EX-99.2 3 hcpsupplementalreport630.htm EXHIBIT 99.2
1 Earnings Release and Supplemental Report second quarter 2017 Freedom Plaza Sun City Center Sun City Center, FL

2 Earnings Release 3 Overview 8 Consolidated Financial Statements 9 Portfolio Summary 13 Same Property Portfolio 15 Capitalization and Debt 16 Investment Summary - Acquisitions, Fundings & Dispositions 19 Developments and Redevelopments 20 Capital Expenditures 22 Portfolio Diversification 24 Expirations and Maturities 25 Triple-net Master Lease Profile 26 Portfolio Senior Housing Triple-net 27 Senior Housing Operating Portfolio 31 Life Science 38 Medical Office 41 Other 44 Unconsolidated Joint Ventures 47 Guidance 48 Glossary and Debt Ratios 49 Company Information 55 Forward-Looking Statements & Risk Factors 56 Discussion and Reconciliation of Non-GAAP Financial Measures TABLE OF Contents

3 HCP Announces Results for the Quarter Ended June 30, 2017 SECOND QUARTER 2017 AND RECENT HIGHLIGHTS – EPS, FFO and FFO as adjusted per share, were $0.04, $0.35 and $0.48, respectively – Achieved year-over-year three- and six-month SPP Cash NOI growth of 2.1% and 3.1%, respectively – Completed or under contract on $75 million of acquisitions and generated $399 million of proceeds from dispositions and loan repayments through August 1st – Announced $116 million of new development and redevelopment projects – Repurchased $500 million of our 5.375% senior notes due 2021 and remain on-track to meeting our previously disclosed leverage targets – Entered into a definitive agreement to sell our Tandem debt investment for $197 million – Enhanced corporate governance by opting out of the Maryland Unsolicited Takeovers Act (MUTA) and adopting majority standard voting – Announced Scott Brinker will join as EVP Chief Investment Officer, effective January 2018 – Reaffirmed full-year 2017 FFO as adjusted and SPP Cash NOI guidance ranges IRVINE, CA, August 1, 2017 /PRNewswire/ -- HCP (NYSE:HCP) announced results for the quarter ended June 30, 2017. Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Per Share Change(in thousands, except per share amounts) Amount Diluted Per Share Amount Diluted Per Share Net income $ 19,283 $ 0.04 $ 301,375 $ 0.64 $ (0.60) FFO $ 164,650 $ 0.35 $ 333,218 $ 0.71 $ (0.36) Other impairment(1) 56,682 0.12 — — 0.12 Transaction-related items 840 — 14,658 0.03 (0.03) Other(2) 2,598 0.01 — — 0.01 FFO as adjusted $ 224,770 $ 0.48 $ 347,876 $ 0.74 $ (0.26) FFO as adjusted from QCP — — (101,637) (0.21) 0.21 Comparable FFO as adjusted(3) $ 224,770 $ 0.48 $ 246,239 $ 0.53 $ (0.05) FAD $ 200,157 $ 337,866 _______________________________________ (1) Relates to the impairment of our Tandem Health Care Loan. (2) Includes: (i) $3.4 million of litigation costs and (ii) $0.8 million of foreign currency remeasurement gains. (3) Represents FFO as adjusted excluding FFO as adjusted from QCP and interest expense related to debt repaid using proceeds from the spin-off, assuming these transactions occurred at the beginning of the earliest period presented. Comparable FFO as adjusted allows management to evaluate the performance of our remaining real estate portfolio following the completion of the QCP spin-off. FFO, FFO as adjusted, FAD, Comparable FFO as adjusted, SPP Cash NOI and SPP NOI are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance of real estate investment trusts. See “Discussion and Reconciliation of Non-GAAP Financial Measures” for the quarter ended June 30, 2017 for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP on the Investor Relations section of our website at http://ir.hcpi.com/financial-reconciliation.

4 SAME PROPERTY PORTFOLIO OPERATING SUMMARY The table below outlines the three-month same property portfolio operating results for the second quarter: Year-Over-Year Occupancy SPP Growth 2Q17 2Q16 NOI Cash NOI Senior housing triple-net 86.1% 86.6% 1.6% 2.6% Senior housing operating portfolio ("SHOP")(1) 86.8% 88.7% (3.8%) (1.6%) Life science 96.5% 98.5% 2.1% 3.7% Medical office 92.0% 92.0% 1.8% 2.6% Other non-reportable segments ("Other")(2) N/A N/A 3.8% 1.5% Total Portfolio 1.0% 2.1% _______________________________________ (1) SHOP SPP Cash NOI growth consists of the following components: Assisted Living / Independent Living (0.5%) and CCRC JV (9.1%). (2) Other primarily includes our hospitals and U.K. real estate investments. See our Supplemental Report for additional details. TRANSACTION ACTIVITY ACQUISITIONS During the second quarter and through August 1, 2017, we announced $75 million of acquisitions. • In June, we acquired Wateridge, a 124,000 square foot campus in the Sorrento Mesa submarket of San Diego for $26 million. Upon acquisition, we commenced repositioning one of the buildings into class-A lab space following an office-to-lab conversion strategy. • In July, we acquired a portfolio of three medical office buildings in Texas for $49 million. LOAN REPAYMENTS AND DISPOSITIONS During the second quarter we received $399 million of proceeds from loan repayments and dispositions. Significant transactions included: • In June, the HC-One mezzanine loan was repaid generating $367 million of proceeds. We have now exited substantially all of our U.K. debt investments. • As previously disclosed, in April, we sold a land parcel in San Diego, California for $27 million. DEVELOPMENT AND REDEVELOPMENT At quarter end, our development pipeline totaled $640 million and is expected to produce a weighted average stabilized yield 150-200 basis points over respective market cap rates. During the quarter we placed $65 million of development in service, including $41 million at Phase I of The Cove, our premier $720 million, class-A life science development project in South San Francisco. Our redevelopment pipeline totals $109 million and is expected to produce a weighted average return on incremental capital of 9-12%. During the second quarter and through July, we added $116 million of new projects to our development and redevelopment pipelines including: • Commenced $22 million of redevelopment projects at two recently-acquired life science assets in the Sorrento Mesa submarket of San Diego. • Commenced a $40 million redevelopment of a medical office building located in the University City submarket in Philadelphia near the University of Pennsylvania. • Entered into a joint venture agreement and commenced development on a 111 unit senior housing facility in Otay Ranch, California (San Diego MSA) for $31 million. Our share of the total construction cost is approximately $28 million with an estimated completion in the second half of 2018. • In July, commenced development on a 79 unit senior housing facility in Waldwick, New Jersey (New York MSA) for $31 million. Our share of the total construction costs is approximately $26 million with an estimated completion in late 2018.

5 BALANCE SHEET AND DEBT TENDER During the quarter, we made tangible progress towards meeting our balance sheet targets of net debt to adjusted EBITDA in the low-to-mid six-times range and financial leverage in the 43% to 44% range by the end of 2017. As previously disclosed, we repaid $131 million on our credit facility and $250 million of senior notes upon maturity using proceeds from the Brookdale 64 disposition. As of June 30, 2017, we had $2.3 billion of liquidity from a combination of cash and availability under our $2.0 billion credit facility and no major senior notes or secured debt maturities until early 2019. As previously announced, in July, we repurchased $500 million of our 5.375% senior notes due 2021 using capital-recycling proceeds from the HC-One loan repayment and Brookdale 64 disposition. In connection with the tender offer, we expect to incur an extinguishment of debt charge of approximately $54 million in the third quarter. A copy of the tender offer press release is available in the Investor Relations section of our website at http://ir.hcpi.com. TANDEM DEBT INVESTMENT UPDATE During the second quarter, continued challenges in the post-acute/skilled nursing operating environment and tenant-specific headwinds contributed to a decline in the financial performance of the assets underlying our Tandem debt investment. As a result, the fair value of our collateral, net of the senior mortgage debt, fell below the carrying value of our investment. As part of our quarterly review process, we recorded a $57 million impairment write-down during the second quarter and reduced the carrying value of our Tandem debt investment to $200 million. On July 31, subsequent to the aforementioned impairment, we entered into a definitive agreement to sell our Tandem debt investment for $197 million, subject to customary closing conditions. This investment represents our last meaningful exposure to both post-acute/skilled-nursing assets and highly-leveraged mezzanine investments. The transaction is expected to close during 2017. CORPORATE GOVERNANCE ENHANCEMENTS On July 27, our Board of Directors adopted corporate governance enhancements for our stockholders by opting out of the Maryland Unsolicited Takeovers Act (MUTA), and reduced the threshold for bylaw amendments to a majority voting standard. As a result of opting out of MUTA, any actions, including the election to classify the Board, requires the affirmative majority vote by stockholders. The Board’s decision to authorize majority voting for bylaw amendments enables stockholders to amend our bylaws by an affirmative majority vote rather than the previous super-majority standard. These topics have been in focus with stockholders and our enhancements demonstrate HCP's commitment to good governance practices. EXECUTIVE LEADERSHIP In May 2017, we announced Scott Brinker will join the Company as Executive Vice President and Chief Investment Officer, with an effective date of January 4, 2018. In July 2017, we announced Shawn Johnston will join the Company as Senior Vice President and Chief Accounting Officer effective August 15, 2017. DIVIDEND On July 27, 2017, our Board declared a quarterly cash dividend of $0.37 per common share. The dividend will be paid on August 22, 2017 to stockholders of record as of the close of business on August 7, 2017. SUSTAINABILITY For the sixth consecutive year, we were named as a constituent to the FTSE4Good Index Series, an equity index series designed to facilitate investment in companies that meet globally recognized environmental, social and governance criteria. More information about HCP’s sustainability efforts can be found on our website at www.hcpi.com/sustainability.

6 _______________________________________ (1) Other primarily includes our hospitals and U.K. real estate investments. See our Supplemental Report for additional details. COMPANY INFORMATION HCP has scheduled a conference call and webcast for Tuesday, August 1, 2017 at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) to present its performance and operating results for the quarter ended June 30, 2017. The conference call is accessible by dialing (888) 317-6003 (U.S.) or (412) 317-6061 (International). The conference ID number is 8465819. You may also access the conference call via webcast at www.hcpi.com. This link can be found in the “News and Events” section, which is under “Investor Relations”. Through August 17, 2017, an archive of the webcast will be available on our website, and a telephonic replay can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (International) and entering conference ID number 10110173. Our Supplemental Report for the current period is available, with this earnings release, on our website in the “Financial Information” section under “Investor Relations”. ABOUT HCP HCP, Inc. is a fully integrated real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States. HCP owns a large-scale portfolio diversified across multiple sectors, led by senior housing, life science and medical office. Recognized as a global leader in sustainability, HCP has been a publicly-traded company since 1985 and was the first healthcare REIT selected to the S&P 500 index. For more information regarding HCP, visit www.hcpi.com. ### Projected Full Year 2017 SPP NOI SPP Cash NOI Low High Low High Senior housing triple-net 2.0% 3.0% 5.0% 6.0% SHOP (3.9%) (0.9%) (3.0%) —% Life science 2.0% 3.0% 3.5% 4.5% Medical office 1.8% 2.8% 2.5% 3.5% Other(1) 2.0% 3.0% 0.8% 1.8% SPP Growth 1.2% 2.2% 2.5% 3.5% OUTLOOK For full-year 2017, we expect EPS to range between $1.18 and $1.24; FFO per share to range between $1.73 and $1.79; and FFO as adjusted per share to range between $1.89 and $1.95. In addition, we expect 2017 SPP Cash NOI to increase between 2.5% and 3.5%. These estimates do not reflect the potential impact from unannounced future transactions other than capital recycling activities. For additional detail and information regarding these estimates, refer to the “Projected SPP Cash NOI” section of this release, and the 2017 Guidance section of our corresponding Supplemental Report, available in the Investor Relations section of our website at http://ir.hcpi.com.

7 FORWARD-LOOKING STATEMENTS “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release 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, (i) all statements under the heading “Outlook,” including without limitation with respect to expected EPS, FFO per share, FFO as adjusted per share, Comparable FFO per share, SPP NOI, SPP Cash NOI and other financial projections and assumptions, including those in the “Projected SPP NOI and Cash NOI” sections of this release, as well as comparable statements included in other sections of this release; (ii) statements regarding the payment of a quarterly cash dividend; (iii) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, developments, joint venture transactions, capital recycling and financing activities, and other transactions discussed in this release, including without limitation those described under the heading “Development and Redevelopment,”'; (iv) the incurrence of debt extinguishment charges in connection with the tender offer; and (v) the executive leadership updates described under the heading "Executive Leadership." 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 our and our 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: our reliance on a concentration of a small number of tenants and operators for a significant percentage of our revenues, with our concentration in Brookdale increasing as a result of the consummation of the spin-off of QCP on October 31, 2016; the financial condition of our 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 our ability to continue to realize the full benefit of such tenants’ and operators’ leases and borrowers’ loans; the ability of our 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 us and our 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; our concentration in the healthcare property sector, particularly in life sciences, senior housing, medical office buildings and hospitals, which makes our profitability more vulnerable to a downturn in a specific sector than if we 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; our ability to negotiate the same or better terms with new tenants or operators if existing leases are not renewed or we exercise our right to foreclose on loan collateral or replace an existing tenant or operator upon default; the risks associated with our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners’ financial condition and continued cooperation; our ability to achieve the benefits of acquisitions and other investments, including those discussed above, 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 our RIDEA lease structures; the potential impact on us and our 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 our tenants and operators of 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 our costs of compliance or increase the costs, or otherwise affect the operations, of our tenants and operators; volatility or uncertainty in the capital markets, the availability and cost of capital as impacted by interest rates, changes in our credit ratings, and the value of our common stock, and other conditions that may adversely impact our ability to fund our obligations or consummate transactions, or reduce the earnings from potential transactions; changes in global, national and local economic or other conditions, including currency exchange rates; our ability to manage our indebtedness level and changes in the terms of such indebtedness; competition for skilled management and other key personnel; the ability to maintain our qualification as a real estate investment trust; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. You should not place undue reliance on any forward-looking statements. We assume no, and hereby disclaim 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. CONTACT Andrew Johns Vice President – Finance and Investor Relations 949-407-0400

8 Overview(1) As of and for the quarter ended June 30, 2017, dollars, square feet and shares in thousands, except per share data 2Q17 YTD Full Year 2017 Guidance (August 1, 2017) Financial Metrics Diluted earnings per common share $0.04 $1.02 $1.18 - $1.24 Diluted FFO per common share $0.35 $0.96 $1.73 - $1.79 Diluted FFO as adjusted per common share $0.48 $0.99 $1.89 - $1.95 Dividends per common share $0.37 $0.74 $1.48 Total rental and operating revenue(2) $522,344 $1,075,391 NOI(2) 303,100 637,007 Cash NOI and interest income(2) 326,362 677,678 Same Property Portfolio Cash NOI Growth Senior housing triple-net 2.6% 3.8% 5.0% - 6.0% SHOP(3) (1.6%) 0.8% (3.0%) - 0.0% Life science 3.7% 4.2% 3.5% - 4.5% Medical office 2.6% 3.6% 2.5% - 3.5% Other 1.5% 1.0% 0.8% - 1.8% Total Portfolio 2.1% 3.1% 2.5% - 3.5% Same Property Portfolio NOI Growth 1.0% 1.8% 1.2% - 2.2% 2Q17 2Q17 Capitalization Debt Ratios Common stock outstanding and DownREIT units 475,508 Financial Leverage 43.7% Total Market Equity $ 15,197,236 Secured Debt Ratio 1.7% Total Debt 7,835,036 Net Debt to Adjusted EBITDA 6.1x Adjusted Fixed Charge Coverage 3.6x Property Count Capacity Unit of Measure Occupancy Portfolio Statistics Senior housing triple-net 209 20,559 Units 86.2% SHOP 153 25,484 Units 86.2% Life science 119 7,286 Sq. Ft. 96.7% Medical office 238 18,059 Sq. Ft. 92.0% Other 80 N/A N/A N/A Total 799 N/A N/A N/A The Numbers (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 activity from assets sold during the period. (3) SHOP same property cash NOI growth consists of the following components: 2Q17 YTD Assisted living / Independent living (0.5%) 1.2% CCRC JV (9.1%) (2.3%)

9 June 30, 2017 December 31, 2016 Assets Real Estate: Buildings and improvements $ 11,114,139 $ 11,692,654 Development costs and construction in progress 444,528 400,619 Land 1,765,305 1,881,487 Accumulated depreciation and amortization (2,672,489) (2,648,930) Net real estate 10,651,483 11,325,830 Net investment in direct financing leases 711,777 752,589 Loans receivable, net 393,575 807,954 Investments in and advances to unconsolidated joint ventures 829,231 571,491 Accounts receivable, net of allowance of $4,104 and $4,459, respectively 36,969 45,116 Cash and cash equivalents 391,965 94,730 Restricted cash 61,481 42,260 Intangible assets, net 414,404 479,805 Assets held for sale, net — 927,866 Other assets, net 611,690 711,624 Total assets $ 14,102,575 $ 15,759,265 Liabilities and Equity Bank line of credit $ 136,311 $ 899,718 Term loans 218,832 440,062 Senior unsecured notes 6,889,045 7,133,538 Mortgage debt 146,337 623,792 Other debt 94,801 92,385 Intangible liabilities, net 51,463 58,145 Liabilities of assets held for sale, net — 3,776 Accounts payable and accrued liabilities 389,690 417,360 Deferred revenue 147,155 149,181 Total liabilities 8,073,634 9,817,957 Commitments and contingencies Common stock, $1.00 par value: 750,000,000 shares authorized; 468,879,344 and 468,081,489 shares issued and outstanding, respectively 468,879 468,081 Additional paid-in capital 8,216,781 8,198,890 Cumulative dividends in excess of earnings (2,956,324) (3,089,734) Accumulated other comprehensive loss (27,289) (29,642) Total stockholders' equity 5,702,047 5,547,595 Joint venture partners 149,456 214,377 Non-managing member unitholders 177,438 179,336 Total noncontrolling interests 326,894 393,713 Total equity 6,028,941 5,941,308 Total liabilities and equity $ 14,102,575 $ 15,759,265 HCP, Inc. Unaudited Consolidated Balance Sheets In thousands, except share and per share data

10 HCP, Inc. Unaudited Consolidated Statements of Operations In thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Rental and related revenues $ 263,820 $ 292,168 $ 550,038 $ 582,548 Tenant recoveries 35,259 33,531 68,934 64,906 Resident fees and services 125,416 164,202 265,648 329,965 Income from direct financing leases 13,564 15,647 27,276 30,557 Interest income 20,869 32,787 39,200 50,816 Total revenues 458,928 538,335 951,096 1,058,792 Costs and expenses: Interest expense 77,788 121,333 164,506 243,395 Depreciation and amortization 130,751 139,919 267,305 279,774 Operating 153,163 179,080 312,244 355,037 General and administrative 21,286 22,779 43,764 48,230 Acquisition and pursuit costs 867 823 1,924 3,298 Impairment 56,682 — 56,682 — Total costs and expenses 440,537 463,934 846,425 929,734 Other income: Gain on sales of real estate, net 412 119,614 317,670 119,614 Other income, net 71 2,340 51,279 3,632 Total other income, net 483 121,954 368,949 123,246 Income before income taxes and equity income (loss) from unconsolidated joint ventures 18,874 196,355 473,620 252,304 Income tax benefit (expense) 2,987 2,179 9,149 (1,525) Equity income (loss) from unconsolidated joint ventures 240 (1,067) 3,509 (1,975) Income from continuing operations 22,101 197,467 486,278 248,804 Discontinued operations: Income before income taxes — 107,551 — 225,293 Income taxes — (176) — (49,510) Total discontinued operations — 107,375 — 175,783 Net income 22,101 304,842 486,278 424,587 Noncontrolling interests' share in earnings (2,718) (3,125) (5,750) (6,751) Net income attributable to HCP, Inc. 19,383 301,717 480,528 417,836 Participating securities' share in earnings (100) (342) (674) (651) Net income applicable to common shares $ 19,283 $ 301,375 $ 479,854 $ 417,185 Earnings per common share: Basic $ 0.04 $ 0.65 $ 1.02 $ 0.89 Diluted $ 0.04 $ 0.64 $ 1.02 $ 0.89 Weighted average shares used to calculate earnings per common share: Basic 468,646 467,084 468,474 466,579 Diluted 468,839 471,425 473,366 466,777

11 HCP, Inc. Unaudited Funds From Operations In thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income applicable to common shares $ 19,283 $ 301,375 $ 479,854 $ 417,185 Real estate related depreciation and amortization 130,751 141,386 267,305 282,708 Other depreciation and amortization(1) 2,347 2,974 5,358 5,936 Gain on sales of real estate, net (412) (119,614) (317,670) (119,614) Taxes associated with real estate dispositions(2) 1 — (5,498) 53,177 Equity (income) loss from unconsolidated joint ventures (240) 1,067 (3,509) 1,975 FFO from unconsolidated joint ventures 16,554 11,172 34,862 21,550 Noncontrolling interests’ and participating securities’ share in earnings 2,818 3,467 6,424 7,402 Noncontrolling interests’ and participating securities’ share in FFO (6,452) (8,609) (14,244) (17,836) FFO applicable to common shares $ 164,650 $ 333,218 $ 452,882 $ 652,483 Distributions on dilutive convertible units and other — 3,525 3,654 7,109 Diluted FFO applicable to common shares $ 164,650 $ 336,743 $ 456,536 $ 659,592 Diluted FFO per common share $ 0.35 $ 0.71 $ 0.96 $ 1.40 Weighted average shares used to calculate diluted FFO per common share 468,839 473,149 473,366 472,667 Impact of adjustments to FFO: Transaction-related items(3) $ 840 $ 14,658 $ 1,896 $ 17,176 Other impairment, net(4) 56,682 — 5,787 — Litigation costs 3,366 — 5,205 — Foreign currency remeasurement gains (768) — (845) — $ 60,120 $ 14,658 $ 12,043 $ 17,176 FFO as adjusted applicable to common shares $ 224,770 $ 347,876 $ 464,925 $ 669,659 Distributions on dilutive convertible units and other 1,738 3,503 3,632 7,083 Diluted FFO as adjusted applicable to common shares $ 226,508 $ 351,379 $ 468,557 $ 676,742 Per common share impact of adjustments on diluted FFO $ 0.13 $ 0.03 $ 0.03 $ 0.03 Diluted FFO as adjusted per common share $ 0.48 $ 0.74 $ 0.99 $ 1.43 Weighted average shares used to calculate diluted FFO as adjusted per common share 473,528 473,149 473,366 472,667 FFO as adjusted from QCP $ — $ 101,637 $ — $ 199,845 Diluted Comparable FFO as adjusted applicable to common shares(5) $ 226,508 $ 249,742 $ 468,557 $ 476,897 FFO as adjusted from QCP per common share $ — $ (0.21) $ — $ (0.42) Diluted Comparable FFO as adjusted per common share $ 0.48 $ 0.53 $ 0.99 $ 1.01 _______________________________________ (1) Other depreciation and amortization includes DFL depreciation and lease incentive amortization (reduction of straight-line rents) for the consideration given to terminate the 30 purchase options on the 153-property amended lease portfolio in the 2014 Brookdale transaction. (2) For the six months ended June 30, 2017, represents income tax benefit associated with the disposition of real estate assets in our RIDEA II transaction. For the six months ended June 30, 2016, represents income tax expense associated with the state built- in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCR ManorCare, Inc. real estate portfolio. (3) On January 1, 2017, we early adopted the Financial Accounting Standards Board Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which prospectively results in recognizing the majority of our 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. For the three and six months ended June 30, 2016, primarily relates to the QCP spin-off. (4) For the three months ended June 30, 2017, relates to the impairment of our Tandem Health Care Loan. For the six months ended June 30, 2017, relates to the impairment of our Tandem Health Care Loan, net of the impairment recovery upon the sale of our Four Seasons Notes in the first quarter of 2017. (5) Excludes FFO as adjusted from QCP and interest expense related to debt repaid using proceeds from the spin-off, assuming these transactions occurred at the beginning of the earliest period presented. Comparable FFO as adjusted allows management to evaluate the performance of our remaining real estate portfolio following the completion of the QCP spin-off.

12 HCP, Inc. Unaudited Funds Available for Distribution In thousands Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 FFO as adjusted applicable to common shares $ 224,770 $ 347,876 $ 464,925 $ 669,659 Amortization of deferred compensation 3,327 4,160 7,092 9,505 Amortization of deferred financing costs 3,843 5,281 7,702 10,561 Straight-line rents (3,168) (3,541) (8,176) (11,117) Other depreciation and amortization (2,347) (2,974) (5,358) (5,935) Leasing costs and tenant and capital improvements(1) (27,834) (21,872) (51,121) (42,354) Lease restructure payments 314 6,318 854 12,612 CCRC entrance fees(2) 4,713 6,046 8,362 11,549 Deferred income taxes (4,342) (2,604) (6,716) (5,546) Other FAD adjustments 881 (824) 1,138 (2,028) FAD applicable to common shares $ 200,157 $ 337,866 $ 418,702 $ 646,906 Distributions on dilutive convertible units and other 1,738 3,525 — 7,109 Diluted FAD applicable to common shares $ 201,895 $ 341,391 $ 418,702 $ 654,015 _______________________________________ (1) Includes our share of leasing costs and tenant and capital improvements from unconsolidated joint ventures. (2) Represents our 49% share of non-refundable entrance fees as the fees are collected by our CCRC JV, net of reserves and CCRC JV entrance fee amortization.

13 Other: 15% Senior housing triple-net: 24% SHOP: 18% Life science: 21% Medical office: 22% Portfolio Summary As of and for the quarter ended June 30, 2017, dollars in thousands Property Count Age Investment Cash NOI and Interest Income Private Pay %(1) Property Portfolio Senior housing triple-net 209 19 $ 3,860,136 $ 76,791 92.0 SHOP 81 23 2,322,058 39,562 98.4 Life science 115 20 3,610,247 67,863 100.0 Medical office 237 23 3,838,618 71,819 100.0 Other 76 31 937,093 26,716 80.0 718 22 $ 14,568,152 $ 282,751 95.8 Debt Investments Other — N/A $ 412,022 $ 20,869 — Developments/Redevelopments SHOP — N/A $ 4,268 $ — — Life science — N/A 309,265 — — Medical office — N/A 126,407 — — — N/A $ 439,940 $ — — HCP's Share of Unconsolidated JVs(2) SHOP 72 21 $ 1,178,073 $ 20,392 84.8 Life science 4 21 87,974 1,607 100.0 Medical office 1 22 9,825 345 100.0 Other 4 40 9,150 398 13.7 81 22 $ 1,285,022 $ 22,742 84.8 Total Senior housing triple-net 209 19 $ 3,860,136 $ 76,791 92.0 SHOP 153 22 3,504,399 59,954 92.9 Life science 119 20 4,007,486 69,470 100.0 Medical office 238 23 3,974,850 72,164 100.0 Other 80 32 1,358,265 47,983 79.3 799 22 $ 16,705,136 $ 326,362 94.8 (1) 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. (2) 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. CASH NOI AND INTEREST INCOME $326.4M

14 Portfolio Summary (1) Includes $5.3 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. (2) 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. For the quarter ended June 30, 2017, dollars in thousands NOI, CASH NOI AND INTEREST INCOME Rental and Operating Revenue Operating Expenses NOI(1) Cash NOI(1) Interest Income Cash NOI and Interest Income Wholly-Owned Senior housing triple-net $ 78,079 $ (882) $ 77,197 $ 76,791 $ — $ 76,791 SHOP 125,416 (85,866) 39,550 39,562 — 39,562 Life science 86,730 (18,744) 67,986 67,863 — 67,863 Medical office 119,164 (46,581) 72,583 71,819 — 71,819 Other 28,670 (1,090) 27,580 26,716 20,869 47,585 $ 438,059 $ (153,163) $ 284,896 $ 282,751 $ 20,869 $ 303,620 HCP's Share of Unconsolidated JVs SHOP(2) $ 81,368 $ (65,487) $ 15,881 $ 20,392 $ — $ 20,392 Life science 2,004 (429) 1,575 1,607 — 1,607 Medical office 496 (146) 350 345 — 345 Other 417 (19) 398 398 — 398 $ 84,285 $ (66,081) $ 18,204 $ 22,742 $ — $ 22,742 Total Senior housing triple-net $ 78,079 $ (882) $ 77,197 $ 76,791 $ — $ 76,791 SHOP 206,784 (151,353) 55,431 59,954 — 59,954 Life science 88,734 (19,173) 69,561 69,470 — 69,470 Medical office 119,660 (46,727) 72,933 72,164 — 72,164 Other 29,087 (1,109) 27,978 27,114 20,869 47,983 $ 522,344 $ (219,244) $ 303,100 $ 305,493 $ 20,869 $ 326,362

15 Same Property Portfolio As of June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs THREE-MONTH SPP Year-Over-Year Sequential Property Count Investment Percent of Property Portfolio Occupancy Growth Occupancy Growth 2Q17 2Q16 NOI Cash NOI 2Q17 1Q17 NOI Cash NOI Senior housing triple-net 209 $ 3,860,136 100 86.1% 86.6% 1.6% 2.6% 86.1% 86.6% 1.7% 3.2% SHOP(1) 124 2,970,344 85 86.8% 88.7% (3.8%) (1.6%) 86.8% 88.1% (9.9%) (9.0%) Life science 116 3,499,520 95 96.5% 98.5% 2.1% 3.7% 96.5% 97.3% (0.4%) 0.6% Medical office 215 3,200,168 83 92.0% 92.0% 1.8% 2.6% 92.0% 92.1% (0.5%) 0.1% Other 80 946,244 100 N/A N/A 3.8% 1.5% N/A N/A (0.7%) (0.1%) Total Portfolio 744 $ 14,476,412 91 1.0% 2.1% (1.6%) (0.6%) SIX-MONTH SPP Year-Over-Year Property Count Investment Percent of Property Portfolio Occupancy Growth 2Q17 2Q16 NOI Cash NOI Senior housing triple-net 204 $ 3,782,574 98 86.1% 86.6% 1.1% 3.8% SHOP(1) 123 2,955,763 84 87.5% 89.1% (0.4%) 0.8% Life science 116 3,499,520 95 96.5% 98.5% 3.1% 4.2% Medical office 215 3,200,168 83 92.0% 92.0% 2.6% 3.6% Other 79 928,335 98 N/A N/A 3.0% 1.0% Total Portfolio 737 $ 14,366,360 91 1.8% 3.1% (1) Reflects the January 2017 sale of a 40% interest in RIDEA II as if it occurred at the beginning of the earliest period presented.

16 Capitalization Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION June 30, 2017 Shares Value Total Value Common stock (NYSE: HCP) 468,879 $ 31.96 $ 14,985,373 Convertible partnership (DownREIT) units 6,629 31.96 211,863 Total Market Equity 475,508 $ 15,197,236 Consolidated Debt N/A 7,485,326 Total Market Equity and Consolidated Debt 475,508 $ 22,682,562 HCP's share of unconsolidated JV debt N/A 349,710 Total Market Equity and Total Debt 475,508 $ 23,032,272 COMMON STOCK AND EQUIVALENTS Shares Outstanding June 30, 2017 Weighted Average Shares Three Months Ended June 30, 2017 Weighted Average Shares Six Months Ended June 30, 2017 Diluted EPS Diluted FFO Diluted EPS Diluted FFO Common stock 468,879 468,646 468,646 468,474 468,474 Common stock equivalent securities: Restricted stock and units 1,166 124 124 127 127 Dilutive impact of options 69 69 69 68 68 Convertible partnership (DownREIT) units 6,629 — — 4,697 4,697 Total common stock and equivalents 476,743 468,839 468,839 473,366 473,366

17 Indebtedness and Ratios As of June 30, 2017, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Senior Unsecured Notes Mortgage Debt HCP's Share of Unconsolidated JV Debt Total Debt Bank Line of Credit(1) Term Loan(2) Amounts Rates %(3) Amounts Rates %(3) Consolidated Debt Amounts(4) Rates %(3) Amounts Rates %(3) 2017 $ — $ — $ — — $ 1,685 — $ 1,685 $ 32,789 3.71 $ 34,474 3.53 2018 136,311 — — — 3,512 — 139,823 28,054 3.98 167,877 1.99 2019 — 219,396 450,000 3.95 3,700 — 673,096 16,628 3.87 689,724 3.16 2020 — — 800,000 2.79 3,758 5.08 803,758 10,877 4.21 814,635 2.82 2021(5) — — 1,200,000 5.54 11,117 5.26 1,211,117 39,789 4.07 1,250,906 5.49 2022 — — 900,000 3.93 2,861 — 902,861 14,688 4.41 917,549 3.92 2023 — — 800,000 4.39 2,993 — 802,993 3,205 3.96 806,198 4.38 2024 — — 1,150,000 4.17 3,131 — 1,153,131 87 — 1,153,218 4.16 2025 — — 1,350,000 3.94 3,276 — 1,353,276 18,063 3.87 1,371,339 3.93 2026 — — — — 3,213 3.03 3,213 94 — 3,307 2.94 Thereafter — — 300,000 6.88 101,007 4.17 401,007 2,901 3.90 403,908 6.18 Subtotal $ 136,311 $ 219,396 $ 6,950,000 $ 140,253 $ 7,445,960 $ 167,175 $7,613,135 Other Debt(6) — — — — 94,801 183,317 278,118 (Discounts), premium and debt costs, net — (564) (60,955) 6,084 (55,435) (782) (56,217) Total $ 136,311 $ 218,832 $ 6,889,045 $ 146,337 $ 7,485,326 $ 349,710 $7,835,036 Weighted average interest rate % 1.63 1.55 4.29 4.23 4.16 3.98 4.16 Weighted average maturity in years 0.8 1.5 6.1 20.2 6.1 3.5 6.1 (1) Represents £105 million translated into U.S. dollars at June 30, 2017. The $2.0 billion unsecured revolving line of credit matures on March 31, 2018 and contains a one-year extension option. Based on our credit ratings at July 31, 2017, the interest rate on the facility was LIBOR plus 1.05% and the facility fee was 20 bps. (2) Represents £169 million translated into U.S. dollars at June 30, 2017. (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) In July 2017, the Company repurchased $500 million of 5.375% senior notes due 2021 using capital-recycling proceeds from the HC-One loan repayment and Brookdale 64 disposition. (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.

18 Indebtedness and Ratios As of June 30, 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 Secured Fixed rate $ 233,912 3 4.12% 13.8 Floating rate 73,516 1 3.96% 2.3 Combined $ 307,428 4 4.08% 11.1 Unsecured Fixed rate 6,950,000 91 4.29% 6.1 Floating rate 355,707 5 1.58% 1.2 Combined $ 7,305,707 96 4.16% 5.9 Total Fixed rate 7,183,912 94 4.29% 6.4 Floating rate 429,223 6 1.99% 1.4 Combined $ 7,613,135 100 4.16% 6.1 Other debt(1) 278,118 (Discounts), premiums and debt costs, net (56,217) Total Debt $ 7,835,036 FINANCIAL COVENANTS(2) Bank Line of Credit Requirement Actual Compliance Leverage Ratio No greater than 60% 44% Secured Debt Ratio No greater than 30% 4% Unsecured Leverage Ratio No greater than 60% 49% Fixed Charge Coverage Ratio (12 months) No less than 1.50x 3.5x CREDIT RATINGS (SENIOR UNSECURED DEBT) Moody's Baa2 (Stable) S&P Global BBB (Stable) Fitch 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.

19 Investment Summary Acquisitions, Fundings& Dispositions For the three and six months ended June 30, 2017, dollars and square feet in thousands INVESTMENT SUMMARY Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Acquisitions $ 26,100 $ 26,100 Development fundings 64,002 103,833 Redevelopment fundings 11,071 16,171 Loan fundings 3,448 18,448 Total $ 104,621 $ 164,552 DISPOSITIONS(2) Trailing Yield(3) Date Capacity Property Count Property Type Sales Price NOI Cash NOI Salt Lake City, UT January 324 Sq. Ft. 4 Life science $ 75,750 Memphis, TN January 130 Units 1 SHOP 2,250 RIDEA II sale of partnership interest(4) January N/A N/A SHOP 363,200 Palm Beach Gardens, FL February 199 Beds 1 Hospital 43,426 Various Brookdale March 5,967 Units 64 Senior housing 1,125,000 San Diego, CA(5) April 18 Acres — Life science 26,750 San Diego, CA April 15 Sq. Ft. 1 Life science 4,650 Conifer, CO June 10 Sq. Ft. 1 Medical office 750 72 $ 1,641,776 8.1% 7.9% (1) In June 2017, the Company acquired two life science facilities generating a forward cash NOI yield of 6.0%, including a 50,000 square foot vacant building placed in redevelopment upon acquisition. (2) The Company also generated proceeds of £112 million ($136 million) through the sale of its Four Seasons debt investments in March 2017, and received £283 million ($367 million) from the payoff of its HC-One mezzanine loan in June 2017. (3) Represents the average yield using NOI and Cash NOI for the 12-month period prior to disposition. (4) The sale of a 40% interest in the RIDEA II portfolio generated $480 million of proceeds, which included refinancing proceeds. (5) Represents the sale of land held for development and is excluded from the trailing yield calculation. ACQUISITIONS Date Capacity Property Count Property Type Purchase Price Wateridge(1) June 124 Sq. Ft. 2 Life science $ 26,100

20 Developments As of June 30, 2017, dollars and square feet in thousands DEVELOPMENT PROJECTS IN PROCESS Name of Project MSA Segment Placed in Service(1) Construction in Process ("CIP") Cost to Complete Total at Completion Wholly-Owned Pearland II Houston, TX Medical office $ 6,067 $ 10,406 $ 2,327 $ 18,800 Sky Ridge Denver, CO Medical office 18,149 14,124 5,278 37,551 Cypress Houston, TX Medical office 17,686 13,725 8,795 40,206 The Cove at Oyster Point - Phase I San Francisco, CA Life science 144,644 43,609 7,927 196,180 Woodlands Plaza IV Houston, TX Medical office 21,390 — — 21,390 The Cove at Oyster Point - Phase II San Francisco, CA Life science — 168,881 48,754 217,635 Ridgeview San Diego, CA Life science — 32,805 29,195 62,000 The Cove at Oyster Point - Phase III San Francisco, CA Life science — 35,889 175,222 211,111 Medical City Dallas Garage Dallas, TX Medical office — 3,860 12,440 16,300 $ 207,936 $ 323,299 $ 289,938 $ 821,173 HCP's Share of Unconsolidated JVs Otay Ranch San Diego, CA SHOP — 4,268 23,576 27,844 $ 207,936 $ 327,567 $ 313,514 $ 849,017 Projected weighted average stabilized yield on development projects over respective market cap rates: 150 to 200 bps Project Capacity Health System Affiliate Placed In Service/ Occupied Under Construction Total Project Unit of Measure % of Total Project Leased Project Start Actual / Estimated Occupancy Initial Stabilized Wholly-Owned Pearland II Memorial Hermann 27 70 97 Sq. Ft. 74 2Q14 1Q16 3Q18 Sky Ridge HCA 39 79 118 Sq. Ft. 67 3Q14 1Q16 2Q18 Cypress Memorial Hermann 65 100 165 Sq. Ft. 42 1Q15 1Q16 3Q18 The Cove at Oyster Point - Phase I N/A 180 67 247 Sq. Ft. 100 1Q15 3Q16 4Q17 Woodlands Plaza IV Memorial Hermann 170 — 170 Sq. Ft. 100 1Q16 2Q17 2Q18 The Cove at Oyster Point - Phase II N/A — 231 231 Sq. Ft. 100 1Q16 4Q17 1Q18 Ridgeview N/A — 301 301 Sq. Ft. 50 2Q16 3Q18 1Q19 The Cove at Oyster Point - Phase III N/A — 336 336 Sq. Ft. — 4Q16 4Q18 4Q19 Medical City Dallas Garage HCA — 258 258 Sq. Ft. N/A 1Q17 N/A N/A 481 1,442 1,923 61 HCP's Share of Unconsolidated JVs Otay Ranch N/A — 111 111 Units N/A 2Q17 3Q18 4Q20 (1) Cash NOI for assets placed in service was $2.0 million for the three months ended June 30, 2017.

21 Redevelopments and Land Held for Development(1) As of June 30, 2017, dollars and square feet in thousands REDEVELOPMENT PROJECTS IN PROCESS Incremental Costs Name of Project MSA Segment Investment Placed in Redevelopment(2) Placed in Service CIP Cost to Complete Total Total at Completion Project Start Estimated Completion Wholly-Owned Medical City Dallas Garage Dallas, TX Medical office $ — $ 7,943 $ — $ — $ 7,943 $ 7,943 3Q16 2Q17 Yorktown Washington, DC Medical office — 294 2,222 3,692 6,208 6,208 3Q16 3Q17 Aurora I and II Denver, CO Medical office — 1,038 4,172 3,678 8,888 8,888 3Q16 3Q17 Sunrise Tower IV Las Vegas, NV Medical office — 478 3,553 2,469 6,500 6,500 3Q16 3Q17 Museum Medical Tower Houston, TX Medical office — 691 3,108 6,249 10,048 10,048 3Q16 4Q17 One Fannin Houston, TX Medical office — 1,788 2,044 4,168 8,000 8,000 4Q16 4Q17 3535 Market Street Philadelphia, PA Medical office 67,108 — 2,085 37,715 39,800 106,908 2Q17 2Q18 Directors Place - 4939 San Diego, CA Life science 19,182 — 940 8,100 9,040 28,222 2Q17 3Q18 Wateridge San Diego, CA Life science 7,906 — 53 12,604 12,657 20,563 2Q17 4Q18 $ 94,196 $ 12,232 $ 18,177 $ 78,675 $ 109,084 $ 203,280 Projected weighted average return on incremental capital invested: 9.0% to 12.0% LAND HELD FOR DEVELOPMENT Project MSA Segment Gross Site Acreage Estimated Rentable Sq. Ft. / Units Investment to Date Wholly-Owned Sierra Point San Francisco, CA Life science 23 540 Sq. Ft. $ 94,340 Forbes Research Center San Francisco, CA Life science 8 326 Sq. Ft. 46,532 The Cove at Oyster Point - Phase IV San Francisco, CA Life science 2 164 Sq. Ft. 12,623 Brittania Modular Labs III San Francisco, CA Life science 2 106 Sq. Ft. 10,758 Poway II San Diego, CA Life science 26 465 Sq. Ft. 42,653 Torrey Pines Science Center San Diego, CA Life science 6 93 Sq. Ft. 11,464 Directors Place San Diego, CA Life science 4 82 Sq. Ft. 6,000 Remaining Various Various 13 N/A 4,589 84 1,776 Sq. Ft. $ 228,959 HCP's Share of Unconsolidated JVs Oakmont Village Santa Rosa, CA SHOP 3 74 Units $ 2,271 Waldwick(3) New York, NY SHOP 4 79 Units 2,333 Brandywine Philadelphia, PA SHOP 8 67 Units 797 15 220 Units $ 5,401 99 $ 234,360 (1) Redevelopments are excluded from SPP until they are Stabilized. See Glossary for further definition. (2) Represents the Investment for buildings or portions of buildings placed in redevelopment. Projects with no Investment placed in service represent buildings that remained in operations but were removed from SPP. (3) In July 2017, construction commenced on a 79 unit senior housing development in Waldwick, New Jersey. The development is a joint venture for which the company's share of construction costs are $25.9 million, with $16.8 million financed through third-party debt.

22 Capital Expenditures Second Quarter For the quarter ended June 30, 2017, dollars in thousands except per unit/square foot Senior Housing Triple-net SHOP Life Science Medical Office Other Total Wholly-Owned Recurring capital expenditures $ 193 $ 4,677 $ 613 $ 3,766 $ — $ 9,249 Tenant improvements - 2nd generation — — 1,818 5,874 — 7,692 Lease commissions — — 4,708 4,232 1 8,941 Total recurring capital expenditures $ 193 $ 4,677 (1) $ 7,139 $ 13,872 $ 1 $ 25,882 Revenue enhancing capital expenditures 3,799 3,327 (2) 869 534 — 8,529 Initial Capital Expenditures ("ICE")(3) — 2,272 (42) 1,563 — 3,793 Tenant improvements - 1st generation — — 7,867 6,375 — 14,242 Development — 13 (4) 52,671 7,940 — 60,624 Redevelopment — — 685 10,386 — 11,071 Capitalized interest — 21 3,743 774 — 4,538 Total capital expenditures $ 3,992 $ 10,310 $ 72,932 $ 41,444 $ 1 $ 128,679 HCP's Share of Unconsolidated JVs Recurring capital expenditures $ — $ 2,314 $ 8 $ 31 $ — $ 2,353 Lease commissions — — — 4 — 4 Total recurring capital expenditures $ — $ 2,314 $ 8 $ 35 $ — $ 2,357 Revenue enhancing capital expenditures — 4,931 — 2 — 4,933 ICE(3) — 5 — — — 5 Tenant improvements - 1st generation — — (7) — — (7) Development — 3,378 — — — 3,378 Total capital expenditures $ — $ 10,628 $ 1 $ 37 $ — $ 10,666 Total including unconsolidated JVs $ 3,992 $ 20,938 $ 72,933 $ 41,481 $ 1 $ 139,345 Recurring capital expenditures per unit/sq. ft.(4) NM $384 per Unit $0.09 per Sq. Ft. $0.21 per Sq. Ft. NM (1) Includes $0.4 million attributable to non-controlling interests. (2) Revenue enhancing capital expenditures per unit for SHOP are $454. The per unit based on majority type is $279, $283 and $1,095 for IL, 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) Recurring capital expenditures per unit for SHOP are $384. The per unit based on majority type is $293, $415 and $455 for AL, CCRC and IL, respectively.

23 Capital Expenditures Year-to-Date (1) Includes $1.0 million attributable to non-controlling interests. (2) Revenue enhancing capital expenditures per unit for SHOP is $865. The per unit based on majority type is $546, $686 and $1,809 for IL, AL and CCRC, respectively. (3) Recurring capital expenditures per unit for SHOP is $698. The per unit based on majority type is $665, $688 and $735 for AL, CCRC and IL, respectively. For the six months ended June 30, 2017, dollars in thousands except per unit/square foot Senior Housing Triple-net SHOP Life Science Medical Office Other Total Wholly-Owned Recurring capital expenditures $ 1,499 $ 9,430 $ 1,709 $ 5,604 $ 132 $ 18,374 Tenant improvements - 2nd generation — — 4,236 11,865 — 16,101 Lease commissions — — 6,337 7,762 2 14,101 Total recurring capital expenditures $ 1,499 $ 9,430 (1) $ 12,282 $ 25,231 $ 134 $ 48,576 Revenue enhancing capital expenditures 10,363 8,354 (2) 1,119 904 — 20,740 ICE — 2,448 94 1,724 — 4,266 Tenant improvements - 1st generation — — 11,675 11,585 — 23,260 Development — (324) 88,598 11,955 — 100,229 Redevelopment — — 815 15,356 — 16,171 Capitalized interest — 62 6,135 1,431 — 7,628 Total capital expenditures $ 11,862 $ 19,970 $ 120,718 $ 68,186 $ 134 $ 220,870 HCP's Share of Unconsolidated JVs Recurring capital expenditures $ — $ 3,487 $ 19 $ 34 $ — $ 3,540 Lease commissions — — 16 10 — 26 Total recurring capital expenditures $ — $ 3,487 $ 35 $ 44 $ — $ 3,566 Revenue enhancing capital expenditures — 7,669 — 2 — 7,671 ICE — 10 — — — 10 Tenant improvements - 1st generation — — 52 — — 52 Development — 3,604 — — — 3,604 Capitalized interest — 20 — — — 20 Total capital expenditures $ — $ 14,790 $ 87 $ 46 $ — $ 14,923 Total including unconsolidated JVs $ 11,862 $ 34,760 $ 120,805 $ 68,232 $ 134 $ 235,793 Recurring capital expenditures per unit/sq. ft.(3) NM $698 per Unit $0.24 per Sq. Ft. $0.31 per Sq. Ft. NM

24 Portfolio Diversification As of and for the quarter ended June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs CASH NOI AND INTEREST INCOME BY MSA MSA Properties Senior Housing Triple-net SHOP Life Science Medical Office Other Total % of Total San Francisco, CA 76 $ 2,483 $ — $ 43,603 $ 751 $ — $ 46,837 14 Dallas, TX 42 2,279 1,396 — 8,677 7,452 19,804 6 San Diego, CA 36 767 481 14,030 2,146 — 17,424 5 Houston, TX 40 1,044 6,456 — 8,625 328 16,453 5 Denver, CO 21 2,080 4,257 — 4,423 — 10,760 3 Philadelphia, PA 6 3,721 1,402 — 4,425 — 9,548 3 Washington, DC 20 6,663 1,844 — 885 — 9,392 3 San Jose, CA 15 — — 8,566 602 — 9,168 3 Seattle, WA 13 2,674 — — 6,441 — 9,115 3 Los Angeles, CA 13 2,340 1,566 — 1,253 3,613 8,772 3 Remaining 517 52,740 42,552 3,271 33,936 15,721 148,220 46 Cash NOI 799 $ 76,791 $ 59,954 $ 69,470 $ 72,164 $ 27,114 $ 305,493 94 Interest income — — — — — 20,869 20,869 6 Total 799 $ 76,791 $ 59,954 $ 69,470 $ 72,164 $ 47,983 $ 326,362 100 CASH NOI AND INTEREST INCOME BY OPERATOR/TENANT Tenant/Credit Exposure SHOP/Operator Exposure Operator/Tenant Property Count Senior Housing Triple-net Life Science Medical Office Other Total % of Total Cash NOI and Interest Income Property Count SHOP % of Total Cash NOI and Interest Income Brookdale 103 $ 34,110 $ — $ — $ — $ 34,110 11 124 $ 53,077 16 Sunrise Senior Living 48 23,748 — — — 23,748 7 — — — HC-One 36 — — — 13,721 13,721 4 — — — Amgen 7 — 12,628 — — 12,628 4 — — — Tandem Consulate Health Care — — — — 7,589 7,589 2 — — — Hospital Corporation of America 7 — — 1,139 6,027 7,166 2 — — — Remaining 445 18,933 56,842 71,025 20,646 167,446 52 29 6,877 2 646 $ 76,791 $ 69,470 $ 72,164 $ 47,983 $ 266,408 82 153 $ 59,954 18

25 Expirations and Maturities As of June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs EXCLUDES PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent Year Total % of Total Senior Housing Triple-net Life Science Medical Office Other Interest Income 2017(1) $ 58,875 5 $ 11,008 $ 9,976 $ 37,891 $ — $ — 2018 160,390 14 26,055 44,768 57,289 982 31,296 2019 87,888 8 2,238 27,602 50,600 7,448 — 2020 124,533 11 38,733 22,172 54,513 8,375 740 2021 96,792 9 9,927 44,833 37,489 2,158 2,385 2022 69,433 6 1,476 22,562 31,324 13,107 964 2023 130,264 11 43,796 62,136 14,995 — 9,337 2024 55,032 5 19,260 3,912 16,510 15,350 — 2025 88,817 8 9,618 27,168 29,324 22,707 — 2026 31,573 3 5,697 7,525 18,351 — — Thereafter 232,548 20 147,377 19,649 28,220 37,302 — $ 1,136,145 100 $ 315,185 $ 292,303 $ 376,506 $ 107,429 $ 44,722 Weighted average maturity in years 6.1 8.7 4.8 4.3 8.4 2.6 REFLECTS PURCHASE AND PREPAYMENT OPTIONS Annualized Base Rent Year Total % of Total Senior Housing Triple-net Life Science Medical Office Other Interest Income(2) 2017(1) $ 97,415 9 $ 11,008 $ 9,976 $ 45,135 $ — $ 31,296 2018 128,399 11 26,055 44,768 55,694 982 900 2019 108,914 10 2,238 27,602 47,431 21,566 10,077 2020 128,155 11 38,733 28,016 53,031 8,375 — 2021 107,299 9 9,927 44,833 48,896 2,158 1,485 2022 68,035 6 1,476 22,562 29,926 13,107 964 2023 118,473 10 43,796 62,136 12,541 — — 2024 40,396 4 19,260 3,912 15,992 1,232 — 2025 89,592 8 9,618 27,168 30,099 22,707 — 2026 22,828 2 5,697 7,525 9,606 — — Thereafter 226,639 20 147,377 13,805 28,155 37,302 — $ 1,136,145 100 $ 315,185 $ 292,303 $ 376,506 $ 107,429 $ 44,722 (1) Includes month-to-month and holdover leases. (2) Reflects the earliest point at which there is no prepayment penalty.

26 2.2 5x 2.0 0x 1.7 5x 1.5 0x 1.2 5x 1.0 0x 0.7 5x 0.5 0x0 2 4 6 8 10 12 14 16 18 6.9% 0.7% 0.7% 0.4% 0.7% 0.7% 1.0% 1.3%1.1% 0.5% 1.8% 1.1% 0.3% 0.1% 0.9% 0.3% 0.1% 1.3% 0.2% 1.6% 1.1% 2.1% 0.4% 1.6% 0.2% 0.3% 25 13.00 x EBIT D AR CFC (TRAILING 12 MONTHS ENDED 03/31/2017 ) HIGHER RIS K LOWER RIS K HIGHER RISK LOWER RISK TERM (YEARS TO EXPIRATION) % Senior Housing Other No Corporate Guaranty Share of HCP Cash NOI and Interest Income INVESTMENT TYPE (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, master leases with properties acquired during the period required to calculate CFC, and master leases that include newly completed developments that are not stabilized. (2) Percentage of Cash NOI (excluding Cash NOI from assets sold in the quarter) supported by a corporate guaranty. EBITDAR CFC % of HCP Cash NOI and Interest Income # of Leases Weighted Average Maturity in Years Guaranty(2) Less than 1.0x 4.2 6 8.2 52.4% 1.00x - 1.25x 12.3 10 9.5 95.9% 1.26x - 1.50x 7.0 5 9.7 31.4% 1.51x and above 3.9 5 7.2 100.0% Triple-Net Master Lease Profile(1)

27 Senior Housing Triple-net As of and for the quarter ended June 30, 2017, dollars in thousands, except REVPOR Property Portfolio Property Count Investment Cash NOI Units Occupancy % REVPOR EBITDARM CFC EBITDAR CFC Assisted living 174 $ 2,848,310 $ 53,478 14,649 85.5 $ 5,873 1.32x 1.10x Independent living 26 555,940 12,822 3,448 88.2 3,922 1.28x 1.13x CCRC 9 455,886 10,491 2,462 87.0 5,895 1.34x 1.13x Total 209 $ 3,860,136 $ 76,791 20,559 86.2 $ 5,536 1.32x 1.11x Properties Operator Investment Cash NOI Count % Pooled Units Occupancy % REVPOR EBITDARM CFC EBITDAR CFC(1) Brookdale $ 1,639,884 $ 34,110 103 97 10,092 86.8 $ 4,748 1.34x 1.16x Sunrise Senior Living 1,354,765 23,748 48 98 5,549 87.5 7,174 1.38x 1.11x Harbor Retirement Associates 212,235 4,794 14 100 1,343 77.4 5,982 1.33x 1.12x Aegis Senior Living 182,152 4,398 10 80 701 89.6 7,928 1.31x 1.14x Capital Senior Living 181,988 4,340 15 100 1,508 83.1 3,277 1.16x 1.01x Remaining 289,112 5,401 19 63 1,366 86.5 5,338 0.97x 0.83x Subtotal excluding Brookdale $ 2,220,252 $ 42,681 106 91 10,467 85.6 $ 6,329 1.30x 1.07x Total $ 3,860,136 $ 76,791 209 94 20,559 86.2 $ 5,536 1.32x 1.11x (1) 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.

28 Senior Housing Triple-net Same Property Portfolio Dollars in thousands, except REVPOR 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 209 209 209 209 209 Investment $ 3,831,482 $ 3,841,080 $ 3,849,799 $ 3,856,908 $ 3,860,136 Units 20,578 20,580 20,562 20,559 20,559 Occupancy % 86.6 86.8 86.8 86.6 86.1 REVPOR $ 5,447 $ 5,446 $ 5,456 $ 5,447 $ 5,544 EBITDARM CFC 1.34x 1.34x 1.33x 1.32x 1.32x EBITDAR CFC 1.13x 1.12x 1.12x 1.11x 1.11x NOI: Total revenues $ 76,890 $ 75,690 $ 78,264 $ 76,769 $ 78,079 Operating expenses (169) (168) 262 (157) (157) $ 76,721 $ 75,522 $ 78,526 $ 76,612 $ 77,922 Cash NOI: Non-cash adjustments to NOI (1,200) (118) 493 (1,516) (407) $ 75,521 $ 75,404 $ 79,019 $ 75,096 $ 77,515 Year-Over-Year Three-Month SPP Growth 2.6%

29 Senior Housing Triple-net New Supply - Assisted Living As of and for the quarter ended June 30, 2017, dollars in thousands NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) MSA Units Cash NOI % of Triple- net Cash NOI Properties/ Units Under Construction(2) Cash NOI Exposed to New Supply(3) 5-Year 80+ Population Growth % 2017-2022 75+ Penetration Rate % Qualified Care Giver % Median Household Income Affordability (in years) 75+ Median Net Worth Unemploy- ment % US National Average 10.6 4.9 4.7 $ 56 N/A $ 213 5.5 New York, NY 1,148 $ 5,755 7.5 6 / 763 $ 1,980 8.6 1.7 5.1 85 3.3 197 4.8 Washington, DC 609 2,890 3.8 4 / 432 2,097 11.8 3.3 9.2 103 6.8 250 3.3 Seattle, WA 513 2,674 3.5 1 / 60 1,218 10.6 5.8 8.0 84 6.0 250 4.1 San Francisco, CA 359 2,483 3.2 1 / 16 1,658 10.9 5.4 7.4 84 5.6 250 4.9 Los Angeles, CA 384 2,340 3.0 -- / -- — 7.5 3.0 5.4 71 3.8 238 4.5 Portland, OR 762 2,042 2.7 3 / 336 697 12.1 7.3 6.0 66 >15 213 4.8 Charlotte, NC 641 2,036 2.7 -- / -- — 16.1 7.7 5.8 61 8.9 225 5.3 Atlanta, GA 678 1,878 2.4 1 / 94 482 14.0 6.5 6.9 70 14.7 223 4.0 Chicago, IL 351 1,650 2.1 5 / 372 1,650 8.5 3.8 8.8 90 6.1 250 3.9 Baltimore, MD 293 1,544 2.0 1 / 100 319 13.7 3.8 7.6 86 4.1 225 4.7 Detroit, MI 330 1,289 1.7 3 / 389 691 7.9 3.9 7.6 71 6.6 238 4.6 Dallas, TX 401 1,180 1.5 1 / 168 714 16.3 6.5 6.4 67 >15 247 4.6 Riverside, CA 287 1,120 1.5 1 / 11 179 16.5 3.5 5.8 75 11.7 243 5.8 Houston, TX 308 1,044 1.4 -- / -- — 23.1 5.1 6.7 79 >15 250 5.0 Santa Rosa, CA 161 983 1.3 -- / -- — 9.4 4.1 5.2 62 3.2 212 5.3 St. Louis, MO 152 857 1.1 1 / 85 716 1.9 3.0 5.9 62 3.6 232 4.4 Philadelphia, PA 186 777 1.0 -- / -- — 5.7 5.2 8.4 81 9.8 247 4.0 San Diego, CA 116 767 1.0 -- / -- — 6.0 8.7 5.1 62 9.2 244 4.3 Denver, CO 178 730 1.0 1 / 163 730 20.1 6.8 8.8 81 3.9 250 2.3 Jacksonville, FL 169 662 0.9 -- / -- — 21.2 5.8 5.2 56 8.6 244 4.3 Remaining 6,623 18,777 24.3 6 / 453 1,396 10.3 3.9 5.0 56 6.8 216 5.5 Total 14,649 $ 53,478 69.6 35 / 3,442 $ 14,527 10.0 3.7 6.2 $ 71 6.2 $ 229 4.7 % of Total Cash NOI and Interest Income 4.5% (1) Demographic data provided by Environmental Systems Research (“ESRI”) for 2017. Construction and supply data provided by National Investment Center for Senior Housing and Care (“NIC”) for the quarter ended June 30, 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.

30 Senior Housing Triple-net New Supply - IndependentLiving & CCRC As of and for the quarter ended June 30, 2017, dollars in thousands NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) MSA Units Cash NOI % of Triple Net Cash NOI Properties/ Units Under Construction(2) Cash NOI Exposed to New Supply(3) 5-Year 75+ Population Growth % 2017-2022 75+ Penetration Rate % Qualified Care Giver % Median Household Income Affordability (in years) 75+ Median Net Worth Unemploy- ment % US National Average 18.5 6.1 4.7 $ 56 N/A $ 213 5.5 Washington, DC 788 $ 3,772 4.9 1 / 212 $ 492 25.5 5.0 9.0 102 >15 250 3.1 Philadelphia, PA 542 2,944 3.8 -- / -- — 11.9 4.5 4.8 53 4.7 200 7.9 Providence, RI 549 2,147 2.8 -- / -- — 12.1 3.2 5.2 58 3.1 135 5.0 Austin, TX 269 1,500 2.0 -- / -- — 24.0 7.0 5.1 53 3.9 236 4.2 Denver, CO 236 1,350 1.8 1 / 53 1,350 21.5 7.5 4.7 55 4.7 170 3.1 Jacksonville, FL 317 1,286 1.7 -- / -- — 16.8 6.1 3.9 53 11.0 185 5.9 Sebastian, FL 213 1,130 1.5 -- / -- — 14.4 1.0 3.9 47 >15 250 10.1 Dallas, TX 445 1,099 1.4 -- / -- — 22.4 5.7 4.7 59 >15 242 5.7 Tucson, AZ 282 887 1.2 -- / -- — 19.2 13.8 6.2 55 8.1 233 5.0 Portland, OR 406 885 1.2 -- / -- — 14.0 4.6 4.6 56 >15 187 4.7 Remaining 1,863 6,313 8.1 1 / 128 643 14.4 2.9 4.5 61 >15 236 6.1 Total 5,910 $ 23,313 30.4 3 / 393 $ 2,485 16.1 4.6 5.7 $ 64 9.9 $ 217 5.8 % of Total Cash NOI and Interest Income 0.8% (1) Demographic data provided by ESRI for 2017. Construction and supply data provided by NIC for the quarter ended June 30, 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.

31 SHOP As of and for the quarter ended June 30, 2017, dollars in thousands, except REVPOR Property Count Investment Cash NOI Units Occupancy % REVPOR Wholly-Owned AL 48 $ 930,900 $ 14,762 4,857 83.9 $ 4,493 IL 32 1,365,281 24,001 6,946 88.9 3,544 CCRC 1 25,877 799 244 86.5 7,408 81 $ 2,322,058 $ 39,562 12,047 86.8 $ 3,999 HCP's Share of Unconsolidated JVs AL 50 $ 386,182 $ 6,338 5,226 83.2 $ 5,480 IL 6 74,252 949 724 96.2 3,293 CCRC 16 717,639 13,105 7,487 85.0 5,396 72 $ 1,178,073 $ 20,392 13,437 84.9 $ 5,316 Total 153 $ 3,500,131 $ 59,954 25,484 86.2 $ 4,434 Operator Brookdale 124 $ 2,966,807 $ 53,077 22,339 86.7 $ 4,438 Atria Senior Living 7 137,643 3,396 1,040 91.0 3,868 Senior Lifestyle Corp. 7 193,388 2,160 640 77.6 5,510 MBK Senior Living 5 86,701 1,613 640 94.8 4,409 Remaining 10 115,592 (292) 825 72.5 4,142 Total 153 $ 3,500,131 $ 59,954 25,484 86.2 $ 4,434

32 (1) Units and REVPOR are based on the majority type within each community. AL includes needs-based care such as memory care. SHOP MSA As of and for the quarter ended June 30, 2017, dollars in thousands, except REVPOR, includes HCP's pro rata share of unconsolidated JVs OPERATING PORTFOLIO METRICS % of Cash NOI Units(1) REVPOR(1) MSA Investment Cash NOI AL IL CCRC Occupancy % AL IL CCRC Tampa, FL $ 322,505 $ 6,880 11.5 182 424 2,178 89.8 $ 4,013 $ 3,780 $ 5,512 Houston, TX 378,780 6,456 10.8 87 1,837 449 88.8 5,801 2,513 6,892 Miami, FL 278,140 4,953 8.3 736 963 — 85.5 4,364 4,005 — Denver, CO 294,622 4,257 7.1 154 702 — 93.6 4,016 4,425 — Chicago, IL 229,169 3,004 5.0 348 948 — 85.3 6,589 3,819 — Orlando, FL 110,149 2,507 4.2 232 — 1,006 78.5 4,159 — 5,670 Sarasota, FL 150,555 1,965 3.3 259 164 745 74.5 4,119 5,112 5,003 Washington, DC 137,070 1,844 3.1 541 — — 82.4 5,986 — — Los Angeles, CA 54,115 1,566 2.6 445 — — 94.2 6,016 — — Baltimore, MD 122,298 1,541 2.6 522 — — 80.4 5,643 — — Philadelphia, PA 63,163 1,402 2.3 — — 435 94.5 — — 5,786 Dallas, TX 79,795 1,396 2.3 453 257 — 90.1 3,865 2,156 — Providence, RI 81,918 1,343 2.2 191 413 — 80.8 4,822 3,920 — Jacksonville, FL 91,635 1,310 2.2 — — 541 81.8 — — 7,059 Memphis, TN 77,164 1,285 2.1 224 — — 95.2 5,468 — — Richmond, VA 69,390 1,254 2.1 303 — — 85.7 5,315 — — Punta Gorda, FL 38,236 1,149 1.9 — — 661 82.7 — — 5,395 Phoenix, AZ 41,749 1,085 1.8 — 211 — 89.9 — 3,873 — Grand Rapids, MI 53,478 1,080 1.8 — — 406 91.3 — — 5,518 Riverside, CA 49,081 1,070 1.8 316 183 — 89.4 4,794 3,525 — Remaining 777,119 12,607 21.0 5,090 1,568 1,310 85.6 4,562 3,699 4,268 Total $ 3,500,131 $ 59,954 100.0 10,083 7,670 7,731 86.2 $ 4,787 $ 3,534 $ 5,524

33 SHOP Trend Dollars in thousands, except REVPOR, includes HCP's pro rata share of unconsolidated JVs TOTAL OPERATING PORTFOLIO 2Q16 3Q16 4Q16 1Q17(1) 2Q17 Property count 130 143 152 153 153 Investment $ 3,539,673 $ 3,831,503 $ 3,986,662 $ 3,481,155 $ 3,500,131 Units 23,237 24,440 25,407 25,472 25,484 Occupancy % 87.5 88.2 87.8 87.6 86.2 REVPOR $ 4,291 $ 4,322 $ 4,347 $ 4,414 $ 4,434 NOI: Total revenues $ 217,056 $ 221,712 $ 238,285 $ 216,592 $ 206,784 Operating expenses (157,917) (163,965) (171,468) (154,066) (151,353) $ 59,139 $ 57,747 $ 66,817 $ 62,526 $ 55,431 Cash NOI: Non-cash adjustments to NOI 4,250 4,081 4,798 3,154 4,523 $ 63,389 $ 61,828 $ 71,615 $ 65,680 $ 59,954 Cash NOI Margin % 28.5 27.3 29.5 29.8 28.3 (1) Reflects the January 2017 sale of a 40% interest in RIDEA II.

34 SHOP Same Property Portfolio Dollars in thousands, except REVPOR, includes HCP's pro rata share of unconsolidated JVs TOTAL SHOP(1)(2) 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 124 124 124 124 124 Investment $ 2,906,605 $ 2,926,860 $ 2,944,854 $ 2,956,051 $ 2,970,344 Units 22,333 22,332 22,351 22,322 22,335 Occupancy % 88.7 88.9 88.7 88.1 86.8 REVPOR $ 4,133 $ 4,134 $ 4,161 $ 4,290 $ 4,306 NOI: Total revenues $ 166,942 $ 167,072 $ 167,935 $ 171,761 $ 169,868 Operating expenses (119,748) (122,497) (119,105) (121,367) (124,458) $ 47,194 $ 44,575 $ 48,830 $ 50,394 $ 45,410 Cash NOI: Non-cash adjustments to NOI (922) (403) (95) (337) 143 $ 46,272 $ 44,172 $ 48,735 $ 50,057 $ 45,553 Cash NOI Margin % 27.7 26.4 29.0 29.2 26.8 Year-Over-Year Three-Month SPP Growth (1.6%) (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 at the beginning of the earliest period presented. Includes a CCRC rental community that is not part of our CCRC JV. ASSISTED LIVING/INDEPENDENT LIVING PORTFOLIO(2) 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 109 109 109 109 109 Investment $ 2,228,530 $ 2,241,394 $ 2,253,446 $ 2,261,289 $ 2,269,568 Units 15,158 15,157 15,158 15,124 15,090 Occupancy % 89.7 89.9 89.6 88.8 87.3 REVPOR $ 3,897 $ 3,906 $ 3,914 $ 4,065 $ 4,081 NOI: Total revenues $ 122,350 $ 122,580 $ 122,508 $ 125,862 $ 124,108 Operating expenses (81,021) (83,184) (80,880) (82,246) (84,062) $ 41,329 $ 39,396 $ 41,628 $ 43,616 $ 40,046 Cash NOI: Non-cash adjustments to NOI (957) (424) (74) (309) 142 $ 40,372 $ 38,972 $ 41,554 $ 43,307 $ 40,188 Cash NOI Margin % 33.0 31.8 33.9 34.4 32.4 Year-Over-Year Three-Month SPP Growth (0.5%)

35 SHOP CCRC JV Same Property Portfolio(1)(2) Dollars in thousands, except REVPOR, includes HCP's pro rata share of unconsolidated JVs CCRC JV 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 15 15 15 15 15 Investment $ 678,075 $ 685,466 $ 691,408 $ 694,762 $ 700,776 Units 7,175 7,175 7,193 7,198 7,245 Occupancy % 85.3 85.6 85.6 85.7 85.2 REVPOR $ 4,958 $ 4,931 $ 5,013 $ 5,060 $ 5,065 NOI: Total revenues $ 44,592 $ 44,492 $ 45,427 $ 45,899 $ 45,760 Operating expenses (38,727) (39,313) (38,225) (39,121) (40,396) $ 5,865 $ 5,179 $ 7,202 $ 6,778 $ 5,364 Cash NOI: Non-cash adjustments to NOI 35 21 (21) (28) 1 $ 5,900 $ 5,200 $ 7,181 $ 6,750 $ 5,365 Cash NOI Margin % 13.2 11.7 15.8 14.7 11.7 Year-Over-Year Three-Month SPP Growth (9.1%) (1) Excludes a CCRC rental community that is not part of our CCRC JV. (2) Same property NOI and Cash NOI exclude non-refundable Entrance Fees and related activity such as deferred expenses, amortization, reserves and related management fees. (3) Represents NREFs net of a 15% reserve for statutory refunds due to early terminations and related management fees. See Entrance Fees in Glossary. NON-REFUNDABLE ENTRANCE FEES Non-refundable Entrance Fees ("NREFs"), net(3) $ 7,637 $ 6,803 $ 7,159 $ 6,352 $ 7,716 SPP Cash NOI plus NREFs, net $ 13,537 $ 12,003 $ 14,340 $ 13,103 $ 13,081 Margin % including NREFs, net 25.7 23.2 27.1 24.9 24.3 Year-Over-Year Three-Month Growth including NREFs, net (3.4%)

36 SHOP New Supply - Assisted Living As of and for the quarter ended June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) MSA Units Cash NOI % of SHOP Cash NOI Properties/ Units Under Construction(2) Cash NOI Exposed to New Supply(3) 5-Year 80+ Population Growth % 2017-2022 75+ Penetration Rate % Qualified Care Giver % Median Household Income Affordability (in years) 75+ Median Net Worth Unemploy- ment% US National Average 10.6 4.9 4.7 $ 56 N/A $ 213 5.5 Washington, DC 541 $ 1,844 3.1 2 / 126 $ 746 12.1 2.7 8.9 104 9.3 250 3.1 Los Angeles, CA 445 1,566 2.6 1 / 201 273 18.0 3.3 7.8 92 10.3 250 4.4 Baltimore, MD 522 1,541 2.6 1 / 100 223 5.8 2.8 6.1 74 8.2 230 5.3 Miami, FL 736 1,400 2.3 2 / 224 176 6.7 3.2 3.6 51 9.3 229 7.9 Memphis, TN 224 1,280 2.1 1 / 180 1,245 11.7 4.7 7.1 71 13.4 250 4.5 Richmond, VA 303 1,254 2.1 4 / 215 1,254 6.8 15.1 8.2 82 14.1 243 3.2 Dallas, TX 453 1,135 1.9 3 / 334 552 13.1 4.6 4.9 58 >15 234 5.4 Austin, TX 276 1,070 1.8 2 / 292 701 16.9 8.3 5.7 57 6.3 200 4.4 Sebastian, FL 104 732 1.2 -- / -- — 6.2 4.3 3.7 47 12.7 237 10.0 Orlando, FL 232 695 1.2 1 / 89 150 11.6 7.2 4.7 54 >15 215 5.8 Cincinnati, OH 341 686 1.1 -- / -- — 3.4 4.4 4.5 54 >15 228 5.8 Denver, CO 154 674 1.1 1 / 74 674 13.9 4.9 4.7 53 >15 202 3.2 Tampa, FL 182 570 1.0 -- / -- — 9.1 5.6 4.8 50 12.2 196 5.7 Albuquerque, NM 180 565 0.9 1 / 36 28 2.9 1.6 2.9 38 9.3 182 8.0 Houston, TX 87 522 0.9 -- / -- — 23.7 5.1 7.4 84 12.5 250 5.0 Detroit, MI 120 483 0.8 -- / -- — 10.9 2.6 5.6 60 >15 236 5.4 San Diego, CA 318 481 0.8 1 / 64 250 8.8 4.8 7.4 97 5.1 250 4.1 Sarasota, FL 259 413 0.7 4 / 342 413 14.0 4.1 3.7 52 >15 250 5.8 Providence, RI 191 409 0.7 -- / -- — 1.9 5.0 5.1 56 4.5 146 4.6 Ventura, CA 159 389 0.6 1 / 130 389 11.2 5.5 9.1 100 4.2 250 4.4 Remaining 4,256 3,391 5.7 7 / 643 309 7.0 3.6 5.2 59 9.8 220 4.9 Total 10,083 $ 21,100 35.2 32 / 3,050 $ 7,383 9.7 4.2 5.9 $ 72 10.3 $ 242 5.0 % of Total Cash NOI and Interest Income 2.3% (1) Demographic data provided by ESRI for 2017. Construction and supply data provided by NIC for the quarter ended June 30, 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.

37 SHOP New Supply - Independent Living & CCRC As of and for the quarter ended June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs NEW SUPPLY ANALYSIS HCP Portfolio 5-Mile Radius(1) MSA Units Cash NOI % of SHOP Cash NOI Properties/ Units Under Construction(2) Cash NOI Exposed to New Supply(3) 5-Year 75+ Population Growth % 2017-2022 75+ Penetration Rate % Qualified Care Giver % Median Household Income Affordability (in years) 75+ Median Net Worth Unemploy- ment% US National Average 18.5 6.1 4.7 $ 56 N/A $ 213 5.5 Tampa, FL 2,602 $ 6,310 10.5 -- / -- $ — 16.3 2.9 3.7 50 7.9 216 5.9 Houston, TX 2,286 5,934 9.9 1 / 204 930 26.6 8.0 6.7 74 >15 250 5.6 Denver, CO 702 3,583 6.0 3 / 513 2,807 18.3 5.5 5.2 58 >15 239 3.1 Miami, FL 963 3,553 5.9 1 / 320 381 17.6 2.2 3.7 53 >15 229 8.2 Chicago, IL 948 2,856 4.8 2 / 282 1,811 15.5 4.9 8.3 89 >15 244 4.8 Orlando, FL 1,006 1,812 3.0 -- / -- — 50.6 3.2 2.3 45 7.5 250 7.0 Sarasota, FL 909 1,552 2.6 -- / -- — 19.3 4.0 3.8 50 10.5 250 5.3 Philadelphia, PA 435 1,402 2.3 1 / 55 1,402 22.4 14.7 9.8 103 11.3 250 4.5 Jacksonville, FL 541 1,313 2.2 -- / -- — 20.9 8.0 4.5 56 5.1 246 5.6 Punta Gorda, FL 661 1,149 1.9 -- / -- — 24.5 6.6 2.8 51 8.5 250 7.3 Remaining 4,348 9,390 15.7 2 / 446 1,347 15.6 4.8 4.7 58 >15 221 5.5 Total 15,401 $ 38,854 64.8 10 / 1,820 $ 8,678 19.8 4.7 5.2 $ 61 >15 $ 235 5.6 % Total Cash NOI and Interest Income 2.7% (1) Demographic data provided by ESRI for 2017. Construction and supply data provided by NIC for the quarter ended June 30, 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.

38 Life Science As of and for the quarter ended June 30, 2017, dollars and square feet in thousands, includes HCP's pro rata share of unconsolidated JVs INVESTMENTS MSA Property Count Investment Cash NOI Square Feet Occupancy % Wholly-Owned San Francisco/San Jose, CA 81 $ 2,713,485 $ 51,389 4,571 96.7 San Diego, CA 26 743,612 13,203 1,925 95.7 Remaining 8 153,150 3,271 512 100.0 115 $ 3,610,247 $ 67,863 7,008 96.6 HCP's Share of Unconsolidated JVs San Diego, CA 2 $ 46,611 $ 827 131 96.3 San Francisco, CA 2 41,363 780 147 100.0 4 $ 87,974 $ 1,607 278 98.2 119 $ 3,698,221 $ 69,470 7,286 96.7 SAME PROPERTY PORTFOLIO 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 116 116 116 116 116 Investment $ 3,474,636 $ 3,480,245 $ 3,485,953 $ 3,491,699 $ 3,499,520 Square feet 6,956 6,956 6,955 6,954 6,955 Occupancy % 98.5 97.3 97.3 97.3 96.5 NOI: Total revenues $ 81,117 $ 81,347 $ 82,099 $ 82,532 $ 83,715 Operating expenses (15,755) (16,100) (16,619) (15,536) (16,988) $ 65,362 $ 65,247 $ 65,480 $ 66,996 $ 66,727 Cash NOI: Non-cash adjustments to NOI 1 323 (728) 328 1,022 $ 65,363 $ 65,570 $ 64,752 $ 67,324 $ 67,749 Year-Over-Year Three-Month SPP Growth % 3.7%

39 Public Biotech / Medical Device 43% University, Government, Research 4% Office and R&D 16% Pharma 19% Private Biotech / Medical Device 18% Life Science As of June 30, 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 Year Leased Square Feet % Annualized Base Rent % Square Feet Annualized Base Rent Square Feet Annualized Base Rent Square Feet Annualized Base Rent 2017 (1) 349 5 $ 9,976 3 156 $ 3,447 193 $ 6,529 — $ — 2018 1,015 14 44,768 15 903 41,532 76 2,674 36 562 2019 741 11 27,602 9 322 9,629 419 17,973 — — 2020 678 10 22,172 8 387 13,426 291 8,746 — — 2021 795 11 44,833 15 740 42,949 55 1,884 — — Thereafter 3,468 49 142,952 50 2,060 104,248 932 25,063 476 13,641 7,046 100 $ 292,303 100 4,568 $ 215,231 1,966 $ 62,869 512 $ 14,203 TENANT CONCENTRATION Remaining Lease Term in Years Leased Square Feet Annualized Base Rent Amount % of Total Amount % of Total Credit Rating Amgen 5.2 684 10 $ 48,625 17 A Google 5.2 729 10 30,240 10 AA+ Genentech(2) 1.1 400 6 22,793 8 AA Rigel Pharmaceuticals 5.6 147 2 16,207 6 - Takeda 1.9 166 2 9,428 3 A- Myriad Genetics 7.9 310 4 7,798 3 - General Atomics 14.0 397 6 6,914 2 - Duke University 12.3 166 2 5,844 2 AA+ NuVasive 6.2 145 2 5,364 2 - CytomX Therapeutics 9.3 76 1 4,600 2 - Remaining 4.1 3,826 55 134,490 45 - 4.8 7,046 100 $ 292,303 100 (1) Includes month-to-month and holdover leases. (2) Includes 337,000 square feet and Annualized Base Rent of $20.6 million related to a purchase option exercised by Genentech that is expected to close in July 2018.

40 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 Leased Square Feet as of March 31, 2017 6,968 $ 41.25 Acquisitions 75 23.64 Dispositions (15) 33.36 Developments 65 58.20 Redevelopments (60) 47.76 Expirations (523) 68.99 Renewals, amendments and extensions 331 62.30 (18.7) $ 6.96 $ 7.89 46 57.6% New leases 205 46.37 $ 45.96 $ 13.95 81 Leased Square Feet as of June 30, 2017 7,046 $ 41.49 (1) Reflects change in cash rents for all renewals. Seaport Plaza Redwood City, CA

41 Medical Office As of and for the quarter ended June 30, 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 MSA Investment Cash NOI Occupancy % Multi-tenant Single-tenant Multi-tenant Single-tenant Multi-tenant Single-tenant % of Total Dallas, TX $ 484,210 $ 8,677 90.7 1,840 34 278 — 2,118 34 12 Houston, TX 507,063 8,625 93.7 1,105 1,425 287 — 1,392 1,425 16 Seattle, WA 214,174 6,441 99.1 667 — — — 667 — 4 Nashville, TN 156,577 4,573 96.3 1,288 10 — — 1,288 10 7 Louisville, KY 217,388 4,567 91.8 669 17 447 15 1,116 32 6 Philadelphia, PA 261,387 4,425 87.6 705 — 210 90 915 90 6 Denver, CO 229,312 4,423 89.5 999 — — — 999 — 6 Salt Lake City, UT 143,775 3,377 96.9 434 63 154 116 588 179 4 Phoenix, AZ 170,062 2,981 88.9 519 — 208 — 727 — 4 Miami, FL 100,783 2,208 86.1 531 — — 29 531 29 3 San Diego, CA 108,497 2,146 96.7 — 176 155 — 155 176 2 Kansas City, MO 76,825 1,627 97.9 260 — — 8 260 8 1 Las Vegas, NV 112,870 1,575 83.5 528 — — — 528 — 3 Los Angeles, CA 86,703 1,253 84.3 106 — 174 — 280 — 2 Ogden, UT 67,845 1,238 80.1 321 — 13 68 334 68 2 San Antonio, TX 69,133 1,237 83.3 353 — — — 353 — 2 Washington, DC 57,674 885 80.3 55 29 99 — 154 29 1 Sacramento, CA 74,314 863 94.4 — — 29 92 29 92 1 Baltimore, MD 31,338 818 96.8 — 63 38 58 38 121 1 Jackson, MS 30,102 811 100.0 — 132 — — — 132 1 Remaining 648,411 9,414 94.8 1,605 1,063 267 227 1,872 1,290 16 $ 3,848,443 $ 72,164 92.0 11,985 3,012 2,359 703 14,344 3,715 100 (1) Includes 6.5 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).

42 Medical Office As of and for the quarter ended June 30, 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 Health System Rank(1) Credit Rating On-Campus Anchored(2) Adjacent(2) Off-Campus Total % of Total % Square Feet % of Annualized Base Rent HCA Holdings, Inc. 2 Ba2 7,158 60 183 — 7,401 41.0 16.5 18.5 Memorial Hermann Health System 41 A1 1,540 80 — — 1,620 9.0 9.5 4.9 Community Health Systems, Inc. 6 B2 1,251 140 — — 1,391 7.7 8.0 5.3 Norton Healthcare 102 -- 686 15 328 — 1,029 5.7 3.7 3.6 Jefferson Health 95 A2 705 — — — 705 3.9 2.2 2.4 Providence Health & Services 8 Aa3 563 — — — 563 3.1 1.7 2.8 Tenet Healthcare Corporation 5 B2 472 — 53 — 525 2.9 0.4 0.3 Iasis Healthcare Corporation 72 B2 492 — — — 492 2.7 1.5 1.4 Remaining - credit rated 1,738 616 458 — 2,812 15.6 Non-credit rated 392 33 121 975 1,521 8.4 Total 14,997 944 1,143 975 18,059 100.0 43.5 39.2 % of Total 83.1 5.2 6.3 5.4 Total Healthcare Affiliated 94.6% 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 Leased Square Feet as of March 31, 2017 16,786 $ 22.74 Dispositions (10) 20.60 Developments and Redevelopments (48) 17.81 Expirations (847) 23.64 Renewals, amendments and extensions 748 23.48 1.2 $ 7.92 $ 3.28 55 86.8% New leases 110 24.33 22.53 5.87 71 Terminations (114) 22.26 Leased Square Feet as of June 30, 2017 16,625 $ 22.74 (1) Ranked by revenue based on the 2016 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.

43 Medical Office As of and for the quarter ended June 30, 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 Year Leased Square Feet % Annualized Base Rent % Square Feet Annualized Base Rent Square Feet Annualized Base Rent 2017 (1) 1,542 9 $ 37,891 10 1,335 $ 33,550 207 $ 4,341 2018 2,429 15 57,289 15 2,018 47,771 411 9,518 2019 2,090 13 50,600 13 1,685 40,728 405 9,872 2020 2,138 13 54,513 14 1,884 48,717 254 5,796 2021 1,505 9 37,489 10 1,286 32,220 219 5,269 Thereafter 6,921 41 138,724 38 5,657 109,707 1,264 29,017 16,625 100 $ 376,506 100 13,865 $ 312,693 2,760 $ 63,813 SAME PROPERTY PORTFOLIO 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 215 215 215 215 215 Investment $ 3,137,385 $ 3,152,639 $ 3,171,259 $ 3,184,171 $ 3,200,168 Square feet 15,795 15,795 15,800 15,806 15,701 Occupancy % 92.0 92.0 92.1 92.1 92.0 NOI: Total revenues $ 99,180 $ 100,726 $ 100,298 $ 100,723 $ 101,778 Operating expenses (37,095) (38,429) (36,572) (37,218) (38,594) $ 62,085 $ 62,297 $ 63,726 $ 63,505 $ 63,184 Cash NOI: Non-cash adjustments to NOI 29 285 (337) 177 568 $ 62,114 $ 62,582 $ 63,389 $ 63,682 $ 63,752 Year-Over-Year Three-Month SPP Growth 2.6% (1) Includes month-to-month and holdover leases.

44 (1) Certain operators in the Company's hospital portfolio are not required under their respective leases to provide operational data. (2) In June 2017, the Company recorded a $57 million impairment charge on our $257 million loan investment. On July 31, 2017, we entered into a definitive agreement to sell the loan for $197 million. The terms of the agreement require a closing on or before December 31, 2017 and require the borrower to remain current on its non-default interest payments to HCP, which are based on the original loan balance of $257 million. (3) DSC represents Facility EBITDAR for the 69 facilities securing HCP's debt investment, net of an imputed management fee of 5% of revenues and rent payments under third- party leases, divided by Debt Service payments due HCP and the senior note holders. Facility EBITDAR and Debt Service payments are for the trailing 12 month period ended March 31, 2017. (4) On June 30, 2017, the Company received £283 million ($367 million) from the repayment of its HC-One mezzanine loan. Other As of and for the quarter ended June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs LEASED PROPERTIES Type/Operator Property Count Investment Cash NOI Beds Occupancy %(1) EBITDARM CFC(1) EBITDAR CFC(1) Hospitals Acute care 4 $ 341,034 $ 13,605 1,438 50.3 8.46x 7.94x Remaining 10 189,876 5,612 696 53.3 2.31x 2.03x 14 $ 530,910 $ 19,217 2,134 52.1 6.50x 6.06x United Kingdom Maria Mallaband 25 $ 158,853 $ 2,841 1,143 89.1 1.64x 1.39x HC-One 36 229,422 4,350 2,041 92.2 1.53x 1.26x 61 $ 388,275 $ 7,191 3,184 91.1 1.57x 1.31x Post-acute/skilled Wholly-Owned 1 $ 17,908 $ 308 120 90.9 2.29x 1.91x HCP's Share of Unconsolidated JVs 4 9,150 398 420 73.6 N/A N/A 5 $ 27,058 $ 706 540 78.1 Total Leased Properties 80 $ 946,243 $ 27,114 DEBT INVESTMENTS Investment Interest Income DSC Yield Weighted Average Maturity in Years Tandem Consulate Health Care(2)(3) $ 200,000 $ 7,589 1.21x 11.9% 1.3 Maria Mallaband - UK 145,743 2,538 N/A 7.2% 6.3 HC-One - UK(4) — 9,371 N/A N/A N/A Remaining 66,279 1,371 8.3% 3.4 Total Debt Investments $ 412,022 $ 20,869

45 (1) Certain operators in the Company's hospital portfolio are not required under their respective leases to provide operational data. Other Same Property Portfolio As of and for the quarter ended June 30, 2017, dollars in thousands HOSPITALS 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 14 14 14 14 14 Investment $ 530,817 $ 530,775 $ 530,777 $ 530,910 $ 530,910 Beds 2,011 2,134 2,134 2,134 2,134 Occupancy %(1) 56.3 53.8 50.7 51.2 52.1 EBITDARM CFC(1) 6.93x 6.92x 6.74x 6.68x 6.50x EBITDAR CFC(1) 6.50x 6.48x 6.30x 6.24x 6.06x NOI: Total revenues $ 19,549 $ 20,333 $ 20,386 $ 20,877 $ 20,460 Operating expenses (1,003) (1,190) (1,224) (1,205) (1,047) $ 18,546 $ 19,143 $ 19,162 $ 19,672 $ 19,413 Cash NOI: Non-cash adjustments to NOI 582 (346) (340) (250) (165) $ 19,128 $ 18,797 $ 18,822 $ 19,422 $ 19,248 Year-Over-Year Three-Month SPP Growth 0.6% UNITED KINGDOM 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 61 61 61 61 61 Investment $ 399,181 $ 387,573 $ 369,612 $ 373,799 $ 388,275 Beds 3,189 3,187 3,198 3,198 3,184 Occupancy % 92.8 92.9 92.9 92.8 91.1 EBITDARM CFC 1.49x 1.55x 1.56x 1.56x 1.57x EBITDAR CFC 1.25x 1.30x 1.31x 1.31x 1.31x NOI: Total revenues $ 8,678 $ 7,969 $ 7,583 $ 7,592 $ 7,891 FX adjustment (940) (201) 236 247 — $ 7,738 $ 7,768 $ 7,819 $ 7,839 $ 7,891 Cash NOI: Non-cash adjustments to NOI (921) (792) (753) (762) (700) FX adjustment 100 20 (24) (25) — $ 6,917 $ 6,996 $ 7,042 $ 7,052 $ 7,191 Year-Over-Year Three-Month SPP Growth 4.0%

46 Other Same Property Portfolio As of and for the quarter ended June 30, 2017, dollars in thousands, includes HCP's pro rata share of unconsolidated JVs TOTAL OTHER(1) 2Q16 3Q16 4Q16 1Q17 2Q17 Property count 80 80 80 80 80 Investment $ 957,057 $ 945,406 $ 927,448 $ 931,767 $ 946,243 NOI: Total revenues $ 28,936 $ 29,014 $ 28,678 $ 29,195 $ 29,077 Operating expenses (1,010) (1,210) (1,241) (1,224) (1,066) FX adjustment (940) (201) 236 247 — $ 26,986 $ 27,603 $ 27,673 $ 28,218 $ 28,011 Cash NOI: Non-cash adjustments to NOI (338) (1,139) (1,093) (1,012) (867) FX adjustment 100 20 (24) (25) — $ 26,748 $ 26,484 $ 26,556 $ 27,181 $ 27,144 Year-Over-Year Three-Month SPP Growth 1.5% (1) Includes five domestic post-acute/skilled properties.

47 (1) Excludes $450 million related to debt funded by HCP, assets held for sale and land held for development. (2) Includes operating activity for two assets held for sale as of June 30, 2017. (3) Includes $16.3 million related to non- refundable entrance fees (net of reserve for early terminations) included in FAD as the fees are collected by our CCRC JV, partially offset by $6.7 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. (4) HCP's pro rata share excludes activity related to debt funded by HCP. Unconsolidated Joint Ventures As of and for the quarter ended June 30, 2017, dollars and square feet in thousands SHOP Total CCRC Non-CCRC Life Science Medical Office Other HCP's ownership percentage 49% 40% - 85% 50% - 63% 20% - 67% 80% Joint ventures' Investment $ 2,726,979 $ 1,430,155 $ 1,114,723 $ 155,999 $ 14,664 $ 11,438 Joint ventures' mortgage debt 1,345,467 630,167 711,256 — — 4,044 HCP's net equity investment(1) 358,422 223,789 63,799 64,795 4,619 1,420 Property Count 81 15 57 4 1 4 Capacity 7,245 Units 6,192 Units 278 Sq. Ft. 103 Sq. Ft. 420 Beds Occupancy % 85.2 84.4 98.2 100.0 73.6 SELECTED FINANCIAL DATA Total revenues $ 182,900 $ 100,079 $ 78,095 $ 3,464 $ 740 $ 522 Operating expenses (143,999) (82,907) (60,071) (780) (217) (24) NOI $ 38,901 $ 17,172 $ 18,024 $ 2,684 $ 523 $ 498 Depreciation and amortization (34,323) (23,663) (9,638) (753) (182) (87) General and administrative expenses (832) — (810) (2) (20) — Interest expense and other (13,034) (6,069) (6,853) — — (112) Income from discontinued operations(2) 414 — — — 414 — Net income (loss) $ (8,874) $ (12,560) $ 723 $ 1,929 $ 735 $ 299 Depreciation and amortization 34,354 23,663 9,638 753 216 84 FFO $ 25,480 $ 11,103 $ 10,361 $ 2,682 $ 951 $ 383 Non-refundable Entrance Fee sales, net(3) 9,618 9,618 — — — — Non-cash adjustments to NOI (371) (512) 94 55 (8) — Non-cash adjustments to net income (186) (378) 206 — (14) — Leasing costs and tenant and capital improvements (5,031) (3,499) (1,420) (16) (96) — FAD $ 29,510 $ 16,332 $ 9,241 $ 2,721 $ 833 $ 383 HCP'S SHARE OF UNCONSOLIDATED JVs Mortgage debt(4) $ 166,393 $ 100,646 $ 65,747 $ — $ — $ — NOI 18,204 8,414 7,467 1,575 350 398 Cash NOI 22,742 12,876 7,516 1,607 345 398 Net income (loss)(4) 240 (3,459) 2,394 762 304 239 FFO(4) 16,554 7,707 6,534 1,574 431 308 FAD(4) 18,636 10,270 6,076 1,598 384 308

48 2017 Guidance Projected full year 2017, dollars in millions, except per share amounts and net dispositions Full Year 2017 Guidance (August 1, 2017) Full Year 2017 Prior Guidance (May 2, 2017) Net income, FFO and FFO as Adjusted per Share Guidance Diluted earnings per common share $1.18 - $1.24 $1.43 - $1.49 Diluted FFO per common share $1.73 - $1.79 $1.99 - $2.05 Diluted FFO as adjusted per common share $1.89 - $1.95 $1.89 - $1.95 Annualized dividend per share $1.48 $1.48 Year-Over-Year SPP Cash NOI Guidance Senior housing triple-net 5.0% - 6.0% 3.9% - 4.9% SHOP (3.0%) - 0.0% 2.0% - 3.0% Life science 3.5% - 4.5% 2.5% - 3.5% Medical office 2.5% - 3.5% 2.0% - 3.0% Other 0.8% - 1.8% 0.8% - 1.8% 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) Amortization of deferred compensation $15 - $17 $16 - $18 Amortization of deferred financing costs $14 - $16 $14 - $16 Straight-line rents ($13) - ($17) ($12) - ($16) Other depreciation and amortization ($9) - ($11) ($9) - ($11) Leasing costs and tenant and capital improvements ($108) - ($115) ($108) - ($115) CCRC Entrance Fees, net $18 - $23 $18 - $23 Deferred income taxes ($13) - ($17) ($13) - ($17) Other adjustments $4 - $6 $4 - $6 Capital Expenditures 1st generation tenant improvements / ICE $43 - $48 $43 - $48 Revenue enhancing $69 - $79 $69 - $79 Development and Redevelopment $345 - $400 $345 - $400 Other Items General and administrative $83 - $87 $83 - $87 Interest expense $300 - $310 $310 - $320 Net dispositions(1) $2.1B - $2.6B @ 8.0% $1.7B - $2.2B @ 7.8% (1) Includes $1.125 billion related to 64 Brookdale properties that sold March 2017; $480 million related to the sale of a 40% interest in and refinancing of the RIDEA II JV that occurred in January 2017; $367 million related to HC-One debt repayment; and $197 million from the Tandem loan repayment which is expected to be reinvested in real estate. The remaining proceeds were used to pay down debt.

49 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 for the trailing 12 months and one quarter in arrears from the date reported. 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 developments, 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.

50 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 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.

51 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. 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 (year-to-date for year-to-date SPP) 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 to achieve stabilization, change the use or reposition 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. 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. REVPOR excludes 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. 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 HCP’s Share of Unconsolidated JVs in its SPP NOI and Cash 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 our 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 NOI 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 our SPP when it is classified as held for sale, 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 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.

52 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* 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. 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. * Non-GAAP Supplemental Measures 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.

53 Debt Ratios Adjusted EBITDA and AdjustedFixed Charge Coverage Dollars in thousands Three Months Ended June 30, 2017 Net income $ 22,101 Interest expense 77,788 Income tax benefit (2,987) Depreciation and amortization of real estate and in-place lease intangibles 130,751 Equity income from unconsolidated JVs (240) HCP’s share of unconsolidated JV EBITDA 18,615 Other JV adjustments (314) EBITDA $ 245,714 Transaction-related items 840 Impairment 56,682 Gain on sales of real estate, net (412) Litigation provision 3,366 Foreign currency remeasurement gain (768) Adjusted EBITDA $ 305,422 ADJUSTED FIXED CHARGES Interest expense $ 77,788 HCP’s share of unconsolidated JV interest expense 1,700 Capitalized interest 4,538 Fixed Charges $ 84,026 ADJUSTED FIXED CHARGE COVERAGE 3.6x

54 As of and for the quarter ended June 30, 2017, dollars in thousands TOTAL DEBT AND NET DEBT June 30, 2017 Bank line of credit(1) $ 136,311 Term loans(2) 218,832 Senior unsecured notes 6,889,045 Mortgage debt 146,337 Other debt 94,801 Consolidated Debt $ 7,485,326 HCP's share of unconsolidated JV mortgage debt 166,393 HCP's share of unconsolidated JV other debt 183,317 Total Debt $ 7,835,036 Cash and cash equivalents (391,965) HCP's share of unconsolidated JV cash and cash equivalents (32,910) Net Debt $ 7,410,161 (1) Represents £105 million translated into U.S. dollars. (2) Represents £169 million translated into U.S. dollars. (3) Represents the current quarter Adjusted EBITDA multiplied by a factor of four. Debt Ratios FINANCIAL LEVERAGE Total Debt $ 7,835,036 Total Gross Assets 17,939,763 Financial Leverage 43.7% SECURED DEBT RATIO Mortgage debt $ 146,337 HCP's share of unconsolidated JV mortgage debt 166,393 Secured Debt $ 312,730 Total Gross Assets 17,939,763 Secured Debt Ratio 1.7% NET DEBT TO ADJUSTED EBITDA Net Debt $ 7,410,161 Annualized Adjusted EBITDA(3) 1,221,688 Net Debt to Adjusted EBITDA 6.1x

55 COMPANY Information BOARD OF DIRECTORS MICHAEL D. MCKEE Executive Chairman, HCP, Inc. THOMAS M. HERZOG President and Chief Executive Officer, HCP, Inc. DAVID B. HENRY Lead Independent Director, HCP, Inc. Former Vice Chairman and Chief Executive Officer, Kimco Realty Corporation BRIAN G. CARTWRIGHT Senior Advisor, Patomak Global Partners, LLC Former General Counsel, SEC EXECUTIVE MANAGMENT MICHAEL D. MCKEE Executive Chairman THOMAS M. HERZOG President and Chief Executive Officer PETER A. SCOTT Executive Vice President Chief Financial Officer TROY E. MCHENRY Executive Vice President, General Counsel and Corporate Secretary CHRISTINE N. GARVEY Former Global Head of Corporate Real Estate Services, Deutsche Bank AG JAMES P. HOFFMANN Former Partner and Senior Vice President, Wellington Management Company PETER L. RHEIN Partner, Sarlot & Rhein JOSEPH P. SULLIVAN Chairman Emeritus, Board of Advisors, RAND Health; Former Chief Executive Officer American Health Properties, Inc. JONATHAN M. BERGSCHNEIDER Senior Managing Director Life Science Properties THOMAS M. KLARITCH Senior Managing Director Medical Office Properties KENDALL K. YOUNG Senior Managing Director Senior Housing Properties SCOTT A. ANDERSON Executive Vice President and Chief Accounting Officer

56 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) future new supply and demographics, (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 senior housing, 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 legislation, executive orders and other legal requirements, Continued 833 Chestnut Philadelphia, PA

57 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; 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. Forward-Looking Statements & Risk Factors (continued) Plano III MOB Plano, TX

58 CORPORATE HEADQUARTERS 1920 MAIN STREET, SUITE 1200 IRVINE, CA 92614 (949) 407-0700 SAN FRANCISCO OFFICE 950 TOWER LANE, SUITE 1650 FOSTER CITY, CA 94404 NASHVILLE OFFICE 3000 MERIDIAN BOULEVARD, SUITE 200 FRANKLIN, TN 37067