Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

HCP ANNOUNCES RESULTS FOR QUARTER AND YEAR ENDED DECEMBER 31, 2008

 

FOURTH QUARTER HIGHLIGHTS

 

    --  Diluted FFO per share of $0.48, including merger-related charges and impairments of $0.06 per share, of which $0.05 relates to the previously announced portfolio transition to Emeritus; diluted EPS of $0.14 per share

 

    --  Completed $200 million unsecured term loan

 

    --  Negotiated early repayment of $120 million of mortgage debt at a discount

 

FULL YEAR HIGHLIGHTS

 

    --  Diluted FFO per share of $2.25, representing year-over-year growth of 5%; diluted EPS of $1.79 per share

 

    --  Raised over $2.4 billion during 2008:

 

--   $1.0 billion from equity issuances

--   $763 million from debt financings

--   $656 million from asset dispositions

 

    --  Active asset management program:

 

--   Repositioned Tenet hospital portfolio

--   Repositioned Lusk life science campus achieving mark-to-market rent improvement

--   Transitioned 11-property senior housing portfolio to Emeritus

 

    --  HCP added to the S&P 500 Index

 

LONG BEACH, CA, February 10, 2009 – HCP (the “Company” or “we”) (NYSE:HCP) announced results for the quarter ended December 31, 2008.  Funds from operations (“FFO”) applicable to common shares was $121.5 million, or $0.48 per diluted share, for the quarter ended December 31, 2008, compared to FFO applicable to common shares of $117.2 million, or $0.54 per diluted share, in the year-ago period. FFO applicable to common shares was $538.3 million, or $2.25 per diluted share, for the year ended December 31, 2008, compared to FFO applicable to common shares of $449.1 million, or $2.14 per diluted share, in the year-ago period.

 

 

 

Page 1 of 9


The following information was filed by Hcp, Inc. (HCP) on Tuesday, February 10, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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