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<!--Created on: 5/9/2016 5:04:00 AM-->
<!--Modified on: 5/9/2016 5:04:00 AM-->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableNetReportedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in and advances to unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="us-gaap_AccountsReceivableNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts Receivable, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts receivable, net of allowance of $4,161 and $3,261, respectively</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and Cash Equivalents, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents, end of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents, beginning of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Cash and Cash Equivalents, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Assets, Net (Excluding Goodwill)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill, intangible and other assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held-for-sale, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate assets held for sale, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate assets held for sale, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LIABILITIES AND EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Line of Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank line of credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan amount outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansPayableToBank" xlink:label="us-gaap_LoansPayableToBank" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableToBank" xlink:to="us-gaap_LoansPayableToBank_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansPayableToBank_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans Payable to Bank</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansPayableToBank_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term loans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="us-gaap_UnsecuredDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnsecuredDebt" xlink:to="us-gaap_UnsecuredDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnsecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unsecured Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnsecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior unsecured notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebt" xlink:label="us-gaap_SecuredDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebt" xlink:to="us-gaap_SecuredDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Secured Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mortgage debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherBorrowings" xlink:label="us-gaap_OtherBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherBorrowings" xlink:to="us-gaap_OtherBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OffMarketLeaseUnfavorable" xlink:label="us-gaap_OffMarketLeaseUnfavorable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OffMarketLeaseUnfavorable" xlink:to="us-gaap_OffMarketLeaseUnfavorable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OffMarketLeaseUnfavorable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Off-market Lease, Unfavorable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OffMarketLeaseUnfavorable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible liabilities, net</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet" xlink:label="hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet" xlink:to="hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the amount of intangbile liabilities on assets held for sale, net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Liabilities On Assets Held For Sale, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_IntangibleLiabilitiesOnAssetsHeldForSaleNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible liabilities on assets held for sale, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts Payable and Accrued Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts payable and accrued liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts payable, accrued liabilities and other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="us-gaap_DeferredRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenue" xlink:to="us-gaap_DeferredRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenue</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common stock, $1.00 par value: 750,000,000 shares authorized; 466,924,935 and 465,488,492 shares issued and outstanding, respectively</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional paid-in capital</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Distributions in Excess of Net Income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss), Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated other comprehensive loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total accumulated other comprehensive loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total stockholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestInJointVentures" xlink:label="us-gaap_MinorityInterestInJointVentures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInJointVentures" xlink:to="us-gaap_MinorityInterestInJointVentures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest in Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Joint venture partners</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestInPreferredUnitHolders" xlink:label="us-gaap_MinorityInterestInPreferredUnitHolders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInPreferredUnitHolders" xlink:to="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest in Preferred Unit Holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-managing member unitholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DownREIT unit, carrying value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total liabilities and equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="us-gaap_VariableInterestEntityLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityLineItems" xlink:to="us-gaap_VariableInterestEntityLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Company's involvement with VIEs:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BuildingsAndImprovementsGross" xlink:label="us-gaap_BuildingsAndImprovementsGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingsAndImprovementsGross" xlink:to="us-gaap_BuildingsAndImprovementsGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings and Improvements Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings and improvements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockTransactionsParentheticalDisclosuresAbstract" xlink:label="us-gaap_StockTransactionsParentheticalDisclosuresAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockTransactionsParentheticalDisclosuresAbstract" xlink:to="us-gaap_StockTransactionsParentheticalDisclosuresAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockTransactionsParentheticalDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Transactions, Parenthetical Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockTransactionsParentheticalDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance Sheet Parenthetical Disclosures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:label="us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:to="us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Doubtful Accounts, Premiums and Other Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts receivable, allowance (in dollars)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common stock, par value (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common stock, shares issued</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF OPERATIONS</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental and related revenues</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TenantReimbursements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tenant Reimbursements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TenantReimbursements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tenant recoveries</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HealthCareOrganizationResidentServiceRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Resident fees and services</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue" xlink:to="us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income from direct financing leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DFL income</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeOperating_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income, Operating</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestIncomeOperating_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeOperating_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeesRevenue" xlink:label="us-gaap_ManagementFeesRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ManagementFeesRevenue" xlink:to="us-gaap_ManagementFeesRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ManagementFeesRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management Fees Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ManagementFeesRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment management fee income</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Costs and Expenses [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Costs and expenses:</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation, Depletion and Amortization, Nonproduction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortization expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfRealEstateRevenue" xlink:label="us-gaap_CostOfRealEstateRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRealEstateRevenue" xlink:to="us-gaap_CostOfRealEstateRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfRealEstateRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Real Estate Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostOfRealEstateRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">General and Administrative Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">General and administrative expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">General and administrative</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:to="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Combination, Acquisition Related Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition and pursuit costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition and pursuit costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="us-gaap_AssetImpairmentCharges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetImpairmentCharges" xlink:to="us-gaap_AssetImpairmentCharges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetImpairmentCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset Impairment Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AssetImpairmentCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetImpairmentCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Costs and Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total costs and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nonoperating Income (Expense) [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other income:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:label="us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) before income taxes and equity (loss) income from unconsolidated joint ventures</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Expense (Benefit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax (expense) benefit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income taxes</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Equity Method Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity loss (income) from unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity (loss) income from unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP's share of earnings</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interests' share in earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income (loss) attributable to HCP, Inc.</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted" xlink:label="hcp_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Participating Securities Distributed And Undistributed Earnings Loss Basic and Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="hcp_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Participating securities' share in earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Available to Common Stockholders, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income (loss) applicable to common shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="us-gaap_EarningsPerShareBasicAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings Per Share, Basic [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per common share:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Continuing Operations, Per Basic Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basic (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Continuing Operations, Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Diluted (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average shares used to calculate earnings per common share:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basic (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basic weighted average common shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted Average Number of Shares Outstanding, Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Diluted (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Diluted weighted average common shares</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends declared per common share (in dollars per share)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total comprehensive income attributable to noncontrolling interests</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total comprehensive (loss) income attributable to HCP, Inc.</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Stockholders' Equity</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, Issued</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Value, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of common stock, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of common stock, net (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Value, Conversion of Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of non-managing member units into common stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of DownREIT units to common stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Repurchased During Period, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase of common stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase of common stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Repurchased During Period, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase of common stock (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Value, Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercise of stock options</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercise of stock options (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of deferred compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="us-gaap_DividendsCommonStock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsCommonStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends, Common Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsCommonStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common dividends ($2.26, $2.18 and $2.10 per share for the year ended 2015, 2014 and 2013, respectively)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distributions to noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Increase from Subsidiary Equity Issuance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation" xlink:label="us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation" xlink:to="us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Decrease from Deconsolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deconsolidation of noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF CASH FLOWS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from operating activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xlink:label="hcp_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amounts recognized in the current period related to favorable or unfavorable in-place lease intangibles on acquired leases that are amortized as a reduction of or addition to rental income over the remaining term of the respective leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AmortizationOfAboveAndBelowMarketLeaseIntangiblesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of above and below Market Lease Intangibles, Net</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of deferred compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Financing Costs and Discounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of deferred financing costs, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StraightLineRent" xlink:label="us-gaap_StraightLineRent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StraightLineRent" xlink:to="us-gaap_StraightLineRent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StraightLineRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Straight Line Rent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StraightLineRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Straight-line rents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccretionExpense" xlink:label="us-gaap_AccretionExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccretionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accretion Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccretionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan and direct financing lease non-cash interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RecognitionOfDeferredRevenue" xlink:label="us-gaap_RecognitionOfDeferredRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RecognitionOfDeferredRevenue" xlink:to="us-gaap_RecognitionOfDeferredRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RecognitionOfDeferredRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recognition of Deferred Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RecognitionOfDeferredRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred rental revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:to="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Equity Method Investment, Dividends or Distributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distributions of earnings from unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnContractTermination" xlink:label="us-gaap_GainLossOnContractTermination" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnContractTermination" xlink:to="us-gaap_GainLossOnContractTermination_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnContractTermination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Contract Termination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnContractTermination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lease termination income, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GainLossOnContractTermination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net termination fee revenue</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfInvestments" xlink:label="us-gaap_GainLossOnSaleOfInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfInvestments" xlink:to="us-gaap_GainLossOnSaleOfInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Sale of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain on sales of real estate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Income Tax Expense (Benefit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Transaction Gain (Loss), before Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign exchange and other (gains) losses, net</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AssetImpairmentChargesCashFlowImpact" xlink:label="hcp_AssetImpairmentChargesCashFlowImpact" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AssetImpairmentChargesCashFlowImpact" xlink:to="hcp_AssetImpairmentChargesCashFlowImpact_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AssetImpairmentChargesCashFlowImpact_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value and the amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AssetImpairmentChargesCashFlowImpact_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset Impairment Charges, Cash Flow Impact</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_AssetImpairmentChargesCashFlowImpact_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Operating Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts receivable, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Prepaid Expense and Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Accounts Payable and Accrued Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts payable and other accrued liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from investing activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="us-gaap_PaymentsToAcquireRealEstate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRealEstate" xlink:to="us-gaap_PaymentsToAcquireRealEstate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions of real estate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToDevelopRealEstateAssets" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopRealEstateAssets" xlink:to="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Develop Real Estate Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Development of real estate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements" xlink:label="us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements" xlink:to="us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for Leasing Costs, Commissions, and Tenant Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leasing costs and tenant and capital improvements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Interest in Subsidiaries and Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contributions to unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures" xlink:label="hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures" xlink:to="hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from unconsolidated joint ventures in which the entity does not have sufficient US GAAP earnings (accumulated or in the current period) to distribute funds to partners, thereby constituting a return of investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distributions in Excess of Earnings from Unconsolidated Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distributions in excess of earnings from unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xlink:label="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xlink:to="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Principal Repayments on Loans and Leases Held-for-investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal repayments on loans receivable, direct financing leases and other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireNotesReceivable" xlink:label="us-gaap_PaymentsToAcquireNotesReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireNotesReceivable" xlink:to="us-gaap_PaymentsToAcquireNotesReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireNotesReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Notes Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireNotesReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in loans receivable and other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Restricted Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in restricted cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from financing activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="us-gaap_ProceedsFromLinesOfCredit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLinesOfCredit" xlink:to="us-gaap_ProceedsFromLinesOfCredit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Lines of Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount draw on the revolving line of credit facility</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net borrowings under bank line of credit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="us-gaap_RepaymentsOfLinesOfCredit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Lines of Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments under bank line of credit</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ProceedsFromTermAndBridgeLoans" xlink:label="hcp_ProceedsFromTermAndBridgeLoans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ProceedsFromTermAndBridgeLoans" xlink:to="hcp_ProceedsFromTermAndBridgeLoans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ProceedsFromTermAndBridgeLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from a Short-Term financing which is expected to be paid back relatively quickly, such as by a subsequent longer-term loan. Also called swing loan or bridge financing.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ProceedsFromTermAndBridgeLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Term and Bridge Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ProceedsFromTermAndBridgeLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings under term loan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Issuance of Unsecured Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of senior unsecured notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfUnsecuredDebt" xlink:label="us-gaap_RepaymentsOfUnsecuredDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfUnsecuredDebt" xlink:to="us-gaap_RepaymentsOfUnsecuredDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfUnsecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Unsecured Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfUnsecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of senior unsecured notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="us-gaap_RepaymentsOfSecuredDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSecuredDebt" xlink:to="us-gaap_RepaymentsOfSecuredDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Secured Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of mortgage and other debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Debt Issuance Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred financing costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Issuance or Sale of Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of common stock and exercise of options</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for Repurchase of Common Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase of common stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="us-gaap_PaymentsOfDividends" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Dividends</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid on common stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:label="us-gaap_ProceedsFromPaymentsToMinorityShareholders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:to="us-gaap_ProceedsFromPaymentsToMinorityShareholders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromPaymentsToMinorityShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from (Payments to) Noncontrolling Interests</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:label="us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ScheduleOfDividendsTableTextBlock" xlink:label="hcp_ScheduleOfDividendsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ScheduleOfDividendsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing the information related to dividends distributed by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ScheduleOfDividendsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Dividends [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ScheduleOfDividendsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of common stock, cash dividends</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfStockByClassTextBlock" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockByClassTextBlock" xlink:to="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Stock by Class [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of company's other common stock activities (shares in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of accumulated other comprehensive loss (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Segment Reporting Information, by Segment [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="us-gaap_SegmentReportingInformationLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Reporting Information [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Disclosure</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Segment Reporting Information, by Segment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary financial information of reportable segment (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of Assets from Segment to Consolidated [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of company's assets to total assets (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computation of basic and diluted earnings per share (in thousands, except per share amounts)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:label="us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental cash flow information (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Variable Interest Entities [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Variable Interest Entities (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of concentration of credit risk</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ScheduleOfCondensedFinancialStatementsByOperatorsTableTextBlock" xlink:label="hcp_ScheduleOfCondensedFinancialStatementsByOperatorsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ScheduleOfCondensedFinancialStatementsByOperatorsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Condensed Financial Statements by Operators [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ScheduleOfCondensedFinancialStatementsByOperatorsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of consolidated financial information (in millions)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value measurements of financial assets and liabilities (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of the carrying values and fair values of financial instruments (in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:to="us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Derivative Instruments [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of derivative instruments (dollars and GBP in thousands)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock" xlink:label="hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock" xlink:to="hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents disclosure of the effect of changes in the interest and foreign currency rate on the fair value of derivatives.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Effect of Change in Interest Rate on Fair Value of Interest Rate Swaps [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ScheduleOfEffectOfChangeInInterestRateOnFairValueOfInterestRateSwapsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of effect of change in interest and foreign currency rate (dollars in thousands)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Acquisition [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Acquisition Acquiree [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Acquisition, Acquiree [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PrivatePaySeniorHousingPortfolioMember" xlink:label="hcp_PrivatePaySeniorHousingPortfolioMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PrivatePaySeniorHousingPortfolioMember" xlink:to="hcp_PrivatePaySeniorHousingPortfolioMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PrivatePaySeniorHousingPortfolioMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to the acquisition of the private pay senior housing portfolio from Chartwell Retirement Residences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PrivatePaySeniorHousingPortfolioMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Private Pay Senior Housing Portfolio [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PrivatePaySeniorHousingPortfolioMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RIDEA III</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="us-gaap_StatementBusinessSegmentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentDomain" xlink:label="us-gaap_SegmentDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SeniorHousingMember" xlink:label="hcp_SeniorHousingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SeniorHousingMember" xlink:to="hcp_SeniorHousingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SeniorHousingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties that are part of continuing operations, and which are classified as senior housing.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SeniorHousingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Housing [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SeniorHousingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior housing</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PostAcuteAndSkilledNursingMember" xlink:label="hcp_PostAcuteAndSkilledNursingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PostAcuteAndSkilledNursingMember" xlink:to="hcp_PostAcuteAndSkilledNursingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PostAcuteAndSkilledNursingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties that are part of continuing operations, and which are classified as post-acute/skilled nursing.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PostAcuteAndSkilledNursingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Post Acute And Skilled Nursing [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PostAcuteAndSkilledNursingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Post-acute/skilled</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LifescienceMember" xlink:label="hcp_LifescienceMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LifescienceMember" xlink:to="hcp_LifescienceMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LifescienceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties that are part of continuing operations, and which are classified as life science.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LifescienceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lifescience [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LifescienceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Life science</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MedicalOfficeMember" xlink:label="hcp_MedicalOfficeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MedicalOfficeMember" xlink:to="hcp_MedicalOfficeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MedicalOfficeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties that are part of continuing operations, and which are classified as medical office.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MedicalOfficeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Medical Office [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MedicalOfficeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Medical office</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HospitalMember" xlink:label="hcp_HospitalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HospitalMember" xlink:to="hcp_HospitalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HospitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties that are part of continuing operations, and which are classified as hospital.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HospitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hospital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HospitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hospital</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfFacilitiesAcquired" xlink:label="hcp_NumberOfFacilitiesAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfFacilitiesAcquired" xlink:to="hcp_NumberOfFacilitiesAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfFacilitiesAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the total number of facilities the entity acquired at the end of an acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfFacilitiesAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Facilities Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="hcp_NumberOfFacilitiesAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facilities acquired</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfLeases" xlink:label="hcp_NumberOfLeases" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfLeases" xlink:to="hcp_NumberOfLeases_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfLeases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfLeases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfLeases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of individual leases</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfUnitsAcquired" xlink:label="hcp_NumberOfUnitsAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfUnitsAcquired" xlink:to="hcp_NumberOfUnitsAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfUnitsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of units acquired.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfUnitsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Units Acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ManagementAgreementTerm" xlink:label="hcp_ManagementAgreementTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ManagementAgreementTerm" xlink:to="hcp_ManagementAgreementTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ManagementAgreementTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the term of the agreement under which the Company receives management and accounting services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ManagementAgreementTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management Agreement Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ManagementAgreementTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management agreement term (in years)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Acquired, Working Capital</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_OccupancyRateDeemedStabilizedAsPercent" xlink:label="hcp_OccupancyRateDeemedStabilizedAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_OccupancyRateDeemedStabilizedAsPercent" xlink:to="hcp_OccupancyRateDeemedStabilizedAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_OccupancyRateDeemedStabilizedAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The minimum rate of occupancy necessary for a community to be deemed stabilized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_OccupancyRateDeemedStabilizedAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Occupancy Rate Deemed Stabilized (as a percent)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_OccupancyRateDeemedStabilizedAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stabilized occupancy rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionProFormaInformationAbstract" xlink:label="us-gaap_BusinessAcquisitionProFormaInformationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionProFormaInformationAbstract" xlink:to="us-gaap_BusinessAcquisitionProFormaInformationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PropertiesHeldForSaleNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties classified as held for sale</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DispositionOfPropertiesSoldNumber" xlink:label="hcp_DispositionOfPropertiesSoldNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DispositionOfPropertiesSoldNumber" xlink:to="hcp_DispositionOfPropertiesSoldNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DispositionOfPropertiesSoldNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of properties sold during the period, not categorized as discontinued operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DispositionOfPropertiesSoldNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposition of Properties Sold Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DispositionOfPropertiesSoldNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties disposed</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TotalConsiderationForDispositionOfRealEstate" xlink:label="hcp_TotalConsiderationForDispositionOfRealEstate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TotalConsiderationForDispositionOfRealEstate" xlink:to="hcp_TotalConsiderationForDispositionOfRealEstate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TotalConsiderationForDispositionOfRealEstate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total consideration, cash and noncash, received by seller for the sale of real estate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TotalConsiderationForDispositionOfRealEstate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Consideration for Disposition of Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TotalConsiderationForDispositionOfRealEstate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total consideration for disposition of real estate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment, Name [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="us-gaap_EquityMethodInvesteeNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvesteeNameDomain" xlink:to="us-gaap_EquityMethodInvesteeNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investee Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment, Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HCRManorCareIncMember" xlink:label="hcp_HCRManorCareIncMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HCRManorCareIncMember" xlink:to="hcp_HCRManorCareIncMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HCRManorCareIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents HCR ManorCare, Inc. with which entity has entered into lease amendment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HCRManorCareIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">H C R Manor Care Inc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HCRManorCareIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCRMC</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InternalCreditAssessmentAxis" xlink:label="us-gaap_InternalCreditAssessmentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InternalCreditAssessmentAxis" xlink:to="us-gaap_InternalCreditAssessmentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InternalCreditAssessmentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Credit Assessment [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InternalCreditAssessmentDomain" xlink:label="us-gaap_InternalCreditAssessmentDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InternalCreditAssessmentDomain" xlink:to="us-gaap_InternalCreditAssessmentDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InternalCreditAssessmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Credit Assessment [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InternalCreditAssessmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Credit Assessment [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PerformingFinancingReceivableMember" xlink:label="us-gaap_PerformingFinancingReceivableMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PerformingFinancingReceivableMember" xlink:to="us-gaap_PerformingFinancingReceivableMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PerformingFinancingReceivableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performing Financing Receivable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PerformingFinancingReceivableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performing Loans</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_WatchListFinancingReceivableMember" xlink:label="hcp_WatchListFinancingReceivableMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_WatchListFinancingReceivableMember" xlink:to="hcp_WatchListFinancingReceivableMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_WatchListFinancingReceivableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a financing receivable that is being monitored closely in order to spot irregularities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_WatchListFinancingReceivableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Watch List Financing Receivable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_WatchListFinancingReceivableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Watch List Loans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAbstract" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAbstract" xlink:to="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Net Investment in Direct Financing Leases [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Investment in Direct Financing Leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived" xlink:to="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum lease payments receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty" xlink:to="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Net Investment in Direct Financing Leases, Unguaranteed Residual Values of Leased Property</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated residual values</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome" xlink:to="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Net Investment in Direct Financing Leases, Deferred Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less unearned income</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance" xlink:to="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net amount before allowance due, as of the balance sheet date consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Investment In Direct Financing And Sales Type Leases Before Allowance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesBeforeAllowance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net investment in direct financing leases before allowance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments" xlink:to="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Net Investment in Direct Financing Leases, Allowance for Uncollectible Minimum Lease Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for DFL losses</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PropertiesWithDirectFinancingLeasesNumber" xlink:label="hcp_PropertiesWithDirectFinancingLeasesNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PropertiesWithDirectFinancingLeasesNumber" xlink:to="hcp_PropertiesWithDirectFinancingLeasesNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PropertiesWithDirectFinancingLeasesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties with direct financing leases at the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PropertiesWithDirectFinancingLeasesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties with Direct Financing Leases, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PropertiesWithDirectFinancingLeasesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties subject to direct financing leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying value, equity method investments</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeasesAccretionExpense" xlink:label="hcp_DirectFinancingLeasesAccretionExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeasesAccretionExpense" xlink:to="hcp_DirectFinancingLeasesAccretionExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeasesAccretionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to the direct financing leases accretion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeasesAccretionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DFL accretion</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction" xlink:label="hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction" xlink:to="hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of non-strategic assets involved in a sales transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of non-strategic assets involved in sales transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facility sales expected to close</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AnnualRentReductionOnSoldPropertiesAsPercentOfSalesProceeds" xlink:label="hcp_AnnualRentReductionOnSoldPropertiesAsPercentOfSalesProceeds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AnnualRentReductionOnSoldPropertiesAsPercentOfSalesProceeds" xlink:to="hcp_AnnualRentReductionOnSoldPropertiesAsPercentOfSalesProceeds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AnnualRentReductionOnSoldPropertiesAsPercentOfSalesProceeds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual rent reduction under the Master Lease is based on this percentage of net sales proceeds from sale of real estate and operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AnnualRentReductionOnSoldPropertiesAsPercentOfSalesProceeds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual rent reduction on sold properties, as a percent of the sales proceeds</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfFacilitySalesClosed" xlink:label="hcp_NumberOfFacilitySalesClosed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfFacilitySalesClosed" xlink:to="hcp_NumberOfFacilitySalesClosed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfFacilitySalesClosed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facility sales closed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfFacilitySalesClosed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Facility Sales Closed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfFacilitySalesClosed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facility sales closed</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EstimatedSalesPricePerAgreement" xlink:label="hcp_EstimatedSalesPricePerAgreement" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EstimatedSalesPricePerAgreement" xlink:to="hcp_EstimatedSalesPricePerAgreement_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EstimatedSalesPricePerAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated sales price for properties disposed, per the agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EstimatedSalesPricePerAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Sales price per agreement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EstimatedSalesPricePerAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales price</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment" xlink:label="hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment" xlink:to="hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of reduction in initial net annual rent due to the amendment of the Master lease agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduction in initial net annual rent due to lease amendment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue" xlink:label="us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue" xlink:to="us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Income Statement, Minimum Lease Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual rent under Master Agreement</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm" xlink:label="hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm" xlink:to="hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the rate of increase in minimum lease revenue per year over the specified term starting from the first anniversary.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Lease Revenue Rate of Increase Per Year Specified Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum rent escalation during the initial term (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_IncreaseInRentPercentageOne" xlink:label="hcp_IncreaseInRentPercentageOne" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_IncreaseInRentPercentageOne" xlink:to="hcp_IncreaseInRentPercentageOne_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_IncreaseInRentPercentageOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the annual rate of increase in rent in the first two years under the initial lease agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_IncreaseInRentPercentageOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in Rent, Percentage, One</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_IncreaseInRentPercentageOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in Rent, first two years (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_IncreaseInRentAfterFirstTwoYearsAsPercent" xlink:label="hcp_IncreaseInRentAfterFirstTwoYearsAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_IncreaseInRentAfterFirstTwoYearsAsPercent" xlink:to="hcp_IncreaseInRentAfterFirstTwoYearsAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_IncreaseInRentAfterFirstTwoYearsAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the annual rate of increase in rent aftern the first two years under the initial lease agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_IncreaseInRentAfterFirstTwoYearsAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in Rent, after the first two years (as a percent)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_IncreaseInRentAfterFirstTwoYearsAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in Rent, afterwards (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PeriodOfExtensionOfInitialTermOfLease" xlink:label="hcp_PeriodOfExtensionOfInitialTermOfLease" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PeriodOfExtensionOfInitialTermOfLease" xlink:to="hcp_PeriodOfExtensionOfInitialTermOfLease_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PeriodOfExtensionOfInitialTermOfLease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of years for which the initial term is extended.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PeriodOfExtensionOfInitialTermOfLease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of extension of initial term of lease</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AssetPoolsAverageLeaseTerm" xlink:label="hcp_AssetPoolsAverageLeaseTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AssetPoolsAverageLeaseTerm" xlink:to="hcp_AssetPoolsAverageLeaseTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AssetPoolsAverageLeaseTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the total average lease term of asset pools.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AssetPoolsAverageLeaseTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset Pools Average Lease Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_AssetPoolsAverageLeaseTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average lease term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeaseObligations" xlink:label="us-gaap_CapitalLeaseObligations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligations" xlink:to="us-gaap_CapitalLeaseObligations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeaseObligations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred lease obligation</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeaseRentalFactorFirstPeriodAsPercent" xlink:label="hcp_DirectFinancingLeaseRentalFactorFirstPeriodAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeaseRentalFactorFirstPeriodAsPercent" xlink:to="hcp_DirectFinancingLeaseRentalFactorFirstPeriodAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeaseRentalFactorFirstPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage applied to the base, during the first specified period, in order to determine the payment of deferred rent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeaseRentalFactorFirstPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Rental Factor, first period (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ExpectedAnnualRent" xlink:label="hcp_ExpectedAnnualRent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ExpectedAnnualRent" xlink:to="hcp_ExpectedAnnualRent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ExpectedAnnualRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount of lease revenue expected to recognized for the period for which the lessee will be obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ExpectedAnnualRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expected Annual Rent</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeaseRentalFactorSecondPeriodAsPercent" xlink:label="hcp_DirectFinancingLeaseRentalFactorSecondPeriodAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeaseRentalFactorSecondPeriodAsPercent" xlink:to="hcp_DirectFinancingLeaseRentalFactorSecondPeriodAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeaseRentalFactorSecondPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage applied to the base, during the second specified period, in order to determine the payment of deferred rent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeaseRentalFactorSecondPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Rental Factor, second period (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeaseRentalFactorThirdPeriodAsPercent" xlink:label="hcp_DirectFinancingLeaseRentalFactorThirdPeriodAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeaseRentalFactorThirdPeriodAsPercent" xlink:to="hcp_DirectFinancingLeaseRentalFactorThirdPeriodAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeaseRentalFactorThirdPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage applied to the base, during the third specified period, in order to determine the payment of deferred rent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeaseRentalFactorThirdPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Rental Factor, third period (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeaseRentalFactorFourthPeriodAsPercent" xlink:label="hcp_DirectFinancingLeaseRentalFactorFourthPeriodAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeaseRentalFactorFourthPeriodAsPercent" xlink:to="hcp_DirectFinancingLeaseRentalFactorFourthPeriodAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeaseRentalFactorFourthPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage applied to the base, during the fourth specified period, in order to determine the payment of deferred rent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeaseRentalFactorFourthPeriodAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Rental Factor, fourth period (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfFacilities" xlink:label="hcp_NumberOfFacilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfFacilities" xlink:to="hcp_NumberOfFacilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfFacilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the total number of facilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfFacilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Facilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfFacilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ImpairmentOfLeasehold" xlink:label="us-gaap_ImpairmentOfLeasehold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLeasehold" xlink:to="us-gaap_ImpairmentOfLeasehold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfLeasehold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of Leasehold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ImpairmentOfLeasehold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment charges related to investments in DFLs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromRentsReceived" xlink:label="us-gaap_ProceedsFromRentsReceived" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRentsReceived" xlink:to="us-gaap_ProceedsFromRentsReceived_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRentsReceived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Rents Received</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromRentsReceived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash payments received</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_BuiltInGainTaxFromAssetsSold" xlink:label="hcp_BuiltInGainTaxFromAssetsSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_BuiltInGainTaxFromAssetsSold" xlink:to="hcp_BuiltInGainTaxFromAssetsSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_BuiltInGainTaxFromAssetsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of federal and state built-in tax from assets sold within certain period of time.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_BuiltInGainTaxFromAssetsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Built-in Gain Tax From Assets Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_BuiltInGainTaxFromAssetsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Federal and state built-in gain tax from assets sold</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_BuiltInGainTaxFromAssetsSoldTerm" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_BuiltInGainTaxFromAssetsSoldTerm" xlink:to="hcp_BuiltInGainTaxFromAssetsSoldTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time within which the assets sold will be subject to federal and state built-in gain tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Built-in Gain Tax From Assets Sold, Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Federal and state built-in gain tax from assets sold, term</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_BuiltInGainTaxFromAssetsSoldFederalTerm" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldFederalTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_BuiltInGainTaxFromAssetsSoldFederalTerm" xlink:to="hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time within which the assets sold will be subject to federal built-in gain tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Built-in Gain Tax From Assets Sold, Federal Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Federal built-in gain tax from assets sold, federal term</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_StateBuiltInGainTaxFromAssetsSold" xlink:label="hcp_StateBuiltInGainTaxFromAssetsSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_StateBuiltInGainTaxFromAssetsSold" xlink:to="hcp_StateBuiltInGainTaxFromAssetsSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_StateBuiltInGainTaxFromAssetsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of state built-in tax from assets sold within certain period of time.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_StateBuiltInGainTaxFromAssetsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">State Built-in Gain Tax From Assets Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_StateBuiltInGainTaxFromAssetsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">State built-in gain from assets sold</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage" xlink:to="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the net amount of investment in direct financing and sales-type leases held in portfolio as a percentage of aggregate direct financing and sales-type leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Investment in Direct Financing and Sales Type Leases as Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NetInvestmentInDirectFinancingAndSalesTypeLeasesAsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of DFL Portfolio</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageReceivablesMember" xlink:label="us-gaap_MortgageReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageReceivablesMember" xlink:to="us-gaap_MortgageReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mortgage Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MortgageReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real Estate Secured</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_OtherLoansReceivableSecuredMember" xlink:label="hcp_OtherLoansReceivableSecuredMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_OtherLoansReceivableSecuredMember" xlink:to="hcp_OtherLoansReceivableSecuredMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_OtherLoansReceivableSecuredMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents other secured loans receivable not otherwise specified in the taxonomy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_OtherLoansReceivableSecuredMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Loans Receivable Secured [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_OtherLoansReceivableSecuredMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Secured</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LoansReceivableGrossCarryingAmountMezzanine" xlink:label="hcp_LoansReceivableGrossCarryingAmountMezzanine" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LoansReceivableGrossCarryingAmountMezzanine" xlink:to="hcp_LoansReceivableGrossCarryingAmountMezzanine_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LoansReceivableGrossCarryingAmountMezzanine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gross carrying amount of loans receivable that are subordinated to receivables held by other entities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LoansReceivableGrossCarryingAmountMezzanine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans Receivable, Gross Carrying Amount, Mezzanine</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LoansReceivableGrossCarryingAmountMezzanine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mezzanine</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine" xlink:label="hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine" xlink:to="hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gross carrying amount of loans receivable in other currency than U.S. Dollars that are subordinated to receivables held by other entities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans Receivable Gross Carrying Amount In Other Currency Mezzanine</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LoansReceivableGrossCarryingAmountInOtherCurrencyMezzanine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mezzanine</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansAndLeasesReceivableGrossCarryingAmountOther" xlink:label="us-gaap_LoansAndLeasesReceivableGrossCarryingAmountOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableGrossCarryingAmountOther" xlink:to="us-gaap_LoansAndLeasesReceivableGrossCarryingAmountOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableGrossCarryingAmountOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans and Leases Receivable, Gross, Carrying Amount, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableGrossCarryingAmountOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans receivable, other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums" xlink:label="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums" xlink:to="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unamortized premiums (discounts), fees and costs</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency" xlink:label="hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency" xlink:to="hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of deferred fees paid by borrowers and unamortized costs incurred to originate loans and leases, unamortized loan commitments and loan syndication fees, and premiums over or discounts from face amounts of loans that are being amortized into income as an adjustment to yield in other currency other than U.S. Dollars. Excludes amounts for loans and leases covered under loss sharing agreements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums In Other Currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsInOtherCurrency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unamortized premiums (discounts), fees and costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates" xlink:label="us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates" xlink:to="us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans and Leases Receivable, Commitments, Fixed Rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Remaining commitments to fund development projects</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LoansAndLeasesReceivableAsPercentage" xlink:label="hcp_LoansAndLeasesReceivableAsPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LoansAndLeasesReceivableAsPercentage" xlink:to="hcp_LoansAndLeasesReceivableAsPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LoansAndLeasesReceivableAsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of loans and leases held in portfolio as a percentage of aggregate loans and leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LoansAndLeasesReceivableAsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans and Leases Receivable as Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LoansAndLeasesReceivableAsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Loan Portfolio</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TandemHealthCareLoanMember" xlink:label="hcp_TandemHealthCareLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TandemHealthCareLoanMember" xlink:to="hcp_TandemHealthCareLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TandemHealthCareLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Tandem Health Care Loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TandemHealthCareLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TandemHealthCareLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TandemHealthCareLoanFirstTrancheMember" xlink:label="hcp_TandemHealthCareLoanFirstTrancheMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TandemHealthCareLoanFirstTrancheMember" xlink:to="hcp_TandemHealthCareLoanFirstTrancheMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TandemHealthCareLoanFirstTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the first tranche of the Tandem Health Care loan receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TandemHealthCareLoanFirstTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan First Tranche [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TandemHealthCareLoanFirstTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan - First Tranche</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TandemHealthCareLoanSecondTrancheMember" xlink:label="hcp_TandemHealthCareLoanSecondTrancheMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TandemHealthCareLoanSecondTrancheMember" xlink:to="hcp_TandemHealthCareLoanSecondTrancheMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TandemHealthCareLoanSecondTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the second tranche of the Tandem Health Care loan receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TandemHealthCareLoanSecondTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan Second Tranche [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TandemHealthCareLoanSecondTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan - Second Tranche</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TandemHealthCareLoanThirdTrancheMember" xlink:label="hcp_TandemHealthCareLoanThirdTrancheMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TandemHealthCareLoanThirdTrancheMember" xlink:to="hcp_TandemHealthCareLoanThirdTrancheMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TandemHealthCareLoanThirdTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to the third tranche of the Tandem Health Care loan receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TandemHealthCareLoanThirdTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan Third Tranche [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TandemHealthCareLoanThirdTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan Third Tranche [Member]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TandemHealthCareLoanFourthTrancheMember" xlink:label="hcp_TandemHealthCareLoanFourthTrancheMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TandemHealthCareLoanFourthTrancheMember" xlink:to="hcp_TandemHealthCareLoanFourthTrancheMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TandemHealthCareLoanFourthTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to the fourth tranche of the Tandem Health Care loan receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TandemHealthCareLoanFourthTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan Fourth Tranche [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TandemHealthCareLoanFourthTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tandem Health Care Loan Fourth Tranche [Member]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_U.k.LoanFacilityMember" xlink:label="hcp_U.k.LoanFacilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_U.k.LoanFacilityMember" xlink:to="hcp_U.k.LoanFacilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_U.k.LoanFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to the U.K. Loan Facility.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_U.k.LoanFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.k. Loan Facility [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_U.k.LoanFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HC-One Facility</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HeldToMaturitySecuritiesParValue" xlink:label="hcp_HeldToMaturitySecuritiesParValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HeldToMaturitySecuritiesParValue" xlink:to="hcp_HeldToMaturitySecuritiesParValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HeldToMaturitySecuritiesParValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This item represents the par value of investments in debt securities which are categorized as held-to-maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HeldToMaturitySecuritiesParValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Held To Maturity Securities Par Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HeldToMaturitySecuritiesParValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marketable debt security, par value</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HeldToMaturitySecuritiesIssuedAndOutstanding" xlink:label="hcp_HeldToMaturitySecuritiesIssuedAndOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HeldToMaturitySecuritiesIssuedAndOutstanding" xlink:to="hcp_HeldToMaturitySecuritiesIssuedAndOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HeldToMaturitySecuritiesIssuedAndOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the aggregate amount of held to maturity securities issed and outstanding.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HeldToMaturitySecuritiesIssuedAndOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Held To Maturity Securities Issued And Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HeldToMaturitySecuritiesIssuedAndOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marketable debt security, issued and outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Basis Spread on Variable Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan, basis spread on variable rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, basis spread on variable rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfBedsAcquired" xlink:label="hcp_NumberOfBedsAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfBedsAcquired" xlink:to="hcp_NumberOfBedsAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfBedsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of beds that were acquired during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfBedsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Beds Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfBedsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of beds acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Maximum Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of credit facility, maximum borrowing capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan facility maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="us-gaap_DebtInstrumentTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTerm" xlink:to="us-gaap_DebtInstrumentTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturity period of debt instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of facility</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity" xlink:label="hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity" xlink:to="hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase during the period in the maximum borrowing capacity under the line of credit facility.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line Of Credit Facility Increase in Maximum Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in loan facility</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtConversionOriginalDebtAmount1" xlink:label="us-gaap_DebtConversionOriginalDebtAmount1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionOriginalDebtAmount1" xlink:to="us-gaap_DebtConversionOriginalDebtAmount1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtConversionOriginalDebtAmount1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Conversion, Original Debt, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtConversionOriginalDebtAmount1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of facility converted into sale-leaseback transaction</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium" xlink:label="hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium" xlink:to="hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount from disposition proceeds without a prepayment premium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds From Disposition, Without a Prepayment Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PaydownOfProceedsFromDispositionWithoutPrepaymentPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Paydowns received</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentNonCallPeriodShortened" xlink:label="hcp_DebtInstrumentNonCallPeriodShortened" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentNonCallPeriodShortened" xlink:to="hcp_DebtInstrumentNonCallPeriodShortened_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentNonCallPeriodShortened_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-call period shortened per the agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentNonCallPeriodShortened_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Non-Call Period, Shortened</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentNonCallPeriodShortened_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-call period shortened</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfPropertiesSpinoffIntoJointVenture" xlink:label="hcp_NumberOfPropertiesSpinoffIntoJointVenture" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfPropertiesSpinoffIntoJointVenture" xlink:to="hcp_NumberOfPropertiesSpinoffIntoJointVenture_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfPropertiesSpinoffIntoJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties spinoff into a separate joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfPropertiesSpinoffIntoJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Properties Spinoff Into Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfPropertiesSpinoffIntoJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties spinoff into a separate joint venture</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SecurityOverSpinoffPropertiesTerm" xlink:label="hcp_SecurityOverSpinoffPropertiesTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SecurityOverSpinoffPropertiesTerm" xlink:to="hcp_SecurityOverSpinoffPropertiesTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SecurityOverSpinoffPropertiesTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time during which the entity retain security over the spinoff properties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SecurityOverSpinoffPropertiesTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Security Over the Spinoff Properties, Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SecurityOverSpinoffPropertiesTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term to retain security over the spinoff properties</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Collection of Loans Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash payments received from borrower</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LoanReceivableInterestRatePayable" xlink:label="hcp_LoanReceivableInterestRatePayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LoanReceivableInterestRatePayable" xlink:to="hcp_LoanReceivableInterestRatePayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LoanReceivableInterestRatePayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The interest rate that is used to calculate the amount of interest payable for loans receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LoanReceivableInterestRatePayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan Receivable, Interest Rate Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LoanReceivableInterestRatePayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan receivable, interest rate payable (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LoanReceivableSubordinatedToSeniorMortgageDebt" xlink:label="hcp_LoanReceivableSubordinatedToSeniorMortgageDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LoanReceivableSubordinatedToSeniorMortgageDebt" xlink:to="hcp_LoanReceivableSubordinatedToSeniorMortgageDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LoanReceivableSubordinatedToSeniorMortgageDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of the loan receivable subordinated to senior mortgage debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LoanReceivableSubordinatedToSeniorMortgageDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan Receivable Subordinated to Senior Mortgage Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LoanReceivableSubordinatedToSeniorMortgageDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan receivable subordinated to senior mortgage debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Equity Method Investments [Table]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_CcrcJvInvestmentMember" xlink:label="hcp_CcrcJvInvestmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_CcrcJvInvestmentMember" xlink:to="hcp_CcrcJvInvestmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_CcrcJvInvestmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the unconsolidated joint venture formed by the Company and Brookdale, under a RIDEA structure, to own and operate CCRC campuses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_CcrcJvInvestmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ccrc Jv Investment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_CcrcJvInvestmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CCRC JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MbkJvAndMbkDevelopmentJvMember" xlink:label="hcp_MbkJvAndMbkDevelopmentJvMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MbkJvAndMbkDevelopmentJvMember" xlink:to="hcp_MbkJvAndMbkDevelopmentJvMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MbkJvAndMbkDevelopmentJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to MBK JV and MBK Development JV.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MbkJvAndMbkDevelopmentJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mbk Jv And Mbk Development Jv [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MbkJvAndMbkDevelopmentJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">MBK JV and MBK Development JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MbkJvMember" xlink:label="hcp_MbkJvMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MbkJvMember" xlink:to="hcp_MbkJvMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MbkJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to MBK JV, a joint venture in which the entity is an owner.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MbkJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mbk Jv [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MbkJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">MBK JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MbkDevelopmentJvMember" xlink:label="hcp_MbkDevelopmentJvMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MbkDevelopmentJvMember" xlink:to="hcp_MbkDevelopmentJvMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MbkDevelopmentJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to MBK Development JV.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MbkDevelopmentJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mbk Development Jv [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MbkDevelopmentJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">MBK Development JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HCPVenturesIIILLCMember" xlink:label="hcp_HCPVenturesIIILLCMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HCPVenturesIIILLCMember" xlink:to="hcp_HCPVenturesIIILLCMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HCPVenturesIIILLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to HCP Ventures III, LLC, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HCPVenturesIIILLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">H C P Ventures I I I L L C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HCPVenturesIIILLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP Ventures III, LLC</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HCPVenturesIVLLCMember" xlink:label="hcp_HCPVenturesIVLLCMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HCPVenturesIVLLCMember" xlink:to="hcp_HCPVenturesIVLLCMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HCPVenturesIVLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to HCP Ventures IV, LLC, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HCPVenturesIVLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">H C P Ventures I V L L C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HCPVenturesIVLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP Ventures IV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HCPLifeSciencesMember" xlink:label="hcp_HCPLifeSciencesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HCPLifeSciencesMember" xlink:to="hcp_HCPLifeSciencesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HCPLifeSciencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to HCP Life Science, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HCPLifeSciencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">H C P Life Sciences [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HCPLifeSciencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP Life Science</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_TorreyPinesScienceCenterMember" xlink:label="hcp_TorreyPinesScienceCenterMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_TorreyPinesScienceCenterMember" xlink:to="hcp_TorreyPinesScienceCenterMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_TorreyPinesScienceCenterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Torrey Pines Science Center, LP, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_TorreyPinesScienceCenterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Torrey Pines Science Center [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_TorreyPinesScienceCenterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Torrey Pines Science Center, LP</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_BritanniaBiotechGatewayLPMember" xlink:label="hcp_BritanniaBiotechGatewayLPMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_BritanniaBiotechGatewayLPMember" xlink:to="hcp_BritanniaBiotechGatewayLPMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_BritanniaBiotechGatewayLPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Britannia Biotech Gateway, LP, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_BritanniaBiotechGatewayLPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Britannia Biotech Gateway L P [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_BritanniaBiotechGatewayLPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Britannia Biotech Gateway, LP</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LASDKLPMember" xlink:label="hcp_LASDKLPMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LASDKLPMember" xlink:to="hcp_LASDKLPMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LASDKLPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to LASDK, LP, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LASDKLPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">L A S D K L P [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LASDKLPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LASDK, LP</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VintageIlDevelopmentMember" xlink:label="hcp_VintageIlDevelopmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VintageIlDevelopmentMember" xlink:to="hcp_VintageIlDevelopmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VintageIlDevelopmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to Vintage IL Development, a variable interest entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VintageIlDevelopmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vintage Il Development [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VintageIlDevelopmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vintage Park Development JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SuburbanPropertiesLLCMember" xlink:label="hcp_SuburbanPropertiesLLCMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SuburbanPropertiesLLCMember" xlink:to="hcp_SuburbanPropertiesLLCMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SuburbanPropertiesLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Suburban Properties, LLC, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SuburbanPropertiesLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Suburban Properties L L C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SuburbanPropertiesLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Suburban Properties, LLC</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_KAndYMember" xlink:label="hcp_KAndYMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_KAndYMember" xlink:to="hcp_KAndYMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_KAndYMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to K&amp;Y, an unconsolidated joint venture of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_KAndYMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">K And Y [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_KAndYMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">K&amp;Y</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AdvancesToUnconsolidatedJointVenturesNetMember" xlink:label="hcp_AdvancesToUnconsolidatedJointVenturesNetMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AdvancesToUnconsolidatedJointVenturesNetMember" xlink:to="hcp_AdvancesToUnconsolidatedJointVenturesNetMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AdvancesToUnconsolidatedJointVenturesNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances to unconsolidated joint ventures, net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AdvancesToUnconsolidatedJointVenturesNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances To Unconsolidated Joint Ventures Net [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_AdvancesToUnconsolidatedJointVenturesNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances to unconsolidated joint ventures, net</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HospitalAndMedicalOfficeMember" xlink:label="hcp_HospitalAndMedicalOfficeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HospitalAndMedicalOfficeMember" xlink:to="hcp_HospitalAndMedicalOfficeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HospitalAndMedicalOfficeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A combined segment of business which operates and develops hospital and medical office facilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HospitalAndMedicalOfficeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hospital And Medical Office [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HospitalAndMedicalOfficeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hospital and medical office segments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="us-gaap_RangeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="us-gaap_RangeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Equity Method Investments [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Company owned interests in entities, accounted under equity method:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Ownership Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment ownership percentage</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfUnconsolidatedJointVenture" xlink:label="hcp_NumberOfUnconsolidatedJointVenture" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfUnconsolidatedJointVenture" xlink:to="hcp_NumberOfUnconsolidatedJointVenture_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfUnconsolidatedJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of unconsolidated joint ventures between entity and an institutional capital partner.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfUnconsolidatedJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Unconsolidated Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfUnconsolidatedJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="hcp_NumberOfUnconsolidatedJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of RIDEA joint ventures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Other than Temporary Impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other than temporary impairment charge</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Variable Interest Entities [Table]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentsFinancialInformationDetailsAbstract" xlink:label="hcp_EquityMethodInvestmentsFinancialInformationDetailsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentsFinancialInformationDetailsAbstract" xlink:to="hcp_EquityMethodInvestmentsFinancialInformationDetailsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentsFinancialInformationDetailsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investments, Financial Information Details [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentsFinancialInformationDetailsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summarized combined financial information for equity method investments:</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The carrying amount of real estate, net of accumulated depreciation and valuation reserves, if any, reported by an unconsolidated subsidiaries (an equity method investment) of the reporting entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Real Estate, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate, net</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the carrying amount of goodwill and other assets, net for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment Summarized Financial Information Goodwill and Other Assets, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationGoodwillAndOtherAssetsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill and other assets, net</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of assets held for sale reported by an equity method investment of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Assets Held for Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total assets</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the carrying amount of capital lease obligations and mortgage debt reported by an unconsolidated subsidiaries (an equity method investment) of the reporting entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Capital Lease Obligations and Mortgage Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationCapitalLeaseObligationsAndMortgageDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital lease obligations and mortgage debt</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The carrying amount of accounts payable for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Accounts Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts payable</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of liabilities and mortgage debt held for sale reported by an equity method investment of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Liabilities and Mortgage Debt Held for Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndMortgageDebtHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and mortgage debt held for sale</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The carrying amount of the equity investment by other partners for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Other Partners Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationOtherPartnersCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other partners' capital</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital" xlink:to="hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The carrying amount of the entity's capital investment by the reporting entity for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Entity Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentSummarizedFinancialInformationEntityCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP's capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Liabilities and Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total liabilities and partners' capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity" xlink:label="us-gaap_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity" xlink:to="us-gaap_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Difference Between Carrying Amount and Underlying Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Combined basis difference</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total revenues</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentLossFromDiscontinuedOperation" xlink:label="hcp_EquityMethodInvestmentLossFromDiscontinuedOperation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentLossFromDiscontinuedOperation" xlink:to="hcp_EquityMethodInvestmentLossFromDiscontinuedOperation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentLossFromDiscontinuedOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of loss from discontinued operations reported by an equity method investment of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentLossFromDiscontinuedOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment Loss from Discontinued Operation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentLossFromDiscontinuedOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) from discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Summarized Financial Information, Net Income (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net (loss) income</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentFeesEarned" xlink:label="hcp_EquityMethodInvestmentFeesEarned" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentFeesEarned" xlink:to="hcp_EquityMethodInvestmentFeesEarned_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentFeesEarned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This item represents the fees earned by the entity from services provided to unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentFeesEarned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Fees Earned</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentFeesEarned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees earned by HCP</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EquityMethodInvestmentDividendsOrDistributionsNet" xlink:label="hcp_EquityMethodInvestmentDividendsOrDistributionsNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EquityMethodInvestmentDividendsOrDistributionsNet" xlink:to="hcp_EquityMethodInvestmentDividendsOrDistributionsNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EquityMethodInvestmentDividendsOrDistributionsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This item represents disclosure of the amount of the dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EquityMethodInvestmentDividendsOrDistributionsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Dividends or Distributions, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EquityMethodInvestmentDividendsOrDistributionsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distributions received by HCP</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue" xlink:label="hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue" xlink:to="hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the reduction of income from direct financing leases resulting from equity method investment accounting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduction of Capital Leases Income Statement Direct Financing Lease Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ReductionOfCapitalLeasesIncomeStatementDirectFinancingLeaseRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recharacterized DFL income to equity income</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfRetirementCommunitiesContributedToJointVenture" xlink:label="hcp_NumberOfRetirementCommunitiesContributedToJointVenture" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfRetirementCommunitiesContributedToJointVenture" xlink:to="hcp_NumberOfRetirementCommunitiesContributedToJointVenture_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfRetirementCommunitiesContributedToJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of retirement communities contributed to joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfRetirementCommunitiesContributedToJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Retirement Communities Contributed To Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfRetirementCommunitiesContributedToJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of retirement communities contributed to joint venture</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures" xlink:label="us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures" xlink:to="us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Real Estate and Real Estate Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash contributed</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure" xlink:label="hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure" xlink:to="hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of retirement communities or properties contributed to joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retirement Communities Or Properties Contributed To Joint Venture Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_RetirementCommunitiesOrPropertiesContributedToJointVentureFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of retirement communities or properties contributed</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture" xlink:label="hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture" xlink:to="hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt related to retirement communities or properties contributed to joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Related To Retirement Communities Or Properties Contributed To Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtRelatedToRetirementCommunitiesOrPropertiesContributedToJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt related to retirement communities or properties contributed</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireLand" xlink:label="us-gaap_PaymentsToAcquireLand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLand" xlink:to="us-gaap_PaymentsToAcquireLand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Land</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment to acquire land</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfFacilityUnitsBuilt" xlink:label="hcp_NumberOfFacilityUnitsBuilt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfFacilityUnitsBuilt" xlink:to="hcp_NumberOfFacilityUnitsBuilt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfFacilityUnitsBuilt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facility units to be built.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfFacilityUnitsBuilt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Facility Units Built</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfFacilityUnitsBuilt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of units to be built</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfRetirementCommunities" xlink:label="hcp_NumberOfRetirementCommunities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfRetirementCommunities" xlink:to="hcp_NumberOfRetirementCommunities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfRetirementCommunities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of continuing care retirement communities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfRetirementCommunities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Retirement Communities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfRetirementCommunities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of retirement communities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite-Lived Intangible Assets, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross intangible lease assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite-Lived Intangible Assets, Accumulated Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets, accumulated depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_FiniteLivedIntangibleLiabilitiesGross" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_FiniteLivedIntangibleLiabilitiesGross" xlink:to="hcp_FiniteLivedIntangibleLiabilitiesGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount before amortization of liabilities, excluding financial liabilities, lacking physical substance with a finite life.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Liabilities, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross intangible lease liabilities</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization" xlink:to="hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated amount of amortization of liabilities, excluding financial liabilities, lacking physical substance with a finite life.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Liabilities Accumulated Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_FiniteLivedIntangibleLiabilitiesAccumulatedAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible liabilities, accumulated depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ScheduleOfOtherAssetsTable" xlink:label="hcp_ScheduleOfOtherAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ScheduleOfOtherAssetsTable" xlink:to="hcp_ScheduleOfOtherAssetsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ScheduleOfOtherAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A table of carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ScheduleOfOtherAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Other Assets [Table]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_FourSeasonsHealthCareMember" xlink:label="hcp_FourSeasonsHealthCareMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_FourSeasonsHealthCareMember" xlink:to="hcp_FourSeasonsHealthCareMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_FourSeasonsHealthCareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Four Seasons Health Care.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_FourSeasonsHealthCareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Four Seasons Health Care [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_FourSeasonsHealthCareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Four Seasons</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ScheduleOfOtherAssetsLineItems" xlink:label="hcp_ScheduleOfOtherAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ScheduleOfOtherAssetsLineItems" xlink:to="hcp_ScheduleOfOtherAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ScheduleOfOtherAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Other Assets [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ScheduleOfOtherAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="us-gaap_DeferredRentReceivablesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentReceivablesNet" xlink:to="us-gaap_DeferredRentReceivablesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Rent Receivables, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Straight-line rent receivables, net of allowance of $33,012 and $33,648, respectively</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AllowanceForStraightlineRent" xlink:label="hcp_AllowanceForStraightlineRent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AllowanceForStraightlineRent" xlink:to="hcp_AllowanceForStraightlineRent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AllowanceForStraightlineRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The valuation allowance attributable to straight-line rent assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AllowanceForStraightlineRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Straightline Rent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_AllowanceForStraightlineRent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance on straight-line rent receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="us-gaap_HeldToMaturitySecurities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HeldToMaturitySecurities" xlink:to="us-gaap_HeldToMaturitySecurities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_HeldToMaturitySecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Held-to-maturity debt securities, principal balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HeldToMaturitySecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marketable debt securities, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredCostsLeasingNet" xlink:label="us-gaap_DeferredCostsLeasingNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCostsLeasingNet" xlink:to="us-gaap_DeferredCostsLeasingNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCostsLeasingNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Costs, Leasing, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredCostsLeasingNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leasing costs and inducements, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssets" xlink:to="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid Expense and Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LoanReceivableNumberOfQuarterlyInstallments" xlink:label="hcp_LoanReceivableNumberOfQuarterlyInstallments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LoanReceivableNumberOfQuarterlyInstallments" xlink:to="hcp_LoanReceivableNumberOfQuarterlyInstallments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LoanReceivableNumberOfQuarterlyInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of quarterly payments to be received by the entity in repayment of the loan receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LoanReceivableNumberOfQuarterlyInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan Receivable, Number of Quarterly Installments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LoanReceivableNumberOfQuarterlyInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of installments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:label="us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:to="us-gaap_PaymentsToAcquireHeldToMaturitySecurities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireHeldToMaturitySecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Held-to-maturity Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireHeldToMaturitySecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of debt securities</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent" xlink:label="hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent" xlink:to="hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The portion of the total outstanding debt issuance that is held as an investment by the reporting entity, as a percent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Portion of Outstanding Debt Owned by the Entity as a Percent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PortionOfOutstandingDebtOwnedByEntityAsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Portion of debt held, as a percent.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities" xlink:to="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other than Temporary Impairment Losses, Investments, Available-for-sale Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other-than-temporary impairment on securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestAndDividendIncomeSecuritiesHeldToMaturity" xlink:label="us-gaap_InterestAndDividendIncomeSecuritiesHeldToMaturity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDividendIncomeSecuritiesHeldToMaturity" xlink:to="us-gaap_InterestAndDividendIncomeSecuritiesHeldToMaturity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDividendIncomeSecuritiesHeldToMaturity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income, Securities, Operating, Held-to-maturity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestAndDividendIncomeSecuritiesHeldToMaturity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest payment received</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentInterestRate" xlink:label="invest_InvestmentInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentInterestRate" xlink:to="invest_InvestmentInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_InvestmentInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="invest_InvestmentInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual interest rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Face Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Face Amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LineOfCreditAndTermLoanMember" xlink:label="hcp_LineOfCreditAndTermLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LineOfCreditAndTermLoanMember" xlink:to="hcp_LineOfCreditAndTermLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LineOfCreditAndTermLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The combination of the entity's revolving line of credit facility and term loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LineOfCreditAndTermLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line Of Credit And Term Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LineOfCreditAndTermLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit and Term Loan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="us-gaap_LineOfCreditMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditMember" xlink:to="us-gaap_LineOfCreditMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line Of Credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank Line of Credit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnsecuredDebtMember" xlink:label="us-gaap_UnsecuredDebtMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnsecuredDebtMember" xlink:to="us-gaap_UnsecuredDebtMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnsecuredDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unsecured Debt [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnsecuredDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Notes</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_UnsecuredDebt3.40PercentDue2025Member" xlink:label="hcp_UnsecuredDebt3.40PercentDue2025Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_UnsecuredDebt3.40PercentDue2025Member" xlink:to="hcp_UnsecuredDebt3.40PercentDue2025Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_UnsecuredDebt3.40PercentDue2025Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to 3.40% senior unsecured notes due in 2025.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_UnsecuredDebt3.40PercentDue2025Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unsecured Debt3.40 Percent Due2025 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_UnsecuredDebt3.40PercentDue2025Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured, 3.40% notes due 2025</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_UnsecuredDebt4.0PercentDue2025Member" xlink:label="hcp_UnsecuredDebt4.0PercentDue2025Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_UnsecuredDebt4.0PercentDue2025Member" xlink:to="hcp_UnsecuredDebt4.0PercentDue2025Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_UnsecuredDebt4.0PercentDue2025Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to 4.0% senior unsecured notes due in 2025.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_UnsecuredDebt4.0PercentDue2025Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unsecured Debt4.0 Percent Due2025 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_UnsecuredDebt4.0PercentDue2025Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured 4.0% notes due 2025</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_UnsecuredDebt4.00PercentDue2022Member" xlink:label="hcp_UnsecuredDebt4.00PercentDue2022Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_UnsecuredDebt4.00PercentDue2022Member" xlink:to="hcp_UnsecuredDebt4.00PercentDue2022Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_UnsecuredDebt4.00PercentDue2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to 4.00% senior unsecured notes due in 2022.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_UnsecuredDebt4.00PercentDue2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unsecured Debt4.00 Percent Due2022 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_UnsecuredDebt4.00PercentDue2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured, 4.0% notes due 2022</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member" xlink:label="hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member" xlink:to="hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to senior unsecured 3.75 percent notes that incepted on 2/1/2016.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Debt3.75 Percent Incepted February12016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Debt 3.75 Percent Incepted February 1 2016 [Member]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member" xlink:label="hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member" xlink:to="hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to senior unsecured 6.0 percent notes that incepted on 3/1/2015.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Debt6.0 Percent Incepted March12015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SeniorUnsecuredDebt6.0PercentInceptedMarch12015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Debt 6.0 Percent Incepted March 1, 2015</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member" xlink:label="hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member" xlink:to="hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to senior unsecured 7.07 percent notes that incepted on 6/8/2015.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Debt7.07 Percent Incepted June82015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SeniorUnsecuredDebt7.07PercentInceptedJune82015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Unsecured Debt 7.07 Percent Incepted June 8, 2015 [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebtMember" xlink:label="us-gaap_SecuredDebtMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebtMember" xlink:to="us-gaap_SecuredDebtMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuredDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Secured Debt [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuredDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mortgage Debt</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_OtherBorrowingsMember" xlink:label="hcp_OtherBorrowingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_OtherBorrowingsMember" xlink:to="hcp_OtherBorrowingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_OtherBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other borrowings not defined elsewhere in the taxonomy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_OtherBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_OtherBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-interest Bearing Life Care Bonds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Redemption, Period [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Redemption, Period [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodOneMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodOneMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodOneMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period One [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodOneMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt maturing in 2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodTwoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period Two [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt maturing in 2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodThreeMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodThreeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodThreeMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodThreeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodThreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period Three [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodThreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt maturing in 2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodFourMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodFourMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodFourMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodFourMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period Four [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt maturing in 2019</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodFiveMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodFiveMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodFiveMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodFiveMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodFiveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period Five [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodFiveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt maturing in 2020</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentRedemptionPeriodThereafterMember" xlink:label="hcp_DebtInstrumentRedemptionPeriodThereafterMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentRedemptionPeriodThereafterMember" xlink:to="hcp_DebtInstrumentRedemptionPeriodThereafterMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentRedemptionPeriodThereafterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period after the last period separately disclosed of debt redemption features under terms of the debt agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentRedemptionPeriodThereafterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Redemption Period Thereafter [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentRedemptionPeriodThereafterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Description of Variable Rate Basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, variable rate basis</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentPeriodOfExtension" xlink:label="hcp_DebtInstrumentPeriodOfExtension" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentPeriodOfExtension" xlink:to="hcp_DebtInstrumentPeriodOfExtension_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentPeriodOfExtension_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the length of the debt instrument extension period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentPeriodOfExtension_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Period of Extension</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentPeriodOfExtension_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Length of debt instrument extension period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:to="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Commitment Fee Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, facility fee (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum" xlink:label="hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum" xlink:to="hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the maximum additional borrowing capacity available under the credit facility, subject to customary conditions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit, Facility Additional Available Borrowing Capacity Maximum</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of credit facility additional aggregate amount, maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtWeightedAverageInterestRate" xlink:label="us-gaap_DebtWeightedAverageInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtWeightedAverageInterestRate" xlink:to="us-gaap_DebtWeightedAverageInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt, Weighted Average Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average interest rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCovenantDebtToAssets" xlink:label="hcp_DebtInstrumentCovenantDebtToAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCovenantDebtToAssets" xlink:to="hcp_DebtInstrumentCovenantDebtToAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCovenantDebtToAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The limit of the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value contained in the debt covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCovenantDebtToAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Covenant Debt to Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCovenantDebtToAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, covenant debt to assets (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCovenantSecuredDebtToAssets" xlink:label="hcp_DebtInstrumentCovenantSecuredDebtToAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCovenantSecuredDebtToAssets" xlink:to="hcp_DebtInstrumentCovenantSecuredDebtToAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCovenantSecuredDebtToAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The limit of the ratio of Secured Debt to Consolidated Total Asset Value contained in the debt covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCovenantSecuredDebtToAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Covenant Secured Debt to Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCovenantSecuredDebtToAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, covenant secured debt to assets (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets" xlink:label="hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets" xlink:to="hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The limit of the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value contained in the debt covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Covenant Unsecured Debt to Unencumbered Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCovenantFixedChargeRatioMinimum" xlink:label="hcp_DebtInstrumentCovenantFixedChargeRatioMinimum" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCovenantFixedChargeRatioMinimum" xlink:to="hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The required minimum Fixed Charge Coverage ratio contained in the debt covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Covenant Fixed Charge Ratio, Minimum</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, covenant minimum fixed charge coverage ratio</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCovenantNetWorth" xlink:label="hcp_DebtInstrumentCovenantNetWorth" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCovenantNetWorth" xlink:to="hcp_DebtInstrumentCovenantNetWorth_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCovenantNetWorth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The required Minimum Consolidated Tangible Net Worth contained in the debt covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCovenantNetWorth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Covenant Net Worth</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCovenantNetWorth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, covenant net worth</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Issuance of Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net proceeds from issuance of senior unsecured notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfSeniorDebt" xlink:label="us-gaap_RepaymentsOfSeniorDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSeniorDebt" xlink:to="us-gaap_RepaymentsOfSeniorDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfSeniorDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Senior Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RepaymentsOfSeniorDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayment of senior unsecured notes</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber" xlink:to="hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of healthcare facilities which are secured by mortgage debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Collateral Healthcare Facilities, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of healthcare facilities used to secure debt</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue" xlink:to="hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount of healthcare facilities which are secured by mortgage debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Collateral Healthcare Facilities, Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument, collateral, healthcare facilities carrying value</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_LineOfCreditPortionDenominatedInForeignCurrency" xlink:label="hcp_LineOfCreditPortionDenominatedInForeignCurrency" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_LineOfCreditPortionDenominatedInForeignCurrency" xlink:to="hcp_LineOfCreditPortionDenominatedInForeignCurrency_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_LineOfCreditPortionDenominatedInForeignCurrency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The portion of the outstanding balance of the line of credit that is denominated in a foreign currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_LineOfCreditPortionDenominatedInForeignCurrency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Portion Denominated in Foreign Currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_LineOfCreditPortionDenominatedInForeignCurrency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of credit, portion denominated in GBP</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016 (Nine months)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Year Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Year Three</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Year Four</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2019</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Year Five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2020</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal after Year Five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total debt before discount, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Unamortized Discount (Premium), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discounts, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instruments, carrying amount</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DebtInstrumentWeightedAverageMaturity" xlink:label="hcp_DebtInstrumentWeightedAverageMaturity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DebtInstrumentWeightedAverageMaturity" xlink:to="hcp_DebtInstrumentWeightedAverageMaturity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DebtInstrumentWeightedAverageMaturity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents weighted average maturity of debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DebtInstrumentWeightedAverageMaturity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Weighted Average Maturity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DebtInstrumentWeightedAverageMaturity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average maturity</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_FacilityIssuingLifeCareBondNumber" xlink:label="hcp_FacilityIssuingLifeCareBondNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_FacilityIssuingLifeCareBondNumber" xlink:to="hcp_FacilityIssuingLifeCareBondNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_FacilityIssuingLifeCareBondNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of continuing care retirement communities under which non-interest bearing life care bonds are issued that are refundable to the resident or resident's estate upon termination or cancellation of the agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_FacilityIssuingLifeCareBondNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Facility Issuing Life Care Bond, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="hcp_FacilityIssuingLifeCareBondNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of CCRC issuing non-interest life care bonds</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NonInterestBearingOccupancyFeeDepositNumber" xlink:label="hcp_NonInterestBearingOccupancyFeeDepositNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NonInterestBearingOccupancyFeeDepositNumber" xlink:to="hcp_NonInterestBearingOccupancyFeeDepositNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NonInterestBearingOccupancyFeeDepositNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of senior housing facilities under which non-interest bearing occupancy fee deposits are outstanding.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NonInterestBearingOccupancyFeeDepositNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Interest Bearing Occupancy Fee Deposit, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NonInterestBearingOccupancyFeeDepositNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of facilities with non-interest bearing occupancy fee deposits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="us-gaap_ScheduleOfStockByClassTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockByClassTable" xlink:to="us-gaap_ScheduleOfStockByClassTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockByClassTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Stock by Class [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="us-gaap_ClassOfStockLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockLineItems" xlink:to="us-gaap_ClassOfStockLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class of Stock [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_IssuanceOfCommonStockAbstract" xlink:label="hcp_IssuanceOfCommonStockAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_IssuanceOfCommonStockAbstract" xlink:to="hcp_IssuanceOfCommonStockAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_IssuanceOfCommonStockAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of Common Stock [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_IssuanceOfCommonStockAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Company's common stock issuances</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, Dividend Reinvestment Plan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Reinvestment and Stock Purchase Plan (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, Conversion of Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of DownREIT units (in shares)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised" xlink:label="hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised" xlink:to="hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of gross share options (or share units) exercised during the current period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, Stock Options Gross Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_StockIssuedDuringPeriodSharesStockOptionsGrossExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercise of stock options (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:to="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vesting of restricted stock units (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cumulative foreign currency translation adjustment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrealized losses on cash flow hedges, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental Executive Retirement Plan minimum liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrealized (losses) gains on available for sale securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestAbstract" xlink:label="us-gaap_NoncontrollingInterestAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestAbstract" xlink:to="us-gaap_NoncontrollingInterestAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DownReitUnitsOutstanding" xlink:label="hcp_DownReitUnitsOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DownReitUnitsOutstanding" xlink:to="hcp_DownReitUnitsOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DownReitUnitsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of DownREIT units outstanding.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DownReitUnitsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Down Reit Units Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DownReitUnitsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-managing members DownREIT units outstanding</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfDownREITLLCs" xlink:label="hcp_NumberOfDownREITLLCs" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfDownREITLLCs" xlink:to="hcp_NumberOfDownREITLLCs_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfDownREITLLCs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the number of DownREIT LLCs for which the entity is the managing member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfDownREITLLCs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Down REIT LLCs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfDownREITLLCs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of DownREIT LLCs</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MinorityInterestInPreferredUnitHoldersFairValue" xlink:label="hcp_MinorityInterestInPreferredUnitHoldersFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MinorityInterestInPreferredUnitHoldersFairValue" xlink:to="hcp_MinorityInterestInPreferredUnitHoldersFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MinorityInterestInPreferredUnitHoldersFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of the equity interests owned by noncontrolling preferred unit holders in an entity included in the reporting entity's consolidated financial statements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MinorityInterestInPreferredUnitHoldersFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minority Interest in Preferred Unit Holders, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MinorityInterestInPreferredUnitHoldersFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DownREIT unit, fair value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingInformationRevenueAbstract" xlink:label="us-gaap_SegmentReportingInformationRevenueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationRevenueAbstract" xlink:to="us-gaap_SegmentReportingInformationRevenueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingInformationRevenueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Reporting Information, Revenue for Reportable Segment [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingInformationRevenueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment reporting information, revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="us-gaap_NumberOfOperatingSegments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Operating Segments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of reportable segments</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_RentalRevenues" xlink:label="hcp_RentalRevenues" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_RentalRevenues" xlink:to="hcp_RentalRevenues_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_RentalRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount of rental and related revenues, tenant recoveries and income from direct financing leases recognized for the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_RentalRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_RentalRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating, general and administrative expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NetOperatingIncomeFromContinuingOperations" xlink:label="hcp_NetOperatingIncomeFromContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NetOperatingIncomeFromContinuingOperations" xlink:to="hcp_NetOperatingIncomeFromContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate. The Company defines NOI as rental revenues, including tenant recoveries, resident fees and services, and income from direct financing leases, less property level operating expenses. NOI excludes interest income, investment management fee income, depreciation and amortization, interest expense, general and administrative expenses, impairments, impairment recoveries, other income, net, income taxes, equity income from and impairments of investments in unconsolidated joint ventures, and discontinued operations. The Company believes NOI provides relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. The Company uses NOI to make decisions about resource allocations and to assess and compare property level performance. The Company believes that net income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income as defined by GAAP because it does not reflect the aforementioned excluded items. Further, the Company's definition of NOI may not be comparable to the definition used by other REITs, as those companies may use different methodologies for calculating NOI.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Operating Income from Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="hcp_NetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NOI</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations" xlink:label="hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations" xlink:to="hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Cash Adjustments To Net Operating Income From Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-cash adjustments to NOI</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AdjustedNetOperatingIncomeFromContinuingOperations" xlink:label="hcp_AdjustedNetOperatingIncomeFromContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AdjustedNetOperatingIncomeFromContinuingOperations" xlink:to="hcp_AdjustedNetOperatingIncomeFromContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AdjustedNetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL accretion, amortization of above and below market lease intangibles, and lease termination fees. Adjusted NOI is sometimes referred to as "Cash NOI".</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AdjustedNetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted Net Operating Income from Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="hcp_AdjustedNetOperatingIncomeFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted (cash) NOI</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments" xlink:label="hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments" xlink:to="hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of adjusted (cash) net operating income from equity method investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted (Cash) Net Operating Income From Equity Method Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_AdjustedCashNetOperatingIncomeFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted (cash) NOI from unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PortfolioIncome" xlink:label="hcp_PortfolioIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PortfolioIncome" xlink:to="hcp_PortfolioIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PortfolioIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the income arrived by adding interest income to Adjusted NOI.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PortfolioIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue From Portfolio Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="hcp_PortfolioIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Portfolio Income</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments" xlink:label="hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments" xlink:to="hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the addback of straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees from segment portfolio income to consolidated net income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation Of Operating Profit Loss From Segments To Consolidated Non Cash Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedNonCashAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Addback non-cash adjustments</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_IncomeLossFromEquityMethodInvestmentsExcludingAdjustedCashNetOperatingIncome" xlink:label="hcp_IncomeLossFromEquityMethodInvestmentsExcludingAdjustedCashNetOperatingIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted Average Number Diluted Shares Outstanding Adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive potential common shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares of anti-dilutive securities excluded from earnings per share calculation</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding" xlink:label="hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding" xlink:to="hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of non-managing member units outstanding for DownREIT limited liability companies for which the entity is the managing member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Down Reit Limited Liability Company Nonmanaging Member Units Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DownReitLimitedLiabilityCompanyNonmanagingMemberUnitsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DownREIT LLCs, non-managing member units outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental Cash Flow Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental cash flow information:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Paid, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest paid, net of capitalized interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="us-gaap_IncomeTaxesPaidNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaidNet" xlink:to="us-gaap_IncomeTaxesPaidNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaidNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Taxes Paid, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxesPaidNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income taxes paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="us-gaap_InterestCostsCapitalized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCostsCapitalized" xlink:to="us-gaap_InterestCostsCapitalized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Costs Capitalized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capitalized interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncash Investing and Financing Items [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental schedule of non-cash investing activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid" xlink:label="us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid" xlink:to="us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction in Progress Expenditures Incurred but Not yet Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued construction costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalLeaseObligationsIncurred" xlink:label="us-gaap_CapitalLeaseObligationsIncurred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsIncurred" xlink:to="us-gaap_CapitalLeaseObligationsIncurred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Obligations Incurred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeaseObligationsIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement of HCRMC Tranche A DRO as consideration for DFL acquisition</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NonCashTenantFundedImprovements" xlink:label="hcp_NonCashTenantFundedImprovements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NonCashTenantFundedImprovements" xlink:to="hcp_NonCashTenantFundedImprovements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NonCashTenantFundedImprovements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the value of noncash tenant funded improvements to properties owned by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NonCashTenantFundedImprovements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Cash Tenant Funded Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NonCashTenantFundedImprovements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tenant funded tenant improvements owned by HCP</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_CashFlowNoncashFinancingActivitiesDisclosureAbstract" xlink:label="hcp_CashFlowNoncashFinancingActivitiesDisclosureAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_CashFlowNoncashFinancingActivitiesDisclosureAbstract" xlink:to="hcp_CashFlowNoncashFinancingActivitiesDisclosureAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_CashFlowNoncashFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow, Noncash Financing Activities Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_CashFlowNoncashFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental schedule of non-cash financing activities:</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_RestrictedStockVested" xlink:label="hcp_RestrictedStockVested" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_RestrictedStockVested" xlink:to="hcp_RestrictedStockVested_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_RestrictedStockVested_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The value of stock issued upon which restrictions have lapsed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_RestrictedStockVested_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Stock, Vested</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_RestrictedStockVested_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vesting of restricted stock units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:to="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Significant Noncash Transaction, Value of Consideration Given</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest issued in connection with real estate acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1" xlink:to="us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncash or Part Noncash Acquisition, Value of Liabilities Assumed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities assumed with real estate acquisitions</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives" xlink:label="hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives" xlink:to="hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of unrealized gains or losses on available-for-sale securities and derivatives designated as cash flow hedges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrealized Gain (Loss) on Available for Sale Securities and Derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrealized (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entities [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classification Of Variable Interest Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Classification [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember" xlink:to="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Not Primary Beneficiary Aggregated Disclosure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unconsolidated Variable Interest Entities</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember" xlink:to="hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to investments in an unconsolidated joint venture, which is a Variable Interest Entity (VIE) in which the entity does not have a controlling financial interest (as defined) and of which it is therefore not the primary beneficiary.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Not Primary Beneficiary Investment In Joint Venture [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CCRC OpCo</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember" xlink:to="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents loans to borrowers where each tenant and borrower has been identified as a Variable Interest Entities (VIE) in which the entity does not have a controlling financial interest (as defined) and of which it is therefore not the primary beneficiary. The entity leases property to the tenant under a direct financing lease.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Not Primary Beneficiary Tenants With Direct Financing Leases [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VIE tenants-DFLs</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember" xlink:to="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents loans to borrowers where each tenant and borrower has been identified as a Variable Interest Entities (VIE) in which the entity does not have a controlling financial interest (as defined) and of which it is therefore not the primary beneficiary. The entity leases property to the tenant under an operating lease.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Not Primary Beneficiary Tenants With Operating Leases [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VIE tenants-operating leases</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember" xlink:to="hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a debt investment with a party that has been identified as a Variable Interest Entities (VIE) in which the entity does not have a controlling financial interest (as defined) and of which it is therefore not the primary beneficiary.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Not Primary Beneficiary Debt Investment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CMBS and LLC investment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:to="us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Primary Beneficiary Aggregated Disclosure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Variable Interest Entities</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_PropertiesLeasedNumber" xlink:label="hcp_PropertiesLeasedNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_PropertiesLeasedNumber" xlink:to="hcp_PropertiesLeasedNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_PropertiesLeasedNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties leased by the entity to tenants that have been identified as a VIE.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_PropertiesLeasedNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Properties Leased, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_PropertiesLeasedNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties leased</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_JointVentureOwnershipPercentage" xlink:label="hcp_JointVentureOwnershipPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_JointVentureOwnershipPercentage" xlink:to="hcp_JointVentureOwnershipPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_JointVentureOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the ownership percentage in joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_JointVentureOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Joint Venture Ownership Percentage</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfVieBorrowers" xlink:label="hcp_NumberOfVieBorrowers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfVieBorrowers" xlink:to="hcp_NumberOfVieBorrowers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfVieBorrowers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of VIE borrowers in which the entity has invested in marketable debt securities and loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfVieBorrowers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of VIE Borrowers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfVieBorrowers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of VIE borrowers with debt securities and loan</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VIETenantsNumber" xlink:label="hcp_VIETenantsNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VIETenantsNumber" xlink:to="hcp_VIETenantsNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VIETenantsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tenants of properties leased by entity for which the tenant is considered a VIE tenant.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VIETenantsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VIE Tenants Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VIETenantsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of VIE tenants</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfEquityMembersWithoutSubstantiveInvestment" xlink:label="hcp_NumberOfEquityMembersWithoutSubstantiveInvestment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfEquityMembersWithoutSubstantiveInvestment" xlink:to="hcp_NumberOfEquityMembersWithoutSubstantiveInvestment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfEquityMembersWithoutSubstantiveInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of equity members that do not have a substantive investment in the variable interest entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfEquityMembersWithoutSubstantiveInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Equity Members Without Substantive Investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfEquityMembersWithoutSubstantiveInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of equity members without substantive interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:to="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Loss Exposure</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssets" xlink:to="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Classification of Carrying Amount, Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets/liability type</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfJointVenturesDeconsolidated" xlink:label="hcp_NumberOfJointVenturesDeconsolidated" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfJointVenturesDeconsolidated" xlink:to="hcp_NumberOfJointVenturesDeconsolidated_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfJointVenturesDeconsolidated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of joint ventures deconsolidated.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfJointVenturesDeconsolidated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Joint Ventures Deconsolidated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfJointVenturesDeconsolidated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of joint ventures deconsolidated</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cumulative-effect adjustment to cumulative dividends in excess of earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityOwnershipPercentage" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityOwnershipPercentage" xlink:to="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership percentage (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship" xlink:label="hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship" xlink:to="hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of controlling ownership interest entities, in which the company holds the interest and is the managing member of the partnership.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Controlling Ownership Interest Thorugh Parternship</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_VariableInterestEntityControllingOwnershipInterestThorughParternship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of controlling ownership interest entities as a managing member</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="us-gaap_ConcentrationRiskTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskTable" xlink:to="us-gaap_ConcentrationRiskTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Benchmark [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Benchmark [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Benchmark [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsTotalMember" xlink:label="us-gaap_AssetsTotalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsTotalMember" xlink:to="us-gaap_AssetsTotalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsTotalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Total [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsTotalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SalesRevenuesMember" xlink:label="hcp_SalesRevenuesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SalesRevenuesMember" xlink:to="hcp_SalesRevenuesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SalesRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate revenues during the period, when it serves as a benchmark in a concentration of risk calculation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SalesRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales Revenues [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SalesRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="us-gaap_ConcentrationRiskTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskTypeDomain" xlink:to="us-gaap_ConcentrationRiskTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ManagementAndAccountingServicesMember" xlink:label="hcp_ManagementAndAccountingServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ManagementAndAccountingServicesMember" xlink:to="hcp_ManagementAndAccountingServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ManagementAndAccountingServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to manangement and accounting services which are provided under a long-term agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ManagementAndAccountingServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management And Accounting Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ManagementAndAccountingServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management and Accounting Services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="us-gaap_CounterpartyNameAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CounterpartyNameAxis" xlink:to="us-gaap_CounterpartyNameAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CounterpartyNameAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparty Name [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="us-gaap_RepurchaseAgreementCounterpartyNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:to="us-gaap_RepurchaseAgreementCounterpartyNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepurchaseAgreementCounterpartyNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase Agreement Counterparty Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RepurchaseAgreementCounterpartyNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparty Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_BrookdaleMember" xlink:label="hcp_BrookdaleMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_BrookdaleMember" xlink:to="hcp_BrookdaleMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_BrookdaleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Brookdale Senior Living, Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_BrookdaleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brookdale [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_BrookdaleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brookdale JV</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="us-gaap_ConcentrationRiskLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskLineItems" xlink:to="us-gaap_ConcentrationRiskLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration of risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration risk (as a percent)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber" xlink:label="hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber" xlink:to="hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of senior housing facilities owned by the entity and operated by the joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in Joint Ventures Senior Housing Facilities Number</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_CondensedFinancialStatementsAbstract" xlink:label="hcp_CondensedFinancialStatementsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_CondensedFinancialStatementsAbstract" xlink:to="hcp_CondensedFinancialStatementsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_CondensedFinancialStatementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_CondensedFinancialStatementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summarized condensed consolidated financial statements</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_CondensedFinancialInformationBalanceSheetsAbstract" xlink:label="hcp_CondensedFinancialInformationBalanceSheetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_CondensedFinancialInformationBalanceSheetsAbstract" xlink:to="hcp_CondensedFinancialInformationBalanceSheetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_CondensedFinancialInformationBalanceSheetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Financial Information Balance Sheets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_CondensedFinancialInformationBalanceSheetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance Sheets:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations" xlink:label="us-gaap_DebtAndCapitalLeaseObligations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtAndCapitalLeaseObligations" xlink:to="us-gaap_DebtAndCapitalLeaseObligations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtAndCapitalLeaseObligations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt and Capital Lease Obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtAndCapitalLeaseObligations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt and financing obligations</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_CondensedFinancialInformationIncomeStatementAbstract" xlink:label="hcp_CondensedFinancialInformationIncomeStatementAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_CondensedFinancialInformationIncomeStatementAbstract" xlink:to="hcp_CondensedFinancialInformationIncomeStatementAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_CondensedFinancialInformationIncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Financial Information Income Statement [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_CondensedFinancialInformationIncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Statements:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">(Loss) income from continuing operations before income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">(Loss) income from continuing operations</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ManagementAgreementNumberOfRenewals" xlink:label="hcp_ManagementAgreementNumberOfRenewals" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ManagementAgreementNumberOfRenewals" xlink:to="hcp_ManagementAgreementNumberOfRenewals_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ManagementAgreementNumberOfRenewals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of renewals available under the management agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ManagementAgreementNumberOfRenewals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management Agreement Number of Renewals</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ManagementAgreementRenewalTerm" xlink:label="hcp_ManagementAgreementRenewalTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ManagementAgreementRenewalTerm" xlink:to="hcp_ManagementAgreementRenewalTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ManagementAgreementRenewalTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the term of renewals of the agreement under which the Company receives management and accounting services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ManagementAgreementRenewalTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management Agreement Renewal Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ManagementAgreementRenewalTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management agreement renewal term (in years)</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ManagementFeesAsPercentageOfGrossRevenue" xlink:label="hcp_ManagementFeesAsPercentageOfGrossRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ManagementFeesAsPercentageOfGrossRevenue" xlink:to="hcp_ManagementFeesAsPercentageOfGrossRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ManagementFeesAsPercentageOfGrossRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of gross revenue that is payable by the entity as base management fee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ManagementFeesAsPercentageOfGrossRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management Fees As Percentage Of Gross Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ManagementFeesAsPercentageOfGrossRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Management fees as percentage of gross revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements, Recurring and Nonrecurring [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement Frequency [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurement Frequency [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Measurement Frequency [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="us-gaap_FairValueMeasurementsRecurringMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsRecurringMember" xlink:to="us-gaap_FairValueMeasurementsRecurringMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements Recurring [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value on a recurring basis</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Hierarchy [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements Fair Value Hierarchy [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Hierarchy [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Inputs Level1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level 1</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Inputs Level2 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level 2</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Inputs Level3 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level 3</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeByNatureAxis" xlink:label="us-gaap_DerivativeByNatureAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeByNatureAxis" xlink:to="us-gaap_DerivativeByNatureAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeByNatureAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative, by Nature [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="us-gaap_DerivativeContractTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeContractTypeDomain" xlink:to="us-gaap_DerivativeContractTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeContractTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Contract Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeContractTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Contract [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="us-gaap_InterestRateSwapMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateSwapMember" xlink:to="us-gaap_InterestRateSwapMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestRateSwapMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Swap [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestRateSwapMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest-rate swap contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrencySwapMember" xlink:label="us-gaap_CurrencySwapMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrencySwapMember" xlink:to="us-gaap_CurrencySwapMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrencySwapMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency Swap [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CurrencySwapMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency Swap</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WarrantMember" xlink:label="us-gaap_WarrantMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantMember" xlink:to="us-gaap_WarrantMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WarrantMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Warrant [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WarrantMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Warrants</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Assets and Liabilities Measured on Recurring Basis</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value assets and liabilities measured on recurring basis:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="us-gaap_AvailableForSaleSecurities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecurities" xlink:to="us-gaap_AvailableForSaleSecurities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Available-for-sale Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AvailableForSaleSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marketable equity securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="us-gaap_DerivativeAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssets" xlink:to="us-gaap_DerivativeAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="us-gaap_DerivativeLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilities" xlink:to="us-gaap_DerivativeLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, by Balance Sheet Grouping [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="us-gaap_FairValueByMeasurementBasisAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementBasisAxis" xlink:to="us-gaap_FairValueByMeasurementBasisAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement Basis [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Disclosure Item Amounts [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurement [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Reported Amount Fair Value Disclosure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimate Of Fair Value Fair Value Disclosure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansReceivableFairValueDisclosure" xlink:label="us-gaap_LoansReceivableFairValueDisclosure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansReceivableFairValueDisclosure" xlink:to="us-gaap_LoansReceivableFairValueDisclosure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans Receivable, Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansReceivableFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans receivable, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="us-gaap_HeldToMaturitySecuritiesFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HeldToMaturitySecuritiesFairValue" xlink:to="us-gaap_HeldToMaturitySecuritiesFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_HeldToMaturitySecuritiesFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Held-to-maturity Securities, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HeldToMaturitySecuritiesFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marketable debt securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermLoansFromBank" xlink:label="us-gaap_LongTermLoansFromBank" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermLoansFromBank" xlink:to="us-gaap_LongTermLoansFromBank_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermLoansFromBank_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans Payable to Bank, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermLoansFromBank_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term loans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeTable" xlink:label="us-gaap_DerivativeTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeTable" xlink:to="us-gaap_DerivativeTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative [Table]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member" xlink:label="hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member" xlink:to="hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents interest rate swap entered in July 2005 with maturity in July 2020.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Swap Entered July2005 Maturity July2020 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_InterestRateSwapEnteredJuly2005MaturityJuly2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate swap, entered in July 2005, maturity in July 2020</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member" xlink:label="hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member" xlink:to="hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents interest rate swap entered in November 2008 with maturity in October 2016.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Swap Entered November2008 Maturity October2016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_InterestRateSwapEnteredNovember2008MaturityOctober2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate swap, entered in November 2008, maturity in October 2016</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member" xlink:label="hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member" xlink:to="hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the interest rate swap entered in July 2012 with maturity in June 2016.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Swap Entered July2012 Maturity June2016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_InterestRateSwapEnteredJuly2012MaturityJune2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate swap, entered in July 2012, maturity in June 2016</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_InterestRateSwapEnteredJanuary2015Member" xlink:label="hcp_InterestRateSwapEnteredJanuary2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_InterestRateSwapEnteredJanuary2015Member" xlink:to="hcp_InterestRateSwapEnteredJanuary2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_InterestRateSwapEnteredJanuary2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the interest rate swap entered in January 2015 with maturity in October 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_InterestRateSwapEnteredJanuary2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Swap Entered January2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_InterestRateSwapEnteredJanuary2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate swap, entered in January 2015, maturity in October 2017</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member" xlink:label="hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member" xlink:to="hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the foreign currency swap entered in July 2012 with maturity in June 2016.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Swap Entered July2012 Maturity June2016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ForeignCurrencySwapEnteredJuly2012MaturityJune2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency swap, entered in July 2012, maturity in June 2016</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ForeignCurrencySwapEnteredJanuary2015Member" xlink:label="hcp_ForeignCurrencySwapEnteredJanuary2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ForeignCurrencySwapEnteredJanuary2015Member" xlink:to="hcp_ForeignCurrencySwapEnteredJanuary2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ForeignCurrencySwapEnteredJanuary2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information about the foreign currency swap entered in January, 2015 with maturity in October 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ForeignCurrencySwapEnteredJanuary2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Swap Entered January2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ForeignCurrencySwapEnteredJanuary2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency swap, entered in January 2015, maturity in October 2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:to="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Relationship [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_HedgingRelationshipDomain" xlink:label="us-gaap_HedgingRelationshipDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgingRelationshipDomain" xlink:to="us-gaap_HedgingRelationshipDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_HedgingRelationshipDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Relationship [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HedgingRelationshipDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Relationship [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashFlowHedgingMember" xlink:label="us-gaap_CashFlowHedgingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgingMember" xlink:to="us-gaap_CashFlowHedgingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow Hedging [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowHedgingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flow hedge</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:to="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification out of Accumulated Other Comprehensive Income [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:to="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification Out Of Accumulated Other Comprehensive Income [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification out of Accumulated Other Comprehensive Income [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification Out Of Accumulated Other Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification out of Accumulated Other Comprehensive Income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeLineItems" xlink:label="us-gaap_DerivativeLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLineItems" xlink:to="us-gaap_DerivativeLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="us-gaap_DerivativeFixedInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeFixedInterestRate" xlink:to="us-gaap_DerivativeFixedInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeFixedInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative, Fixed Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeFixedInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Rate/Buy Amount (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeBasisSpreadOnVariableRate" xlink:label="us-gaap_DerivativeBasisSpreadOnVariableRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeBasisSpreadOnVariableRate" xlink:to="us-gaap_DerivativeBasisSpreadOnVariableRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeBasisSpreadOnVariableRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative, Basis Spread on Variable Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeBasisSpreadOnVariableRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Floating/Exchange Rate Index, percentage</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DerivativeSwapTypeFixedPriceBuySellAmount" xlink:label="hcp_DerivativeSwapTypeFixedPriceBuySellAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DerivativeSwapTypeFixedPriceBuySellAmount" xlink:to="hcp_DerivativeSwapTypeFixedPriceBuySellAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DerivativeSwapTypeFixedPriceBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The buy (sell) amount related to a fixed price risk swap derivative.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DerivativeSwapTypeFixedPriceBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Swap Type Fixed Price Buy Sell Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DerivativeSwapTypeFixedPriceBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buy (sell) amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeAssetNotionalAmount" xlink:label="us-gaap_DerivativeAssetNotionalAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssetNotionalAmount" xlink:to="us-gaap_DerivativeAssetNotionalAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeAssetNotionalAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Asset, Notional Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeAssetNotionalAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notional amount</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount" xlink:label="hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount" xlink:to="hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The semi-annual buy (sell) amount related to a fixed price risk swap derivative.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Swap Type Fixed Price Semi Annual Buy Sell Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DerivativeSwapTypeFixedPriceSemiAnnualBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Semi annual buy (sell) amount</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount" xlink:label="hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount" xlink:to="hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The monthly buy (sell) amount related to a fixed price risk swap derivative.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Swap Type Fixed Price Monthly Buy (Sell) Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DerivativeSwapTypeFixedPriceMonthlyBuySellAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Monthly buy (sell) amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestRateCashFlowHedgeLiabilityAtFairValue" xlink:label="us-gaap_InterestRateCashFlowHedgeLiabilityAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateCashFlowHedgeLiabilityAtFairValue" xlink:to="us-gaap_InterestRateCashFlowHedgeLiabilityAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestRateCashFlowHedgeLiabilityAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Cash Flow Hedge Liability at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestRateCashFlowHedgeLiabilityAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of hedge, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ForeignCurrencyCashFlowHedgeAssetAtFairValue" xlink:label="us-gaap_ForeignCurrencyCashFlowHedgeAssetAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyCashFlowHedgeAssetAtFairValue" xlink:to="us-gaap_ForeignCurrencyCashFlowHedgeAssetAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyCashFlowHedgeAssetAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Cash Flow Hedge Asset at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignCurrencyCashFlowHedgeAssetAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of foreign currency hedge, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:label="us-gaap_ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:to="us-gaap_ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of foreign currency derivative instruments not designated as hedging instruments, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfInterestRateDerivativesHeld" xlink:label="us-gaap_NumberOfInterestRateDerivativesHeld" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfInterestRateDerivativesHeld" xlink:to="us-gaap_NumberOfInterestRateDerivativesHeld_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfInterestRateDerivativesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Interest Rate Derivatives Held</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfInterestRateDerivativesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of interest-rate swap contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ForeignCurrencyExchangeRateTranslation1" xlink:label="us-gaap_ForeignCurrencyExchangeRateTranslation1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyExchangeRateTranslation1" xlink:to="us-gaap_ForeignCurrencyExchangeRateTranslation1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyExchangeRateTranslation1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Exchange Rate, Translation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignCurrencyExchangeRateTranslation1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange rate GBP/USD</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:label="us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:to="us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains or losses recorded to accumulated other comprehensive loss reclassified to earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestRateDerivativesAbstract" xlink:label="us-gaap_InterestRateDerivativesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateDerivativesAbstract" xlink:to="us-gaap_InterestRateDerivativesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestRateDerivativesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Derivatives [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestRateDerivativesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effects of Change in Interest Rates</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives" xlink:label="hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives" xlink:to="hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the effect of increase in the interest rate by 50 basis points on the fair value of outstanding hedging instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect of Increase in Interest Rate by 50 Basis Points on Fair Value of Derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EffectOfIncreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">+50 Basis Points</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives" xlink:label="hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives" xlink:to="hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the effect of decrease in the interest rate by 50 basis points on the fair value of outstanding hedging instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect of Decrease in Interest Rate by 50 Basis Points on Fair Value of Derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="hcp_EffectOfDecreaseInInterestRateBy50BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">-50 Basis Points</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives" xlink:label="hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives" xlink:to="hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the effect of increase in the interest rate by 100 basis points on the fair value of outstanding hedging instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect of Increase in Interest Rate by 100 Basis Points on Fair Value of Derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_EffectOfIncreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">+100 Basis Points</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives" xlink:label="hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives" xlink:to="hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents the effect of decrease in the interest rate by 100 basis points on the fair value of outstanding hedging instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect of Decrease in Interest Rate by 100 Basis Points on Fair Value of Derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="hcp_EffectOfDecreaseInInterestRateBy100BasisPointsOnFairValueOfDerivatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">-100 Basis Points</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DerivativeNetHedgeIneffectivenessGainLoss" xlink:label="us-gaap_DerivativeNetHedgeIneffectivenessGainLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeNetHedgeIneffectivenessGainLoss" xlink:to="us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative, Net Hedge Ineffectiveness Gain (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification of unrealized gains into other income (expense), ineffectiveness</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="us-gaap_SubsequentEventTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event [Table]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HcpCpaJvMember" xlink:label="hcp_HcpCpaJvMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HcpCpaJvMember" xlink:to="hcp_HcpCpaJvMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HcpCpaJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to HCP/CPA JV, an unconsolidated joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HcpCpaJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hcp Cpa Jv [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HcpCpaJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP/CPA JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_SpincoMember" xlink:label="hcp_SpincoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_SpincoMember" xlink:to="hcp_SpincoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_SpincoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pretaining to an independent, publicly traded REIT ("SpinCo").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_SpincoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Spinco [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_SpincoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SpinCo</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="us-gaap_SubsequentEventLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventLineItems" xlink:to="us-gaap_SubsequentEventLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Events</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NumberOfPropertiesSpinOff" xlink:label="hcp_NumberOfPropertiesSpinOff" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NumberOfPropertiesSpinOff" xlink:to="hcp_NumberOfPropertiesSpinOff_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NumberOfPropertiesSpinOff_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties the reporting entity intended to spin off into an independent, publicly traded entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NumberOfPropertiesSpinOff_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Properties Spin Off</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NumberOfPropertiesSpinOff_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of properties intended to spin off</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromDivestitureOfInterestInJointVenture" xlink:label="us-gaap_ProceedsFromDivestitureOfInterestInJointVenture" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromDivestitureOfInterestInJointVenture" xlink:to="us-gaap_ProceedsFromDivestitureOfInterestInJointVenture_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromDivestitureOfInterestInJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Divestiture of Interest in Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromDivestitureOfInterestInJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash proceeds</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NotesReceivableFromContributionOfInterestsInJointVenture" xlink:label="hcp_NotesReceivableFromContributionOfInterestsInJointVenture" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NotesReceivableFromContributionOfInterestsInJointVenture" xlink:to="hcp_NotesReceivableFromContributionOfInterestsInJointVenture_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NotesReceivableFromContributionOfInterestsInJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of note receivable from contribution of interests in joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NotesReceivableFromContributionOfInterestsInJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Receivable From Contribution Of Interests In Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NotesReceivableFromContributionOfInterestsInJointVenture_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Note receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Primary Beneficiary [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VIEs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="us-gaap_MajorCustomersAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorCustomersAxis" xlink:to="us-gaap_MajorCustomersAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MajorCustomersAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="us-gaap_NameOfMajorCustomerDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NameOfMajorCustomerDomain" xlink:to="us-gaap_NameOfMajorCustomerDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Name Of Major Customer [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_OperatorsMember" xlink:label="hcp_OperatorsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_OperatorsMember" xlink:to="hcp_OperatorsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_OperatorsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents operators of the entity's properties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_OperatorsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operators [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_OperatorsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tenants and Operators</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="us-gaap_SubsequentEventTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent event</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentSecondaryCategorizationAxis" xlink:label="us-gaap_InvestmentSecondaryCategorizationAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentSecondaryCategorizationAxis" xlink:to="us-gaap_InvestmentSecondaryCategorizationAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentSecondaryCategorizationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment Secondary Categorization [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsBySecondaryCategorizationDomain" xlink:label="us-gaap_InvestmentsBySecondaryCategorizationDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsBySecondaryCategorizationDomain" xlink:to="us-gaap_InvestmentsBySecondaryCategorizationDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsBySecondaryCategorizationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments By Secondary Categorization [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentsBySecondaryCategorizationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments by Secondary Categorization [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeaseTrancheMember" xlink:label="hcp_DirectFinancingLeaseTrancheMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeaseTrancheMember" xlink:to="hcp_DirectFinancingLeaseTrancheMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeaseTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to Tranche A under the direct financing lease agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeaseTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Tranche [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DirectFinancingLeaseTrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Tranche A [Member]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DirectFinancingLeaseTrancheBMember" xlink:label="hcp_DirectFinancingLeaseTrancheBMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DirectFinancingLeaseTrancheBMember" xlink:to="hcp_DirectFinancingLeaseTrancheBMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DirectFinancingLeaseTrancheBMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to Tranche B under the direct financing lease agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DirectFinancingLeaseTrancheBMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Tranche B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DirectFinancingLeaseTrancheBMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Direct Financing Lease Tranche B [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Entity [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_NhpMember" xlink:label="hcp_NhpMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_NhpMember" xlink:to="hcp_NhpMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_NhpMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to NHP, a company acquired by Formation Capital and Safanad, and for which the entity was lead investor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_NhpMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nhp [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_NhpMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NHP[Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Rate [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Rate [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Rate [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">London Interbank Offered Rate L I B O R [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LIBOR</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_CCRCJVMember" xlink:label="hcp_CCRCJVMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_CCRCJVMember" xlink:to="hcp_CCRCJVMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_CCRCJVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a strategic joint venture that owns and operates continuing care retirement community compuses ("CCRC JV").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_CCRCJVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">C C R C J V [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_CCRCJVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CCRC JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_MbkSeniorLivingMember" xlink:label="hcp_MbkSeniorLivingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_MbkSeniorLivingMember" xlink:to="hcp_MbkSeniorLivingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_MbkSeniorLivingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to MBK Senior Living, a company with which the entity has formed a joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_MbkSeniorLivingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mbk Senior Living [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_MbkSeniorLivingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">MBK</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_FourSeasonsHealthCareLtdMember" xlink:label="hcp_FourSeasonsHealthCareLtdMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_FourSeasonsHealthCareLtdMember" xlink:to="hcp_FourSeasonsHealthCareLtdMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_FourSeasonsHealthCareLtdMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to Four Seasons Health Care Ltd.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_FourSeasonsHealthCareLtdMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Four Seasons Health Care Ltd [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_FourSeasonsHealthCareLtdMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Four Seasons Health Care Ltd</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansPayableMember" xlink:label="us-gaap_LoansPayableMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableMember" xlink:to="us-gaap_LoansPayableMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans Payable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term loans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NotesPayableOtherPayablesMember" xlink:label="us-gaap_NotesPayableOtherPayablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableOtherPayablesMember" xlink:to="us-gaap_NotesPayableOtherPayablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableOtherPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Payable Other Payables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesPayableOtherPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Demand Note</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_RIDEAJVMember" xlink:label="hcp_RIDEAJVMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_RIDEAJVMember" xlink:to="hcp_RIDEAJVMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_RIDEAJVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a joint venture with a portfolio of non-stabilized properties ("RIDEA JV").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_RIDEAJVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">R I D E A J V [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_RIDEAJVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RIDEA I</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_Ridea2Member" xlink:label="hcp_Ridea2Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_Ridea2Member" xlink:to="hcp_Ridea2Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_Ridea2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to joint venture entities formed in August 2014 that own and operate senior housing properties in a RIDEA structure ("RIDEA II").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_Ridea2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ridea2 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_Ridea2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RIDEA II</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_Ridea3OpcoMember" xlink:label="hcp_Ridea3OpcoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_Ridea3OpcoMember" xlink:to="hcp_Ridea3OpcoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_Ridea3OpcoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a joint venture formed in June 2015 that operates senior housing properties in a RIDEA structure.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_Ridea3OpcoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ridea3 Opco [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_Ridea3OpcoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RIDEA III</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_HcpVenturesVMember" xlink:label="hcp_HcpVenturesVMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_HcpVenturesVMember" xlink:to="hcp_HcpVenturesVMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_HcpVenturesVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to HCP Ventures V.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_HcpVenturesVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hcp Ventures V [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_HcpVenturesVMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">HCP Ventures V</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_ConsolidatedVariableEntityVintageParkJvMember" xlink:label="hcp_ConsolidatedVariableEntityVintageParkJvMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_ConsolidatedVariableEntityVintageParkJvMember" xlink:to="hcp_ConsolidatedVariableEntityVintageParkJvMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_ConsolidatedVariableEntityVintageParkJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to Vintage IL Development, consolidated variable interest entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_ConsolidatedVariableEntityVintageParkJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Variable Entity Vintage Park Jv [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_ConsolidatedVariableEntityVintageParkJvMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vintage Park Development JV</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_DownreitPartnershipsMember" xlink:label="hcp_DownreitPartnershipsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_DownreitPartnershipsMember" xlink:to="hcp_DownreitPartnershipsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_DownreitPartnershipsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a joint venture, DownREIT Partnerships.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_DownreitPartnershipsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Downreit Partnerships [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_DownreitPartnershipsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DownREIT Partnerships</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for New Accounting Pronouncements [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="us-gaap_TypeOfAdoptionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfAdoptionMember" xlink:to="us-gaap_TypeOfAdoptionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TypeOfAdoptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type Of Adoption [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TypeOfAdoptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type of Adoption [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_AccountingStandardsUpdate201502Member" xlink:label="hcp_AccountingStandardsUpdate201502Member" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProductOrServiceAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products and Services [Axis]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProductsAndServicesDomain" xlink:to="us-gaap_ProductsAndServicesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProductsAndServicesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products And Services [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProductsAndServicesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products and Services [Domain]</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_BmaSwapIndexMember" xlink:label="hcp_BmaSwapIndexMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_BmaSwapIndexMember" xlink:to="hcp_BmaSwapIndexMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_BmaSwapIndexMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to financial instruments for which the exchange rate index is BMA Swap Index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_BmaSwapIndexMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bma Swap Index [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_BmaSwapIndexMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">BMA Swap Index</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_GbpLiborMember" xlink:label="hcp_GbpLiborMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="hcp_GbpLiborMember" xlink:to="hcp_GbpLiborMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="hcp_GbpLiborMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to financial instruments for which the exchange rate index is GBP LIBOR.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="hcp_GbpLiborMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gbp Libor [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="hcp_GbpLiborMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">GBP LIBOR</label>
    <loc xlink:type="locator" xlink:href="hcp-20160331.xsd#hcp_InvestorGroupLedByColumbiaPacificAdvisorsLlcMember" xlink:label="hcp_InvestorGroupLedByColumbiaPacificAdvisorsLlcMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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