Living (“Brookdale”) assets in March 2017 and the sale and refinancing of a 40% interest in the RIDEA II senior housing JV (“RIDEA II”) that occurred in January 2017. Diluted earnings per common share $0.97 $1.43 - $1.49 Diluted FFO as adjusted per common share $0.51 $1.89 - $1.95 Investment $16,935,605 NOI(2) 333,908 Senior housing triple-net 5.1% 3.9% - 4.9% Life science 4.7% 2.5% - 3.5% Other 0.5% 0.8% - 1.8% 1Q17 1Q17 Common stock outstanding and DownREIT units 475,091 Financial Leverage 45.7%(3) Total Debt 8,493,695 Net Debt to Adjusted EBITDA 5.8x (3) Property Count Capacity Occupancy Senior housing triple-net 209 20,559 86.4% Life science 120 7,220 96.5% Other 80 N/A N/A 3 Total 801 N/A N/A Medical office 239 18,221 92.1% SHOP153 25,472 87.6% Portfolio Statistics Adjusted Fixed Charge Coverage 3.6x Secured Debt Ratio 1.7% Total Market Equity $14,860,847 Debt Ratios Capitalization Same Property Portfolio NOI Growth2.6%1.2% - 2.2% Total Portfolio4.0%2.5% - 3.5% Medical office 4.4%2.0% - 3.0% Senior housing operating portfolio (“SHOP”) 2.9%2.0% - 3.0% Same Property Portfolio Cash NOI Growth Cash NOI and interest income(2) 351,671 Total rental and operating revenue(2) 553,048 Dividends per common share $0.37 $1.48 Diluted FFO per common share $0.61 $1.99 - $2.05 Financial Metrics

Portfolio Summary As of and for the quarter ended March 31, 2017, dollars in thousands CASH NOI AND INTEREST INCOME(1) Other 13% Senior housing triple-net 209 19 $ 3,856,908 $ 97,084 91.9 Senior housing triple-net 27% Life science 116 20 3,563,282 67,697 100.0 Other 76 31 922,617 27,623 79.7 $351.7M Medical office 21% Debt Investments Life science — N/A $ 268,818 $ — — SHOP 19% — N/A $ 346,566 $ — — Life science 20% SHOP 72 21 $ 1,169,522 $ 20,341 84.3 PRO FORMA CASH NOI AND INTEREST INCOME(4) Medical office 1 22 9,800 339 100.0 Other 14% 81 22 $ 1,276,445 $ 22,697 84.4 Senior housing triple-net 23% Senior housing triple-net 209 19 $ 3,856,908 $ 97,084 91.9 Life science 120 20 3,920,073 69,315 100.0 $327.3M Other 80 32 1,738,583 46,353 79.0 Medical office 22% (1) Includes income from assets sold in the quarter. (2) Self-pay and private insurance (including managed care) revenues as a percentage of total property revenues for the most recent trailing 12 months available, weighted based on current quarter Cash NOI including assets sold in the quarter. Revenues for medical office properties are considered 100% private pay. (3) HCP’s pro rata share information is prepared on a basis consistent with the comparable consolidated amounts by applying our actual ownership percentage for the period, and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. (4) Current quarter Cash NOI and interest income pro forma to exclude the Cash NOI for 64 Senior housing triple-net properties sold in March 2017 and the sale of a 40% interest in RIDEA II that closed in January 2017. SHOP 20% Life science 21% 4 801 22 $ 16,935,605 $ 351,671 94.5 Medical office 239 23 3,938,886 72,885 100.0 SHOP153 22 3,481,155 66,034 92.7 Total Other 4 39 9,150 399 12.8 Life science 4 20 87,973 1,618 100.0 HCP’s Share of Unconsolidated JVs(3) Medical office —N/A 77,748 —— Developments Other —N/A $ 806,816 $ 18,331 — 720 22 $ 14,505,778 $ 310,643 95.5 Medical office 238 23 3,851,338 72,546 100.0 SHOP81 22 2,311,633 45,693 98.6 Property Count Age Investment Cash NOI and Interest Income(1) Private Pay % (1) (2) Property Portfolio

Portfolio Summary For the quarter ended March 31, 2017, dollars in thousands NOI, CASH NOI AND INTEREST INCOME(1) Rental and Operating Revenue Operating Expenses Interest Income Cash NOI and Interest Income NOI(2) Cash NOI(2) Senior housing triple-net $ 100,034 $ (1,111) $ 98,923 $ 97,084 $ — $ 97,084 Life science 85,321 (17,319) 68,002 67,697 — 67,697 Other 29,883 (1,248) 28,635 27,623 18,331 45,954 SHOP(3) $ 76,364 $ (59,527) $ 16,837 $ 20,341 $ — $ 20,341 Medical office 489 (142) 347 339 — 339 $ 79,211 $ (60,059) $ 19,152 $ 22,697 $ — $ 22,697 Total SHOP 216,592 (154,066) 62,526 66,034 — 66,034 Medical office 118,860 (45,006) 73,854 72,885 — 72,885 $ 553,048 $ (219,140) $ 333,908 $ 333,340 $ 18,331 $ 351,671 (1) Includes assets sold in the quarter. (2) Includes $5.6 million attributable to non-controlling interests, excluding five limited liability companies in which the Company is the managing member and non-managing member units are exchangeable for an amount of cash based on the then-current market value of shares of the Company’s common stock at the time of conversion or, at the Company’s election, shares of the Company’s common stock. (3) The NOI and Cash NOI variance primarily relates to the treatment of the non-refundable portion of Entrance Fees, which are deferred and amortized over the estimated stay of the resident for NOI and are recognized upon receipt, net of reserve, for Cash NOI. 5 Other 30,301 (1,267) 29,034 28,022 18,331 46,353 Life science 87,261 (17,690) 69,571 69,315 —69,315 Senior housing triple-net$ 100,034 $ (1,111) $ 98,923 $ 97,084 $ —$ 97,084 Other 418 (19) 399 399 —399 Life science 1,940 (371) 1,569 1,618 —1,618 HCP’s Share of Unconsolidated JVs $ 473,837 $ (159,081) $ 314,756 $ 310,643 $ 18,331 $ 328,974 Medical office 118,371 (44,864) 73,507 72,546 —72,546 SHOP140,228 (94,539) 45,689 45,693 —45,693 Wholly-Owned

Capitalization Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION March 31, 2017 Shares Value Total Value Convertible partnership (DownREIT) units 6,645 31.28 207,856 Consolidated Debt N/A 8,141,452 HCP’s share of unconsolidated JV debt N/A 352,243 COMMON STOCK AND EQUIVALENTS Common stock equivalent securities: Dilutive impact of options 66 66 66 Total common stock and equivalents 476,454 475,173 475,173 6 Convertible partnership (DownREIT) units 6,645 6,645 6,645 Restricted stock and units 1,297 163 163 Shares Outstanding March 31, 2017 Weighted Average Shares Three Months Ended March 31, 2017 Diluted Diluted EPSFFO Common stock 468,446 468,299 468,299 Total Market Equity and Total Debt 475,091 $ 23,354,542 Total Market Equity and Consolidated Debt 475,091 $ 23,002,299 Total Market Equity 475,091 $ 14,860,847 Common stock (NYSE: HCP)468,446 $ 31.28 $ 14,652,991

Indebtedness and Ratios As of March 31, 2017, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Senior Unsecured Notes HCP’s Share of Unconsolidated JV Debt Mortgage Debt Total Debt 2018 492,421 — — — 3,641 — 496,062 28,053 3.73 524,115 1.75 2020 — — 800,000 2.79 3,907 5.08 803,907 10,877 4.21 814,784 2.82 2022 — — 900,000 3.93 2,861 — 902,861 14,688 4.41 917,549 3.92 2024 — — 1,150,000 4.17 3,131 — 1,153,131 87 — 1,153,218 4.16 2026 — — — — 3,213 3.03 3,213 94 — 3,307 2.95 Subtotal $ 492,421 $ 274,956 $ 7,200,000 $ 141,749 $ 8,109,126 $ 167,602 $ 8,276,728 (Discounts), premiums and debt costs, net — (853) (63,664) 5,580 (58,937) (657) (59,594) Weighted average interest rate % 1.65 2.11 4.34 4.24 4.10 3.98 4.10 (1) Represents £394 million translated into U.S. dollars at March 31, 2017. The Company repaid $131 million on its credit facility in April 2017. The $2.0 billion unsecured revolving line of credit facility matures on March 31, 2018 and contains a one-year extension option. Based on the Company’s credit ratings at April 28, 2017, the interest rate on the facility was LIBOR plus 1.05%, and the facility fee was 0.20%. (2) Represents £220 million translated into U.S. dollars. (3) The rates are reported in the year in which the related debt matures. (4) Reflects pro rata share of mortgage and other debt in the Company’s unconsolidated JVs. (5) The Company repaid $250 million of senior notes on May 1, 2017. (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 1.0 1.4 6.2 20.3 6.0 3.7 5.9 Total $ 492,421 $ 274,103 $ 7,136,336 $ 147,329 $ 8,141,452 $ 352,243 $ 8,493,695 Other debt(6) ————91,263 185,298 276,561 Thereafter ——300,000 6.88 101,007 4.17 401,007 2,901 3.90 403,908 6.18 2025 ——1,350,000 3.94 3,276 —1,353,276 18,063 3.87 1,371,339 3.93 2023 ——800,000 4.39 2,993 —802,993 3,205 3.96 806,198 4.38 2021——1,200,000 5.54 11,277 5.38 1,211,277 39,789 4.34 1,251,066 5.50 2019 —274,956 450,000 3.95 3,839 —728,795 16,487 3.63 745,282 3.25 Bank Line of Credit(1)Term Loan(2) Amounts Rates %(3) Consolidated Amounts Rates %(3)Debt Amounts(4) Rates %(3) Amounts Rates %(3) 2017(5)$ —$ — $ 250,000 5.72 $ 2,604 —$ 252,604 $ 33,358 3.71 $ 285,962 5.43

Indebtedness and Ratios As of March 31, 2017, 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 72,138 1 3.75% 2.3 Unsecured Fixed rate 7,474,956 90 4.26% 6.0 Combined $ 7,967,377 96 4.10% 5.7 Floating rate 564,559 7 1.92% 1.2 Other debt(1) 276,561 Total Debt $ 8,493,695 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 3.5x 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 JVs. 8 Fitch BBB (Stable) Moody’sBaa2 (Stable) Unsecured Leverage Ratio No greater than 60%50% Requirement Actual Compliance Leverage Ratio No greater than 60%45% (Discounts), premiums and debt costs, net (59,594) Combined$ 8,276,728 100 4.10% 5.9 Total Fixed rate 7,712,169 93 4.26% 6.2 Floating rate 492,421 6 1.65% 1.0 Combined$ 309,351 4 4.10% 11.3 Secured Fixed rate $ 237,213 3 4.21% 14.1

Fundings & Dispositions Investment Summary For the quarter ended March 31, 2017, dollars and square feet in thousands INVESTMENT SUMMARY Three Months Ended March 31, 2017 Description Redevelopment fundings 5,100 Total $ 59,931 DISPOSITIONS(1) Trailing Yield(2) Property Count NOI Cash NOI Date Capacity Property Type Sales Price Salt Lake City, UT January 324 Sq. Ft. 4 Life Science $ 75,750 RIDEA II sale of partnership interest(3) January N/A N/A SHOP 3 6 3,20 0 Various Brookdale March 5,967 Units 64 Senior Housing 1,125,000 (1) In March 2017, the Company also sold its Four Seasons Health Care debt investments generating total proceeds of £112 million ($136 million), consisting of £29 million ($35 million) related to a senior secured term loan yielding 5.7%, and £83 million ($101 million) related to senior notes that were on cost recovery. The disposition of the senior notes generated a £42 million ($51 million) gain on sale, net as the sales price was above the previously impaired carrying value of £41 million ($50 million). (2) Represents the average yield using NOI and Cash NOI for the 12-month period ended prior to the disposal date. (3) The sale of a 40% interest in the RIDEA II portfolio generated $480 million of proceeds, which included refinancing proceeds. 9 70 $ 1,609,626 8.1%7.9% Palm Beach Gardens, FLFebruary 199 Beds 1 Hospital 43,426 Memphis, TNJanuary 130 Units 1SHOP2,250 Wholly-Owned Loan fundings15,000 Development fundings $ 39,831

Developments As of March 31, 2017, dollars and square feet in thousands DEVELOPMENT PROJECTS IN PROCESS Placed in Service(1) Construction in Progress (“CIP”) Cost to Complete Total at Completion Name of Project MSA Segment Pearland II Houston, TX Medical office $ 5,400 $ 10,415 $ 2,985 $ 18,800 Cypress Houston, TX Medical office 16,573 14,183 9,450 40,206 Woodlands Plaza IV Houston, TX Medical office — 21,555 15,495 37,050 Ridgeview San Diego, CA Life science — 31,695 30,305 62,000 Medical City Dallas Garage Dallas, TX Medical office — 832 15,468 16,300 Projected weighted average stabilized yield on development projects over respective market cap rates: 150 — 200 bps Project Capacity Placed in Service/ Occupied Sq. Ft. Under Construction % of Total Project Leased Actual/Estimated Occupancy Health System Affiliate Total Project Unit of Measure Project Start Initial Stabilized Pearland II Memorial Hermann 25 72 97 Sq. Ft. 69 2Q14 1Q16 3Q18 Cypress Memorial Hermann 62 103 165 Sq. Ft. 41 1Q15 1Q16 3Q18 Woodlands Plaza IV Memorial Hermann — 170 170 Sq. Ft. 100 1Q16 2Q17 2Q18 Ridgeview N/A — 301 301 Sq. Ft. 50 2Q16 2Q18 1Q19 Medical City Dallas Garage HCA — 240 258 1,683 258 1,923 Sq. Ft. N/A 60 1Q17 N/A N/A (1) Cash NOI for assets placed in service was $1.6 million for the three months ended March 31, 2017. (2) Project costs placed in service relate to 114,000 square feet of lab space and 32,000 square feet of amenity space. 10 The Cove at Oyster Point - Phase IIIN/A —336 336 Sq. Ft. —4Q16 4Q18 4Q19 The Cove at Oyster Point - Phase IIN/A —231 231 Sq. Ft. 100 1Q16 4Q17 1Q18 The Cove at Oyster Point - Phase IN/A 114(2) 133 247 Sq. Ft. 100 1Q15 3Q16 4Q17 Sky Ridge HCA 39 79 118 Sq. Ft. 54 3Q14 1Q16 2Q18 Wholly-Owned $ 143,189 $ 330,093 $ 361,022 $ 834,304 The Cove at Oyster Point - Phase IIISan Francisco, CA Life science —26,528 184,583 211,111 The Cove at Oyster Point - Phase IISan Francisco, CA Life science —136,462 84,024 220,486 The Cove at Oyster Point - Phase ISan Francisco, CA Life science 103,524(2) 74,133 13,143 190,800 Sky Ridge Denver, CO Medical office 17,692 14,290 5,569 37,551 Wholly-Owned

Redevelopments and Land Held for Development As of March 31, 2017, dollars and square feet in thousands REDEVELOPMENT PROJECTS IN PROCESS Placed in Service Costs to Complete Total at Completion Project Start Estimated Completion Name of Project MSA Segment CIP Medical City Dallas Garage Dallas, TX Medical office $ — $ 7,844 $ 1,456 $ 9,300 3Q16 2Q17 Aurora I and II Denver, CO Medical office 970 1,095 6,823 8,888 3Q16 3Q17 Sunrise Tower IV Las Vegas, NV Medical office 308 2,197 3,995 6,500 3Q16 3Q17 $ 2,990 $ 16,286 $ 29,668 $ 48,944 Projected weighted average return on incremental capital invested: 9.0% — 12.0% 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. $ 92,326 The Cove at Oyster Point - Phase IV San Francisco, CA Life science 2 164 Sq. Ft. 11,958 Poway II San Diego, CA Life science 26 465 Sq. Ft. 42,643 Torrey Pines Science Center San Diego, CA Life science 6 93 Sq. Ft. 11,439 Remaining Various Various 13 N/A 4,589 HCP’s Share of Unconsolidated JVs (1) Bressi Ranch II was sold April 2017 for $26.8 million. Waldwick New York, NY SHOP 4 79 Units 2,274 15 220 Units $ 5,306 11 117 $ 257,848 Brandywine Philadelphia, PA SHOP 8 67 Units 797 Oakmont VillageSanta Rosa, CA SHOP 3 74 Units $ 2,235 102 2,076 Sq. Ft. $ 252,542 Directors Place San Diego, CA Life science4 82 Sq. Ft. 6,000 Bressi Ranch II(1) San Diego, CA Life science18 300 Sq. Ft. 26,302 Britannia Modular Labs III San Francisco, CA Life science2 106 Sq. Ft. 10,755 Forbes Research Center San Francisco, CA Life science8 326 Sq. Ft. 46,530 Wholly-Owned One Fannin Houston, TXMedical office 1,169 2,037 4,794 8,000 4Q16 4Q17 Museum Medical Tower Houston, TXMedical office 434 1,409 8,205 10,048 3Q16 3Q17 Yorktown Washington, DCMedical office 109 1,704 4,395 6,208 3Q16 3Q17 Wholly-Owned

Capital Expenditures First Quarter For the quarter ended March 31, 2017, dollars in thousands except per unit/square foot Senior Housing Triple-net SHOP Life Science Medical Office Other Total Recurring capital expenditures $ 1,306 $ 4,753 $ 1,096 $ 1,838 $ 132 $ 9,125 Lease commissions — — 1,629 3,530 — 5,159 Revenue enhancing capital expenditures 6,564 5,026(2) 251 370 — 12,211 Tenant improvements - 1st generation — — 3,808 5,210 — 9,018 Redevelopment — — 130 4,970 — 5,100 Total capital expenditures $ 7,870 $ 9,659 $ 47,787 $ 26,742 $ 132 $ 92,190 HCP’s Share of Unconsolidated JVs Tenant improvements - 2nd generation — — — — — — Total recurring capital expenditures $ — $ 1,173 $ 27 $ 8 $ — $ 1,208 ICE(3) — 5 — — — 5 Development — 226 — — — 226 Total capital expenditures $ — $ 4,163 $ 86 $ 8 $ — $ 4,257 Total including unconsolidated JVs $ 7,870 $ 13,822 $ 47,873 $ 26,750 $ 132 $ 96,447 $315 per Unit $0.16 per Sq. Ft. $0.10 per Sq. Ft. Recurring capital expenditures per unit/sq. ft.(5) NM NM (1) Includes $0.6 million attributable to non-controlling interests. (2) Revenue enhancing capital expenditures for SHOP are $412 per unit. The per unit based on majority type is $267, $398 and $716 for independent living (“IL”), assisted living (“AL”) and CCRC, respectively. (3) Expenditures required to bring a newly acquired property up to standard. The expenditures are typically identified during underwriting and incurred within the first year of ownership. (4) Net credits relate to other adjustments. (5) Recurring capital expenditures for SHOP are $315 per unit. The per unit based on majority type is $274, $281, and $368 for CCRC, IL and AL, respectively. 12 Capitalized interest —20 ———20 Tenant improvements - 1st generation ——59 ——59 Revenue enhancing capital expenditures —2,739 ———2,739 Lease commissions——16 5 —21 Recurring capital expenditures $ —$ 1,173 $ 11 $ 3 $ —$ 1,187 Capitalized interest —41 2,392 657 —3,090 Development —(337)(4) 35,927 4,015 —39,605 Initial Capital Expenditures (“ICE”)(3) —176 136 161 —473 Total recurring capital expenditures$ 1,306 $ 4,753(1) $ 5,143 $ 11,359 $ 132 $ 22,693 Tenant improvements - 2nd generation ——2,418 5,991 —8,409 Wholly-Owned

Portfolio Diversification MSA As of and for the quarter ended March 31, 2017, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs CASH NOI AND INTEREST INCOME BY MSA(1) Senior Housing Triple-net Life Science Medical Office % of Total MSA Properties SHOP Other Total Dallas, TX 42 4,847 1,630 — 8,593 7,353 22,423 6 San Diego, CA 37 767 613 13,963 2,087 — 17,430 5 Los Angeles, CA 13 4,244 1,557 — 1,278 3,589 10,668 3 Washington, DC 20 6,679 2,350 — 903 — 9,932 3 Seattle, WA 13 2,665 — — 6,459 — 9,124 3 Cash NOI 801 $ 97,084 $ 66,034 $ 69,315 $ 72,885 $ 28,022 $ 333,340 95 Total 801 $ 97,084 $ 66,034 $ 69,315 $ 72,885 $ 46,353 $ 351,671 100 (1) Cash NOI includes assets sold in the quarter. 13 Interest income —————18,331 18,331 5 Remaining 503 66,521 35,353 12,018 37,131 15,659 166,682 47 Miami, FL25 1,070 5,584 —2,135 1,093 9,882 3 Tampa, FL11 1,687 7,877 —392 —9,956 3 Denver, CO 22 3,656 4,405 —4,520 —12,581 4 Houston, TX39 2,465 6,665 —8,636 328 18,094 5 San Francisco, CA 76 $ 2,483 $ —$ 43,334 $ 751 $ —$ 46,568 13

Portfolio Diversification Operator/Tenant As of and for the quarter ended March 31, 2017, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs CASH NOI AND INTEREST INCOME BY OPERATOR/TENANT(1) Tenant/Credit Exposure SHOP/Operator Exposure % of Total Cash NOI and Interest Income % of Total Cash NOI and Interest Income Senior Housing Triple-net Property Count Life Science Medical Office Property Count Operator/Tenant Other Total SHOP Sunrise Senior Living 48 21,848 — — — 21,848 6 — — — HC-One 36 — — — 11,249 11,249 3 — — — Hospital Corporation of America 7 — — 1,152 5,930 7,082 2 — — — 648 $ 97,084 $ 69,315 $ 72,885 $ 46,353 $ 285,637 81 153 $ 66,034 19 CASH NOI AND INTEREST INCOME BY OPERATOR/TENANT - PRO FORMA FOR BROOKDALE TRANSACTIONS(2) Tenant/Credit Exposure SHOP/Operator Exposure % of Total Cash NOI and Interest Income % of Total Cash NOI and Interest Income Senior Housing Triple-net Property Count Life Science Medical Office Property Count Operator/Tenant Other Total SHOP Sunrise Senior Living 48 21,848 — — — 21,848 7 — — — HC-One 36 — — — 11,249 11,249 3 — — — Hospital Corporation of America 7 — — 1,152 5,930 7,082 2 — — — 626 $ 71,928 $ 69,315 $ 72,885 $ 46,353 $ 260,481 80 153 $ 64,268 20 (1) Cash NOI includes assets sold in the quarter. (2) Brookdale exposure is pro forma to exclude the Cash NOI for 64 properties sold in March 2017, the previously announced planned sale or transition of 25 triple-net assets and the sale of a 40% interest in RIDEA II that closed in January 2017. 14 Remaining 450 18,842 56,818 71,733 21,669 169,062 53 29 6,934 2 Tandem Consulate Health Care ————7,505 7,505 2 ——— Amgen 7 —12,497 ——12,497 4 ——— Brookdale(2) 78 $ 31,238 $ —$ —$ —$ 31,238 9 124 $ 57,334 18 Remaining 447 18,618 56,818 71,733 21,669 168,838 48 29 6,934 2 Tandem Consulate Health Care ————7,505 7,505 2 ——— Amgen 7 —12,497 ——12,497 4 ——— Brookdale 103 $ 56,618 $ —$ —$ —$ 56,618 16 124 $ 59,100 17

Same Property Portfolio As of March 31, 2017, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs THREE-MONTH SPP SHOP 123 2,941,501 84 88.1% 89.4% 2.9% 2.9% 88.1% 88.7% 3.2% 3.2% Medical office 217 3,327,277 86 92.3% 92.0% 3.2% 4.4% 92.3% 92.3% (0.3%) 0.4% Total Portfolio 740 $ 14,458,009 92 2.6% 4.0% 0.5% 0.4% Plano Pediatrics A Plano, TX 2159 Other 79 913,859 98 N/A N/A 2.1%0.5%N/A N/A 2.0%2.4% Life science 117 3,496,026 96 97.3% 97.8% 4.0%4.7%97.3% 97.3% 2.3%4.0% Percent of Property Property Count Investment Portfolio Year-Over-Year Sequential Occupancy Growth Occupancy Growth 1Q17 1Q16 NOI Cash NOI 1Q17 4Q16 NOI Cash NOI Senior housing triple-net204 $ 3,779,346 98 86.5% 87.0% 0.7%5.1%86.5% 86.8% (2.5%)(5.1%)

Expirations and Maturities(1) As of March 31, 2017, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs EXCLUDES PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent Senior Housing Triple-net Life Science Medical Office Interest Income Year Total % of Total Other 2018 177,880 15 25,897 63,811 54,854 982 32,336 2020 121,303 10 38,574 21,111 52,479 8,375 764 2022 62,401 5 1,476 20,300 26,612 13,107 906 2024 53,155 5 19,260 3,465 15,357 15,073 — 2026 30,351 3 5,599 5,788 18,964 — — $ 1,160,824 100 $ 315,657 $ 287,419 $ 380,838 $ 104,026 $ 72,884 6.0 8.9 4.3 4.2 8.6 2.8 REFLECTS PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent Senior Housing Triple-net Life Science Medical Office Interest Income(3) Year Total % of Total Other 2018 145,032 12 25,897 63,811 53,413 982 929 2020 125,027 11 38,574 26,955 51,123 8,375 — 2022 60,778 5 1,476 20,300 24,989 13,107 906 (1) Excludes assets sold in the quarter. (2) Includes month-to-month and holdover leases. (3) Reflects the earliest point at which there is no prepayment penalty. 2024 39,114 3 19,260 3,465 15,158 1,231 — 2026 21,617 2 5,599 5,788 10,230 — — $ 1,160,824 100 $ 315,657 $ 287,419 $ 380,838 $ 104,026 $ 72,884 16 Thereafter 219,209 20 146,829 13,806 23,257 35,317 — 2025 79,887 7 9,602 18,470 29,952 21,863 — 2023 97,644 8 43,494 42,122 12,028 —— 2021 105,669 9 9,901 44,658 48,105 1,861 1,144 2019 98,120 8 2,238 18,766 45,766 21,290 10,060 2017(2) $ 168,727 15 $ 12,787 $ 29,278 $ 66,817 $ —$ 59,845 Weighted average maturity in years Thereafter 225,118 20 146,829 19,650 23,322 35,317 — 2025 79,117 7 9,602 18,470 29,182 21,863 — 2023 109,341 9 43,494 42,122 14,430 —9,295 2021 95,246 8 9,901 44,658 36,752 1,861 2,074 2019 104,794 9 2,238 18,766 48,833 7,448 27,509 2017(2) $ 102,118 9 $ 12,787 $ 29,278 $ 60,053 $ —$ —

Triple-Net Master Lease Profile(1) INVESTMENT TYPE Senior Housing Other No Corporate Guaranty Share of HCP Cash NOI and Interest Income % 0.3% 1.2% 1.9% 0.1% 1.0% 0.9% 0.3% 1.2% 0.6% 0.4% 1.2% 0.6% 0.2% 2158 0 2 4 6 8 10 12 14 16 TERM (YEARS TO EXPIRATION) % of HCP Cash NOI and Interest Income Weighted Average Maturity in Years EBITDAR CFC # of Leases Guaranty(2) (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 properties sold in the quarter and master leases with properties acquired during the period required to calculate CFC. (2) Percentage of Cash NOI (excluding Cash NOI from assets sold in the quarter) supported by a corporate guaranty. 1.00x - 1.25x 15.5 14 7.9 77.4% 1.51x and above 3.6 5 7.2 100.0% 17 EBITDAR CFC (TRAILING 12 MONTHS ENDED 12/31/2016) 0.50x 0.75x 1.00x 1.25x 1.50x 1.75x 2.00x 2.25x 132.0.500xx 1.26x - 1.50x 3.1 3 15.6 64.5% Less than 1.0x 2.4 4 9.3 33.3% 1.7% 0.5% 1.0% 0.1% 0.3% 1.1% 0.8% 1.2% 0.3% 0.6% 6.4%0.1% 0.6%

Senior Housing Triple-net As of and for the quarter ended March 31, 2017, dollars in thousands, except REVPOR Property Count Cash NOI Occupancy % EBITDARM CFC EBITDAR CFC Property Portfolio Investment Units REVPOR Assisted living 147 $ 2,218,020 $ 59,427 11,526 86.4 $ 5,402 1.33x 1.13x CCRC 9 455,426 11,257 2,462 85.2 5,865 1.29x 1.08x AL 27 627,937 9,390 3,123 84.9 7,009 1.33x 1.02x Properties Harbor Retirement Associates 212,212 4,585 14 100 1,346 76.1 5,865 1.37x 1.16x Capital Senior Living 181,988 4,295 15 100 1,506 84.8 3,260 1.20x 1.05x Subtotal excluding Brookdale $ 2,220,328 $ 40,466 106 91 10,468 84.8 $ 6,242 1.30x 1.07x (1) Cash NOI for Brookdale includes $22.6 million related to 64 properties that were sold in March 2017. All other metrics presented, including EBITDAR CFC, exclude sold properties. (2) Excluding the previously announced planned sale or transition of 25 properties and reflecting the November 2016 reallocated, annualized rents, the EBITDAR CFC for Brookdale is approximately 1.2x and total senior housing triple net increases 1 - 2 basis points. 18 Total $ 3,856,908 $ 97,084 209 94 20,559 86.4 $ 5,430 1.32x 1.11x Remaining 289,112 5,340 19 63 1,366 81.2 5,159 0.95x 0.81x Aegis Senior Living 182,152 4,398 10 80 701 91.0 7,979 1.29x 1.12x Sunrise Senior Living 1,354,864 21,848 48 98 5,549 88.2 7,107 1.37x 1.10x Cash Operator Investment NOI Count % Pooled Occupancy EBITDARMEBITDAR Units %REVPORCFCCFC(2) Brookdale(1) $ 1,636,580 $ 56,618 103 97 10,091 87.2 $ 4,609 1.34x 1.16x Total 209 $ 3,856,908 $ 97,084 20,559 86.4 $ 5,430 1.32x 1.11x Direct Financing Leases: Independent living 26 555,525 17,010 3,448 88.3 3,849 1.29x 1.14x Operating Leases:(1)

Senior Housing Triple-net Same Property Portfolio Dollars in thousands, except REVPOR 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 3,747,952 $ 3,753,920 $ 3,763,519 $ 3,772,237 $ 3,779,346 Occupancy % 87.0 86.6 86.7 86.8 86.5 EBITDARM CFC 1.35x 1.34x 1.34x 1.33x 1.32x NOI: Operating expenses (174) (169) (168) 273 (155) Cash NOI: $ 70,192 $ 74,192 $ 74,078 $ 77,701 $ 73,755 19 Year-Over-Year Three-Month SPP Growth 5.1% Non-cash adjustments to NOI (4,590) (1,200) (118) 493 (1,515) $ 74,782 $ 75,392 $ 74,196 $ 77,208 $ 75,270 Total revenues $ 74,956 $ 75,561 $ 74,364 $ 76,935 $ 75,425 EBITDAR CFC1.14x 1.13x 1.12x 1.12x 1.11x REVPOR$ 5,300 $ 5,447 $ 5,448 $ 5,458 $ 5,449 Units 20,180 20,179 20,181 20,163 20,161 Property count 204 204 204 204 204

Senior Housing Triple-net New Supply - Assisted Living As of and for the quarter ended March 31, 2017, dollars in thousands NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) % of Triple-net Cash NOI Cash NOI Exposed to New Supply(2)(4) 5-Year 80+ Population Growth % 2016-2021 Properties/ Units Under Construction(3) 75+ Penetration Rate % Qualified Care Giver % Median Household Income Cash NOI(2) Affordability (in years) 75+ Median Net Worth Unemployment % MSA Units New York, NY 1,148 $ 5,541 7.5 5 / 505 $ 1,657 7.9 1.7 4.9 82 3.4 195 5.3 Seattle, WA 513 2,665 3.6 1 / 60 1,211 9.8 5.9 7.6 81 5.7 248 6.5 384 2,325 3.1 — / — — 7.0 3.0 5.2 68 4.0 236 5.6 Los Angeles, CA Charlotte, NC 642 2,025 2.7 1 / 46 227 15.8 8.0 5.6 59 8.9 219 5.9 Baltimore, MD 293 1,554 2.1 — / — — 12.6 3.9 7.2 83 4.2 221 5.3 Detroit, MI 330 1,219 1.6 3 / 389 284 8.0 4.0 7.3 69 6.6 234 5.1 Riverside, CA 287 1,122 1.5 1 / 11 187 15.9 3.7 5.7 73 11.6 242 6.9 Santa Rosa, CA 161 979 1.3 1 / 64 979 8.0 3.7 5.0 60 3.3 207 6.6 Philadelphia, PA 186 776 1.0 — / — — 5.2 5.4 8.4 80 10.9 250 4.2 Denver, CO 178 710 1.0 3 / 402 710 20.4 6.7 8.4 77 4.1 250 2.1 Remaining 6,622 18,407 24.7 4 / 293 1,058 9.8 4.1 4.7 56 6.7 220 6.0 % of Total Cash NOI and Interest Income(2) 3.4% (1) Demographic data provided by Environmental Systems Research (“ESRI”) for 2016. Construction and supply data provided by National Investment Center for Senior Housing and Care (“NIC”) for the quarter ended March 31, 2017. Data reflects a 5-mile radius around each community and is weighted by Cash NOI. See Glossary for further discussion. (2) Cash NOI excludes $16.3 million related to the AL component of the 64 Brookdale properties sold in the quarter and Total Cash NOI and interest income excludes $22.6 million related to the same portfolio. (3) Represents the number of properties and units with similar care types that are under construction. (4) Represents the Company’s Cash NOI exposed to new construction and material expansions. 20 Total 14,649 $ 52,483 70.5 34 / 3,193 $ 11,312 9.5 3.9 6.0 $ 69 6.1 $ 225 5.3 Jacksonville, FL169 661 0.9 — / ——20.5 6.1 4.9 54 8.1 237 4.4 San Diego, CA 116 767 1.0 — / ——5.9 9.0 4.8 59 7.6 235 5.3 St. Louis, MO 152 910 1.2 2 / 137 910 1.6 2.8 5.7 60 3.4 222 4.7 Houston, TX308 1,042 1.4 1 / 78 361 24.1 5.2 6.5 77 >15 250 4.1 Dallas, TX401 1,166 1.6 1 / 168711 15.8 6.9 6.2 65 >15 245 4.2 Chicago, IL351 1,498 2.0 5 / 372 1,498 8.5 3.8 8.5 85 6.1 250 5.2 Atlanta, GA 678 1,813 2.4 2 / 132148 13.2 6.6 6.5 67 12.6 214 4.0 Portland, OR762 2,039 2.7 2 / 276 696 10.2 7.7 5.6 63 >15 196 5.4 San Francisco, CA 359 2,483 3.4 — / ——11.5 5.9 7.1 80 5.5 250 6.0 Washington, DC 609 2,781 3.8 2 / 260 675 11.9 3.4 9.0 101 6.8 250 3.6 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 March 31, 2017, dollars in thousands NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) % of Triple-net Cash NOI Cash NOI Exposed to New Supply(2)(4) Properties/ Units Under Construction(3) 5-Year 75+ Population Growth % 75+ Penetration Rate % Qualified Care Giver % Median Household Income Cash NOI(2) Affordability (in years) 75+ Median Net Worth Unemployment % MSA Units Washington, DC 788 $ 3,898 5.2 1 / 212 $ 492 22.8 5.3 13.6 101 >15 250 3.3 Philadelphia, PA 542 1,820 2.4 — / — — 9.7 4.6 14.5 51 4.2 190 7.8 Denver, CO 236 1,350 1.8 1 / 53 1,350 19.7 8.0 4.3 51 4.3 160 2.8 Dallas, TX 445 1,091 1.5 — / — — 19.8 7.1 4.5 58 >15 233 5.2 Tucson, AZ 282 887 1.2 — / — — 17.2 13.1 6.1 53 7.5 219 5.5 1,863 6,160 8.3 4 / 651 1,335 12.3 2.9 4.3 59 >15 234 7.0 Remaining % of Total Cash NOI and Interest Income(2) 1.0% (1) Demographic data provided by ESRI for 2016. Construction and supply data provided by NIC for the quarter ended March 31, 2017. Data reflects a 5-mile radius (10-mile for Entrance Fee CCRCs) around each community and is weighted by Cash NOI. See Glossary for further discussion. (2) Cash NOI excludes $6.3 million related to the IL component of the 64 Brookdale properties sold in the quarter and Total Cash NOI and interest income excludes $22.6 million related to the same portfolio. (3) Represents the number of properties and units with similar care types that are under construction. (4) Represents the Company’s Cash NOI exposed to new construction and material expansions. 21 Total 5,910 $ 21,965 29.5 6 / 916 $ 3,177 14.9 4.9 10.3 $ 63 9.8 $ 212 5.6 Portland, OR406 880 1.2 — / ——11.4 4.6 4.2 52 >15 172 6.1 Sebastian, FL213 981 1.3 — / ——12.8 1.1 3.7 45 >15 240 10.2 Jacksonville, FL317 1,251 1.7 — / ——14.6 6.3 3.8 51 10.2 181 6.1 Austin, TX269 1,500 2.0 — / ——23.2 7.3 4.7 51 3.6 221 3.6 Providence, RI549 2,147 2.9 — / ——10.1 3.3 5.1 56 3.3 138 6.3 US National Average16.2 5.9 4.5 $ 54 N/A $ 206 5.9

SHOP As of and for the quarter ended March 31, 2017, dollars in thousands, except REVPOR Property Count Cash NOI Occupancy % Investment Units REVPOR AL 48 $ 925,659 $ 18,823 4,858 86.2 $ 4,486 CCRC 1 25,992 1,231 244 91.5 7,323 HCP’s Share of Unconsolidated JVs IL 6 72,933 866 724 97.0 3,247 72 $ 1,169,522 $ 20,341 13,425 85.6 $ 5,287 Operator(1) Atria Senior Living 7 137,321 3,307 1,040 91.8 3,860 MBK Senior Living 5 86,560 1,429 640 94.3 4,312 Total 153 $ 3,481,155 $ 66,034 25,472 87.6 $ 4,415 (1) Includes HCP’s pro rata share of unconsolidated JVs. 22 Remaining 10 114,585 (349) 826 73.0 4,071 Senior Lifestyle Corp. 7 191,116 2,547 640 82.0 5,504 Brookdale 124 $ 2,951,573 $ 59,100 22,326 88.0 $ 4,418 Total 153 $ 3,481,155 $ 66,034 25,472 87.6 $ 4,415 CCRC16 711,604 13,486 7,440 85.5 5,374 AL50 $ 384,985 $ 5,989 5,261 84.3 $ 5,442 81 $ 2,311,633 $ 45,693 12,047 88.6 $ 3,987 IL32 1,359,982 25,639 6,945 90.2 3,530 Wholly-Owned

SHOP MSA As of and for the quarter ended March 31, 2017, dollars in thousands, except REVPOR, includes HCP’s pro rata share of unconsolidated JVs OPERATING PORTFOLIO METRICS Units(1) REVPOR(1) % of Cash NOI MSA Investment Cash NOI AL IL CCRC Occupancy % AL IL CCRC Houston, TX 376,988 6,665 10.1 87 1,834 449 89.7 5,786 2,526 6,779 Denver, CO 292,456 4,405 6.7 154 702 — 95.3 3,973 4,368 — Sarasota, FL 149,386 2,356 3.6 259 164 745 78.5 4,185 5,075 5,128 Orlando, FL 109,134 2,167 3.3 232 — 1,008 78.3 4,255 — 5,618 Dallas, TX 79,642 1,630 2.5 453 257 — 90.0 3,824 2,128 — Punta Gorda, FL 36,999 1,485 2.2 — — 661 82.3 — — 5,571 Richmond, VA 69,288 1,436 2.2 303 — — 88.2 5,294 — — Philadelphia, PA 62,813 1,288 2.0 — — 435 92.9 — — 5,716 Phoenix, AZ 41,572 1,230 1.9 — 211 — 91.3 — 3,922 — Memphis, TN 77,115 1,001 1.5 230 — — 95.4 5,310 — _ Total $ 3,481,155 $ 66,034 100.0 10,119 7,669 7,684 87.6 $ 4,772 $ 3,518 $ 5,505 (1) Units and REVPOR are based on the majority type within each community. AL includes needs-based care such as memory care. 23 Remaining 778,576 14,623 21.9 4,842 1,568 1,710 86.8 4,449 3,694 4,495 Riverside, CA 48,991 1,219 1.8 316 183 —91.5 4,936 3,559 — Austin, TX48,824 1,252 1.9 276 ——95.9 5,739 —— Jacksonville, FL90,839 1,348 2.0 ——540 83.1 ——7,140 Providence, RI81,540 1,460 2.2 191 413 —82.8 4,959 3,818 — Los Angeles, CA 54,015 1,557 2.4 445 ——93.4 5,930 —— Baltimore, MD120,948 1,884 2.9 522 ——83.7 5,580 —— Washington, DC135,995 2,350 3.6 541 ——86.8 5,947 —— Chicago, IL228,731 3,217 4.9 350 948 —86.3 6,434 3,756 — Miami, FL276,796 5,584 8.5 736 963 —87.8 4,355 3,999 — Tampa, FL$ 320,507 $ 7,877 11.9 182 426 2,136 90.7 $ 4,059 $ 3,699 $ 5,466

SHOP Trend Dollars in thousands, except REVPOR, includes HCP’s pro rata share of unconsolidated JVs TOTAL OPERATING PORTFOLIO 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 3,542,464 $ 3,539,673 $ 3,831,503 $ 3,986,662 $ 3,481,155 Occupancy %(1) 88.1 87.5 88.2 87.8 87.6 NOI: Operating expenses (156,091) (157,917) (163,965) (171,468) (154,066) Cash NOI: $ 66,981 $ 64,676 $ 62,355 $ 71,717 $ 66,034 (1) Restated to reflect our pro rata share of unconsolidated JVs. 24 Cash NOI Margin %30.0 29.1 27.6 29.5 30.0 Non-refundable Entrance Fees, net $ 5,032 $ 5,537 $ 4,608 $ 4,900 $ 3,508 $ 61,949 $ 59,139 $ 57,747 $ 66,817 $ 62,526 Total revenues $ 218,040 $ 217,056 $ 221,712 $ 238,285 $ 216,592 REVPOR(1)$ 4,272 $ 4,295 $ 4,319 $ 4,350 $ 4,415 Units 23,430 23,237 24,440 25,407 25,472 Property count 131 130 143 152 153

SHOP Same Property Portfolio(1)(2) Dollars in thousands, except REVPOR, includes HCP’s pro rata share of unconsolidated JVs SAME PROPERTY PORTFOLIO TREND 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 2,874,890 $ 2,892,100 $ 2,912,330 $ 2,930,309 $ 2,941,501 Occupancy % 89.4 88.7 88.9 88.7 88.1 NOI and Cash NOI: Operating expenses (119,179) (119,248) (122,036) (118,657) (120,912) NOI Margin % 29.0 28.2 26.7 29.1 29.3 SAME PROPERTY PORTFOLIO CASH NOI BY TYPE(3) Year-Over-Year Three-Month SPP Growth 1Q16 2Q16 3Q16 4Q16 1Q17 IL 25,000 24,444 23,620 24,730 25,443 1.8% Total $ 48,751 $ 46,908 $ 44,340 $ 48,594 $ 50,154 2.9% (1) Excludes non-refundable cash Entrance Fees and related activity such as deferred expenses, amortization, reserves and management fees related to Entrance Fees. (2) Reflects the January 2017 sale of a 40% interest in RIDEA II as if it occurred January 1, 2016. (3) Types are based on majority care type. 25 CCRC6,727 6,083 5,417 7,438 7,177 6.7% AL$ 17,024 $ 16,381 $ 15,303 $ 16,426 $ 17,534 3.0% Year-Over-Year Three-Month SPP Growth 2.9% $ 48,751 $ 46,908 $ 44,340 $ 48,594 $ 50,154 Total revenues $ 167,930 $ 166,156 $ 166,376 $ 167,251 $ 171,066 REVPOR$ 4,147 $ 4,137 $ 4,132 $ 4,163 $ 4,292 Units 22,188 22,141 22,140 22,159 22,130 Property count 123 123 123 123 123

SHOP New Supply - Assisted Living As of and for the quarter ended March 31, 2017, 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 % MSA Units Cash NOI Washington, DC 541 $ 2,350 3.6 1 / 66 $ 505 11.4 2.8 8.6 100 9.9 250 3.4 Miami, FL 736 1,611 2.4 2 / 224 177 6.8 3.5 3.3 47 8.9 222 8.3 Richmond, VA 303 1,436 2.2 3 / 183 1,436 6.6 15.2 8.0 80 13.0 242 3.4 Austin, TX 276 1,252 1.9 1 / 206 521 15.6 8.7 5.4 55 5.7 199 3.7 Cincinnati, OH 341 935 1.4 — / — — 3.2 4.3 4.4 52 12.8 208 5.7 Tampa, FL 182 667 1.0 — / — — 8.5 6.1 4.6 47 9.9 181 5.7 San Diego, CA 318 613 0.9 2 / 128 613 10.7 4.8 7.7 99 5.5 250 4.8 Houston, TX 87 576 0.9 — / — — 24.2 5.6 7.2 82 10.8 250 4.2 Sebastian, FL 104 548 0.8 — / — — 7.0 4.5 3.5 45 11.4 226 10.1 Ventura, CA 159 526 0.8 1 / 130 526 11.7 5.7 8.9 97 4.4 250 5.0 Remaining 4,286 4,926 7.6 9 / 1,130 503 8.3 3.9 4.8 67 10.0 212 5.9 % of Total Cash NOI and Interest Income(4) 2.3% (1) Demographic data provided by ESRI for 2016. Construction and supply data provided by NIC for the quarter ended March 31, 2017. Data reflects a 5-mile radius around each community and is weighted by Cash NOI. See Glossary for further discussion. (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 material expansions. (4) Total Cash NOI and interest income excludes $22.6 million related to 64 Brookdale properties sold in the quarter. 26 Total 10,119 $ 24,812 37.8 30 / 3,202 $ 7,547 9.2 4.4 5.7 $ 68 9.5 $ 233 5.3 New York, NY120 484 0.7 — / ——4.3 2.2 6.3 68 7.1 250 4.1 Providence, RI191 530 0.8 — / ——1.8 4.9 4.7 53 4.0 144 6.3 Albuquerque, NM 180 566 0.9 1 / 12058 2.6 1.6 3.0 38 9.1 182 7.9 Sarasota, FL259 579 0.9 3 / 202 579 11.4 4.5 3.5 49 >15 248 6.0 Denver, CO 154 622 0.9 1 / 74 622 14.6 5.2 4.3 51 13.4 191 3.0 Orlando, FL232 836 1.3 — / ——10.2 7.3 4.5 52 12.8 208 5.9 Memphis, TN230 1,013 1.5 1 / 180 956 11.4 4.8 6.8 68 12.8 250 5.1 Dallas, TX453 1,301 2.0 4 / 358 703 12.4 4.8 5.0 57 >15 228 4.8 Los Angeles, CA 445 1,557 2.4 1 / 201 348 17.4 3.8 7.6 90 9.4 250 5.3 Baltimore, MD522 1,884 2.9 — / ——5.8 3.1 6.0 73 8.6 226 5.9 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 March 31, 2017, 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 % MSA Units Cash NOI Tampa, FL 2,562 $ 7,209 10.9 — / — $ — 14.5 3.5 13.5 49 7.4 209 5.7 Miami, FL 963 3,974 6.0 1 / 320 444 16.4 2.5 3.6 50 >15 224 8.4 Chicago, IL 948 3,135 4.7 2 / 282 2,128 12.7 4.9 7.9 84 >15 242 6.0 Punta Gorda, FL 661 1,485 2.2 — / — — 22.0 7.3 14.6 49 7.3 250 7.7 Orlando, FL 1,008 1,331 2.0 — / — — 40.4 3.3 13.4 45 7.5 250 6.9 Remaining 4,342 9,787 14.7 1 / 128 1,230 12.6 5.1 6.0 55 >15 217 5.8 % of Total Cash NOI and Interest Income(4) 2.7% (1) Demographic data provided by ESRI for 2016. Construction and supply data provided by NIC for the quarter ended March 31, 2017. Data reflects a 5-mile radius (10-mile for Entrance Fee CCRCs) around each community and is weighted by Cash NOI. See Glossary for further discussion. (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 material expansions. (4) Total Cash NOI and interest income excludes $22.6 million related to 64 Brookdale properties sold in the quarter. 27 Total 15,353 $41,222 62.2 8 / 1,323 $ 8,999 17.0 5.0 8.2 $ 59 13.4 $ 230 5.4 Philadelphia, PA435 1,288 2.0 — / ——19.9 8.8 16.2 101 9.2 250 4.2 Jacksonville, FL540 1,364 2.1 — / ——18.1 8.4 14.7 54 4.8 237 5.8 Sarasota, FL909 1,777 2.7 — / ——16.5 5.7 8.0 48 9.3 250 5.5 Denver, CO 702 3,783 5.7 2 / 194 2,205 16.7 5.7 4.8 55 13.2 233 2.9 Houston, TX2,283 6,089 9.2 2 / 399 2,992 24.0 8.4 6.8 72 >15 249 4.6 US National Average16.2 5.9 4.5 $ 54 N/A $ 206 5.9

Life Science As of and for the quarter ended March 31, 2017, 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 81 2,665,148 $ 50,981 4,505 97.6 $ Remaining 8 153,142 3,564 512 100.0 HCP’s Share of Unconsolidated JVs San Francisco, CA 2 41,363 807 147 100.0 Total 120 $ 3,651,255 $ 69,315 7,220 96.5 SAME PROPERTY PORTFOLIO 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 3,467,503 $ 3,478,861 $ 3,484,482 $ 3,490,210 $ 3,496,026 Occupancy % 97.8 98.5 97.3 97.3 97.3 Total revenues $ 78,908 $ 81,243 $ 81,461 $ 82,229 $ 82,658 $ 64,506 $ 65,465 $ 65,349 $ 65,584 $ 67,098 Non-cash adjustments to NOI (59) 20 343 (710) 347 Year-Over-Year Three-Month SPP Growth 4.7% 28 $ 64,447 $ 65,485 $ 65,692 $ 64,874 $ 67,445 Cash NOI: Operating expenses (14,402) (15,778) (16,112) (16,645) (15,560) NOI: Square feet 6,971 6,971 6,971 6,970 6,969 Property count 117 117 117 117 117 4 $ 87,973 $ 1,618 278 98.2 San Diego, CA 2 46,610 811 131 96.3 116 $ 3,563,282 $ 67,697 6,942 96.4 San Diego, CA 27 744,992 13,152 1,925 92.7 Wholly-Owned

Life Science As of March 31, 2017, 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 2018 1,264 18 63,811 22 1,166 61,493 62 1,756 36 562 2020 655 9 21,111 7 305 10,362 350 10,749 — — Thereafter 2,977 44 109,795 38 1,631 73,459 870 22,694 476 13,642 TENANT CONCENTRATION ANNUALIZED BASE RENT BY TENANT TYPE University, Government, Research 4% Google 5.3 663 10 26,528 9 AA+ Public Biotech/Medical Device 46% Rigel Pharmaceuticals 0.8 147 2 16,207 6 — Office an R&D 14% Myriad Genetics 8.2 310 4 7,798 3 — General Atomics 14.2 397 6 6,914 2 — harma 19% Private Biotech/Medical Device 17% NuVasive 6.4 145 2 5,364 2 — 4.3 6,968 100 $ 287,419 100 (1) Includes month-to-month and holdover leases. (2) Includes 337,000 square feet and Annualized Base Rent of $20.2 million related to the second tranche of the purchase option exercised by Genentech that is expected to close in July 2018. The first tranche closed in November 2016. 29 Remaining 4.0 3,644 52 128,665 44 Duke University 12.5 166 2 5,844 2 AA+ Takeda 0.9 166 2 7,788 3 A-Exelexis 0.5 246 4 12,041 4 — Genentech(2) 1.3 400 6 22,398 8 AA Remaining Lease Term in Years Leased Square Feet Annualized Base Rent Credit Rating % of AmountTotal % of AmountTotal Amgen 5.5 684 10 $ 47,872 17 A 6,968 100 $ 287,419 100 4,545 $ 213,217 1,911 $ 59,998 512 $ 14,204 2021 789 11 44,658 16 779 44,445 10 213 —— 2019 583 8 18,766 7 322 9,607 261 9,159 —— Leased Square Annualized Year Feet %Base Rent % Square Feet Annualized Base Rent Square Feet Annualized Base Rent Square Annualized Feet Base Rent 2017(1) 700 10 $ 29,278 10 342 $ 13,851 358 $ 15,427 —$ —

Life Science Square feet in thousands, includes unconsolidated JVs LEASING ACTIVITY Leased Square Feet Annualized Base Rent per Sq. Ft. % Change In Cash Rents(1) HCP Tenant Improvements per Sq. Ft. Leasing Costs per Sq. Ft. Average Lease Term (Months) Retention Rate YTD Expirations (81) 34.94 New leases 79 43.60 14.06 6.32 47 (1) Reflects change in cash rents for all renewals. 30 Leased Square Feet as of March 31, 2017 6,968 $ 41.25 Renewals, amendments and extensions 17 46.80 51.2 $ —$ 6.75 36 21.0% Leased Square Feet as of December 31, 2016 6,953 $ 40.19

Medical Office As of and for the quarter ended March 31, 2017, dollars and square feet 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 474,923 8,593 90.5 1,840 34 278 — 2,118 34 12 Philadelphia, PA 325,050 5,136 90.2 705 — 436 90 1,141 90 7 Denver, CO 228,897 4,520 89.5 999 — — 10 999 10 6 Salt Lake City, UT 142,807 3,345 95.8 434 63 154 116 588 179 4 Miami, FL 99,924 2,135 86.1 531 — — 30 531 30 3 Las Vegas, NV 112,396 1,688 82.6 528 — — — 528 — 3 Los Angeles, CA 85,695 1,278 84.1 106 — 174 — 280 — 2 Ogden, UT 67,564 1,210 80.0 321 — 13 68 334 68 2 Washington, DC 57,261 903 80.1 55 29 99 — 154 29 1 San Francisco, CA 41,539 751 100.0 — — — 104 — 104 1 $ 3,861,138 $ 72,885 92.1 11,976 2,947 2,584 714 14,560 3,661 100 (1) Includes 6.3 million square feet subject to ground leases with average expirations of 56 years and renewal options generally ranging from 10 to 25 years. (2) Includes facilities that are off-campus, adjacent (within 0.25 miles of a hospital campus) and anchored (50% or more leased by a health system). 31 Remaining 635,033 9,713 95.0 1,604 1,300 266 123 1,870 1,423 17 Baltimore, MD31,312 785 96.8 —63 38 58 38 121 1 Sacramento, CA 74,270 916 93.8 ——29 92 29 92 1 San Antonio, TX68,747 1,214 85.5 353 ———353 —2 Kansas City, MO 76,689 1,560 97.3 260 ——8 260 8 1 San Diego, CA 108,484 2,087 96.7 —176 155 —155 176 2 Phoenix, AZ168,857 2,995 88.7 519 —208 —727 —4 Louisville, KY215,235 4,406 92.6 669 17 447 15 1,116 32 6 Nashville, TN155,208 4,555 96.0 1,288 10 ——1,288 10 7 Seattle, WA213,777 6,459 99.1 667 ———667 —4 MSA Investment NOI % Multi-tenant Single-tenant Multi-tenant Single-tenant Multi-tenant Single-tenant % of Total Houston, TX$ 477,470 $ 8,636 93.4 1,097 1,255 287 —1,384 1,255 14

Medical Office As of and for the quarter ended March 31, 2017, 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 Community Health Systems, Inc. 4 B2 1,356 140 — 1,496 8.2 8.5 5.1 Norton Healthcare 100 — 686 343 — 1,029 5.6 3.7 3.7 Providence Health & Services 8 Aa3 563 — — 563 3.1 1.7 2.8 Iasis Healthcare Corporation 72 B2 492 — — 492 2.7 1.5 1.4 Non-credit rated 392 240 985 1,617 8.9 — — % of Total 81.9 12.7 5.4 100.0 LEASING ACTIVITY Leased Square Feet Annualized Base Rent per Sq. Ft. % Change in Cash Rents(3) HCP Tenant Improvements per Sq. Ft. Leasing Costs per Sq. Ft. Average Lease Term (Months) Retention Rate YTD Expirations (553) 22.15 New leases 108 24.20 26.98 7.67 79 Leased Square Feet as of March 31, 2017 16,786 $ 22.74 (1) Ranked by revenue based on the 2015 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, (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. 32 Terminations (5)18.28 Renewals, amendments and extensions 467 22.18 0.6 $ 8.19 $ 3.39 57 84.4% Leased Square Feet as of December 31, 2016 16,769 $ 22.61 Total Healthcare Affiliated 94.6% Total 14,923 2,313 985 18,221 100.0 42.2 38.0 Remaining - credit rated 1,738 1,214 —2,952 16.2 —— Tenet Healthcare Corporation5 B2472 53 —525 2.9 0.4 0.3 Jefferson Health 93 A2 705 ——705 3.9 2.2 2.3 Memorial Hermann Health System 39 A1 1,361 80 —1,441 7.9 8.2 4.7 HCA Holdings, Inc. 2 B17,158 243 —7,401 40.6 16.0 17.7

Medical Office As of and for the quarter ended March 31, 2017, 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 2018 2,335 14 54,854 14 1,927 45,454 408 9,400 2020 2,170 13 52,479 14 1,926 46,942 244 5,537 Thereafter 6,303 37 127,867 33 5,075 99,543 1,228 28,324 SAME PROPERTY PORTFOLIO 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 3,269,207 $ 3,280,189 $ 3,295,531 $ 3,314,276 $ 3,327,277 Occupancy % 92.0 92.2 92.2 92.3 92.3 Total revenues $ 101,701 $ 102,971 $ 104,584 $ 104,181 $ 104,698 $ 64,077 $ 64,717 $ 64,946 $ 66,372 $ 66,144 Non-cash adjustments to NOI (810) (236) 45 (576) (66) Year-Over-Year Three-Month SPP Growth 4.4% (1) Includes month-to-month and holdover leases. 33 $ 63,267 $ 64,481 $ 64,991 $ 65,796 $ 66,078 Cash NOI: Operating expenses (37,624) (38,254) (39,638) (37,809) (38,554) NOI: Square feet 16,215 16,241 16,241 16,246 16,252 Property count 217 217 217 217 217 16,786 100 $ 380,838 100 13,793 $ 311,428 2,993 $ 69,410 2021 1,481 9 36,752 10 1,267 31,624 214 5,128 2019 2,023 12 48,833 13 1,631 39,356 392 9,477 Year Leased Square Annualized Feet %Base Rent % Square Annualized Feet Base Rent Square Annualized Feet Base Rent 2017(1) 2,474 15 $ 60,053 16 1,967 $ 48,509 507 $ 11,544

Other As of and for the quarter ended March 31, 2017, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs LEASED PROPERTIES Occupancy %(1) Property Count Cash NOI EBITDARM CFC(1) EBITDAR CFC(1) Type/Operator Investment Beds Acute care 4 $ 341,034 $ 14,531 1,438 47.9 8.48x 7.97x 14 $ 530,910 $ 20,485 2,134 51.2 6.68x 6.24x Maria Mallaband 25 $ 152,930 $ 2,729 1,143 92.3 1.60x 1.36x 61 $ 373,799 $ 6,830 3,198 92.8 1.56x 1.31x Wholly-owned 1 $ 17,908 $ 308 120 86.5 N/A N/A 5 $ 27,058 $ 707 540 79.1 DEBT INVESTMENTS Weighted Average Maturity in Years Interest Income Investment DSC Yield Tandem Consulate Health Care 256,573 7,505 1.27x 11.9% 1.6 Remaining 64,572 1,299 N/A 8.3% 3.7 (1) Certain operators in the Company’s hospital portfolio are not required under their respective leases to provide operational data. 34 Total Debt Investments $ 806,816 $ 18,331 Maria Mallaband - UK137,732 2,379 N/A 7.1%6.5 HC-One - UK$ 347,939 $ 7,148 2.39x 8.3%2.6 Total Leased Properties 80 $ 931,767 $ 28,022 HCP’s share of unconsolidated JVs4 9,150 399 420 76.5 N/A N/A Post-acute/skilled HC-One 36 220,869 4,101 2,055 93.1 1.54x 1.28x United Kingdom Remaining 10 189,876 5,954 696 53.4 2.80x 2.51x Hospitals

Other Same Property Portfolio As of and for the quarter ended March 31, 2017, dollars in thousands HOSPITALS 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 530,817 $ 530,817 $ 530,775 $ 530,775 $ 530,910 Occupancy %(1) 52.0 56.3 53.8 50.7 51.2 EBITDAR CFC(1) 6.36x 6.50x 6.48x 6.30x 6.24x Total revenues $ 20,436 $ 19,549 $ 20,333 $ 20,386 $ 20,877 $ 19,249 $ 18,546 $ 19,143 $ 19,162 $ 19,672 Non-cash adjustments to NOI 303 582 (346) (340) (250) Year-Over-Year Three-Month SPP Growth (0.7%) UNITED KINGDOM 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 421,960 $ 399,181 $ 387,573 $ 369,612 $ 373,799 Occupancy % 92.4 92.8 92.9 92.9 92.8 EBITDAR CFC 1.27x 1.25x 1.30x 1.31x 1.31x Total revenues $ 8,580 $ 8,678 $ 7,969 $ 7,583 $ 7,592 $ 7,433 $ 7,495 $ 7,523 $ 7,572 $ 7,592 Non-cash adjustments to NOI (995) (921) (792) (753) (762) (1) Certain operators in the Company’s hospital portfolio are not required under their respective leases to provide operational data. $ 6,571 $ 6,699 $ 6,776 $ 6,821 $ 6,830 35 Year-Over-Year Three-Month SPP Growth 3.9% FX adjustment133 125 45 2 — Cash NOI: FX adjustment(1,147) (1,183) (446) (11) — NOI: EBITDARM CFC1.52x 1.49x 1.55x 1.56x 1.56x Beds3,189 3,189 3,187 3,198 3,198 Property count 61 61 61 61 61 $ 19,552 $ 19,128 $ 18,797 $ 18,822 $ 19,422 Cash NOI: Operating expenses (1,187) (1,003) (1,190) (1,224) (1,205) NOI: EBITDARM CFC(1)6.77x 6.93x 6.92x 6.74x 6.68x Beds2,011 2,011 2,134 2,134 2,134 Property count 14 14 14 14 14

Other Same Property Portfolio As of and for the quarter ended March 31, 2017, dollars in thousands, includes HCP’s pro rata share of unconsolidated JVs TOTAL OTHER(1) 1Q16 2Q16 3Q16 4Q16 1Q17 Investment $ 961,928 $ 939,149 $ 927,498 $ 909,540 $ 913,859 Total revenues $ 29,423 $ 28,634 $ 28,712 $ 28,362 $ 28,887 FX adjustment (1,147) (1,183) (446) (11) — Cash NOI: FX adjustment 133 125 45 2 — Year-Over-Year Three-Month SPP Growth 0.5% (1) Includes four domestic post-acute/skilled properties. 36 $ 26,527 $ 26,228 $ 25,962 $ 26,019 $ 26,651 Non-cash adjustments to NOI (692) (338) (1,139) (1,093) (1,012) $ 27,086 $ 26,441 $ 27,056 $ 27,110 $ 27,663 Operating expenses (1,190) (1,010) (1,210) (1,241) (1,224) NOI: Property count 79 79 79 79 79

Unconsolidated Joint Ventures As of and for the quarter ended March 31, 2017, dollars and square feet in thousands SHOP Life Science Medical Office Total CCRC Non-CCRC(1) Other (1) Includes the RIDEA II portfolio following the sale of a 40% interest on January 18, 2017. (2) Excludes $451 million related to debt funded by HCP, assets held for sale and land held for development. (3) Includes operating activity for two additional assets held for sale as of March 31, 2017. (4) Includes $13.8 million related to non-refundable entrance fees (net of a reserve for early terminations) included in FAD as the fees are collected by our CCRC JV, partially offset by $6.4 million related to non-refundable entrance fee amortization recognized on an FFO basis over the estimated stay of the residents. See Entrance Fees in Glossary. (5) HCP’s pro rata share information is prepared on a basis consistent with the comparable consolidated amounts by applying our actual ownership percentage for the period, and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. (6) HCP’s pro rata share excludes activity related to debt fundings by HCP. Joint ventures’ Investment $ 2,710,013 $ 1,417,881 $ 1,110,070 $ 155,997 $ 14,627 $ 11,438 HCP’s net equity investment(2) 364,583 224,117 68,977 65,490 4,619 1,380 Capacity 7,198 Units 6,227 Units 278 Sq. Ft. 103 Sq. Ft. 420 Beds SELECTED FINANCIAL DATA Operating expenses (129,640) (80,376) (48,359) (669) (212) (24) Depreciation and amortization (31,265) (23,202) (7,095) (703) (179) (86) Interest expense and other (10,423) (5,376) (4,932) — — (115) Net income (loss) $ (831) $ (8,933) $ 5,270 $ 1,943 $ 592 $ 297 FFO $ 30,468 $ 14,269 $ 12,365 $ 2,646 $ 805 $ 383 Non-cash adjustments to NOI (221) (295) — 86 (12) — Leasing costs and tenant and capital improvements (2,620) (1,705) (821) (54) (40) — HCP’S PRO-RATA SHARE(5) NOI 19,152 9,626 7,211 1,569 347 399 Net income (loss)(6) 3,269 (2,184) 3,703 1,161 259 330 FAD(5) 20,553 11,680 6,544 1,577 353 399 37 FFO(5)18,308 9,146 6,821 1,556 386 399 Cash NOI 22,697 13,130 7,211 1,618 339 399 Mortgage debt(6) $ 166,945 $ 101,301 $ 65,644 $ —$ —$ — FAD$ 34,793 $ 19,343 $ 11,703 $ 2,678 $ 686 $ 383 Non-cash adjustments to net income (281) (373) 159 —(67) — Non-refundable Entrance Fee sales, net(4) 7,447 7,447 ———— Depreciation and amortization 31,299 23,202 7,095 703 213 86 Income from discontinued operations(3)290 ———290 — General and administrative expenses (208) —(147) (24) (37) — NOI $ 40,775 $ 19,645 $ 17,444 $ 2,670 $ 518 $ 498 Total revenues $ 170,415 $ 100,021 $ 65,803 $ 3,339 $ 730 $ 522 Occupancy %85.7 85.5 98.2 100.0 76.5 Property count 81 15 57 4 1 4 Joint ventures’ mortgage debt 1,348,815 633,042 711,613 ——4,160 HCP’s ownership percentage 49%40% - 85%50% - 63%20% - 67%80%

2017 Guidance Projected full year 2017, dollars in millions, except per share amounts and net dispositions Full Year 2017 Guidance (May 2, 2017) Full Year 2017 Prior Guidance (February 13, 2017) Net Income, FFO and FFO as Adjusted per Share Guidance Diluted FFO per common share $1.99 - $2.05 $1.88 - $1.94 Annualized dividend per share $1.48 $1.48 Year-Over-Year SPP Cash NOI Guidance SHOP 2.0% - 3.0% 2.0% - 3.0% Medical office 2.0% - 3.0% 2.0% - 3.0% Total Portfolio 2.5% - 3.5% 2.5% - 3.5% Year-Over-Year SPP NOI Guidance 1.2% - 2.2% 1.2% - 2.2% Other Supplemental Information - Cash Addition (Reduction)(1) Amortization of deferred financing costs $14 - $16 $14 - $16 (1) 2017 Prior Guidance classifications were changed to conform to current presentation. (2) 2017 May Guidance includes $10 - $13 million related to HCP’s share of unconsolidated JVs leasing costs and tenant and capital improvements, previously reported in other adjustments. (3) 2017 May Guidance includes revenue enhancing capital and Development and Redevelopment capital related to HCP’s share of unconsolidated JVs. The 2017 Prior Guidance presentation has been revised to conform to the current presentation. (4) Includes $1.125 billion related to 64 Brookdale properties that sold March 2017 and $480 million related to the sale of a 40% interest in and refinancing of the RIDEA II JV that occurred in January 2017, proceeds from which were used to pay down debt. Other depreciation and amortization ($9) - ($11) ($9) - ($11) CCRC Entrance Fees, net $18 - $23 $18 - $23 Other adjustments $4 - $6 $3 - $5 Capital Expenditures(3) Revenue enhancing $69 - $79 $69 - $79 General and administrative $83 - $87 $83 - $87 Net dispositions(4) $1.7B - $2.2B @ 7.8% $1.7B - $2.2B @ 7.8% 38 Interest expense $310 - $320 $310 - $320 Other Items Development and Redevelopment$345 - $400 $345 - $400 1st generation tenant improvements (“TIs”) / ICE$43 - $48 $43 - $48 Deferred income taxes ($13) - ($17) ($14) - ($18) Leasing costs and tenant and capital improvements(2) ($108) - ($115) ($108) - ($115) Straight-line rents ($12) - ($16) ($10) - ($14) Amortization of deferred compensation$16 - $18 $16 - $18 Other 0.8% - 1.8%0.8% - 1.8% Life science 2.5% - 3.5%2.5% - 3.5% Senior housing triple-net3.9% - 4.9%3.9% - 4.9% Diluted FFO as adjusted per common share $1.89 - $1.95 $1.89 - $1.95 Diluted earnings per common share $1.43 - $1.49 $1.32 - $1.38

REP OR TING Glossary 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 JVs calculated on the same basis and excludes properties in the Company’s SHOP 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. 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 JVs, 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. Newly completed redevelopments, are considered Stabilized at the earlier of lease-up (typically when the tenant(s) controls the physical use of 80% of the space) or 24 months from the date the property is placed in service. 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, loss on debt extinguishments, severance-related charges, litigation provision, gain upon consolidation of JV and foreign currency exchange gains (losses). 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. 39

REP OR TING Glossary 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 12 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 CFC 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, 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 Company’s pro rata share of total debt from the Company’s unconsolidated JVs 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 JVs. 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” definition included in the accompanying Discussion and Reconciliations of Non-GAAP Financial Measures for information regarding FAD. Funds From Operations (“FFO”) and FFO as Adjusted* See the “Funds From Operations” definition included in the accompanying Discussion and Reconciliations of Non-GAAP Financial Measures for information regarding FFO and FFO as adjusted. HCP’s Share of Unconsolidated JVs HCP’s pro rata share information is prepared on a basis consistent with the comparable consolidated amounts by applying our actual ownership percentage for the period, and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. 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. Initial Capital Expenditures (“ICE”) Expenditures required to bring a newly acquired property up to standard. The expenditures are typically identified during underwriting and incurred within the first year of ownership. 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 JVs, 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 JVs. 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. 40

REP OR TING Glossary 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. Rental and Operating Revenue Includes rental related revenues, tenant recoveries, resident fees and services and income from Direct Financing Leases. 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 three-month average revenue per occupied room for the most recent calendar quarter available weighted to reflect HCP’s share. REVPOR cannot be derived from the information presented for the SHOP portfolio as units reflect 100% of the unit capacities for unconsolidated JVs and revenue is at the Company’s pro rata share. Net Operating Income from Continuing Operations (“NOI”) and Cash NOI* See the “NOI” and “Cash NOI” definitions included in the accompanying Discussion and Reconciliations of Non-GAAP Financial Measures for information regarding NOI and Cash NOI. 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 SHOP, Occupancy represents the facilities’ average operating Occupancy for the most recent calendar quarter available weighted to reflect HCP’s share. 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 by majority type 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 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. Redevelopment Properties that require significant capital expenditures (generally more than 25% of acquisition costs or existing basis) to achieve stabilization or to change the use of the properties. Newly completed redevelopments, are considered Stabilized at the earlier of lease-up (typically when the tenant(s) controls the physical use of 80% of the space) or 24 months from the date the property is placed in service. 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”)* SPP NOI and Cash NOI information allows the Company to evaluate the performance of its property portfolio under a consistent population by eliminating changes in the composition of its portfolio of properties. The Company includes properties from its consolidated portfolio, as well as properties owned by the Company’s unconsolidated JVs in its SPP NOI and adjusted NOI. The Company identifies its SPP as Stabilized properties that remained in operations and were consistently reported as leased properties or RIDEA properties for the duration of the year-over-year comparison periods presented, excluding assets held for sale. Accordingly, it takes a Stabilized property a minimum of 12 months in operations under a consistent reporting structure to be included in the Company’s SPP. Newly acquired operating assets are generally considered Stabilized at the earlier of lease-up (typically when the tenant(s) control(s) the physical use of at least 80% of the space) or 12 months from the acquisition date. Newly completed developments and redevelopments are considered Stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. SPP excludes (i) certain non-property specific operating expenses that are allocated to each operating segment on a consolidated basis and (ii) Entrance Fees and related activity such as deferred expenses, reserves and management fees related to Entrance Fees. A property is removed from the Company’s SPP when it is sold, placed into redevelopment or changes its reporting structure. 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 JVs 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 JVs. 41

REP OR TING Glossary Square Feet (Sq. Ft.) The square footage for properties, excluding square footage for development or redevelopment properties prior to completion. Stabilized / Stabilization Newly acquired operating assets are generally considered Stabilized at the earlier of lease-up (typically when the tenant(s) control(s) the physical use of at least 80% of the space) or 12 months from the acquisition date. Newly completed developments and redevelopments are considered Stabilized at the earlier of lease-up or 24 months from the date the property is placed in service. Properties that experience a change in reporting structure, such as a transition from a triple-net lease to a RIDEA reporting structure, are considered stabilized after 12 months in operations under a consistent reporting structure. Total Debt* 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). Total Secured Debt* Consolidated Secured Debt plus the Company’s pro rata share of mortgage debt from the Company’s unconsolidated JVs. 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. Consolidated Debt plus the Company’s pro rata share of total debt from the Company’s unconsolidated JVs. 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 JVs, after adding back accumulated depreciation and amortization. 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 Rental and Operating Revenue* Includes rental related revenues, tenant recoveries, resident fees and services and income from Direct Financing Leases. Total rental and operating revenue includes the Company’s pro rata share from unconsolidated JVs. * Non-GAAP Supplemental Measures Reconcilations, definitions and important http://ir.hcpi.com/financial-reconciliation. discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this report can be found at 42

Adjusted EBITDA and Adjusted Fixed Charge Coverage Debt Ratios Dollars in thousands NET INCOME TO ADJUSTED EBITDA Three Months ended March 31, 2017 Interest expense 86,718 Depreciation and amortization of real estate and in-place lease intangibles 136,554 HCP’s share of unconsolidated JV EBITDA 19,604 EBITDA $ 697,318 Other impairment recovery (50,895) Litigation provision 1,838 (1) On January 1, 2017, the Company early adopted the FASB ASU No. 2017-01, Clarifying the Definition of a Business which prospectively results in the Company recognizing the majority of its real estate acquisitions as asset acquisitions rather than business combinations. Acquisition and pursuit costs relating to completed asset acquisitions are capitalized, including those costs incurred prior to January 1, 2017. Real estate acquisitions completed prior to January 1, 2017 were deemed business combinations and the related acquisition and pursuit costs were expensed as incurred. Adjusted EBITDA $ 331,983 Interest expense $ 86,718 Capitalized interest 3,090 ADJUSTED FIXED CHARGE COVERAGE 3.6x 43 Fixed Charges $ 91,196 HCP’s share of unconsolidated JV interest expense 1,388 ADJUSTED FIXED CHARGES Foreign currency remeasurement gain (77) Gain on sales of real estate, net (317,258) Transaction-related items(1) 1,057 Other JV adjustments (304) Equity income from unconsolidated JVs(3,269) Income taxes benefit (6,162) Net income$ 464,177

Debt Ratios As of and for the quarter ended March 31, 2017, dollars in thousands March 31, 2017 TOTAL DEBT AND NET DEBT Term loan(2) 274,103 Mortgage debt 147,329 Consolidated Debt $ 8,141,452 HCP’s share of unconsolidated JV other debt 185,298 Cash and cash equivalents (764,114) Net Debt $ 7,692,935 FINANCIAL LEVERAGE Total Gross Assets 18,582,441 SECURED DEBT RATIO HCP’s share of unconsolidated JV mortgage debt 166,945 Total Gross Assets 18,582,441 (1) Represents £394 million translated into U.S. dollars. (2) Represents £220 million translated into U.S. dollars. (3) Represents the current quarter Adjusted EBITDA multiplied by a factor of four. NET DEBT TO ADJUSTED EBITDA Annualized Adjusted EBITDA(3) 1,327,932 44 Net Debt to Adjusted EBITDA5.8x Net Debt $ 7,692,935 Secured Debt Ratio 1.7% Secured debt $ 314,274 Mortgage debt $ 147,329 Financial Leverage 45.7% Total Debt $ 8,493,695 HCP’s share of unconsolidated JV cash and cash equivalents (36,646) Total Debt $ 8,493,695 HCP’s share of unconsolidated JV mortgage debt 166,945 Other debt 91,263 Senior unsecured notes 7,136,336 Bank line of credit(1) $ 492,421

COMPANY Information BOARD OF DIRECTORS MICHAEL D. MCKEE Executive Chairman, HCP, Inc. CHRISTINE N. GARVEY Former Global Head of Corporate Real Estate Services, Deutsche Bank AG THOMAS M. HERZOG 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 BRIAN G. CARTWRIGHT Senior Advisor, Patomak Global Partners, LLC Former General Counsel, SEC JOSEPH P. SULLIVAN Chairman Emeritus, Board of Advisors, RAND Health; Former Chief Executive Officer American Health Properties, Inc. EXECUTIVE MANAGEMENT MICHAEL D. MCKEE Executive Chairman JONATHAN M. BERGSCHNEIDER Senior Managing Director Life Science Properties THOMAS M. HERZOG Chief Executive Officer THOMAS M. KLARITCH Senior Managing Director Medical Office Properties J. JUSTIN HUTCHENS President KENDALL K. YOUNG Senior Managing Director Senior Housing Properties PETER A. SCOTT Executive Vice President Chief Financial Officer KAI HSIAO Senior Managing Director Senior Housing Properties TROY E. MCHENRY Executive Vice President, General Counsel and Corporate Secretary SCOTT A. ANDERSON Executive Vice President and Chief Accounting Officer 45

The Cove 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, costs to complete, and total investment, (ii) rentable square feet for land held for development, (iii) the Company’s 2017 guidance, and (iv) target metrics, including but not limited to Net Debt to Adjusted EBITDA and Financial Leverage. 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 percentage 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; the Company’s concentration in the healthcare property sector, particularly in life sciences, medical office buildings and hospitals, which makes its profitability more vulnerable to a downturn in a specific sector than if the Company were investing in multiple industries; availability of suitable properties to acquire at favorable prices, the competition for the acquisition and financing of those properties and the costs of associated property development; 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 foreclose on loan collateral or replace an existing tenant or operator upon default; the risks associated with the Company’s investments in JVs 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 acquisitions and other investments within expected time frames or at all, or within expected cost projections; operational risks associated with third party management contracts, including the additional regulation and liabilities of RIDEA lease structures; 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 Continued 46

Solana Preserve Houston, TX Forward-Looking Statements & Risk Factors (Continued) legislation, executive orders and other legal requirements, including the Affordable Care Act and licensure, certification and inspection requirements as well as 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, 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 and other conditions, including 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; competition for skilled management and other key personnel; the Company’s ability to maintain its qualification as a real estate investment trust; and other risks and uncertainties described from time to time in the Company’s Securities and Exchange Commission (SEC) filings. You should not 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 Financial 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 Andrew Johns, Vice President - Investor Relations, at (949) 407-0400. 6447

CORP ORATE HEADQUARTERS 192 0 MAIN STREE T, S UITE 1 2 00 IRVINE , CA 92614 (949) 4 07-0700 SAN FRANCIS CO OFFICE 95 0 TOWER LANE , S UITE 1 65 0 FOSTER CIT Y, CA 94 4 04 NASHVILLE OFFICE 3000 MERIDIAN B OULEVARD, S UITE 2 00 FRANKLIN , TN 37067 48