HCP (NYSE:HCP) announced today the tax treatment of its 2014 distributions. The following table summarizes, for income tax purposes, the nature of cash distributions paid to stockholders during the calendar year ended December 31, 2014:

Common Stock (CUSIP # 40414L109)       Ordinary Dividends   Capital Gains   Record Payment Distribution   Non-       Unrecaptured Nondividend Date   Date   Per Share   Total   Qualified   Qualified   Total   Long Term   Section 1250   Distributions   02/10/14 02/25/14 $0.545000 $0.499802 $0.499802 $0.000000 $0.022261 $0.014427 $0.007834 $0.022937 05/12/14 05/27/14 $0.545000 $0.499802 $0.499802 $0.000000 $0.022261 $0.014427 $0.007834 $0.022937 08/11/14 08/26/14 $0.545000 $0.499802 $0.499802 $0.000000 $0.022261 $0.014427 $0.007834 $0.022937 11/10/14   11/25/14   $0.545000   $0.499802   $0.499802   $0.000000   $0.022261   $0.014427   $0.007834   $0.022937   Totals $2.180000 $1.999208 $1.999208 $0.000000 $0.089044 $0.057708 $0.031336 $0.091748         100%   91.71%           4.08%           4.21%  

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's portfolio of assets is diversified among five distinct sectors: senior housing, post-acute/skilled nursing, life science, medical office and hospital. A publicly traded company since 1985, HCP: (i) was the first healthcare REIT selected to the S&P 500 index; (ii) has increased its dividend per share for 29 consecutive years; (iii) is the only REIT included in the S&P 500 Dividend Aristocrats index; and (iv) is a global leader in sustainability as a member of the CDP, Dow Jones and FTSE4Good sustainability leadership indices, as well as the GRESB Global Healthcare Sector Leader. For more information regarding HCP, visit the Company's website at www.hcpi.com.

HCP, Inc.Timothy M. SchoenExecutive Vice President and Chief Financial Officer(949) 407-0400

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