HCP Prices $800 Million Of 2.625% Senior Unsecured Notes Due 2020

HCP (NYSE:HCP) priced an offering of $800 million of 2.625% senior unsecured notes due February 2020. The offering size was increased in response to investor demand. The price to the investors was 99.729% of the principal amount of the notes for an effective yield of 2.667%.

The net proceeds of the offering will be approximately $791 million, which HCP intends to use to repay $600 million currently outstanding on its bank line of credit, which borrowings were used to fund a portion of the aggregate purchase price for the acquisition of 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of Blackstone, as announced by the Company on October 31, 2012, and for general corporate purposes that may include repayment of $150 million of 5.625% senior unsecured notes due February 2013 and funding of future acquisitions or investments.

The offering is expected to close on November 19, 2012, subject to customary closing conditions.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint book-running managers for the offering.

This offering of notes may be made only by means of a prospectus supplement and a prospectus. A copy of the prospectus supplement and the prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained from: (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated at 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, or at 1-800-294-1322, or dg.prospectus_requests@baml.com; (ii) Morgan Stanley & Co. LLC at 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, or at 1-866-718-1649; (iii) UBS Securities LLC at 299 Park Avenue, New York, NY 10171, Attention: Prospectus Specialist, or at 1-877-827-6444, ext. 561 3884.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification thereof under the securities laws of any such state or jurisdiction.

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