HCP, Inc.

Projected Future Operations (1)

Low     High
Diluted earnings per common share


$ 1.83
Real estate depreciation and amortization 0.85 0.85
DFL depreciation 0.03 0.03
Gain on sales of real estate (0.01 ) (0.01 )
Joint venture FFO adjustments   0.01     0.01  
Diluted FFO per common share $ 2.65 $ 2.71
Preferred stock redemption charge 0.03 0.03
Merger–related items 0.04 0.04
Impairments   0.02     0.02  
Diluted FFO as adjusted per common share $ 2.74 $ 2.80
Amortization of net below market lease intangibles and deferred revenues (0.01 ) (0.01 )
Amortization of deferred compensation 0.05 0.05
Amortization of deferred financing costs, net 0.04 0.04
Straight-line rents (0.10 ) (0.10 )
DFL accretion (2) (0.23 ) (0.23 )
DFL depreciation (0.03 ) (0.03 )
Leasing costs and tenant and capital improvements (0.14 ) (0.14 )
Joint venture and other FAD adjustments (2)   (0.13 )   (0.13 )
Diluted FAD per common share

2.19   $ 2.25  

Definitions of non‐GAAP financial measures used herein and additional reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Company’s supplemental information packages and earnings releases, which are available on the Company’s website at www.hcpi.com in the “Presentations” section of the “Investor Relations” tab.

________________________________________(1) Except as otherwise noted above, the foregoing projections reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, development items and the earnings impact of the events referenced in this release. Except as otherwise noted, these estimates do not reflect the potential impact of future dispositions, other impairments or recoveries, the future bankruptcy or insolvency of our operators, lessees, borrowers or other obligors, the effect of any future restructuring of our contractual relationships with such entities, gains or losses on marketable securities, ineffectiveness related to our cash flow hedges, or existing and future litigation matters including the possibility of larger than expected litigation costs and related developments. There can be no assurance that our actual results will not differ materially from the estimates set forth above. The aforementioned ranges represent management’s best estimate of results based upon the underlying assumptions as of the date of this press release. Except as otherwise required by law, management assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.

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