HCP, an S&P 500 company, focuses on properties serving the healthcare industry. The healthcare industry is growing and is expected to represent 16.5% of U.S. Gross Domestic Product (GDP) in 2008⁽¹⁾.

Established in 1985, HCP is a publicly traded company (NYSE:HCP) with a $13.6 billion⁽²⁾ real estate portfolio as of December 31, 2007. HCP’s management team, with an array of experience in real estate acquisition, portfolio management and development, actively manages our holdings. Our portfolio includes 753 properties located in 43 states and Mexico, distributed among distinct sectors of healthcare including: senior housing, medical office, life science, hospital and skilled nursing.

As a REIT, HCP is required to distribute a large share of its profits to its shareholders. During 2007, HCP paid a dividend of $1.78 per common share and its annualized dividend for 2008 is expected to be $1.82 per common share.

HCP has produced an 18%⁽³⁾ compounded annual total return to shareholders since its IPO on May 23, 1985 through December 31, 2007.

⁽¹⁾ Source: Centers for Medicare and Medicaid Services (CMS), based on the National Health Expenditures released in January 2007.

⁽²⁾ Includes pro rata share of unconsolidated joint ventures, based on investment.

⁽³⁾ Assumes re-investment of dividends.