HCP has the largest and most diversified portfolio of any healthcare REIT. Our investments include direct investment in properties, joint ventures, development and mortgage/mezzanine loans. Our revenues are derived from and are spread among the principal healthcare sectors, including senior housing, medical office, life science, hospital and skilled nursing.

As of March 31, 2008, our portfolio of properties, excluding assets held for sale but including investments through joint ventures and mortgage loans, consisted of:

HCP INVESTMENT PORTFOLIO NUMBER OF FACILITIES
SENIOR HOUSING 269
LIFE SCIENCE 105
MEDICAL OFFICE 269
HOSPITAL 27
SKILLED NURSING 51
TOTAL 721(1)
   
NUMBER OF STATES 43
TOTAL INVESTMENTS $ 13.4 BILLION(2)

(1) Does not include mezzanine loans and other debt investments.

(2) Represents the historical cost of real estate owned by HCP, the carrying amount of mortgage loans and 100% of the cost of real estate owned by unconsolidated joint ventures as of March 31, 2008.