THE NUMBERS Summary(1) As of and for the quarter ended June 30, 2016, dollars in thousands, except per share data PORTFOLIO INCOME 4% Hospital Three Months Ended June 30, 2016 2015 14% Medical office Diluted FFO per common share 0.71 0.65 Diluted FAD per common share 0.72 0.69 42% Senior housing Revenues 662,176 607,532 15% $496.1M Life science Cash NOI 445,786 413,259 Adjusted EBITDA $ 474,226 $ 482,472 Net Debt to Adjusted EBITDA 5.8x 6.0x 25% Post-acute/skilled INVESTMENT June 30, 2016 Post-acute/skilled 300 5,027,585 Medical office 228 3,661,632 (1) Reconciliations of the non-GAAP financial measures used in this report to their most comparable GAAP financial measures are included in the Reconciliations section or elsewhere in this report. (2) Reflects the adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs to be presented as a direct deduction to the related debt liability. 1,191 $ 23,215,105 3 Hospital 16 594,085 Life science 117 3,747,581 Property Count Investment Senior housing 530 $ 10,184,222 Adjusted Fixed Charge Coverage 3.8x 3.9x Financial Leverage(2) 44.6% 45.3% Year-Over-Year SPP Cash NOI % change 4.0% (0.7% ) NOI 449,183 434,787 Dividends per common share 0.575 0.565 Diluted FFO as adjusted per common share 0.74 0.79 Diluted EPS $0.64 $ 0.36

Portfolio Summary As of and for the quarter ended June 30, 2016, dollars in thousands Property Portfolio Post-acute/skilled 4,285,510 109,363 Medical office 3,591,517 67,020 $ 21,230,433 $ 445,786 Senior housing $ 59,301 $ 16,474 $ 792,226 $ 32,787 Senior housing(2) $ 16,560 $ — Medical office 60,543 — Unconsolidated JVs Post-acute/skilled 9,150 400 Medical office 9,572 361 Total Post-acute/skilled 5,027,585 126,076 (1) Portfolio Income includes $6.1 million related to the first tranche of the purchase option exercised by Genentech that is held for sale as of June 30, 2016, and is therefore excluded from Investment. (2) Represents two unconsolidated joint ventures. Medical office 3,661,632 67,381 $ 23,215,105 $ 496,143 4 Hospital 594,085 21,634 Life science(1) 3,747,581 73,194 Senior housing $ 10,184,222 $ 207,858 $ 894,874 $ 17,570 Life science 87,711 1,499 Senior housing $ 788,441 $ 15,310 $ 297,572 $ — Life science 220,469 — Developments Post-acute/skilled732,925 16,313 Debt Investments Hospital 594,085 21,634 Life science(1) 3,439,401 71,695 Senior housing $ 9,319,920 $ 176,074 Investment Portfolio Income

HEAT MAP Triple-Net Master Lease Profile(1) 1.3% 0.4% 0.4% 0.1% 0.7% 0.1% 0.2% 0.7% 0.2% 0.5% 0.6% 0.8% 1.3% 0.4% 1.0% 0.1% 0.2% 0.5% 8.4% (3) 0.4% 0.2% 2205 0 2 4 6 8 10 12 14 16 18 TERM (YEARS TO EXPIRATION) 94% INVESTMENT TYPE: Senior Housing Post-Acute/Skilled Hospital No Corporate Guaranty % Share of HCP Annualized Base Rent Master leases profiled represent 94% of triple-net Annualized Base Rent(1)(2) (1) Agreements with cross-default protections are presented as a single master lease, including agreements that will be added to a master lease upon third party debt repayment. Excludes master leases with properties acquired during the period required to calculate CFC. (2) Refers to Annualized Base Rent from triple-net leases in our senior housing, post-acute/skilled and hospital segments and excludes interest income and properties operated under a RIDEA structure. (3) Represents HCR ManorCare, Inc. (“HCRMC”) (guarantor) fixed charge coverage for the trailing 12 months ended June 30, 2016 for their combined senior housing and post-acute/skilled portfolios as the combined portfolio is cross-collateralized under a single master lease with a corporate guaranty. 5 EBITDAR CFC (TRAILING TWELVE MONTHS ENDED 3/31/2016) 12.00x 0.50x 0.75x 1.00x 1.25x 1.50x 0.7% 0.7% 0.6% 0.4% 0.4% 0.5% 1.2% 24.2% 0.7% 0.2% 0.1% 1.4%

Capitalization Dollars and shares in thousands, except price per share data TOTAL DEBT June 30, 2016 December 31, 2015 June 30, 2015 Term loans(2)(3) 477,890 524,807 559,308 Mortgage debt(2) 688,910 932,212 965,844 Consolidated Debt $ 10,755,449 $ 11,069,003 $ 11,164,285 HCP’s share of unconsolidated JV other debt 191,234 192,600 171,937 Cash and cash equivalents (116,450) (346,500) (115,770) Net Debt $ 10,971,343 $ 11,063,164 $ 11,485,187 TOTAL CAPITALIZATION June 30, 2016 Shares Value Total Value Convertible partnership (DownREIT) units(4) 5,855 35.38 207,150 Consolidated Debt 10,755,449 HCP’s share of unconsolidated JV debt 367,388 (1) Includes £275.0 million, £269.5 million and £268.5 million translated into U.S. dollars at June 30, 2016, December 31, 2015 and June 30, 2015, respectively. (2) Reflects the adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs to be presented as a direct deduction to the related debt liability. (3) Represents £357.0 million translated into U.S. dollars. (4) Convertible partnership (“DownREIT”) units are exchangeable for an amount of cash based on the then-current market value of shares of the Company’s common stock at the time of conversion or, at the Company’s election, shares of the Company’s common stock. 6 Total Market Equity and Total Debt $ 27,863,946 Total Market Equity and Consolidated Debt $ 27,496,558 Total Market Equity $ 16,741,109 Common stock (NYSE: HCP)467,325 $ 35.38 $ 16,533,959 HCP’s share of unconsolidated JV cash and cash equivalents (35,044) (24,214) (35,846) Total Debt $ 11,122,837 $ 11,433,878 $ 11,636,803 HCP’s share of unconsolidated JV mortgage debt(2) 176,154 172,275 300,581 Other debt 93,012 94,445 95,144 Senior unsecured notes(2) 8,626,559 9,120,107 8,521,665 Bank line of credit(1) $ 869,078 $ 397,432 $ 1,022,324

Indebtedness and Ratios As of June 30, 2016, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Senior Unsecured Notes HCP’s Share of Unconsolidated JV Debt Mortgage Debt Total Debt 183,868(6) 750,000 2017 — 6.02 581,891 6.08 1,515,759 63,074 3.01 1,578,833 5.47 2019 — 295,262 450,000 3.97 2,072 N/A 747,334 1,095 N/A 748,429 3.22 2021 — — 1,200,000 5.54 9,384 5.39 1,209,384 12,276 5.49 1,221,660 5.54 2023 — — 800,000 4.45 964 N/A 800,964 84 N/A 801,048 4.44 2025 — — 1,350,000 3.94 1,103 N/A 1,351,103 18,064 3.87 1,369,167 3.94 Subtotal $ 869,078 $ 479,130 $8,700,000 $ 687,956 $ 10,736,164 $ 175,686 $ 10,911,850 (Discounts), premiums and debt costs, net — (1,240) (73,441) 954 (73,727) 468 (73,259) Weighted average interest rate % 1.85 2.10 4.72 6.06 4.45 3.49 4.44 (1) Includes £275.0 million translated into U.S. dollars at June 30, 2016. (2) Represents £137.0 million in 2017 and £220.0 million in 2019, both translated into U.S. dollars at June 30, 2016. (3) Relates to maturing amounts. (4) Mortgage debt attributable to noncontrolling interests at June 30, 2016 was $50.8 million, excluding DownREITs. (5) Reflects pro rata share of mortgage and other debt in the Company’s unconsolidated joint ventures. (6) Reflects a one-year extension option that was exercised in July 2016. (7) Represents non-interest bearing Entrance Fee deposits at certain of the Company’s senior housing facilities and demand notes that have no scheduled maturities. 8 Weighted average maturity in years 1.75 1.98 5.86 2.51 5.14 3.91 5.12 Total $ 869,078 $ 477,890 $8,626,559 $ 688,910 $ 10,755,449 $ 367,388 $ 11,122,837 Other debt(7) ————93,012 191,234 284,246 Thereafter ——300,000 6.88 47,708 4.88 347,708 2,993 3.90 350,701 6.58 2024 ——1,150,000 4.12 1,031 N/A 1,151,031 87 N/A 1,151,118 4.12 2022 ——900,000 3.93 902 N/A 900,902 14,688 4.39 915,590 3.93 2020 ——800,000 2.79 2,078 5.14 802,078 34,095 3.50 836,173 2.83 2018 869,078 —600,000 6.81 6,583 5.90 1,475,661 28,097 2.94 1,503,758 3.87 Bank Line of Credit(1) Term Loans(2) Amounts Rates % (3) Consolidated Amounts(4) Rates % (3)Debt Amounts(5) Rates % (3) Amounts Rates % (3) 2016 $ —$ — $ 400,000 6.49 $ 34,240 8.06 $ 434,240 $ 1,133 N/A $ 435,373 6.59

Indebtedness and Ratios CREDIT METRICS June 30, 2016 December 31, 2015 Consolidated Debt/Consolidated Gross Assets(1) 45.3% 45.6% Consolidated Secured Debt/Consolidated Gross Assets 2.9% 3.9% Fixed Rate Total Debt 89.8% 95.8% 100.0% 100.0% FINANCIAL COVENANTS AS OF JUNE 30, 2016(3) Bank Line of Credit Secured Debt Ratio No greater than 30% 4% Fixed Charge Coverage Ratio (12 months) No less than 1.50x 3.6x CREDIT RATINGS (SENIOR UNSECURED DEBT) AS OF JUNE 30, 2016 S&P Global BBB (Stable) (1) December 31, 2015 metrics are pro forma to reflect prefunding certain 2016 debt maturities in December 2015. (2) At June 30, 2016 and December 31 2015, term loans of £220.0 million ($295.3 million) and £357.0 million ($526.5 million), respectively, and variable-rate mortgage debt of $70.4 million and $70.7 million, respectively, are presented as fixed-rate debt as the interest payments under such debt were swapped from variable to fixed using derivative financial instruments. (3) Calculated based on the definitions contained in the credit agreement, which may differ from similar terms used in the Company’s consolidated financial statements as provided in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Compliance with certain of these financial covenants requires the inclusion of the Company’s consolidated amounts and its proportionate share of unconsolidated investees. 9 Fitch BBB (Rating Watch Negative) Moody’sBaa2 (Stable) Unsecured Leverage Ratio No greater than 60% 48% Requirement Actual Compliance Leverage Ratio No greater than 60% 45% Variable Rate Total Debt 10.2% 4.2% Fixed and Variable Rate Ratios:(2) Secured Debt Ratio (Total Secured Debt/Total Gross Assets)3.5% 4.4% Financial Leverage (Total Debt/Total Gross Assets)(1)44.6% 45.0%

Acquisitions, Commitments and Dispositions For the six months ended June 30, 2016, dollars and square feet in thousands Property Count Investment/ Sales Price(1) Location/Portfolio Date Capacity Segment Senior housing/ Post-acute/skilled Various January 484 Units/Beds 6 $ 95,471 Investment in Unconsolidated JV: Development Commitments: The Woodlands, TX January 170 Sq. Ft. 1 Medical office 37,050 Debt Investment and Commitments: $ 426,260 Post-acute/skilled/ Senior housing Various - HCRMC January, February 1,046 Beds/Units 11 $ 62,269 Houston, TX April 50 Sq. Ft. 1 Medical office 13,500 Bedford, OH June 211 Units 1 Senior housing (RIDEA) 6,500 Post-acute/skilled/ Senior housing Various June 848 Beds/Units 7 130,000 Assets Held for Sale: Jacksonville, FL June 245 Units 1 Senior housing (RIDEA) 21,500 (1) Adjusted to reflect the Company’s pro rata share of unconsolidated joint ventures, as applicable. (2) During the first quarter of 2016, the Company also acquired two assets from HCRMC for $91.8 million. HCRMC used the proceeds from the sales to reduce its lease obligation to the Company in accordance with the HCRMC Amended Master Lease. (3) In January 2016, the Company entered into a purchase and sale agreement with Genentech who exercised their purchase option to acquire a life science portfolio in South San Francisco. The first tranche of the portfolio, which includes four properties representing 457,000 square feet, is expected to close in November 2016 for a sales price of $311.3 million and is reported as held for sale as of June 30, 2016. The second tranche, which includes four properties representing 337,000 square feet, is expected to close in July 2018 for a sales price of $269.4 million and remains in the Company’s operating portfolio as of June 30, 2016. 11 $332,800 South San Francisco, CA(3) March 457 Sq. Ft.4 Life science $ 311,300 $297,026 Coyoacan, Mexico June23 Sq. Ft.1Medical office 5,550 Cambridge, MA April 78 Sq. Ft. 1Life science 74,207 Denton, TX - HCP Ventures IVJanuary 22 Beds 1Hospital 5,000 Dispositions: Maria Mallaband (Affiliate) March ——Senior housing 17,007 Ridgeview, CA June301 Sq. Ft. 3 Life science 62,000 South San Francisco, CA January 230 Sq. Ft. 2Life science 185,280 Clearfield, UT - MBK JVMarch 130 Units 1 Senior housing 14,500 Easton, PAFebruary 64 Beds1 Senior housing 14,952 Acquisitions:(2)

Developments and Capital Expenditures As of June 30, 2016, dollars and square feet in thousands DEVELOPMENT PROJECTS IN PROCESS Estimated Total Investment Estimated/Actual Completion Date Investment to Date Name of Project Location Segment Capacity Memorial Hermann - Pearland II(1) Pearland, TX Medical office 88 Sq. Ft. 2Q 2016 $ 16,699 $ 12,632 Memorial Hermann - Cypress(1) Cypress, TX Medical office 121 Sq. Ft. 2Q 2016 27,672 15,929 The Cove at Oyster Point - Phase I South San Francisco, CA Life science 247 Sq. Ft. 3Q 2016 184,314 141,448 Oakmont Village - JV(2) Santa Rosa, CA Senior housing 74 Units 1Q 2017 11,600 2,057 Ridgeview Poway, CA Life science 301 Sq. Ft. 1Q 2018 62,000 29,573 LAND HELD FOR DEVELOPMENT Estimated Rentable Sq. Ft. Primary Segment Gross Site Acreage Investment to Date Primary Location PLACED IN SERVICE Name of Project Location Segment Capacity Bayfront(1) St. Petersburg, FL Medical office 117 Sq. Ft. CAPITAL EXPENDITURES June 30, 2016 Three Months Ended Six Months Ended $ 127,907 $ 248,279 (1) Represents a portion of the facility. (2) Reflects the Company’s pro rata share. 12 Total fundings for development, tenant and capital improvements including HCP’s share of unconsolidated joint ventures Folsom Sacramento, CA Medical office 92 Sq. Ft. Deer ParkDeer Park, ILSenior housing 180 Units California - Bay Area & San Diego Life science 109 2,324 $ 270,494 $574,177 $297,572 The Cove at Oyster Point - Phase IISouth San Francisco, CA Life science 230 Sq. Ft.3Q 2017 185,280 49,448 Memorial Hermann - Woodlands Plaza IVThe Woodlands, TXMedical office 170 Sq. Ft.1Q 2017 37,050 9,198 Vintage Park - JV(2)Houston, TXSenior housing 117 Units 3Q 2016 24,310 14,503 Sky Ridge(1) Lone Tree, CO Medical office 100 Sq. Ft.2Q 2016 25,252 22,784 Development:

Portfolio Summary As of and for the quarter ended June 30, 2016, dollars and square feet in thousands Property Count Cash NOI Age (Years) Occupancy % EBITDARM CFC EBITDAR CFC Property Portfolio Investment Capacity Senior housing - operating 107 2,733,854 48,759 22 15,127 Units 87.9 N/A N/A Life science(2) 113 3,439,401 71,695 19 7,016 Sq. Ft. 98.7 N/A N/A Hospital 16 594,085 21,634 30 2,247 Beds 55.2 6.55x 6.11x Interest Income Debt Investments Investment Post-acute/skilled 732,925 16,313 Total $ 22,022,659 $ 478,573 (1) CFC is not presented for HCRMC senior housing and post-acute/skilled portfolios as the combined portfolio is cross-collateralized under a single master lease with a corporate guaranty. For additional information, see the HCR ManorCare Portfolio Summary. (2) Cash NOI includes $6.1 million related to the first tranche of the purchase option exercised by Genentech that is held for sale as of June 30, 2016, and is therefore excluded from all other metrics presented. 13 $ 792,226 $ 32,787 Senior housing $ 59,301 $ 16,474 1,159 $ 21,230,433 $ 445,786 24 Medical office 227 3,591,517 67,020 22 17,253 Sq. Ft. 91.6 N/A N/A Post-acute/skilled296 4,285,510 109,363 35 36,582 Beds83.0 1.76x (1)1.29x (1) Senior housing 400 $ 6,586,066 $ 127,315 20 35,303 Units 86.5 1.26x (1)1.06x (1)

Portfolio Diversification As of and for the quarter ended June 30, 2016, dollars in thousands CASH NOI BY STATE % of Total Senior Housing Post-Acute/ Skilled Life Science Medical Office State Properties Total Hospital TX 120 51,742 12 24,274 1,318 — 18,364 7,786 — — PA 58 35,333 8 5,840 24,940 4,553 OH 74 16,461 4 5,011 11,257 — 193 — VA 34 14,219 3 8,769 4,472 — 978 — WA 29 13,852 3 4,102 3,675 — 6,075 — 1,159 $ 445,786 100 $ 176,074 $ 109,363 $ 71,695 $ 67,020 $ 21,634 OPERATOR/TENANT DIVERSIFICATION Annualized Base Rent Company Primary Segment Amount % Brookdale Senior housing 432,378 22 HCA Medical office 81,014 4 Amgen Life science 47,074 2 Genentech Life science 22,032 1 $ 1,922,736 100 15 Other 690,999 37 Tandem/Consulate Health Care Post-acute/skilled37,0552 HC-One Post-acute/skilled48,4803 Sunrise Senior Living Senior housing98,1855 HCRMC Post-acute/skilled$ 465,519 24 Other 453 130,271 28 66,821 26,299 5,446 24,832 6,873 MI 39 13,991 3 3,052 10,939 ——— CO 34 16,413 4 8,983 2,124 —4,933 373 IL48 17,778 4 7,374 10,072 —332 — FL106 39,017 9 24,690 8,727 —3,646 1,954 CA 164 $ 96,709 22 $ 17,158 $ 5,540 $ 66,249 $ 3,114 $ 4,648

Same Property Portfolio As of June 30, 2016, dollars in thousands THREE-MONTH SPP Post-acute/skilled 274 4,100,655 96 83.5% 86.0% (12.6)% 3.0% 83.5% 82.5% 2.9% 3.0% Medical office 210 3,020,426 84 91.1% 90.4% 2.6% 3.8% 91.1% 90.8% 0.9% 1.8% Total Portfolio 1,054 $ 19,177,606 90 (2.4)% 4.0% 1.4% 2.6% SIX-MONTH SPP Post-acute/skilled 274 4,100,655 96 83.5% 86.0% (17.7)% (4.3)% Medical office 210 3,020,426 84 91.1% 90.4% 1.9% 3.6% Total Portfolio 1,053 $ 19,141,563 90 (4.1)% 1.7% (1) Represents SPP NOI and SPP cash NOI excluding the HCRMC properties and 28 primarily post-acute/skilled nursing properties (collectively, the “Properties”). The Company intends to spin-off the Properties to be controlled by a newly formed corporation, Quality Care Properties, Inc. (“QCP”). QCP will be an independent, publicly traded, self-managed and self-administered company. Further information is included in the Company’s Current Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on August 9, 2016. 16 Total Portfolio excluding QCP(1) 2.5% 3.8% Hospital 16 594,085 100 58.6% 59.6% 3.1% 4.1% Life science 107 3,349,507 97 98.6% 97.8% 4.8% 8.7% Percent of Property Property Count Investment Portfolio Year-Over-Year Occupancy Growth 2Q16 2Q15 NOI Cash NOI Senior housing 446 $ 8,076,890 87 86.4% 87.3% —% 2.1% Total Portfolio excluding QCP(1) 2.6% 4.4% 0.8% 2.4% Hospital 16 594,085 100 58.6% 59.6% 4.1% 5.8% 58.6% 53.3% (2.9)% (1.5)% Life science 107 3,349,507 97 98.6% 97.8% 4.8% 8.6% 98.6% 97.9% 1.8% 1.9% Percent of Property Property Count Investment Portfolio Year-Over-Year Sequential Occupancy Growth Occupancy Growth 2Q16 2Q15 NOI Cash NOI 2Q16 1Q16 NOI Cash NOI Senior housing 447 $ 8,112,933 87 86.4% 87.3% (0.3)% 2.7% 86.4% 86.7% 1.1% 3.4%

Expirations and Maturities As of June 30, 2016, dollars in thousands ANNUALIZED BASE RENT - LEASE EXPIRATIONS(1) Senior Housing(2) Post-Acute/ Skilled Life Science(3) Medical Office Year Total % of Total Hospital 2017 102,645 6 9,405 — 29,024 56,401 7,815 2019 98,342 6 9,224 19,368 18,498 43,892 7,360 2021 81,996 5 11,008 — 45,147 24,315 1,526 2023 75,110 5 24,181 — 38,926 12,003 — 2025 80,224 5 9,388 — 15,938 28,488 26,410 $ 1,663,413 100 $ 517,689 $ 432,666 $ 266,411 $ 360,948 $ 85,699 ANNUALIZED BASE RENT - DEBT INVESTMENT MATURITIES(1) Senior Housing Post-Acute/ Skilled Year Total 2017 2,643 — 2,643 2019 29,794 — 29,794 2021 442 442 — (1) Assumes that renewals, purchase options, borrower prepayments and tenant options are not exercised unless otherwise indicated. (2) Excludes Annualized Base Rent of $193.0 million related to 107 facilities operated under a RIDEA structure. (3) Includes $19.9 million in 2018 related to the second tranche of the purchase option exercised by Genentech that is expected to close in July 2018. The first tranche is held for sale as of June 30, 2016, and is therefore excluded from the operating portfolio. (4) Includes month-to-month and holdover leases. 2023 — — — 2025 — — — $ 66,359 $ 4,333 $ 62,026 17 Thereafter ——— 2024 ——— 2022 973 973 — 2020 ——— 2018 31,249 1,660 29,589 2016 $ 1,258 $ 1,258 $ — Thereafter 773,856 46 315,119 408,779 17,115 24,769 8,074 2024 63,557 4 33,258 1,208 2,215 13,034 13,842 2022 57,786 3 2,165 3,311 18,990 20,463 12,857 2020 111,609 7 38,564 —15,295 49,935 7,815 2018 164,388 10 51,993 —60,979 51,416 — 2016(4) $ 53,900 3 $ 13,384 $ — $ 4,284 $ 36,232 $ —

Lease and Debt Investment Relationships As of and for the quarter ended June 30, 2016, dollars in thousands Leased Portfolio(1) Properties Cash NOI HCRMC 1,179,180 17,485 17,520 61 100 4,472 83.4 N/A N/A Aegis Senior Living 182,152 3,944 4,270 10 80 701 87.9 1.22x 1.06x Other 796,405 32,166 31,889 77 95 4,777 88.7 1.16x 0.99x Total $ 6,645,367 $ 146,291 $ 143,789 400 98 35,303 86.5 1.26x 1.06x (1) Occupancy and CFC are reported for leased properties that have been held for the trailing 12 months ended one quarter in arrears from the date reported. CFC also excludes the HCRMC senior housing portfolio as the combined portfolio is cross-collateralized under a single master lease with a corporate guaranty. 20 Subtotal excluding Brookdale$ 3,894,032 $ 83,989 $ 85,331 225 97 18,367 86.5 1.32x 1.09x Capital Senior Living 181,988 4,255 4,262 15 100 1,518 84.6 1.21x 1.06x Harbor Retirement Associates 211,830 4,647 4,530 14 100 1,346 82.1 1.53x 1.30x Sunrise Senior Living 1,342,477 21,492 22,860 48 98 5,553 88.9 1.40x 1.12x NOI andand Interest Operator InvestmentInterest Income Income Count % Pooled Occupancy EBITDARMEBITDAR Units % CFCCFC Brookdale $ 2,751,335 $ 62,302 $ 58,458 175 98 16,936 86.6 1.21x 1.04x

Operating Portfolio As of and for the quarter ended June 30, 2016, dollars in thousands, except REVPOR OPERATING PORTFOLIO METRICS Units(1) REVPOR(1) % of Operating NOI 3-Month Occupancy % Market Investment Cash NOI IL AL IL AL Denver, CO 288,557 4,106 6.6 715 154 93.8 4,222 3,646 Miami, FL 189,767 4,572 7.3 963 223 93.2 3,843 4,339 Providence, RI 86,582 1,949 3.1 413 191 86.4 3,771 5,115 Sarasota, FL 84,418 1,622 2.6 164 259 86.3 4,734 4,010 Boston, MA 75,502 813 1.3 — 227 76.5 — 5,276 Dallas, TX 70,261 1,631 2.6 257 357 92.3 2,038 3,561 San Diego, CA 65,114 1,344 2.2 — 318 86.4 — 7,710 Phoenix, AZ 41,454 1,061 1.7 211 — 89.6 3,719 — Fresno, CA 38,861 447 0.7 172 — 88.9 3,366 — Baltimore, MD 36,280 779 1.3 — 202 91.9 — 5,228 $ 2,733,854 $ 48,759 78.4 7,670 7,457 87.9 $ 3,279 $ 4,909 Total 100.0 14,161 8,141 87.1 $ 3,411,929 $ 62,262 $ 3,979 $ 5,007 (1) Unit type and REVPOR are based on the majority type within each community. AL includes needs-based care such as memory care. (2) CCRC JV Investment and Cash NOI represent the Company’s 49% share. 21 CCRC JV(2) 678,075 13,503 21.6 6,491 684 85.3 4,835 6,053 Other 625,323 12,679 20.5 1,275 3,420 84.3 3,000 4,587 New York, NY36,328 688 1.1 —120 85.1 —6,191 Boulder, CO 40,567 611 1.0 96 —99.9 3,978 — Austin, TX64,365 1,648 2.6 —276 96.0 —5,857 Washington, DC68,486 1,648 2.6 —222 97.5 —6,464 Riverside, CA 72,977 1,302 2.1 183 316 89.2 3,255 4,693 Richmond, VA77,262 1,562 2.5 —303 89.2 —4,967 Memphis, TN86,431 1,029 1.7 130 230 89.8 1,630 4,890 Tampa, FL106,545 2,040 3.3 426 182 83.4 3,707 3,944 Chicago, IL273,077 1,768 2.8 948 370 84.9 3,608 6,165 Houston, TX$ 305,697 $ 5,460 8.8 1,717 87 90.9 $ 2,441 $ 5,719

Operating Portfolio As of and for the quarter ended June 30, 2016, dollars in thousands NEW SUPPLY ANALYSIS 5-Mile Radius(1) HCP Portfolio Properties/ Units Under Construction(2) Potential NOI Impact(3) 5 Year Total Population Growth % (4) 5 Year 75+ Population Growth % (4) Median Household Income Properties/ Units % of Operating NOI 75+ Median Net Worth Market Cash NOI Unemployment % US National Average 4.2 16.2 $ 54 $ 206 5.9 Denver, CO 5 / 869 4,106 6.6 3 / 298 988 7.8 17.2 55 229 2.9 Miami, FL 7 / 1,186 4,572 7.3 2 / 498 1,368 6.6 16.1 49 220 8.3 Providence, RI 5 / 604 1,949 3.1 1 / 58 416 1.3 8.9 54 157 6.1 Sarasota, FL 3 / 423 1,622 2.6 3 / 284 482 5.5 14.8 50 248 5.5 Boston, MA 2 / 227 813 1.3 1 / 90 425 4.1 9.9 81 215 5.9 Dallas, TX 5 / 614 1,631 2.6 4 / 376 546 6.8 18.1 63 239 4.1 San Diego, CA 2 / 318 1,344 2.2 2 / 128 1,344 5.8 17.1 98 250 4.8 Phoenix, AZ 1 / 211 1,061 1.7 — / — — 5.8 12.1 52 224 5.7 Fresno, CA 1 / 172 447 0.7 — / — — 3.4 10.5 56 230 7.6 Baltimore, MD 2 / 202 779 1.3 — / — — 1.7 11.3 58 207 7.1 CCRC JV(5) 15 / 7,175 13,503 21.6 1 / 32 1,199 6.7 21.6 53 234 5.4 % of Total Portfolio Income 2.8% (1) Demographic data provided by Environmental Systems Research Institute (“ESRI”) for 2016, represents a 5-mile radius around each community and is weighted by NOI. (2) Construction data provided by National Investment Center for Seniors Housing & Care (“NIC”) for the quarter ended June 30, 2016 and reflects senior housing construction and expansions of similar care types and entrance fee requirements within 5 miles of the Company’s communities. (3) Reflects Cash NOI for the Company’s operating portfolio within 5 miles of new construction and expansions. (4) Reflects projected growth from 2016 to 2021. (5) CCRC JV Cash NOI represents the Company’s 49% share. 22 Total 122 / 22,302 $ 62,262 100.0 43 / 4,504 $ 13,788 6.2 16.4 $ 60 $ 225 5.2 Other 43 / 4,695 12,679 20.5 14 / 1,288 1,850 4.8 14.1 56 209 5.9 New York, NY1 / 120 688 1.1 — / ——3.6 10.1 68 250 4.1 Boulder, CO 1 / 96 611 1.0 — / ——5.0 23.3 56 214 3.3 Austin, TX3 / 276 1,648 2.6 — / ——9.7 21.6 56 209 3.7 Washington, DC 2 / 222 1,648 2.6 1 / 88 993 6.7 19.0 101 250 3.0 Riverside, CA 3 / 499 1,302 2.1 — / ——6.8 15.5 62 239 8.7 Richmond, VA 2 / 303 1,562 2.5 2 / 133 1,562 5.1 14.5 80 243 3.4 Memphis, TN3 / 360 1,029 1.7 — / ——3.5 19.4 68 247 5.2 Tampa, FL3 / 608 2,040 3.3 — / ——4.2 13.8 44 192 5.7 Chicago, IL7 / 1,318 1,768 2.8 6 / 712 143 1.1 9.7 75 236 6.9 Houston, TX6 / 1,804 $ 5,460 8.8 3 / 519 $ 2,472 9.2 25.4 74 249 4.7

Operating Portfolio Trend Dollars in thousands, except REVPOR TOTAL OPERATING PORTFOLIO(1) 2Q15(2) 3Q15 4Q15 1Q16 2Q16 Investment $ 2,593,843 $ 2,610,854 $ 2,681,111 $ 2,700,410 $ 2,733,854 3-month Occupancy % 86.0 87.7 88.2 88.4 87.9 NOI: Operating expenses (75,205) (109,952) (110,444) (113,890) (115,443) NOI Margin % 29.6 29.2 30.2 31.3 29.7 SAME STORE PORTFOLIO(1) 2Q15 3Q15 4Q15 1Q16 2Q16 Investment $ 1,682,831 $ 1,696,339 $ 1,710,583 $ 1,723,359 $ 1,730,820 3-month Occupancy % 86.0 86.7 87.4 88.0 87.5 NOI: Operating expenses (74,346) (77,040) (75,343) (78,440) (78,116) NOI Margin % 29.5 27.3 29.9 30.0 29.6 (1) Excludes the CCRC JV reported on the Brookdale Entrance Fee CCRC Portfolio page in this supplemental report. (2) Includes 35 assets acquired on June 30, 2015 for which NOI includes one day of activity. Occupancy and REVPOR exclude these assets as a full quarter of activity is not available. 23 Year-Over-Year Three-Month SPP Growth 5.6% $ 31,115 $ 28,865 $ 32,060 $ 33,626 $ 32,855 Total revenues $ 105,461 $ 105,905 $ 107,403 $ 112,066 $ 110,971 REVPOR$ 4,067 $ 4,055 $ 4,082 $ 4,230 $ 4,213 Units 10,049 10,038 10,031 10,031 10,030 Property count 70 70 70 70 70 Total CAPEX$ 10,191 $ 17,010 $ 22,057 $ 19,299 $ 12,754 $ 31,621 $ 45,338 $ 47,817 $ 51,873 $ 48,759 Total revenues $ 106,826 $ 155,290 $ 158,261 $ 165,763 $ 164,202 REVPOR$ 4,067 $ 3,873 $ 3,895 $ 4,056 $ 4,070 Units 15,253 15,241 15,403 15,403 15,127 Property count 106 106 108 108 107

Post-Acute/Skilled As of and for the quarter ended June 30, 2016, dollars in thousands INVESTMENTS Leased Properties Property Count Cash NOI Occupancy % EBITDARM CFC EBITDAR CFC Investment Beds HCRMC DFLs 249 3,941,848 98,896 32,527 83.0 N/A N/A Interest Income Debt Investments Investment DSC Tandem 256,250 7,584 1.39x $ 732,925 $ 16,313 OPERATOR CONCENTRATION Leased Portfolio(2) Properties Cash NOI HC-One 539,240 11,891 11,491 21 100 1,334 N/A N/A N/A Four Seasons Health Care 104,381 561 561 — — — N/A N/A N/A Other 43,421 2,204 2,329 5 80 528 69.2 1.33x 0.91x (1) HC-One’s DSC is for the nine months ending March 31, 2016, which represents the most recent period available following the April 2015 conversion of £174.3 million ($257.4 million) of the Company’s debt investment to fee ownership in 36 care homes. (2) Occupancy and CFC are reported for leased properties that have been held for the trailing 12 months ended one quarter in arrears from the date reported. CFC also excludes the HCRMC post-acute/skilled portfolio as the combined portfolio is cross-collateralized under a single master lease with a corporate guaranty. 24 $ 5,018,435 $ 125,849 $ 125,676 296 100 36,582 83.0 1.76x 1.29x Covenant Care 70,195 2,866 2,948 12 100 1,261 80.3 1.28x 0.83x Tandem 319,350 9,440 9,451 9 100 932 93.6 2.71x 2.18x NOI andand Interest Operator InvestmentInterest Income Income Count % Pooled Occupancy EBITDARMEBITDAR Beds % CFCCFC HCRMC$ 3,941,848 $ 98,887 $ 98,896 249 100 32,527 83.0 N/A N/A Total $ 5,018,435 $ 125,676 Four Seasons Health Care 104,381 561 0.70x HC-One(1) $ 372,294 $ 8,168 2.28x 296 $ 4,285,510 $ 109,363 36,582 83.0 1.76x 1.29x Operating leases47 $ 343,662 $ 10,467 4,055 83.3 1.76x 1.29x

Post-Acute/Skilled Reconciliation of HCRMC EBITDAR and FCC Dollars in millions HCRMC UNAUDITED RESULTS OF OPERATIONS(1) Trailing 12 Months Ended June 30, 2016 March 31, 2016 Operating and general and administrative expenses (3,455.1) (3,507.9) Asset impairment(2) (6.0) — Interest expense (467.6) (472.4) Equity in earnings, interest income and other 14.4 11.7 Income tax benefit 39.3 7.4 Loss from discontinued operations: Other income, net of taxes 4.5 7.7 Net loss EBITDAR AND FCC CALCULATION $ (113.7) $ (135.0) (1) Results include revenues and expenses related to all businesses managed by HCRMC including (i) Facility EBITDARM for communities owned by the Company, (ii) home health care, hospice and rehabilitation services and (iii) general and administrative, depreciation, interest and income tax expenses. All data was derived solely from information provided by HCRMC without independent verification by the Company. (2) Relates to a June 2016 impairment on a non-HCP facility. (3) Primarily relates to non-cash accrual charges for general and professional liability claims that are excluded for purposes of calculating normalized FCC. (4) Represents EBITDAR (as reported FCC) or normalized EBITDAR (normalized FCC) divided by total fixed charges. EBITDAR for the trailing 12 months ended June 30, 2016, includes losses of $9 million related to 33 non-strategic assets sold to date. Excluding these losses and giving effect to the rent associated with them, the normalized FCC would be 1.07x. Operating and general and administrative expenses (3,455.1) (3,507.9) Facility EBITDARM from discontinued operations (3.0) (14.2) EBITDAR $ 500.1 $ 503.2 Normalized EBITDAR $ 501.0 $ 515.6 Cash rent $ 463.1 $ 464.9 Total fixed charges $ 485.0 $ 486.9 Normalized FCC(4) 1.03x 1.06x 27 As Reported FCC(4)1.03x1.03x Interest expense - term loan and other 21.9 22.0 Fixed charges: Normalizing adjustments(3) 0.9 12.4 Other adjustments 3.5 3.5 Equity in earnings, interest income and other 14.4 11.7 Revenues $ 3,940.3 $ 4,010.1 Loss from discontinued operations1.5(6.5) Facility EBITDARM(3.0) (14.2) Loss from continuing operations$ (115.2) $ (128.5) Loss from continuing operations before income taxes$ (154.5) $ (135.9) Loss on disposal of assets(49.3) (43.4) Income before other (expenses) income and income taxes$ 348.0 $ 368.2 Depreciation and amortization expense (131.2) (134.0) Revenues $ 3,940.3 $ 4,010.1

Life Science As of and for the quarter ended June 30, 2016, dollars and square feet in thousands INVESTMENTS Property Count Cash NOI Square Feet Occupancy % Leased Properties Investment San Diego 24 690,003 12,104 1,788 96.5 113 $ 3,439,401 $ 71,695 7,016 98.7 SAME PROPERTY PORTFOLIO 2Q15 3Q15 4Q15 1Q16 2Q16 Investment $3,306,504 $3,316,416 $3,330,689 $3,338,168 $3,349,507 Occupancy % 97.8 98.0 98.2 97.9 98.6 Total revenues $ 75,374 $ 75,819 $ 76,851 $ 76,049 $ 78,491 $ 60,682 $ 60,748 $ 61,258 $ 62,487 $ 63,593 Non-cash adjustments to NOI (1,887) (1,784) (866) 206 281 Year-Over-Year Three-Month SPP Growth 8.6% (1) Cash NOI includes $6.1 million related to the first tranche of the purchase option exercised by Genentech that is held for sale as of June 30, 2016, and is therefore excluded from all other metrics presented. 28 $ 58,795 $ 58,964 $ 60,392 $ 62,693 $ 63,874 Cash NOI: Operating expenses (14,692) (15,071) (15,593) (13,562) (14,898) NOI: Square feet 6,844 6,846 6,846 6,846 6,846 Property count 107 107 107 107 107 Other 12 192,779 5,446 835 100.0 San Francisco(1) 77 $ 2,556,619 $ 54,145 4,393 99.3

Life Science Dollars and square feet in thousands, except dollars per square foot SELECTED LEASE EXPIRATION DATA (NEXT 3 YEARS) Total San Francisco San Diego Other 2017 724 10 29,024 11 414 15,987 310 13,037 — — Thereafter 4,808 70 172,124 64 2,750 118,007 1,301 35,474 757 18,643 LEASING ACTIVITY Leased Square Feet Annualized Base Rent Per Sq. Ft. % Change In Rents HCP Tenant Improvements Per Sq. Ft. Leasing Costs Per Sq. Ft. Average Lease Term (Months) Retention Rate YTD Dispositions (78) 57.18 Renewals, amendments and extensions 464 18.55 (4.9) $ 3.84 $ 1.80 80 93% Terminations (24) 29.21 (1) Includes month-to-month and holdover leases. (2) Includes 337,000 square feet and Annualized Base Rent of $19.9 million related to the second tranche of the purchase option exercised by Genentech that is expected to close in July 2018. The first tranche is held for sale as of June 30, 2016, and is therefore excluded from the operating portfolio. 29 Leased Square Feet as of June 30, 2016 6,923 $ 38.48 New leases/remeasurements102 35.71 67.29 11.73 75 Expirations (494) 19.29 Leased Square Feet as of March 31, 2016 6,953 $ 38.08 6,923 100 $ 266,411 100 4,362 $ 194,496 1,726 $ 51,801 835 $ 20,114 2018(2) 1,234 18 60,979 23 1,074 57,219 82 2,289 78 1,471 Leased Square Annualized Year Feet % Base Rent % Square Annualized Feet Base Rent Square Annualized Feet Base Rent Square Annualized Feet Base Rent 2016(1) 157 2 $ 4,284 2 124 $ 3,283 33 $ 1,001 —$ —

Medical Office Dollars and square feet in thousands, except dollars per square foot SELECTED LEASE EXPIRATION DATA (NEXT 3 YEARS) Total On-Campus Off-Campus 2017 2,350 15 56,401 16 1,859 44,828 491 11,573 Thereafter 9,746 62 216,899 60 8,001 175,992 1,745 40,907 LEASING ACTIVITY Leased Square Feet Annualized Base Rent Per Sq. Ft. % Change In Rents(2) HCP Tenant Improvements Per Sq. Ft. Leasing Costs Per Sq. Ft. Average Lease Term (Months) Retention Rate YTD Dispositions (71) 26.23 Expirations (485) 22.26 New leases 249 23.49 18.51 5.60 67 Leased Square Feet as of June 30, 2016 15,804 $ 22.84 (1) Includes month-to-month and holdover leases. (2) For comparative purposes, reflects adjustments for leases that converted to a different lease type upon renewal, amendment or extension of the original lease. 32 Terminations (13) 26.32 Renewals, amendments and extensions 418 21.60 0.3 $ 11.25 $ 3.48 70 75% Redevelopments92 28.68 Leased Square Feet as of March 31, 2016 15,614 $22.70 15,804 100 $ 360,948 100 12,996 $ 295,946 2,808 $ 65,002 2018 2,230 14 51,416 14 1,852 42,814 378 8,602 Year Leased Square Annualized Feet % Base Rent % Square Annualized Feet Base Rent Square Annualized Feet Base Rent 2016(1) 1,478 9 $ 36,232 10 1,284 $ 32,312 194 $ 3,920

Unconsolidated Joint Ventures As of and for the quarter ended June 30, 2016, dollars and square feet in thousands INVESTMENTS Medical Office Life Science Post-Acute/ Skilled(1) Senior Housing(2) Total Joint ventures’ investment $ 390,894 $ 14,359 $ 155,473 $ 11,438 $ 209,624 HCP’s net equity investment(3) 117,181 4,693 68,438 1,294 42,756 Capacity 103 Sq. Ft. 278 Sq. Ft. 420 Beds 935 Units SELECTED FINANCIAL DATA Three Months Ended June 30, 2016 Operating expenses (231) (722) (9) (5,325) Depreciation and amortization (208) (599) (86) (1,725) Interest expense and other — — (123) (1,295) Net income $ 1,002 $ 1,914 $ 273 $ 421 FFO $ 1,286 $ 2,513 $ 359 $ 2,146 (1) Four post-acute/skilled facilities were deconsolidated as of January 1, 2016 in conjunction with the adoption of ASU 2015-02, Amendments to the Consolidation Analysis. (2) Excludes the CCRC JV reported on the Brookdale Entrance Fee CCRC Portfolio page in this supplemental report. (3) Represents the carrying value of the Company’s equity interest in the respective unconsolidated joint venture as reported on its consolidated balance sheet, which may differ from the capital balance as presented at the joint venture level. (4) Medical office includes activity for five assets Non-cash adjustments to net income 44 — — (33) FAD $ 1,023 $ 2,474 $ 359 $ 2,113 HCP’s Pro Rata Share: Mortgage debt $ — $ — $ — $ 72,441 Net income 390 1,164 218 419 FAD 390 1,470 287 1,125 that are held for sale. 34 FFO548 1,491 287 1,142 NOI 367 1,497 400 1,807 Leasing costs and tenant and capital improvements (297) (44) —— Non-cash adjustments to NOI (10) 5 —— Depreciation and amortization 284 599 86 1,725 Income from discontinued operations(4)674 ——— General and administrative expenses (14) (11) (18) (422) NOI $ 550 $ 2,524 $ 500 $ 3,863 Joint Venture Results: Medical Office Life Science Post-Acute/ Skilled(1) Senior Housing(2) Total revenues $ 781 $ 3,246 $ 509 $ 9,188 Occupancy % 100.0 92.8 78.3 94.7 Property count 17 1 4 4 8 Joint ventures’ mortgage debt 130,035 ———130,035 HCP’s ownership percentage 20% - 67% 50% - 63% 80% 45% - 72%

Unconsolidated Joint Ventures Brookdale Entrance Fee CCRC Portfolio As of and for the quarter ended June 30, 2016, dollars in thousands, except REVPOR CAPITALIZATION PORTFOLIO METRICS Joint venture’s mortgage debt (excludes Entrance Fees) $ 211,660 Units 7,175 HCP’s net equity investment(1) $ 459,659 REVPOR $ 4,954 SELECTED FINANCIAL DATA Cash Entrance Fee Sales: # of refunds 156 Refunds of Entrance Fees $ 13,906 JV Total HCP’s 49% Interest Operating expenses (78,847) (38,635) (39,146) NOI $ 16,261 $ 7,968 $ 13,503 Depreciation and amortization (22,161) (10,859) — Net (loss) income $ (6,772) $ (3,318) $ 12,809 Tenant and capital improvements — — (855) (1) Represents the carrying value of the Company’s equity interest in the unconsolidated joint venture as reported on its consolidated balance sheet, which may differ from the capital balance as presented at the joint venture level. (2) Non-refundable Entrance Fees are recognized on a NOI/FFO basis over the estimated stay of the residents and are recognized on a cash/FAD basis upon receipt, net of a reserve for early terminations. See Entrance Fees in Definitions. 35 FFO/FAD $ 15,389 $ 7,541 $ 11,954 Depreciation and amortization 22,161 10,859 — Other items 731 358 358 Interest expense and other (1,603) (785) (1,052) Non-refundable Entrance Fee sales, net(2) 4,103 2,011 8,057 Joint Venture Results: NOI/FFO NOI/FFO Cash NOI/FAD Resident fees and services $ 91,005 $ 44,592 $ 44,592 Non-refundable Entrance Fee % 59% Total Entrance Fee proceeds $ 32,574 # of closings 211 Occupancy 85.3% HCP’s equity ownership 49% CCRC campuses 15 Joint venture’s investment $ 1,383,826

REPORTING Definitions Adjusted Fixed Charge Coverage* Adjusted EBITDA divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and the Company’s ability to meet its interest payments on outstanding debt and pay dividends to its preferred stockholders, if applicable. The Company’s various debt agreements contain covenants that require the Company to maintain ratios similar to Adjusted Fixed Charge Coverage, and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain debt instruments of the Company. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Adjusted EBITDA and Fixed Charges. 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 for operating properties under a RIDEA structure is calculated based on the most recent quarter’s NOI annualized for 12 months. Excludes 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 Operator/Tenant Diversification, 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 same period. 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) the disaggregated HCRMC senior housing and post-acute/skilled portfolios, as the combined portfolio is cross-collateralized under a single master lease with a corporate guaranty; (ii) properties operated under a RIDEA structure; or (iii) newly completed facilities under lease-up, facilities acquired or transitioned to new operators during the relevant trailing 12-month period, vacant facilities and facilities for which data is not available or meaningful. Consolidated Debt The carrying amount of bank line of credit and term loans (if applicable), senior unsecured notes, mortgage debt and other debt, as reported in the Company’s consolidated financial statements. Consolidated Gross Assets* The carrying amount of total assets, excluding investments in and advances to the Company’s unconsolidated joint ventures, after adding back accumulated depreciation and amortization, as reported in the Company’s consolidated financial statements. Consolidated Gross Assets is a supplemental measure of the Company’s financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Consolidated Secured Debt Mortgage and other debt secured by real estate, as reported in the Company’s consolidated financial statements. Continuing Care Retirement Community (“CCRC”) A senior housing facility which provides at least three levels of care (i.e., independent living, assisted living and skilled nursing). Debt Investments Loans secured by a direct interest in real estate and mezzanine loans. Debt Service The periodic payment of interest expense and principal amortization on secured loans. Debt Service Coverage (“DSC”)* Facility EBITDA divided by Debt Service. DSC is a supplemental measure of the borrower’s ability to generate sufficient liquidity to meet its obligations to the Company under the respective loan agreements. DSC is subject to the same limitations and qualifications as Facility EBITDA. Development Includes ground-up construction and redevelopments. Direct Financing Lease (“DFL”) Lease for which future minimum lease payments are recorded as a receivable, and the difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield. EBITDA and Adjusted EBITDA* Earnings before interest, taxes, depreciation and amortization for the Company. Adjusted EBITDA is defined as EBITDA excluding impairments (recoveries), gains or losses from real estate dispositions, transaction-related items, severance-related charges, litigation settlement charges, gain upon consolidation of joint venture and foreign currency exchange gains (losses). We consider EBITDA and Adjusted EBITDA important supplemental measures to net income (loss) because they provide an additional manner in which to evaluate our operating performance. Net income (loss) is the most directly comparable GAAP measure to EBITDA and Adjusted EBITDA. Entrance Fees Certain of the Company’s communities have residency agreements which require the resident to pay an upfront entrance fee prior to taking occupancy at the community. For GAAP 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. 36

REPORTING Definitions Estimated / Actual Completion Date For Developments, management’s estimate of the period the core and shell structure improvements are expected to be or have been completed. For Redevelopments, management’s estimate of the period in which major construction activity in relation to the scope of the project has been or will be substantially completed. Facility EBITDA* EBITDA for a particular facility (not the Company), for the trailing twelve months and one quarter in arrears from the date reported. The Company uses Facility EBITDA in determining Debt Service Coverage. Facility EBITDA is subject to the same limitations as EBITDA. In addition, Facility EBITDA does not represent a borrower’s net income or cash flow from operations and should not be considered an alternative to those indicators. The Company receives periodic financial information from most borrowers regarding the performance under the loan agreement. The Company utilizes Facility EBITDA as a supplemental measure of the borrower’s ability to generate sufficient liquidity to meet their obligations to the Company. Facility EBITDA includes a management fee as specified in the borrower loan agreements with the Company. All borrower financial performance data was derived solely from information provided by borrowers without independent verification by the Company. Facility EBITDAR and Facility EBITDARM* Earnings before interest, taxes, depreciation, amortization and rent (and management fees), as applicable, for a particular facility accruing to the operator/tenant of the property (the Company as lessor), for the trailing 12 months and one quarter in arrears from the date reported. The Company uses Facility EBITDAR or Facility EBITDARM in determining Cash Flow Coverage and as a supplemental measure of the ability of the property to generate sufficient liquidity to meet related obligations to the Company. Facility EBITDAR includes: (i) contractual management fees; (ii) an imputed management fee of 5% of revenues for senior housing facilities and post-acute/skilled facilities, with the exception of the HCRMC portfolio which uses 4% ; or (iii) an imputed management fee of 2% of revenues for hospitals. All facility financial performance data was derived solely from information provided by operators/tenants without independent verification by the Company. Facility EBITDAR and Facility EBITDARM are subject to the same limitations and qualifications as Facility EBITDA. Facility EBITDAR and Facility EBITDARM are not presented for: (i) the disaggregated HCRMC senior housing and post-acute/skilled portfolios, as the combined portfolio is cross-collateralized under a single master lease with a corporate guaranty; (ii) properties operated under a RIDEA structure; or (iii) newly completed facilities under lease-up, facilities acquired or transitioned to new operators during the relevant trailing 12-month period, vacant facilities and facilities for which data is not available or meaningful. Financial Leverage* Total Debt divided by Total Gross Assets. Financial Leverage is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. The ratio of Consolidated Debt to Consolidated Gross Assets is the most directly comparable GAAP measure to Financial Leverage. The Company’s pro rata share of total debt from the Company’s unconsolidated joint ventures is not intended to reflect its actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the joint ventures. Fixed Charges* Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Charges is a supplemental measure of the Company’s interest payments on outstanding debt and dividends to preferred stockholders for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations. Funds Available for Distribution (“FAD”)* See the “Funds Available for Distribution” section of the accompanying earnings release for information regarding FAD. Funds From Operations (“FFO”) and FFO as Adjusted* See the “Funds From Operations” section of the accompanying earnings release for information regarding FFO and FFO as adjusted. Healthcare System Affiliated Represents properties that are on-campus or adjacent to a healthcare system and properties that are leased 50% or more to a healthcare system. Investment* Represents: (i) the carrying amount of real estate assets and intangibles, after adding back accumulated depreciation and amortization less the value attributable to refundable Entrance Fee liabilities; and (ii) the carrying amount of DFLs and Debt Investments. Investment excludes land held for development and assets held for sale. Investment also includes the Company’s pro rata share of the real estate assets and intangibles held in the Company’s unconsolidated joint ventures, presented on the same basis. Net Debt* Total Debt less the carrying amount of cash and cash equivalents as reported in the Company’s consolidated financial statements and the Company’s pro rata share of cash and cash equivalents from the Company’s unconsolidated joint ventures. Total Debt is the most directly comparable GAAP measure to Net Debt. Net Debt is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Net Debt to Adjusted EBITDA* Net Debt divided by Adjusted EBITDA is a supplemental measure of the Company’s ability to decrease its debt. Because the Company may not be able to use its cash to reduce its debt on a dollar-for-dollar basis, this measure may have material limitations. 37

REPORTING Definitions Net Operating Income from Continuing Operations (“NOI”) and Cash NOI* See the “Net Operating Income and Same Property Performance” section of the accompanying earnings release 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 leased facilities, post-acute/ skilled facilities and hospitals, Occupancy represents the facilities’ average operating Occupancy for the trailing three-month and twelve-month periods ended one quarter in arrears from the date reported. For operating properties under a RIDEA structure, Occupancy represents the facilities’ average operating Occupancy for the trailing three-month period presented. 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. 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. Portfolio Income* Cash NOI from real estate owned by the Company, including noncontrolling interests, interest income from Debt Investments and the Company’s pro rata share of Cash NOI from real estate held in the Company’s unconsolidated joint ventures for the period presented. Net income is the most directly comparable GAAP measure to Portfolio Income. Portfolio Income is a supplemental measure which enables both management and investors to analyze the Company’s performance as a REIT. Quality Mix Non-Medicaid revenues as a percentage of total revenues for the trailing 12 months ended one quarter in arrears, unless noted otherwise. Redevelopment Properties that require significant capital expenditures (generally more than 25% of acquisition cost or existing basis) to achieve stabilization or to change the use of the properties. Retention Rate The ratio of total renewed square feet to the total square feet expiring and available for lease, excluding the square feet for tenant leases terminated for default or buy-out prior to the expiration of the lease. REVPOR The 3-month average revenue per occupied room for the period presented. RIDEA A structure whereby a taxable REIT subsidiary is permitted to rent a healthcare facility from its parent REIT and hire an independent contractor to operate the facility. Same Property Portfolio (“SPP”)* See the “Net Operating Income and Same Property Performance” section of the accompanying earnings release for information regarding SPP. Secured Debt Ratio* Total Secured Debt divided by Total Gross Assets. Secured Debt Ratio is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. The ratio of Consolidated Secured Debt to Consolidated Gross Assets is the most directly comparable GAAP measure to Secured Debt Ratio. The Company’s pro rata share of Total Secured Debt from the Company’s unconsolidated joint ventures is not intended to reflect its actual liability or ability to access assets should there be a default under any or all such loans or a liquidation of the joint ventures. Skilled Mix Medicare and Managed Care revenues as a percentage of total revenues for the trailing 12 months. Square Feet (Sq. Ft.) The square footage for properties, excluding square footage for development or redevelopment properties prior to completion. Total Debt* Consolidated Debt plus the Company’s pro rata share of total debt from the Company’s unconsolidated joint ventures. Reflects the early adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs (previously included in other assets, net) to be presented as a direct deduction to the related debt liability. Total Debt is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Total Gross Assets* Consolidated Gross Assets plus the Company’s pro rata share of total assets from the Company’s unconsolidated joint ventures, after adding back accumulated depreciation and amortization. Reflects the early adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs (previously included in other assets, net) to be presented as a direct deduction to the related debt liability. Total Gross Assets is a supplemental measure of the Company’s financial position, which, when used in conjunction with debt-related measures, enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. 38

REPORTING Definitions 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 joint ventures. Total Secured Debt is a supplemental measure of the Company’s financial position, which enables both management and investors to analyze its leverage and to compare its leverage to that of other companies. Units/Square Feet/Beds Senior housing facilities are measured in available units (e.g., studio, one or two bedroom units). Life science facilities and medical office buildings are measured in square feet. Post-acute/skilled facilities and hospitals are measured in available beds. * Non-GAAP Supplemental Measures The Company believes that net income, as defined by U.S. generally accepted accounting principles (“GAAP”), is the most appropriate measure of its operating performance. In addition to net income as defined by GAAP, the Company believes Adjusted Fixed Charge Coverage, CFC, DSC, EBITDA, Adjusted EBITDA, Facility EBITDA, Facility EBITDAR, Facility EBITDARM, Financial Leverage, Fixed Charges, FAD, FFO, FFO as adjusted, Investment, Net Debt, Net Debt to Adjusted EBITDA, NOI, Cash NOI, Portfolio Income, Secured Debt Ratio, SPP, Total Debt, Total Gross Assets and Total Secured Debt are useful supplemental non-GAAP measures of its operating performance and financial position. As these non-GAAP measures have inherent limitations as analytical tools they should be used in conjunction with the Company’s most directly comparable GAAP presentations and not as alternatives to those indicators determined in accordance with GAAP. Reconciliations of Cash NOI, FAD, FFO, FFO as adjusted, NOI, Portfolio Income, and SPP to their most directly comparable GAAP measure, are included in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on August 9, 2016. Reconciliations of SPP NOI and SPP Cash NOI growth and SPP NOI and SPP Cash NOI growth excluding QCP to their most directly comparable GAAP measure, are included in the accompanying earnings release. Reconciliations of the remaining non-GAAP supplemental measures used in this report to their most directly comparable GAAP measure are included elsewhere in this report. The Company’s computations of non-GAAP measures may not be comparable to similar measures reported by other companies. The information in this supplemental report should be read in conjunction with the accompanying earnings release and the Form 10-Q referenced above. 39

Reconciliations of Non-GAAP Measures Dollars in thousands ADJUSTED FIXED CHARGE COVERAGE Three Months Ended June 30, 2016 2015 Interest expense 121,333 118,632 Capitalized interest 2,605 2,006 TOTAL GROSS ASSETS June 30, 2016 December 31, 2015 June 30, 2015 Consolidated total assets(1) $ 21,116,457 $ 21,103,349 $ 22,299,054 Investments in and advances to unconsolidated joint ventures (604,941) (605,244) (641,487) Accumulated depreciation and amortization from assets held for sale 87,677 83,381 — HCP’s share of unconsolidated JV gross assets(1) 1,177,484 1,114,383 1,276,816 (1) Reflects the adoption of ASU 2015-03 and ASU 2015-15, which require certain debt issuance costs to be presented as a direct deduction to the related debt liability. (2) Pro forma to reflect prefunding certain 2016 debt maturities in December 2015. 41 Total Gross Assets $ 24,912,981 $ 24,617,758 $ 25,713,388 Consolidated Gross Assets $ 23,735,497 $ 23,503,375 $ 24,436,572 Accumulated depreciation and amortization 3,136,304 2,921,889 2,779,005 (2) Adjusted Fixed Charge Coverage 3.8x 3.9x Fixed Charges $ 125,556 $ 123,680 HCP’s share of unconsolidated JV interest expense 1,618 3,042 Adjusted EBITDA$ 474,226 $ 482,472

Reconciliations of Non-GAAP Measures As of June 30, 2016, dollars in thousands INVESTMENT Senior Housing Post-Acute/ Skilled Life Science Medical Office Hospital Non-Segment Total Investments in and advances to unconsolidated joint ventures (513,941) (1,294) (68,438) (21,268) — — (604,941) Accumulated depreciation and amortization from assets held for sale 1,235 — 86,442 — — — 87,677 HCP’s share of unconsolidated JV gross assets 1,112,485 10,219 25,160 29,620 — — 1,177,484 Gross assets held for sale — — — — — (403,403) (403,403) Fully depreciated real estate and intangibles 132,833 8,317 157,590 241,742 5,494 — 545,976 Real estate intangible liabilities, net of held for sale (64,988) — (97,960) (45,866) (25,513) — (234,327) (1) Includes straight-line rent receivables, net of reserves, lease commissions, net of amortization, cash and restricted cash, the value attributable to refundable Entrance Fee liabilities for our CCRC JV, and other assets. 42 Investment $ 10,184,222 $ 5,027,585 $ 3,747,581 $ 3,661,632 $ 594,085 $ —$ 23,215,105 Non-real estate related assets(1) (799,277) (17,554) (140,656) (2()153,062) (36,092) (188,987) (1,335,628) Land held for development (1,276) —(264,627) (946) (3,645) —(270,494) Total Gross Assets $ 10,916,930 $ 5,036,822 $ 4,093,234 $ 3,619,764 $ 653,841 $ 592,390 $ 24,912,981 Consolidated Gross Assets $ 9,804,445 $ 5,026,603 $ 4,068,074 $ 3,590,144 $ 653,841 $ 592,390 $ 23,735,497 Accumulated depreciation and amortization 1,292,772 68,314 754,556 867,297 153,277 88 3,136,304 Consolidated total assets $ 9,024,379 $ 4,959,583 $ 3,295,514 $ 2,744,115 $ 500,564 $ 592,302 $ 21,116,457

COMPANY Information BOARD OF DIRECTORS MICHAEL D. MCKEE Chairman of the Board, President and Chief Executive Officer, HCP, Inc. JAMES P. HOFFMANN Former Partner and Senior Vice President, Wellington Management Company DAVID B. HENRY Lead Independent Director, HCP, Inc. Former Vice Chairman and Chief Executive Officer, Kimco Realty Corporation PETER L. RHEIN Partner, Sarlot & Rhein JOSEPH P. SULLIVAN Chairman Emeritus, Board of Advisors, RAND Health BRIAN G. CARTWRIGHT Senior Advisor, Patomak Global Partners LLC CHRISTINE N. GARVEY Former Global Head of Corporate Real Estate Services, Deutsche Bank AG EXECUTIVE MANAGEMENT MICHAEL D. MCKEE Chairman of the Board, President and Chief Executive Officer KAI HSIAO Executive Vice President Senior Housing Asset Management THOMAS D. KIRBY Executive Vice President Acquisitions and Valuations THOMAS M. HERZOG Executive Vice President and Chief Financial Officer THOMAS M. KLARITCH Executive Vice President Medical Office Properties J. JUSTIN HUTCHENS Executive Vice President and Chief Investment Officer DARREN A. KOWALSKE Executive Vice President Post-Acute TROY E. MCHENRY Executive Vice President, General Counsel and Corporate Secretary JOHN LU Executive Vice President Corporate Finance and Investments SCOTT A. ANDERSON Executive Vice President and Chief Accounting Officer JOHN D. STASINOS Executive Vice President International JONATHAN M. BERGSCHNEIDER Executive Vice President Life Science Estates KENDALL K. YOUNG Executive Vice President Senior Housing Investments 43

2201 Medical Plaza Nashville, TN 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) closing dates, completion dates, stabilization dates, rentable square feet and total investment for development projects in progress and (ii) rentable square feet for land held for development. 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: HCRMC’s ability to meet its contractual obligations under the HCRMC lease amendment and risks related to the impact of the U.S. Department of Justice lawsuit against HCRMC, including the possibility of larger than expected litigation costs, adverse results and related developments; risks relating to the Company’s reliance on a concentration of a small number of tenants and operators for a significant portion of its revenues; the financial weakness of 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 tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and to generate sufficient income to make rent and loan payments to the Company and the Company’s ability to recover investments made, if applicable, in their operations; competition for tenants and operators, including with respect to new leases and mortgages and the renewal or rollover of existing leases; competition for skilled management and other key personnel; availability of suitable properties to acquire at favorable prices and the competition for the acquisition and financing of those properties; the Company’s ability to negotiate the same or better terms with new tenants or operators if existing leases are not renewed or the Company exercises its right to replace an existing tenant or operator upon default; the risks associated with the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision making authority and its reliance on its partners’ financial condition and continued cooperation; the Company’s ability to achieve the benefits of investments within expected time frames or at all, or within expected cost projections; the potential impact on the Company, 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 healthcare providers of legislation 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 Continued 44

The Atrium Nashville, TN Forward-Looking Statements & Risk Factors (Continued) healthcare industry that affect the Company’s costs of compliance or increase the costs, or otherwise affect the operations, of its tenants and operators; volatility or uncertainty in the capital markets, the availability and cost of capital as impacted by interest rates, changes in the Company’s credit ratings, and the value of its common stock, and other conditions that may adversely impact the Company’s ability to fund its obligations or consummate transactions, or reduce the earnings from potential transactions; changes in global, national and local economic conditions, and currency exchange rates; the Company’s ability to manage its indebtedness level and changes in the terms of such indebtedness; the Company’s ability to maintain its qualification as a real estate investment trust; uncertainties as to the completion and timing of our pending spin-off transaction; our ability to complete financings related to the spin-off transaction on acceptable terms or at all; the impact of the spin-off transaction on our business; and other risks and uncertainties described from time to time in the Company’s Securities and Exchange Commission (SEC) filings. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. The information in this supplemental report should be read in conjunction with the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the SEC. The Reporting Definitions and Reconciliations of Non-GAAP Measures are an integral part of the information presented herein. On the Company’s website, www.hcpi.com, you can access, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on the Company’s website is not incorporated by reference into, and should not be considered a part of, this supplemental report. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at www.sec.gov. This supplemental report also includes market and industry data that the Company has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. The market and industry data is often based on industry surveys and preparers’ experience in the industry. Similarly, although the Company believes that the surveys and market research that others have performed are reliable, it has not independently verified this information. For more information, contact Tom Herzog, Executive Vice President and Chief Financial Officer, at (949) 407-0400. 45