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HCP Announces Results For The Fourth Quarter And Year Ended December 31, 2012

HCP (the “Company” or “we”) (NYSE:HCP) announced results for the fourth quarter and year ended December 31, 2012 as follows (in thousands, except per share amounts):

FOURTH QUARTER COMPARISON

      Three Months Ended         Three Months Ended        
December 31, 2012 December 31, 2011

Per Share

Amount       Per Share Amount         Per Share Change
FFO $ 317,839 $ 0.71 $ 150,578 $ 0.37 $ 0.34
Litigation settlement charge (1) 125,000 0.30 (0.30 )
Merger-related items (2)   5,642   0.01       0.01
FFO as adjusted $ 323,481 $ 0.72 $ 275,578 $ 0.67 $ 0.05
FAD $ 253,841 $ 0.57 $ 202,890 $ 0.50 $ 0.07
Net income applicable to common shares $ 239,881 $ 0.53 $ 61,996 $ 0.15 $ 0.38
 
(1)       This 2011 charge relates to the Ventas, Inc. (“Ventas”) litigation settlement.
(2) Merger-related items in 2012 of $0.01 per share associated with the $1.7 billion Senior Housing Portfolio acquisition include direct transaction costs and the impact of the negative carry of prefunding the transaction with the $1.0 billion, or 22 million share, common stock offering completed on October 19, 2012 on the calculation of weighted average shares.
 

In addition to the litigation settlement charge, operating results for the quarter ended December 31, 2011, include the negative impact of $0.01 per share for the write-down in the carrying value of a marketable security. Net income for the quarters ended December 31, 2012 and 2011 also include gain on sales of real estate of $28 million and $3 million, respectively.

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