Exhibit 99.1

FOR IMMEDIATE RELEASE

HCP ANNOUNCES THIRD QUARTER 2009 RESULTS

HIGHLIGHTS

--     Impairments and a litigation provision resulted in charges of $0.05 and $0.36 per share, respectively

--     Diluted FFO per share of $0.52, before giving effect to the impairments and litigation provision; diluted FFO per share of $0.11; and net loss per share of $0.18

--     Purchased a $720 million participation in HCR ManorCare’s first mortgage debt

--     Completed $441 million public offering of common stock

--     Completed transition of 15 Sunrise-managed communities to new operators

LONG BEACH, CA, November 3, 2009 — HCP (the “Company” or “we”) (NYSE:HCP) announced results for the quarter ended September 30, 2009. Funds from operations (“FFO”) applicable to common shares, before giving effect to impairments and litigation provision was $149.3 million, or $0.52 per diluted share, for the quarter ended September 30, 2009, compared to FFO applicable to common shares, before giving effect to impairments and merger-related charges of $178.8 million, or $0.72 per diluted share, in the year-ago period.  FFO applicable to common shares was $32.2 million, or $0.11 per diluted share, for the quarter ended September 30, 2009, compared to FFO applicable to common shares of $174.3 million, or $0.70 per diluted share, in the year-ago period.

FFO applicable to common shares for the quarter ended September 30, 2009 included the negative impact of $0.39 per diluted share of the following: i) impairments of $0.05 per diluted share; (ii) a charge of $0.36 per diluted share related to an accrued liability in connection with a jury verdict in the Ventas litigation; and iii) income of $0.02 per diluted share related to sales of marketable debt securities.  FFO applicable to common shares for the quarter ended September 30, 2008 included the positive impact of $0.16 per diluted share of the following: i) lease termination fees of $0.07 per diluted share resulting from the early termination of three leases in our life science segment and a related impairment charge of $0.02 per diluted share; and ii) income of $0.11 per diluted share related to the settlement of various disputes with Tenet Healthcare Corporation. FFO is a supplemental non-GAAP financial measure that the Company believes is helpful in evaluating the operating performance of real estate investment trusts.

For the quarter ended September 30, 2009, we incurred a net loss of $52.4 million, or $0.18 per diluted share, compared to net income applicable to common shares of $119.6 million, or $0.49 per diluted share, in the year-ago period. Including the items impacting FFO discussed above, the quarters ended September 30, 2009 and 2008 also included gain on sales of real estate of $2.5 million and $27.8 million, respectively.

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INVESTMENTS

On August 3, 2009, we purchased a $720 million participation in first mortgage debt of HCR ManorCare, at a discount of $130 million, for approximately $590 million. The $720 million participation bears interest at LIBOR plus 1.25% and represents 45% of the $1.6 billion most senior tranche of HCR ManorCare’s mortgage debt incurred as part of the financing for The Carlyle Group’s acquisition of Manor Care, Inc. in December 2007. The mortgage debt matures in January 2012, with a one-year extension available at the borrower’s option subject to certain performance conditions, and was secured by a first lien on 331 facilities located in 30 states at closing. We obtained favorable financing to fund 72% of the purchase price, resulting in a net cash payment by HCP of $166 million.

During the quarter ended September 30, 2009, we funded $31 million for construction and other capital projects, primarily in our life science segment.

During the quarter ended September 30, 2009, we sold marketable debt securities for $115 million, recognizing aggregate gains of $6 million, and two medical office buildings for $6 million, recognizing gain on sales of real estate of $2.5 million.

FINANCINGS

On August 10, 2009, we completed a $441 million public offering of 17.8 million shares of our common stock at a price of $24.75 per share. We received net proceeds of $423 million, which were used to repay the total outstanding indebtedness under our revolving line of credit facility, including borrowings for the additional investment in HCR ManorCare discussed above, with the remainder used for general corporate purposes.

On August 20, 2009, we entered into two interest-rate swap contracts (pay float and receive fixed) with an aggregate notional amount of $500 million that terminate in 2011. The interest-rate swap contracts reduced our net floating rate asset exposure, which had increased as a result of our additional investment in HCR ManorCare and third quarter repayments of floating rate debt, which were both funded with proceeds from our August 2009 public equity offering.

On August 27, 2009, we prepaid $100 million of variable rate mortgage debt. The mortgage debt, with an original maturity of January 2010, was repaid with proceeds from our August 2009 public equity offering and third quarter asset sales.

OTHER

On September 4, 2009, a jury returned a verdict in favor of Ventas, Inc. (“Ventas”), in an action brought against us in the United States District Court for the Western District of Kentucky for tortious interference with prospective business advantage in connection with Ventas’s 2007 acquisition of Sunrise Senior Living REIT. The jury awarded Ventas approximately $102 million in compensatory damages, which we recorded as a litigation provision expense during the quarter ended September 30, 2009. Ventas originally sought approximately $300 million in compensatory damages as well as punitive damages. We filed a motion with the court for post-trial relief and we intend to appeal an adverse judgment. For the three and nine months ended September 30, 2009, in relation to the above matter, we have incurred legal expenses of $6.2 million and $12.7 million, respectively.

On October 1, 2009, we completed the transition of management agreements on 15 communities operated by Sunrise Senior Living, Inc. and its subsidiaries (“Sunrise”) that were previously terminated for Sunrise’s failure to achieve certain performance thresholds. The transition of these facilities to new operators decreases our Sunrise-managed properties in our portfolio to 75 communities from the original 101 communities we acquired in the 2006 CNL Retirement Properties, Inc. transaction. The termination of the agreements did not require the payment of a termination fee to Sunrise by our tenants or us.

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DIVIDEND

On October 29, 2009, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.46 per share. The dividend will be paid on November 24, 2009 to stockholders of record as of the close of business on November 9, 2009.

OUTLOOK

Our full year 2009 Outlook of FFO applicable to common shares, before giving effect to impairments and litigation provision, remains unchanged. For the full year 2009, we presently expect FFO applicable to common shares to range between $2.10 and $2.16 per diluted share, before giving effect to impairments and litigation provision; FFO applicable to common shares to range between $1.65 and $1.71 per diluted share; and net income applicable to common shares to range between $0.55 and $0.61 per diluted share.

COMPANY INFORMATION

HCP has scheduled a conference call and webcast for Tuesday, November 3, 2009 at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) in order to present the Company’s performance and operating results for the quarter ended September 30, 2009. The conference call is accessible by dialing (800) 706-7748 (U.S.) or (617) 614-3473 (International). The participant passcode is 11300797. The webcast is accessible via the Company’s website at www.hcpi.com. The link can be found on the “Event Calendar” page, which is under the “Investor Relations” tab. A webcast replay of the conference call will be available after 12:00 p.m. Pacific Time (3:00 p.m. Eastern Time) on November 3, 2009 through November 17, 2009 on the Company’s website and a telephonic replay can be accessed by calling (888) 286-8010 (U.S.) or (617) 801-6888 (International) and entering passcode 18966910. The Company’s supplemental information package for the current period will also be available on the Company’s website in the “Presentations” section of the “Investor Relations” tab.

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, 2009, the Company’s portfolio of properties, excluding assets held for sale but including properties owned by our Investment Management Platform, totaled 677 properties among the following segments: 258 senior housing, 98 life science, 251 medical office, 22 hospital and 48 skilled nursing. For more information, visit the Company’s website at www.hcpi.com.

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FORWARD-LOOKING STATEMENTS

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which 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 include among other things, net income applicable to common shares on a diluted basis, FFO applicable to common shares on a diluted basis, FFO applicable to common shares on a diluted basis before giving effect to impairments, litigation provision, and gain on sales of real estate, real estate depreciation and amortization, and joint venture adjustments for the full year of 2009. These statements are made as of the date hereof and are subject to known and unknown risks, uncertainties, assumptions and other factors—many of which are out of the Company’s control and difficult to forecast—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: national and local economic conditions, including the possibility of a prolonged recession; continued volatility in the capital markets, including changes in interest rates and the availability and cost of capital, which changes and volatility affect opportunities for profitable investment; the Company’s ability to access external sources of capital when desired and on reasonable terms; the Company’s ability to manage its indebtedness levels; changes in the terms of the Company’s indebtedness; the Company’s ability to maintain its credit ratings; the potential impact of existing and future litigation matters, including the possibility of larger than expected litigation costs and related developments; the Company’s ability to achieve the expected benefits from acquisitions, including integrating and preserving the goodwill of acquired companies; the Company’s ability to sell its properties when desired and on profitable terms; competition for lessees and mortgagors (including new leases and mortgages and the renewal or rollover of existing leases); the Company’s ability to reposition its properties on the same or better terms if existing leases are not renewed or the Company exercises its right to replace an existing operator or tenant upon default; continuing reimbursement uncertainty in the skilled nursing segment; competition in the senior housing segment specifically and in the healthcare industry in general; the ability of the Company’s operators and tenants to maintain or increase occupancy levels at, and rental income from, the senior housing segment; the Company’s ability to realize the benefits of its mezzanine and other loan investments; the ability of the Company’s lessees and mortgagors to maintain the financial strength and liquidity necessary to satisfy their respective obligations to the Company and other third parties; the bankruptcy, insolvency or financial deterioration of the Company’s operators, lessees, borrowers or other obligors; changes in healthcare laws and regulations, including the impact of future or pending healthcare reform, and other changes in the healthcare industry which affect the operations of the Company’s lessees or obligors; the Company’s ability to recruit and retain key management personnel; costs of compliance with regulations and environmental laws affecting the Company’s properties; changes in tax laws and regulations; the Company’s ability and willingness to maintain its qualification as a REIT; changes in rules governing financial reporting, including new accounting pronouncements; and other risks described from time to time in the Company’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.

CONTACT

HCP

Thomas M. Herzog

Executive Vice President — Chief Financial Officer and Treasurer

(562) 733-5309

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HCP, Inc.

Consolidated Balance Sheets

In thousands, except share and per share data

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HCP, Inc.

Consolidated Statements of Operations

In thousands, except per share data
(Unaudited)

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HCP, Inc.

Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

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HCP, Inc.

Funds From Operations Information

In thousands, except per share data

(Unaudited)

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HCP, Inc.

Projected Funds From Operations (1)

(Unaudited)

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