GE Commercial Finance and Health Care Property Investors Form $600 Million Joint Venture to Acquire Medical Office Buildings.

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--June 2, 2003

GE Commercial Finance and Health Care Property Investors, Inc. (NYSE:HCP) today announced the formation of a $600 million joint venture to acquire medical office buildings nationwide. The new company, HCP Medical Office Portfolio, LLC, will be funded by GE and Health Care Property Investors, demonstrating both companies' significant commitment to healthcare real estate. Health Care Property Investors and GE created the new company in response to hospitals and health care systems' need to redeploy capital from non-core assets toward their mission of providing quality healthcare.

"We saw an opportunity to expand our offerings in the growing healthcare arena," said Mike Neal, President and CEO of GE Commercial Finance. "Health Care Property Investors' expertise complements our deep capabilities in healthcare and commercial real estate. The combination of the nation's top healthcare REIT and our comprehensive financing abilities will be a strong one."

"Our joint venture with GE and the formation of HCP Medical Office Portfolio, LLC is an important part of our commitment to execute opportunistic, long-term growth strategies in healthcare real estate by allowing us better access to the dynamic medical office building market," said Jay Flaherty, Chief Executive Officer of Health Care Property Investors. "With GE Real Estate's joint venture expertise and GE Healthcare Financial Services' comprehensive knowledge of the healthcare market, we have chosen an excellent partner for this new venture. I am confident that our shared commitment, experience, and dedication will provide a superior financial alternative for our healthcare customers."

About GE Commercial Finance:

GE Commercial Finance, with approximately $200 billion in assets, offers businesses of all sizes an array of financial services and products. It is a part of GE, a diversified services, technology and manufacturing company with operations worldwide. GE Real Estate (www.gerealestate.com) is one of the world's leading resources for commercial real estate capital. GE Healthcare Financial Services (www.GEHealthcare.com) offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending and vendor programs.

About Health Care Property Investors:

Health Care Property Investors is a self-administered equity real estate investment trust (REIT) that invests directly or through joint ventures in health-care facilities. As of March 31, 2003, the company's portfolio of 453 properties in 44 states consisted of 31 hospitals, 176 long-term care facilities, 126 retirement and assisted living facilities, 85 medical office buildings and 35 other health care facilities. For more information on Health Care Property Investors, visit the company's Web site at www.hcpi.com.

Statements in this news release that are not historical may contain forward-looking statements subject to risks and uncertainties, such as competition for the acquisition of medical office buildings, the ability to acquire, sell or lease medical office buildings and the timing of acquisitions, sales and leasings, and changes in economic conditions, including changes in interest rates and the availability and cost of capital, which affect opportunities for profitable acquisitions.