HCP Enters into $1.5 Billion Credit Facility Agreement and Updates Full-Year 2011 Guidance

HCP, Inc. (NYSE:HCP) announced that it has into a new $1.5 billion unsecured revolving credit facility on Friday, March 11, 2011, which replaced the existing facility that was scheduled to mature in August 2011.  The facility has a four-year term with a one-year committed extension option and bears interest at LIBOR plus 165 basis points and has a facility fee of 35 basis points. HCP has the right to increase the commitments under the new facility by an aggregate amount of up to $500 million, subject to customary conditions.

As part of the announcement, the company updated its 2011 guidance to show Funds From Operations ("FFO") applicable to common shares to range between $2.49 and $2.55 per share; FFO as adjusted applicable to common shares to range between $2.62 and $2.68 per share; Funds Available for Distribution ("FAD") applicable to common shares to range between $2.05 and $2.11 per share; and net income applicable to common shares to range between $1.61 and $1.67 per share.

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