N@N

HCP Acquires Partnera?s Interest in $860 Million Senior Housing Joint Venture

^{Published on 2010-12-13 13:55:21 - Market Wire}
 

LONG BEACH, Calif.--([ BUSINESS WIRE ])--HCP (NYSE:HCP) announced that it has signed a definitive agreement to acquire its partnera™s 65% interest in a joint venture that owns 25 senior housing assets. Upon closing, HCP will become the sole owner of the portfolio. The assets were originally acquired on October 5, 2006, through HCPa™s acquisition of CNL Retirement Properties, Inc., and were contributed to the joint venture in January 2007.

HCP will pay approximately $137 million in cash for the interest and assume its partnera™s share of approximately $650 million of Fannie Mae debt secured by the assets in a transaction valuing the venture at $860 million. The acquisition is subject to customary closing conditions and is expected to close on or before January 31, 2011.

ABOUT HCP

HCP, Inc., an S&P 500 company, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries, invests primarily in real estate serving the healthcare industry in the United States. As of September 30, 2010, HCPa™s portfolio of investments, including properties owned by its unconsolidated joint ventures, consisted of: (i) interests in 670 properties among the following segments: 250 senior housing, 102 life science, 252 medical office, 45 skilled nursing and 21 hospital; and (ii) $2.0 billion of mezzanine and other secured loans. For more information, visit the Companya™s website at [ www.hcpi.com ].

FORWARD-LOOKING STATEMENTS

The statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made as of the date hereof and are subject to known and unknown risks, uncertainties, assumptions and other factors a" many of which are out of the Companya™s control and difficult to forecast a" that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include but are not limited to: the ability to satisfy the conditions to the closing of the acquisition, and other risks described from time to time in the Companya™s Securities and Exchange Commission filings. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. These statements should not be relied upon as representing the Companya™s views as of any date subsequent to the date of this press release.