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    <link:label id="lab_us-gaap_ReceivableTypeDomain_8A9529EDF7A5687F17A08DBB2D923457_label_en-US" xlink:label="lab_us-gaap_ReceivableTypeDomain_8A9529EDF7A5687F17A08DBB2D923457" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivable [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_8A9529EDF7A5687F17A08DBB2D923457" xlink:type="locator" />
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    <link:label id="lab_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54_terseLabel_en-US" xlink:label="lab_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tandem Health Care Loan</link:label>
    <link:label id="lab_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54_label_en-US" xlink:label="lab_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tandem Health Care Loan [Member]</link:label>
    <link:label id="lab_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54_documentation_en-US" xlink:label="lab_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Tandem Health Care Loan.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_TandemHealthCareLoanMember" xlink:label="loc_hcp_TandemHealthCareLoanMember_670DD59660670FD484F08DBB2D92AA54" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_6DFA715D5B170BBA03A88DBB2D92005E_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_6DFA715D5B170BBA03A88DBB2D92005E" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loans Receivable</link:label>
    <link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_6DFA715D5B170BBA03A88DBB2D92005E_label_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_6DFA715D5B170BBA03A88DBB2D92005E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts, Notes, Loans and Financing Receivable [Line Items]</link:label>
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    <link:label id="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E_terseLabel_en-US" xlink:label="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans receivable, other</link:label>
    <link:label id="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E_label_en-US" xlink:label="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Receivable, Gross, Other</link:label>
    <link:label id="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E_documentation_en-US" xlink:label="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gross carrying amount of loan receivable classified as other.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LoansReceivableGrossOther" xlink:label="loc_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E" xlink:to="lab_hcp_LoansReceivableGrossOther_4DFE4F90E3F794BF9EE18DBB2D92953E" xlink:type="arc" />
    <link:label id="lab_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4_terseLabel_en-US" xlink:label="lab_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate payable (percent)</link:label>
    <link:label id="lab_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4_label_en-US" xlink:label="lab_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Receivable, Interest Rate Payable</link:label>
    <link:label id="lab_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4_documentation_en-US" xlink:label="lab_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The interest rate that is used to calculate the amount of interest payable for loans receivable.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LoanReceivableInterestRatePayable" xlink:label="loc_hcp_LoanReceivableInterestRatePayable_A25045FDE4A0CF8B6DBE8DBB2D9266A4" xlink:type="locator" />
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    <link:label id="lab_hcp_CapitalLeasesOfLesseeOptionToPurchaseNumberOfProperties_6B0E57201BA97FC4912C8DBB2D93A456_terseLabel_en-US" xlink:label="lab_hcp_CapitalLeasesOfLesseeOptionToPurchaseNumberOfProperties_6B0E57201BA97FC4912C8DBB2D93A456" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of leasehold properties under the right to buy option</link:label>
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    <link:label id="lab_hcp_CapitalLeasesOfLesseeOptionToPurchaseNumberOfProperties_6B0E57201BA97FC4912C8DBB2D93A456_documentation_en-US" xlink:label="lab_hcp_CapitalLeasesOfLesseeOptionToPurchaseNumberOfProperties_6B0E57201BA97FC4912C8DBB2D93A456" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital Leases Of Lessee, Option To Purchase, Number Of Properties</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_CapitalLeasesOfLesseeOptionToPurchaseNumberOfProperties" xlink:label="loc_hcp_CapitalLeasesOfLesseeOptionToPurchaseNumberOfProperties_6B0E57201BA97FC4912C8DBB2D93A456" xlink:type="locator" />
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    <link:label id="lab_hcp_CapitalLeasesOfLesseeOptionToPurchasePurchasePrice_2A0A13257649858D7E978DBB2D931F63_terseLabel_en-US" xlink:label="lab_hcp_CapitalLeasesOfLesseeOptionToPurchasePurchasePrice_2A0A13257649858D7E978DBB2D931F63" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount of purchase price for option to buy leasehold properties</link:label>
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    <link:loc xlink:href="hcp-20171231.xsd#hcp_CapitalLeasesOfLesseeOptionToPurchasePurchasePrice" xlink:label="loc_hcp_CapitalLeasesOfLesseeOptionToPurchasePurchasePrice_2A0A13257649858D7E978DBB2D931F63" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LongTermDebt_C63F8F4F4FC2361DD2B28DBB2D931452_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt_C63F8F4F4FC2361DD2B28DBB2D931452" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt</link:label>
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    <link:label id="lab_us-gaap_NumberOfRealEstateProperties_19B25F30951CC160E5CA8DBB2D93347E_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfRealEstateProperties_19B25F30951CC160E5CA8DBB2D93347E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="loc_us-gaap_NumberOfRealEstateProperties_19B25F30951CC160E5CA8DBB2D93347E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfRealEstateProperties_19B25F30951CC160E5CA8DBB2D93347E" xlink:to="lab_us-gaap_NumberOfRealEstateProperties_19B25F30951CC160E5CA8DBB2D93347E" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfBeds_0D48A240089A66FE44FC8DBB2D93CA13_terseLabel_en-US" xlink:label="lab_hcp_NumberOfBeds_0D48A240089A66FE44FC8DBB2D93CA13" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of beds</link:label>
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    <link:label id="lab_hcp_NumberOfBeds_0D48A240089A66FE44FC8DBB2D93CA13_documentation_en-US" xlink:label="lab_hcp_NumberOfBeds_0D48A240089A66FE44FC8DBB2D93CA13" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Beds</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfBeds" xlink:label="loc_hcp_NumberOfBeds_0D48A240089A66FE44FC8DBB2D93CA13" xlink:type="locator" />
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    <link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_4B43255BC7BCC96906608DBB2D9392ED_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_4B43255BC7BCC96906608DBB2D9392ED" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Write down of loans receivable</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_4B43255BC7BCC96906608DBB2D9392ED_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_4B43255BC7BCC96906608DBB2D9392ED" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Allowance for Credit Losses, Write-downs</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs_4B43255BC7BCC96906608DBB2D9392ED" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans receivable, net</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable, Net Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetReportedAmount" xlink:label="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE" xlink:to="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_B45B2E0D8F3B456D89D68DBB2D930DFE" xlink:type="arc" />
    <link:label id="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4_terseLabel_en-US" xlink:label="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repayment on loans and leases receivable</link:label>
    <link:label id="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4_label_en-US" xlink:label="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans And Leases Receivable, Repayment Amount</link:label>
    <link:label id="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4_documentation_en-US" xlink:label="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable, Repayment Amount</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LoansAndLeasesReceivableRepaymentAmount" xlink:label="loc_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4" xlink:to="lab_hcp_LoansAndLeasesReceivableRepaymentAmount_04C67E7F78169E20792C8DBB2D9348A4" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Proceeds from deposit on loan</link:label>
    <link:label id="lab_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for (Proceeds from) Deposit on Loan</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromDepositOnLoan" xlink:label="loc_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73" xlink:to="lab_us-gaap_PaymentsForProceedsFromDepositOnLoan_A7A5F4390DA841D0B6988DBB2D937C73" xlink:type="arc" />
    <link:label id="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F_terseLabel_en-US" xlink:label="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties disposed</link:label>
    <link:label id="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F_label_en-US" xlink:label="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposition of Properties Sold Number</link:label>
    <link:label id="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F_documentation_en-US" xlink:label="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of properties sold during the period, not categorized as discontinued operations.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DispositionOfPropertiesSoldNumber" xlink:label="loc_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F" xlink:to="lab_hcp_DispositionOfPropertiesSoldNumber_833B235246D0F24BC4708DBB2D93E64F" xlink:type="arc" />
    <link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair value of loans receivable</link:label>
    <link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1_label_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Receivable, Fair Value Disclosure</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansReceivableFairValueDisclosure" xlink:label="loc_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1" xlink:to="lab_us-gaap_LoansReceivableFairValueDisclosure_74BA4979FFA23371DE3C8DBB2D9397E1" xlink:type="arc" />
    <link:label id="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income related to loans</link:label>
    <link:label id="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB_label_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest and Fee Income, Loans and Leases</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB" xlink:to="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_A2FC882941C26C706D8A8DBB2D9372EB" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Cash payments received from borrower</link:label>
    <link:label id="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B_label_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Collection of Loans Receivable</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B" xlink:to="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_CF728EA08B11B4B6EB378DBB2D934F8B" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtDisclosureAbstract_F44180EC4903BB565DBC7CF4ABB4F77E_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract_F44180EC4903BB565DBC7CF4ABB4F77E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_F44180EC4903BB565DBC7CF4ABB4F77E" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentTable_9705623CFF43AAAE9F527CF4ABB5B6D3_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable_9705623CFF43AAAE9F527CF4ABB5B6D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentTable_9705623CFF43AAAE9F527CF4ABB5B6D3_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable_9705623CFF43AAAE9F527CF4ABB5B6D3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_9705623CFF43AAAE9F527CF4ABB5B6D3" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A" xlink:to="lab_us-gaap_DebtInstrumentAxis_36D2F3612ABA5662F40F7CF4ABB5167A" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_A1974E01D1F0E47A7B597CF4ABB513E6_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain_A1974E01D1F0E47A7B597CF4ABB513E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_A1974E01D1F0E47A7B597CF4ABB513E6_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain_A1974E01D1F0E47A7B597CF4ABB513E6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_A1974E01D1F0E47A7B597CF4ABB513E6" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bank Line of Credit</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="loc_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A" xlink:to="lab_us-gaap_LineOfCreditMember_209EA31D1966F9327F037CF4ABB5AA6A" xlink:type="arc" />
    <link:label id="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A_terseLabel_en-US" xlink:label="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2012 Term Loan</link:label>
    <link:label id="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A_label_en-US" xlink:label="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Loan2012 [Member]</link:label>
    <link:label id="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A_documentation_en-US" xlink:label="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the term loan executed July 2012.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_TermLoan2012Member" xlink:label="loc_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A" xlink:to="lab_hcp_TermLoan2012Member_AA5D02D643D3AD477D017CF4ABB52C6A" xlink:type="arc" />
    <link:label id="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604_terseLabel_en-US" xlink:label="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2015 Term Loan</link:label>
    <link:label id="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604_label_en-US" xlink:label="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Loan 2015 [Member]</link:label>
    <link:label id="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604_documentation_en-US" xlink:label="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to the term loan incepted in 2015.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_TermLoan2015Member" xlink:label="loc_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604" xlink:to="lab_hcp_TermLoan2015Member_8B34F5D42C808FCFB66D7CF4ABB50604" xlink:type="arc" />
    <link:label id="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19_terseLabel_en-US" xlink:label="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit and Term Loan</link:label>
    <link:label id="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19_label_en-US" xlink:label="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line Of Credit And Term Loan [Member]</link:label>
    <link:label id="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19_documentation_en-US" xlink:label="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The combination of the entity's revolving line of credit facility and term loan.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LineOfCreditAndTermLoanMember" xlink:label="loc_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19" xlink:to="lab_hcp_LineOfCreditAndTermLoanMember_7276F4B2F29D7EAC05287CF4ABB53A19" xlink:type="arc" />
    <link:label id="lab_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:label id="lab_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC" xlink:to="lab_us-gaap_VariableRateAxis_0383CF0E47A0080FCACB7CF4ABB5A3DC" xlink:type="arc" />
    <link:label id="lab_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:label id="lab_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31" xlink:to="lab_us-gaap_VariableRateDomain_7334BF73A760D8DA20C67CF4ABB5BA31" xlink:type="arc" />
    <link:label id="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E_terseLabel_en-US" xlink:label="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">GBP LIBOR</link:label>
    <link:label id="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E_label_en-US" xlink:label="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gbp Libor [Member]</link:label>
    <link:label id="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E_documentation_en-US" xlink:label="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to financial instruments for which the exchange rate index is GBP LIBOR.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_GbpLiborMember" xlink:label="loc_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E" xlink:to="lab_hcp_GbpLiborMember_1C13910CEED574883F9B7CF4ABB5E28E" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E" xlink:to="lab_us-gaap_DebtInstrumentLineItems_D8D30674EEA13DAAECF07CF4ABB5C88E" xlink:type="arc" />
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of credit facility, maximum borrowing capacity</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_0349A1E752A582F9A9F67CF4ABB58BCD" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Extensions</link:label>
    <link:label id="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570_label_en-US" xlink:label="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Extensions</link:label>
    <link:label id="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Extensions</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentNumberofExtensions" xlink:label="loc_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570" xlink:to="lab_hcp_DebtInstrumentNumberofExtensions_891EF4AC26D67D1647C57CF4ABB51570" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan, basis spread on variable rate</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31" xlink:to="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_BF22A5157F5609F77B457CF4ABB53E31" xlink:type="arc" />
    <link:label id="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, facility fee (as a percent)</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Commitment Fee Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:label="loc_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF" xlink:to="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_1B8BA4771E7A3908FB3D7CF4ABB55BBF" xlink:type="arc" />
    <link:label id="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E_terseLabel_en-US" xlink:label="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of credit facility additional aggregate amount, maximum</link:label>
    <link:label id="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E_label_en-US" xlink:label="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit, Facility Additional Available Borrowing Capacity Maximum</link:label>
    <link:label id="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E_documentation_en-US" xlink:label="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the maximum additional borrowing capacity available under the credit facility, subject to customary conditions.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum" xlink:label="loc_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E" xlink:to="lab_hcp_LineOfCreditFacilityAdditionalAvailableBorrowingCapacityMaximum_B149A50B5F553C455C817CF4ABB5C93E" xlink:type="arc" />
    <link:label id="lab_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bank line of credit</link:label>
    <link:label id="lab_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8_label_en-US" xlink:label="lab_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Line of Credit</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8" xlink:to="lab_us-gaap_LineOfCredit_043138F45F6B0F2070B27CF4ABB566A8" xlink:type="arc" />
    <link:label id="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A_terseLabel_en-US" xlink:label="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of credit, portion denominated in GBP</link:label>
    <link:label id="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A_label_en-US" xlink:label="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Portion Denominated in Foreign Currency</link:label>
    <link:label id="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A_documentation_en-US" xlink:label="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The portion of the outstanding balance of the line of credit that is denominated in a foreign currency.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LineOfCreditPortionDenominatedInForeignCurrency" xlink:label="loc_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A" xlink:to="lab_hcp_LineOfCreditPortionDenominatedInForeignCurrency_EFF341D2D02AB449FA427CF4ABB67E4A" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term loans, portion denominated in GBP</link:label>
    <link:label id="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A_label_en-US" xlink:label="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Portion Denominated in Foreign Currency</link:label>
    <link:label id="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The portion of the outstanding balance of the debt that is denominated in a foreign currency.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentPortionDenominatedInForeignCurrency" xlink:label="loc_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A" xlink:to="lab_hcp_DebtInstrumentPortionDenominatedInForeignCurrency_9F4995D9C1B681C7A3EA7CF4ABB64B4A" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF_terseLabel_en-US" xlink:label="lab_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-average interest rate (as a percent)</link:label>
    <link:label id="lab_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF_label_en-US" xlink:label="lab_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt, Weighted Average Interest Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtWeightedAverageInterestRate" xlink:label="loc_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF" xlink:to="lab_us-gaap_DebtWeightedAverageInterestRate_631C9336D16248C8A5CA7CF4ABB67EBF" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Length of debt instrument extension period</link:label>
    <link:label id="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D_label_en-US" xlink:label="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Period of Extension</link:label>
    <link:label id="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the length of the debt instrument extension period.</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D" xlink:to="lab_hcp_DebtInstrumentPeriodOfExtension_337721CD900C9FB8915E7CF4ABB6349D" xlink:type="arc" />
    <link:label id="lab_us-gaap_RepaymentsOfDebt_FC7946EEF70C2060E9F17CF4ABB6A214_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt_FC7946EEF70C2060E9F17CF4ABB6A214" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repayments of debt</link:label>
    <link:label id="lab_us-gaap_RepaymentsOfDebt_FC7946EEF70C2060E9F17CF4ABB6A214_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt_FC7946EEF70C2060E9F17CF4ABB6A214" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments of Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="loc_us-gaap_RepaymentsOfDebt_FC7946EEF70C2060E9F17CF4ABB6A214" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentTerm_4C9FF5D18241D49E706B7CF4ABB62AF6_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm_4C9FF5D18241D49E706B7CF4ABB62AF6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Term of facility</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentTerm_4C9FF5D18241D49E706B7CF4ABB62AF6_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm_4C9FF5D18241D49E706B7CF4ABB62AF6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Term</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="loc_us-gaap_DebtInstrumentTerm_4C9FF5D18241D49E706B7CF4ABB62AF6" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term of contract</link:label>
    <link:label id="lab_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5_label_en-US" xlink:label="lab_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Term of Contract</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeTermOfContract" xlink:label="loc_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5" xlink:to="lab_us-gaap_DerivativeTermOfContract_61B2C0D2FC1F126963857CF4ABB653F5" xlink:type="arc" />
    <link:label id="lab_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE_terseLabel_en-US" xlink:label="lab_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term loans</link:label>
    <link:label id="lab_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE_label_en-US" xlink:label="lab_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Payable to Bank</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansPayableToBank" xlink:label="loc_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE" xlink:to="lab_us-gaap_LoansPayableToBank_843F01E304B5E02F71547CF4ABB62BEE" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, covenant debt to assets (as a percent)</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE_label_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Covenant Debt to Assets</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The limit of the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value contained in the debt covenants.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCovenantDebtToAssets" xlink:label="loc_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE" xlink:to="lab_hcp_DebtInstrumentCovenantDebtToAssets_88A582BE4AEDBAEBFB4A7CF4ABB637FE" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, covenant secured debt to assets (as a percent)</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB_label_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Covenant Secured Debt to Assets</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The limit of the ratio of Secured Debt to Consolidated Total Asset Value contained in the debt covenants.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCovenantSecuredDebtToAssets" xlink:label="loc_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB" xlink:to="lab_hcp_DebtInstrumentCovenantSecuredDebtToAssets_316C413B06CFA50170DE7CF4ABB643EB" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262_label_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Covenant Unsecured Debt to Unencumbered Assets</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The limit of the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value contained in the debt covenants.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets" xlink:label="loc_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262" xlink:to="lab_hcp_DebtInstrumentCovenantUnsecuredDebtToUnencumberedAssets_41A74A413C384C22ACB47CF4ABB64262" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, covenant minimum fixed charge coverage ratio</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4_label_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Covenant Fixed Charge Ratio, Minimum</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The required minimum Fixed Charge Coverage ratio contained in the debt covenants.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCovenantFixedChargeRatioMinimum" xlink:label="loc_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4" xlink:to="lab_hcp_DebtInstrumentCovenantFixedChargeRatioMinimum_F49FF277432BAAE16A717CF4ABB6B8D4" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, covenant net worth</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80_label_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Covenant Net Worth</link:label>
    <link:label id="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The required Minimum Consolidated Tangible Net Worth contained in the debt covenants.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCovenantNetWorth" xlink:label="loc_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80" xlink:to="lab_hcp_DebtInstrumentCovenantNetWorth_5B31032F435349928E477CF4ABB64A80" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntitiesDisclosureAbstract_1C876D8E186EFA855433E163339DDB47_label_en-US" xlink:label="lab_hcp_VariableInterestEntitiesDisclosureAbstract_1C876D8E186EFA855433E163339DDB47" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entities</link:label>
    <link:label id="lab_hcp_VariableInterestEntitiesDisclosureAbstract_1C876D8E186EFA855433E163339DDB47_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntitiesDisclosureAbstract_1C876D8E186EFA855433E163339DDB47" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">e0156291-e678-b311-998c-c1625ba7e7fa</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntitiesDisclosureAbstract" xlink:label="loc_hcp_VariableInterestEntitiesDisclosureAbstract_1C876D8E186EFA855433E163339DDB47" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_CC44C0EF1A7413596BF9E163339E4AC7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_CC44C0EF1A7413596BF9E163339E4AC7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of variable interest entities</link:label>
    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_CC44C0EF1A7413596BF9E163339E4AC7_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_CC44C0EF1A7413596BF9E163339E4AC7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Variable Interest Entities [Table Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_CC44C0EF1A7413596BF9E163339E4AC7" xlink:type="locator" />
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    <link:label id="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E_terseLabel_en-US" xlink:label="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated assets and liabilities of variable interest entities</link:label>
    <link:label id="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E_label_en-US" xlink:label="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Variable Interest Entities Included In The Balance Sheet</link:label>
    <link:label id="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E_documentation_en-US" xlink:label="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of the VIE's total assest and liabilities included in the consolidated balance sheet.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet" xlink:label="loc_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E" xlink:to="lab_hcp_ScheduleOfVariableInterestEntitiesIncludedInBalanceSheet_C315265DE3E95261AFA7E163339E2F8E" xlink:type="arc" />
    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract_5F2994ABB84C9F0AEC0662FDCD32BBBC_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract_5F2994ABB84C9F0AEC0662FDCD32BBBC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
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    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableCurrent_F32195050FB7F606229224DC7E218064_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableCurrent_F32195050FB7F606229224DC7E218064" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future annualized base rental payments receivable within one year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableCurrent" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableCurrent_F32195050FB7F606229224DC7E218064" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableCurrent_F32195050FB7F606229224DC7E218064" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableCurrent_F32195050FB7F606229224DC7E218064" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2019</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable in Two Years</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future annualized base rental payments receivable within second year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInTwoYears_08AA7CF84825CA7C6BA924DC7E21E5B6" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2020</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable in Three Years</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future annualized base rental payments receivable within third year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInThreeYears_173503E40FF272D2097324DC7E2190DE" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2021</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable in Four Years</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future annualized base rental payments receivable within fourth year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFourYears_47110384CD7B084CDD8B24DC7E213E59" xlink:type="arc" />
    <link:label id="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF_terseLabel_en-US" xlink:label="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2022</link:label>
    <link:label id="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF_label_en-US" xlink:label="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable In Five Years</link:label>
    <link:label id="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF_documentation_en-US" xlink:label="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable In Five Years</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears" xlink:label="loc_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF" xlink:to="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableInFiveYears_206101A98D4824A95E6924DC7E211AFF" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable Thereafter</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future annualized base rental payments receivable after the fifth year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivableThereafter_7765AB5FE9A5097AA26024DC7E21946D" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE_totalLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total annualized base rent</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Base Rent Receivable</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future annualized base rental payments receivable for the five years following the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedBaseRentReceivable_5F5BA0BF477FCF4246C924DC7E214ACE" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties with purchase options, annualized base rent receivables</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Annualized Minimum Payments Receivable Number of Properties [Abstract]</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">68407dc0-dfd4-9024-d73b-c1625085a6fe</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureAnnualizedMinimumPaymentsReceivableNumberOfPropertiesAbstract_29E7A8DE64E397EAF12324DC7E221827" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2018</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Payments Receivable Number of Properties Current</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties for which future annualized rental payments are receivable within one year of the balance sheet date, on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesCurrent_F6CDA4E8A59F413F581424DC7E221F08" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2019</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Payments Receivable Number of Properties in Two Years</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties for which future annualized rental payments are receivable within second year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInTwoYears_6B2EDF86F896B747EAE624DC7E22D893" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2020</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Payments Receivable Number of Properties in Three Years</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties for which future annualized rental payments are receivable within third year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInThreeYears_126B5F609F48986196FF24DC7E226FD3" xlink:type="arc" />
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2021</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Payments Receivable Number of Properties in Four Years</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4_documentation_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties for which future annualized rental payments are receivable within fourth year of the balance sheet date on leases with purchase options, whereby the tenant may elect to acquire the underlying real estate.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4" xlink:to="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesInFourYears_6958FD451A649B61F64D24DC7E22D2B4" xlink:type="arc" />
    <link:label id="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberofPropertiesInFiveYears_625C18395C545E7DDAD424DC7E22EE0C_terseLabel_en-US" xlink:label="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberofPropertiesInFiveYears_625C18395C545E7DDAD424DC7E22EE0C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2022</link:label>
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    <link:label id="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberofPropertiesInFiveYears_625C18395C545E7DDAD424DC7E22EE0C_documentation_en-US" xlink:label="lab_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberofPropertiesInFiveYears_625C18395C545E7DDAD424DC7E22EE0C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Payments Receivable Number of Properties In Five Years</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberofPropertiesInFiveYears" xlink:label="loc_hcp_LeaseswithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberofPropertiesInFiveYears_625C18395C545E7DDAD424DC7E22EE0C" xlink:type="locator" />
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    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesThereafter_C61211811A2598E7A37224DC7E2280A6_terseLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesThereafter_C61211811A2598E7A37224DC7E2280A6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
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    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesThereafter" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfPropertiesThereafter_C61211811A2598E7A37224DC7E2280A6" xlink:type="locator" />
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    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfProperties_C42C0371103ED589915824DC7E2282E5_totalLabel_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfProperties_C42C0371103ED589915824DC7E2282E5" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total number of properties</link:label>
    <link:label id="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfProperties_C42C0371103ED589915824DC7E2282E5_label_en-US" xlink:label="lab_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfProperties_C42C0371103ED589915824DC7E2282E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases with Purchase Option Future Minimum Annualized Payments Receivable Number of Properties</link:label>
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    <link:loc xlink:href="hcp-20171231.xsd#hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfProperties" xlink:label="loc_hcp_LeasesWithPurchaseOptionFutureMinimumAnnualizedPaymentsReceivableNumberOfProperties_C42C0371103ED589915824DC7E2282E5" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AssetImpairmentChargesAbstract_B7D99EDEE6CE3744FCBE87A61F50A541_label_en-US" xlink:label="lab_us-gaap_AssetImpairmentChargesAbstract_B7D99EDEE6CE3744FCBE87A61F50A541" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Impairment Charges [Abstract]</link:label>
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    <link:label id="lab_us-gaap_IncomeStatementLocationAxis_CB2D4C4A264E93D3AA2687A61F5079A2_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis_CB2D4C4A264E93D3AA2687A61F5079A2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Statement Location [Axis]</link:label>
    <link:label id="lab_us-gaap_IncomeStatementLocationAxis_CB2D4C4A264E93D3AA2687A61F5079A2_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis_CB2D4C4A264E93D3AA2687A61F5079A2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement Location [Axis]</link:label>
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    <link:label id="lab_us-gaap_IncomeStatementLocationDomain_9161BFAEED13B3ABF2A487A61F509141_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain_9161BFAEED13B3ABF2A487A61F509141" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement Location [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_9161BFAEED13B3ABF2A487A61F509141" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpenseMember_0E1EA677BAA4AB76680487A61F50A1A4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpenseMember_0E1EA677BAA4AB76680487A61F50A1A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Nonoperating Income (Expense)</link:label>
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    <link:label id="lab_hcp_FourSeasonsHealthCareMember_8E21E6B797C918FCAD5087A61F5042FD_documentation_en-US" xlink:label="lab_hcp_FourSeasonsHealthCareMember_8E21E6B797C918FCAD5087A61F5042FD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Four Seasons Health Care.</link:label>
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    <link:label id="lab_us-gaap_ValuationTechniqueAxis_D35578D67C41B1F20E4A87A61F5017DB_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis_D35578D67C41B1F20E4A87A61F5017DB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Technique [Axis]</link:label>
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    <link:label id="lab_us-gaap_ValuationTechniqueDomain_A995F1EBF1DF5AE3C00787A61F512E03_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain_A995F1EBF1DF5AE3C00787A61F512E03" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Technique [Domain]</link:label>
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    <link:label id="lab_hcp_DiscountedCashFlowValuationTechniqueMember_53C73F32C29586EDEA8787A61F51DFF2_terseLabel_en-US" xlink:label="lab_hcp_DiscountedCashFlowValuationTechniqueMember_53C73F32C29586EDEA8787A61F51DFF2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discounted cash flow valuation technique</link:label>
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    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_D72263A2D0BDEC52761587A61F510E7F_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis_D72263A2D0BDEC52761587A61F510E7F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [Axis]</link:label>
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    <link:label id="lab_us-gaap_SegmentDomain_8EBBBF9B362D89AC0B0187A61F515312_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain_8EBBBF9B362D89AC0B0187A61F515312" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [Domain]</link:label>
    <link:label id="lab_us-gaap_SegmentDomain_8EBBBF9B362D89AC0B0187A61F515312_label_en-US" xlink:label="lab_us-gaap_SegmentDomain_8EBBBF9B362D89AC0B0187A61F515312" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [Domain]</link:label>
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    <link:label id="lab_hcp_SeniorHousingTripleNetMember_98CB1F2183533174CC7587A61F51CFEA_terseLabel_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetMember_98CB1F2183533174CC7587A61F51CFEA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior housing triple-net</link:label>
    <link:label id="lab_hcp_SeniorHousingTripleNetMember_98CB1F2183533174CC7587A61F51CFEA_label_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetMember_98CB1F2183533174CC7587A61F51CFEA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Housing Triple Net [Member]</link:label>
    <link:label id="lab_hcp_SeniorHousingTripleNetMember_98CB1F2183533174CC7587A61F51CFEA_documentation_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetMember_98CB1F2183533174CC7587A61F51CFEA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the information pertaining to the Senior Housing Triple Net [Member].</link:label>
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    <link:label id="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A_terseLabel_en-US" xlink:label="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Medical office</link:label>
    <link:label id="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A_label_en-US" xlink:label="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Medical Office [Member]</link:label>
    <link:label id="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A_documentation_en-US" xlink:label="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Properties that are part of continuing operations, and which are classified as medical office.</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A" xlink:to="lab_hcp_MedicalOfficeMember_8AA33C2CBC482A4E3B8B87A61F51D26A" xlink:type="arc" />
    <link:label id="lab_hcp_DelphisOperationsLPSeniorSecuredTermLoanMember_9CFADC5EAA7BF577867A87A61F5170E8_terseLabel_en-US" xlink:label="lab_hcp_DelphisOperationsLPSeniorSecuredTermLoanMember_9CFADC5EAA7BF577867A87A61F5170E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delphis</link:label>
    <link:label id="lab_hcp_DelphisOperationsLPSeniorSecuredTermLoanMember_9CFADC5EAA7BF577867A87A61F5170E8_label_en-US" xlink:label="lab_hcp_DelphisOperationsLPSeniorSecuredTermLoanMember_9CFADC5EAA7BF577867A87A61F5170E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Delphis Operations L P Senior Secured Term Loan [Member]</link:label>
    <link:label id="lab_hcp_DelphisOperationsLPSeniorSecuredTermLoanMember_9CFADC5EAA7BF577867A87A61F5170E8_documentation_en-US" xlink:label="lab_hcp_DelphisOperationsLPSeniorSecuredTermLoanMember_9CFADC5EAA7BF577867A87A61F5170E8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the interest-only, senior secured term loan receivable from Delphis Operations L.P.</link:label>
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    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_A6FE7C144987F26209AB87A61F51C600_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_A6FE7C144987F26209AB87A61F51C600" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Hierarchy [Axis]</link:label>
    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_A6FE7C144987F26209AB87A61F51C600_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_A6FE7C144987F26209AB87A61F51C600" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Hierarchy [Axis]</link:label>
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    <link:label id="lab_us-gaap_EmployeeStockOptionMember_564071D6A84675F982BF73C1C36BC931_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember_564071D6A84675F982BF73C1C36BC931" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock Options</link:label>
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    <link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_39D8F3CCA3232646C91244452D804FAF_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue_39D8F3CCA3232646C91244452D804FAF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Held-to-maturity Securities, Fair Value</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesFairValue_39D8F3CCA3232646C91244452D804FAF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesFairValue_39D8F3CCA3232646C91244452D804FAF" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesFairValue_39D8F3CCA3232646C91244452D804FAF" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermLoansFromBank_175C8B7D47F377BC757244452D8053DF_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermLoansFromBank_175C8B7D47F377BC757244452D8053DF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term loans</link:label>
    <link:label id="lab_us-gaap_LongTermLoansFromBank_175C8B7D47F377BC757244452D8053DF_label_en-US" xlink:label="lab_us-gaap_LongTermLoansFromBank_175C8B7D47F377BC757244452D8053DF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Payable to Bank, Noncurrent</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermLoansFromBank" xlink:label="loc_us-gaap_LongTermLoansFromBank_175C8B7D47F377BC757244452D8053DF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3_terseLabel_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior unsecured notes</link:label>
    <link:label id="lab_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3_label_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="loc_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3" xlink:to="lab_us-gaap_UnsecuredDebt_6494C1A74C0A3488816F44452D8195E3" xlink:type="arc" />
    <link:label id="lab_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage debt</link:label>
    <link:label id="lab_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5_label_en-US" xlink:label="lab_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5" xlink:to="lab_us-gaap_SecuredDebt_FB941803E70BF080302044452D8110F5" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531_terseLabel_en-US" xlink:label="lab_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other debt</link:label>
    <link:label id="lab_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531_label_en-US" xlink:label="lab_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Borrowings</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherBorrowings" xlink:label="loc_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531" xlink:to="lab_us-gaap_OtherBorrowings_0855067C4E4A69326CF044452D810531" xlink:type="arc" />
    <link:label id="lab_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="loc_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8" xlink:to="lab_us-gaap_DerivativeLiabilities_0B3010253CE464991DBC44452D8172B8" xlink:type="arc" />
    <link:label id="lab_us-gaap_DerivativeAssets_6F757A209A33E28A1D9644452D808F31_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets_6F757A209A33E28A1D9644452D808F31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative assets</link:label>
    <link:label id="lab_us-gaap_DerivativeAssets_6F757A209A33E28A1D9644452D808F31_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets_6F757A209A33E28A1D9644452D808F31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_6F757A209A33E28A1D9644452D808F31" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OtherCommitmentsTable_F4F29689CC9B17CCC74F73C1C45637B2_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsTable_F4F29689CC9B17CCC74F73C1C45637B2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Commitments [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsTable" xlink:label="loc_us-gaap_OtherCommitmentsTable_F4F29689CC9B17CCC74F73C1C45637B2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OtherCommitmentsAxis_3A6351EEAFA158335A2273C1C45639BA_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis_3A6351EEAFA158335A2273C1C45639BA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Commitments [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsAxis" xlink:label="loc_us-gaap_OtherCommitmentsAxis_3A6351EEAFA158335A2273C1C45639BA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsAxis_3A6351EEAFA158335A2273C1C45639BA" xlink:to="lab_us-gaap_OtherCommitmentsAxis_3A6351EEAFA158335A2273C1C45639BA" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Commitments [Domain]</link:label>
    <link:label id="lab_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Commitments [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsDomain" xlink:label="loc_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B" xlink:to="lab_us-gaap_OtherCommitmentsDomain_815851403F46D1A51AA573C1C456449B" xlink:type="arc" />
    <link:label id="lab_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90_verboseLabel_en-US" xlink:label="lab_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">U.K. loan commitments</link:label>
    <link:label id="lab_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90_label_en-US" xlink:label="lab_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">U.k. Loan Facility [Member]</link:label>
    <link:label id="lab_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90_documentation_en-US" xlink:label="lab_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to the U.K. Loan Facility.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_U.k.LoanFacilityMember" xlink:label="loc_hcp_U.k.LoanFacilityMember_7A7CA3F7B1E080F8FA2E73C1C4562C90" xlink:type="locator" />
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    <link:label id="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807_terseLabel_en-US" xlink:label="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Construction loan commitments</link:label>
    <link:label id="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807_label_en-US" xlink:label="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Construction Loan Commitments [Member]</link:label>
    <link:label id="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807_documentation_en-US" xlink:label="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents commitments to finance development projects and related working capital financings.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ConstructionLoanCommitmentsMember" xlink:label="loc_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807" xlink:to="lab_hcp_ConstructionLoanCommitmentsMember_D9F715A04AD5D27CE9DF73C1C4562807" xlink:type="arc" />
    <link:label id="lab_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2_terseLabel_en-US" xlink:label="lab_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Development commitments</link:label>
    <link:label id="lab_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2_label_en-US" xlink:label="lab_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Development Commitments [Member]</link:label>
    <link:label id="lab_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2_documentation_en-US" xlink:label="lab_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents construction and other commitments for developments in progress.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DevelopmentCommitmentsMember" xlink:label="loc_hcp_DevelopmentCommitmentsMember_89D031720A0FD8EEC80473C1C456D0C2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Commitments [Line Items]</link:label>
    <link:label id="lab_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Commitments [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherCommitmentsLineItems" xlink:label="loc_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328" xlink:to="lab_us-gaap_OtherCommitmentsLineItems_166618D4004D09E0AA2E73C1C456C328" xlink:type="arc" />
    <link:label id="lab_us-gaap_ContractualObligation_A9917E1E3B4B5CB85A1F73C1C45663B4_totalLabel_en-US" xlink:label="lab_us-gaap_ContractualObligation_A9917E1E3B4B5CB85A1F73C1C45663B4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_ContractualObligation_A9917E1E3B4B5CB85A1F73C1C45663B4_label_en-US" xlink:label="lab_us-gaap_ContractualObligation_A9917E1E3B4B5CB85A1F73C1C45663B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractual Obligation</link:label>
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    <link:loc xlink:href="hcp-20171231.xsd#hcp_TotalConsiderationForDispositionOfRealEstate" xlink:label="loc_hcp_TotalConsiderationForDispositionOfRealEstate_C6A7F274AC68BEDEC2983E2770069CB2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_4E9D14E0DE268A359A418B82808CAB79_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_4E9D14E0DE268A359A418B82808CAB79" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investments and Joint Ventures [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:label="loc_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_4E9D14E0DE268A359A418B82808CAB79" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_4E9D14E0DE268A359A418B82808CAB79" xlink:to="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_4E9D14E0DE268A359A418B82808CAB79" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Equity Method Investments [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Equity Method Investments [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_ACB26604DA7B1F08E6038B82808CABDD" xlink:type="arc" />
    <link:label id="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF_terseLabel_en-US" xlink:label="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CCRC JV</link:label>
    <link:label id="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF_label_en-US" xlink:label="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ccrc Jv Investment [Member]</link:label>
    <link:label id="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF_documentation_en-US" xlink:label="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to the unconsolidated joint venture formed by the Company and Brookdale, under a RIDEA structure, to own and operate CCRC campuses.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_CcrcJvInvestmentMember" xlink:label="loc_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF" xlink:to="lab_hcp_CcrcJvInvestmentMember_BCF36B8B3171F6F5C8EC8B82808C3CDF" xlink:type="arc" />
    <link:label id="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF_terseLabel_en-US" xlink:label="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">RIDEA II</link:label>
    <link:label id="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF_label_en-US" xlink:label="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ridea2 [Member]</link:label>
    <link:label id="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF_documentation_en-US" xlink:label="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to joint venture entities formed in August 2014 that own and operate senior housing properties in a RIDEA structure ("RIDEA II").</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_Ridea2Member" xlink:label="loc_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF" xlink:to="lab_hcp_Ridea2Member_24F1DD05386774DA0E8F8B82808D9DDF" xlink:type="arc" />
    <link:label id="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8_terseLabel_en-US" xlink:label="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Life Science JVs</link:label>
    <link:label id="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8_label_en-US" xlink:label="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Life Science JVs [Member]</link:label>
    <link:label id="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8_documentation_en-US" xlink:label="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to HCP Life Science, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LifeScienceJVsMember" xlink:label="loc_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8" xlink:to="lab_hcp_LifeScienceJVsMember_4F964144D30FCA5A76918B82808E5FE8" xlink:type="arc" />
    <link:label id="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A_terseLabel_en-US" xlink:label="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Torrey Pines Science Center</link:label>
    <link:label id="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A_label_en-US" xlink:label="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Torrey Pines Science Center [Member]</link:label>
    <link:label id="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A_documentation_en-US" xlink:label="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Torrey Pines Science Center, LP, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_TorreyPinesScienceCenterMember" xlink:label="loc_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A" xlink:to="lab_hcp_TorreyPinesScienceCenterMember_FAA2DF13CB9E95249F6A8B82808E896A" xlink:type="arc" />
    <link:label id="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54_terseLabel_en-US" xlink:label="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Britannia Biotech Gateway, LP</link:label>
    <link:label id="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54_label_en-US" xlink:label="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Britannia Biotech Gateway L P [Member]</link:label>
    <link:label id="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54_documentation_en-US" xlink:label="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Britannia Biotech Gateway, LP, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_BritanniaBiotechGatewayLPMember" xlink:label="loc_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54" xlink:to="lab_hcp_BritanniaBiotechGatewayLPMember_1153B62BDC81E7C468A58B82808EBB54" xlink:type="arc" />
    <link:label id="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20_terseLabel_en-US" xlink:label="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LASDK, LP</link:label>
    <link:label id="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20_label_en-US" xlink:label="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">L A S D K L P [Member]</link:label>
    <link:label id="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20_documentation_en-US" xlink:label="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to LASDK, LP, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LASDKLPMember" xlink:label="loc_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20" xlink:to="lab_hcp_LASDKLPMember_B78B3E5F05C0F6F7D4768B82808E3C20" xlink:type="arc" />
    <link:label id="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9_terseLabel_en-US" xlink:label="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MBK JV</link:label>
    <link:label id="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9_label_en-US" xlink:label="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mbk Jv [Member]</link:label>
    <link:label id="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9_documentation_en-US" xlink:label="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to MBK JV, a joint venture in which the entity is an owner.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MbkJvMember" xlink:label="loc_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9" xlink:to="lab_hcp_MbkJvMember_4A9299111B778FDF08398B82808EB7E9" xlink:type="arc" />
    <link:label id="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF_terseLabel_en-US" xlink:label="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Development JVs</link:label>
    <link:label id="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF_label_en-US" xlink:label="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Development JVs [Member]</link:label>
    <link:label id="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF_documentation_en-US" xlink:label="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Development JVs [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DevelopmentJVsMember" xlink:label="loc_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF" xlink:to="lab_hcp_DevelopmentJVsMember_9BB637BC3D0F5D2F09378B82808E63AF" xlink:type="arc" />
    <link:label id="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4_terseLabel_en-US" xlink:label="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vintage Park Development JV</link:label>
    <link:label id="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4_label_en-US" xlink:label="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vintage Il Development [Member]</link:label>
    <link:label id="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4_documentation_en-US" xlink:label="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to Vintage IL Development, a variable interest entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VintageIlDevelopmentMember" xlink:label="loc_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4" xlink:to="lab_hcp_VintageIlDevelopmentMember_4882FE8EB64A2F57A06E8B82808E21B4" xlink:type="arc" />
    <link:label id="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1_terseLabel_en-US" xlink:label="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Waldwick</link:label>
    <link:label id="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1_label_en-US" xlink:label="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Waldwick [Member]</link:label>
    <link:label id="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1_documentation_en-US" xlink:label="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Waldwick [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_WaldwickMember" xlink:label="loc_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1" xlink:to="lab_hcp_WaldwickMember_A6A4791B192B8AB20F218B82808FAFB1" xlink:type="arc" />
    <link:label id="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93_terseLabel_en-US" xlink:label="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Otay Ranch</link:label>
    <link:label id="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93_label_en-US" xlink:label="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Otay Ranch [Member]</link:label>
    <link:label id="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93_documentation_en-US" xlink:label="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Otay Ranch [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_OtayRanchMember" xlink:label="loc_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93" xlink:to="lab_hcp_OtayRanchMember_3C38BADC6A7906AAFAA08B82808F4B93" xlink:type="arc" />
    <link:label id="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8_terseLabel_en-US" xlink:label="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MBK Development JV</link:label>
    <link:label id="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8_label_en-US" xlink:label="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mbk Development Jv [Member]</link:label>
    <link:label id="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8_documentation_en-US" xlink:label="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to MBK Development JV.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MbkDevelopmentJvMember" xlink:label="loc_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8" xlink:to="lab_hcp_MbkDevelopmentJvMember_25EE581C335529DCFBBA8B82808FF8C8" xlink:type="arc" />
    <link:label id="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF_terseLabel_en-US" xlink:label="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Medical Office JVs</link:label>
    <link:label id="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF_label_en-US" xlink:label="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Medical Office JVs [Member]</link:label>
    <link:label id="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF_documentation_en-US" xlink:label="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Medical Office JVs [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MedicalOfficeJVsMember" xlink:label="loc_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF" xlink:to="lab_hcp_MedicalOfficeJVsMember_C1F0F58ACC28E462089E8B82808F8FEF" xlink:type="arc" />
    <link:label id="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E_terseLabel_en-US" xlink:label="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">HCP Ventures IV, LLC</link:label>
    <link:label id="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E_label_en-US" xlink:label="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">H C P Ventures IV, LLC [Member]</link:label>
    <link:label id="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E_documentation_en-US" xlink:label="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to HCP Ventures IV, LLC, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_HCPVenturesIVLLCMember" xlink:label="loc_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E" xlink:to="lab_hcp_HCPVenturesIVLLCMember_E7FD95268299665E72EE8B82808F878E" xlink:type="arc" />
    <link:label id="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C_terseLabel_en-US" xlink:label="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">HCP Ventures III, LLC</link:label>
    <link:label id="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C_label_en-US" xlink:label="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">H C P Ventures III, LLC [Member]</link:label>
    <link:label id="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C_documentation_en-US" xlink:label="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to HCP Ventures III, LLC, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_HCPVenturesIIILLCMember" xlink:label="loc_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C" xlink:to="lab_hcp_HCPVenturesIIILLCMember_101F8A3285B318C338778B82808F544C" xlink:type="arc" />
    <link:label id="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835_terseLabel_en-US" xlink:label="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Suburban Properties, LLC</link:label>
    <link:label id="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835_label_en-US" xlink:label="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Suburban Properties L L C [Member]</link:label>
    <link:label id="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835_documentation_en-US" xlink:label="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Suburban Properties, LLC, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_SuburbanPropertiesLLCMember" xlink:label="loc_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835" xlink:to="lab_hcp_SuburbanPropertiesLLCMember_A7752180CAC69ED51BE28B82808F1835" xlink:type="arc" />
    <link:label id="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC_terseLabel_en-US" xlink:label="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">K&amp;Y JVs</link:label>
    <link:label id="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC_label_en-US" xlink:label="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">K And Y [Member]</link:label>
    <link:label id="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC_documentation_en-US" xlink:label="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to K&amp;Y, an unconsolidated joint venture of the entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_KAndYMember" xlink:label="loc_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC" xlink:to="lab_hcp_KAndYMember_0B9CC7036AABCA28FFEE8B82808F3ACC" xlink:type="arc" />
    <link:label id="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E_terseLabel_en-US" xlink:label="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advances to unconsolidated joint ventures, net</link:label>
    <link:label id="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E_label_en-US" xlink:label="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advances To Unconsolidated Joint Ventures Net [Member]</link:label>
    <link:label id="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E_documentation_en-US" xlink:label="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Advances to unconsolidated joint ventures, net.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_AdvancesToUnconsolidatedJointVenturesNetMember" xlink:label="loc_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E" xlink:to="lab_hcp_AdvancesToUnconsolidatedJointVenturesNetMember_94F318E6AA0855BCF9B18B82808F223E" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Equity Method Investments</link:label>
    <link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Equity Method Investments [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_307A43108A7DD069406F8B82808FA440" xlink:type="arc" />
    <link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment ownership percentage</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investment, Ownership Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_8A1C683E1FC13514D67C8B8280903840" xlink:type="arc" />
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in and advances to unconsolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE" xlink:to="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_0FD2D846612F3CF36F4B8B82809055EE" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F_terseLabel_en-US" xlink:label="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of unconsolidated joint ventures</link:label>
    <link:label id="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F_label_en-US" xlink:label="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Unconsolidated Joint Venture</link:label>
    <link:label id="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F_documentation_en-US" xlink:label="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of unconsolidated joint ventures between entity and an institutional capital partner.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfUnconsolidatedJointVenture" xlink:label="loc_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F" xlink:to="lab_hcp_NumberOfUnconsolidatedJointVenture_4D668C335837B380BB898B828090CE3F" xlink:type="arc" />
    <link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_110D7006AF016BE5FC3DC593E04FA152_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract_110D7006AF016BE5FC3DC593E04FA152" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract_110D7006AF016BE5FC3DC593E04FA152" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract_110D7006AF016BE5FC3DC593E04FA152" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract_110D7006AF016BE5FC3DC593E04FA152" xlink:type="arc" />
    <link:label id="lab_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4_label_en-US" xlink:label="lab_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangibles</link:label>
    <link:label id="lab_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4_documentation_en-US" xlink:label="lab_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US" />
    <link:loc xlink:href="hcp-20171231.xsd#hcp_IntangiblesDisclosureAbstract" xlink:label="loc_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4" xlink:to="lab_hcp_IntangiblesDisclosureAbstract_7A45471E8014B1C397207C2D208FD4B4" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_8782E042F4218FC78E887C2D208F7043_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_8782E042F4218FC78E887C2D208F7043" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets [Table]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_AC46FF20A3E333C9CDD87C2D20950E67" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term debt, gross</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Gross</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1" xlink:to="lab_us-gaap_DebtInstrumentCarryingAmount_406DE2E699BA3226F9E0B94EECA448F1" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of healthcare facilities used to secure debt</link:label>
    <link:label id="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775_label_en-US" xlink:label="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Collateral Healthcare Facilities, Number</link:label>
    <link:label id="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of healthcare facilities which are secured by mortgage debt.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber" xlink:label="loc_hcp_DebtInstrumentCollateralHealthcareFacilitiesNumber_9C569C1D53C0B2570435B94EECB74775" xlink:type="locator" />
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    <link:label id="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument, collateral, healthcare facilities carrying value</link:label>
    <link:label id="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0_label_en-US" xlink:label="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Collateral Healthcare Facilities, Carrying Value</link:label>
    <link:label id="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carrying amount of healthcare facilities which are secured by mortgage debt.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue" xlink:label="loc_hcp_DebtInstrumentCollateralHealthcareFacilitiesCarryingValue_F6CB819CB79F21584488B94EECCA93C0" xlink:type="locator" />
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    <link:label id="lab_us-gaap_CreditFacilityAxis_486F55FD42DA4D3CF3E044452E834C2A_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis_486F55FD42DA4D3CF3E044452E834C2A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:label id="lab_us-gaap_CreditFacilityAxis_486F55FD42DA4D3CF3E044452E834C2A_label_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis_486F55FD42DA4D3CF3E044452E834C2A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="loc_us-gaap_CreditFacilityAxis_486F55FD42DA4D3CF3E044452E834C2A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_CreditFacilityDomain_59D2D50FD42144954FAC44452E8333AB_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain_59D2D50FD42144954FAC44452E8333AB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:label id="lab_us-gaap_CreditFacilityDomain_59D2D50FD42144954FAC44452E8333AB_label_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain_59D2D50FD42144954FAC44452E8333AB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="loc_us-gaap_CreditFacilityDomain_59D2D50FD42144954FAC44452E8333AB" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_BC0A3495253370273F6644452E837EC9_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember_BC0A3495253370273F6644452E837EC9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revolving credit facility</link:label>
    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_BC0A3495253370273F6644452E837EC9_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember_BC0A3495253370273F6644452E837EC9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revolving Credit Facility [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember_BC0A3495253370273F6644452E837EC9" xlink:type="locator" />
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    <link:label id="lab_hcp_U.k.LoanFacilityMember_2E44D5981B215678093544452E83AF30_terseLabel_en-US" xlink:label="lab_hcp_U.k.LoanFacilityMember_2E44D5981B215678093544452E83AF30" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">HC-One Facility</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_U.k.LoanFacilityMember" xlink:label="loc_hcp_U.k.LoanFacilityMember_2E44D5981B215678093544452E83AF30" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_U.k.LoanFacilityMember_2E44D5981B215678093544452E83AF30" xlink:to="lab_hcp_U.k.LoanFacilityMember_2E44D5981B215678093544452E83AF30" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtConversionOriginalDebtAmount1_2B8AA84182D619CDEE8044452E832589_terseLabel_en-US" xlink:label="lab_us-gaap_DebtConversionOriginalDebtAmount1_2B8AA84182D619CDEE8044452E832589" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount of facility converted into sale-leaseback transaction</link:label>
    <link:label id="lab_us-gaap_DebtConversionOriginalDebtAmount1_2B8AA84182D619CDEE8044452E832589_label_en-US" xlink:label="lab_us-gaap_DebtConversionOriginalDebtAmount1_2B8AA84182D619CDEE8044452E832589" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Conversion, Original Debt, Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtConversionOriginalDebtAmount1" xlink:label="loc_us-gaap_DebtConversionOriginalDebtAmount1_2B8AA84182D619CDEE8044452E832589" xlink:type="locator" />
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    <link:label id="lab_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470_terseLabel_en-US" xlink:label="lab_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties spinoff into a separate joint venture</link:label>
    <link:label id="lab_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470_label_en-US" xlink:label="lab_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Properties Spinoff Into Joint Venture</link:label>
    <link:label id="lab_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470_documentation_en-US" xlink:label="lab_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties spinoff into a separate joint venture.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfPropertiesSpinoffIntoJointVenture" xlink:label="loc_hcp_NumberOfPropertiesSpinoffIntoJointVenture_4DFB758B39E80A0ECE4044452E84F470" xlink:type="locator" />
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    <link:label id="lab_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845_terseLabel_en-US" xlink:label="lab_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interests and certain costs</link:label>
    <link:label id="lab_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845_label_en-US" xlink:label="lab_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Investments and Property, Primarily Difference in Investment Basis, Depreciation and Amortization, the Basis of Land Assets, and the Treatment of Interest and Certain Costs</link:label>
    <link:label id="lab_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845_documentation_en-US" xlink:label="lab_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount before allocation of valuation allowances of deferred tax asset attributable to investments and property, primarily primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interests and certain costs.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts" xlink:label="loc_hcp_DeferredTaxAssetsInvestmentsAndPropertyPrimarilyDifferenceInInvestmentBasisDepreciationAndAmortizationBasisOfLandAssetsAndTreatmentOfInterestAndCertainCosts_243867BE16C28A849AC92643E4134845" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_8FF85C3A7B343274C8942643E413FFD2_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_8FF85C3A7B343274C8942643E413FFD2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net operating loss carryforward</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_8FF85C3A7B343274C8942643E413FFD2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals_9C1B774D537FB8B8BB2C2643E4137D30_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals_9C1B774D537FB8B8BB2C2643E4137D30" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense accruals and other</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals_9C1B774D537FB8B8BB2C2643E4137D30" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_7E3F34DB1A388E30CB982643E4139B16_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance_7E3F34DB1A388E30CB982643E4139B16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Valuation Allowance</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_7E3F34DB1A388E30CB982643E4139B16" xlink:type="locator" />
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    <link:label id="lab_hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member_A0906E1B00D4372A4F307CF4ABAF134C_terseLabel_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt3.75PercentInceptedFebruary12016Member_A0906E1B00D4372A4F307CF4ABAF134C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured Debt 3.75 %</link:label>
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    <link:label id="lab_hcp_SeniorUnsecuredDebt6.30PercentInceptedSeptember152016Member_D672F76A46404AD5423F7CF4ABAF2A3D_terseLabel_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt6.30PercentInceptedSeptember152016Member_D672F76A46404AD5423F7CF4ABAF2A3D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured Debt 6.30%</link:label>
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    <link:label id="lab_hcp_SeniorUnsecuredDebt6.000PercentInceptedNovember302016Member_D8E1984171CDA305B4F97CF4ABAFB943_terseLabel_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt6.000PercentInceptedNovember302016Member_D8E1984171CDA305B4F97CF4ABAFB943" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured Debt 6.000%</link:label>
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    <link:label id="lab_hcp_SeniorUnsecuredDebt6.000PercentInceptedNovember302016Member_D8E1984171CDA305B4F97CF4ABAFB943_documentation_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt6.000PercentInceptedNovember302016Member_D8E1984171CDA305B4F97CF4ABAFB943" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to senior unsecured 6.00 percent notes that incepted on Nov 30</link:label>
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    <link:label id="lab_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732_terseLabel_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured Debt 6.700%</link:label>
    <link:label id="lab_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732_label_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Debt 6.700 Percent Incepted November302016 [Member]</link:label>
    <link:label id="lab_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732_documentation_en-US" xlink:label="lab_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to senior unsecured 6.700 percent notes that incepted on Nov 30</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member" xlink:label="loc_hcp_SeniorUnsecuredDebt6.700PercentInceptedNovember302016Member_D4154D5967DB245A96ED7CF4ABAFF732" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RepaymentsOfSeniorDebt_ADA98C8D01CA722178967CF4ABAFD570_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfSeniorDebt_ADA98C8D01CA722178967CF4ABAFD570" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repayment of senior unsecured notes</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_EE1FA31479C1AF2F1B957CF4ABAF48C6_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_EE1FA31479C1AF2F1B957CF4ABAF48C6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate (as a percent)</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_EE1FA31479C1AF2F1B957CF4ABAF48C6_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_EE1FA31479C1AF2F1B957CF4ABAF48C6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_EE1FA31479C1AF2F1B957CF4ABAF48C6" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_8AA7046043DD66E5C402C3C66DF9CEAA" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AboveMarketLeasesMember_588F6C1F2D4BC898435CC3C66DF915B5_terseLabel_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember_588F6C1F2D4BC898435CC3C66DF915B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Above market</link:label>
    <link:label id="lab_us-gaap_AboveMarketLeasesMember_588F6C1F2D4BC898435CC3C66DF915B5_label_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember_588F6C1F2D4BC898435CC3C66DF915B5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Above Market Leases [Member]</link:label>
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    <link:label id="lab_hcp_BelowMarketLeasesForLesseeMember_BA1B85F8A5BA092C434FC3C66DF9ACEE_terseLabel_en-US" xlink:label="lab_hcp_BelowMarketLeasesForLesseeMember_BA1B85F8A5BA092C434FC3C66DF9ACEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below market</link:label>
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    <link:label id="lab_hcp_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_C2113F4977857264CBCDC3C66DFA3428_terseLabel_en-US" xlink:label="lab_hcp_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_C2113F4977857264CBCDC3C66DFA3428" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets and liabilities</link:label>
    <link:label id="lab_hcp_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_C2113F4977857264CBCDC3C66DFA3428_label_en-US" xlink:label="lab_hcp_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_C2113F4977857264CBCDC3C66DFA3428" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finite Lived Intangible Assets and Liabilities [Line Items]</link:label>
    <link:label id="lab_hcp_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_C2113F4977857264CBCDC3C66DFA3428_documentation_en-US" xlink:label="lab_hcp_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_C2113F4977857264CBCDC3C66DFA3428" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">These concepts are used to disclose identifiable intangible assets and liabilities associated with domain members defined in one or many axes to the table.</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_443F8CC9C74F84FF38A8C3C66DFA1DF0_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross_443F8CC9C74F84FF38A8C3C66DFA1DF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross intangible lease assets</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_443F8CC9C74F84FF38A8C3C66DFA1DF0" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_41441E3FD8DE2C6EC99BC3C66DFAFC4A" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_789DA586204795382F2CE31204B772C5" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_CA5BD20889A6E5FA7E8AE31204B7D372_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain_CA5BD20889A6E5FA7E8AE31204B7D372" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_CA5BD20889A6E5FA7E8AE31204B7D372" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AssetsTotalMember_36185C29D6F88E54A128E31204B74E94_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsTotalMember_36185C29D6F88E54A128E31204B74E94" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Assets</link:label>
    <link:label id="lab_us-gaap_AssetsTotalMember_36185C29D6F88E54A128E31204B74E94_label_en-US" xlink:label="lab_us-gaap_AssetsTotalMember_36185C29D6F88E54A128E31204B74E94" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets, Total [Member]</link:label>
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    <link:label id="lab_hcp_SalesRevenuesMember_3F58FBD58AEB9366E564E31204B8E574_terseLabel_en-US" xlink:label="lab_hcp_SalesRevenuesMember_3F58FBD58AEB9366E564E31204B8E574" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue</link:label>
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    <link:label id="lab_hcp_SalesRevenuesMember_3F58FBD58AEB9366E564E31204B8E574_documentation_en-US" xlink:label="lab_hcp_SalesRevenuesMember_3F58FBD58AEB9366E564E31204B8E574" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Aggregate revenues during the period, when it serves as a benchmark in a concentration of risk calculation.</link:label>
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    <link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_6040502D705EF48047FCE31204B8A66D_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis_6040502D705EF48047FCE31204B8A66D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_6040502D705EF48047FCE31204B8A66D" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_C8663C2328FD46B929BDE31204B8D1A0" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_20CA72A63C5064B1521D4588BA55FE04" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_20CA72A63C5064B1521D4588BA55FE04" xlink:to="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_20CA72A63C5064B1521D4588BA55FE04" xlink:type="arc" />
    <link:label id="lab_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consideration received from sale of noncontrolling interest in HCP Ventures V</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest, Increase from Sale of Parent Equity Interest</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest" xlink:label="loc_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66" xlink:to="lab_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_698164DE12606EB7943E4588BA550A66" xlink:type="arc" />
    <link:label id="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974_terseLabel_en-US" xlink:label="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-managing members DownREIT units outstanding</link:label>
    <link:label id="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974_label_en-US" xlink:label="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Down Reit Units Outstanding</link:label>
    <link:label id="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974_documentation_en-US" xlink:label="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of DownREIT units outstanding.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DownReitUnitsOutstanding" xlink:label="loc_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974" xlink:to="lab_hcp_DownReitUnitsOutstanding_7F539237EB5CDDB20A234588BA550974" xlink:type="arc" />
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Conversion of DownREIT units (in shares)</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Conversion of Units</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_7A6C3E0FD10A6AA0D6A34588BA5518D4" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1_terseLabel_en-US" xlink:label="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of DownREIT LLCs</link:label>
    <link:label id="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1_label_en-US" xlink:label="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Down REIT LLCs</link:label>
    <link:label id="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1_documentation_en-US" xlink:label="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the number of DownREIT LLCs for which the entity is the managing member.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfDownREITLLCs" xlink:label="loc_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1" xlink:to="lab_hcp_NumberOfDownREITLLCs_1CC16925B9B2F15271EA4588BA5547D1" xlink:type="arc" />
    <link:label id="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9_terseLabel_en-US" xlink:label="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">DownREIT unit, fair value</link:label>
    <link:label id="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9_label_en-US" xlink:label="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minority Interest in Preferred Unit Holders, Fair Value</link:label>
    <link:label id="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9_documentation_en-US" xlink:label="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value of the equity interests owned by noncontrolling preferred unit holders in an entity included in the reporting entity's consolidated financial statements.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MinorityInterestInPreferredUnitHoldersFairValue" xlink:label="loc_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9" xlink:to="lab_hcp_MinorityInterestInPreferredUnitHoldersFairValue_0130FC20B48B5052C8EB4588BA5555D9" xlink:type="arc" />
    <link:label id="lab_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB_terseLabel_en-US" xlink:label="lab_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB_label_en-US" xlink:label="lab_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="loc_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB" xlink:to="lab_us-gaap_StatementGeographicalAxis_DC54CE7F6B9D9701B85F66D400E91BBB" xlink:type="arc" />
    <link:label id="lab_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:label id="lab_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752_label_en-US" xlink:label="lab_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="loc_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752" xlink:to="lab_us-gaap_SegmentGeographicalDomain_508B2EEE7C7072EEDF0F66D400E94752" xlink:type="arc" />
    <link:label id="lab_country_GB_AA740A6CBF1C5BED673266D400E99AF1_terseLabel_en-US" xlink:label="lab_country_GB_AA740A6CBF1C5BED673266D400E99AF1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UK</link:label>
    <link:label id="lab_country_GB_AA740A6CBF1C5BED673266D400E99AF1_label_en-US" xlink:label="lab_country_GB_AA740A6CBF1C5BED673266D400E99AF1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">UNITED KINGDOM</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_GB" xlink:label="loc_country_GB_AA740A6CBF1C5BED673266D400E99AF1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_GB_AA740A6CBF1C5BED673266D400E99AF1" xlink:to="lab_country_GB_AA740A6CBF1C5BED673266D400E99AF1" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2C6456E70A362AE10E0966D400E97777" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate [Domain]</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_B0D179B60A28BAD2DC8766D400EEE66F" xlink:type="arc" />
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1_terseLabel_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Monthly interest-only payments, Pennsylvania, 2018</link:label>
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1_label_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate Interest Only Pennsylvania Due2018 [Member]</link:label>
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1_documentation_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the interest-only loan receivable secured by senior housing facilities in Pennsylvania with the final payment due in 2018.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member" xlink:label="loc_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1" xlink:to="lab_hcp_MortgageLoansOnRealEstateInterestOnlyPennsylvaniaDue2018Member_844E29D0FC08573F766566D400EF98D1" xlink:type="arc" />
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE_terseLabel_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Monthly interest-only payments, UK, 2021</link:label>
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE_label_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate Interest Only U K Due2021 [Member]</link:label>
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE_documentation_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the interest-only loan receivable secured by senior housing facilities in UK with the final payment due in 2021.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member" xlink:label="loc_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE" xlink:to="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2021Member_C2411713548E78D4CE5466D400EFB8EE" xlink:type="arc" />
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52_terseLabel_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Monthly interest-only payments, UK, 2023</link:label>
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52_label_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate Interest Only U K Due2023 [Member]</link:label>
    <link:label id="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52_documentation_en-US" xlink:label="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member" xlink:label="loc_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52" xlink:to="lab_hcp_MortgageLoansOnRealEstateInterestOnlyUKDue2023Member_EB0E9D8B4AD70056E39266D400EF9E52" xlink:type="arc" />
    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Financing Receivable, Type [Axis]</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Financing Receivable, Type [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_3B0159380149F5C17FDD66D400EF940D" xlink:type="arc" />
    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Financing Receivable, Type [Domain]</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Financing Receivable, Type [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_A25E2430BA58FA4856C066D400EF900A" xlink:type="arc" />
    <link:label id="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB_terseLabel_en-US" xlink:label="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real estate loan one</link:label>
    <link:label id="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB_label_en-US" xlink:label="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Loan One [Member]</link:label>
    <link:label id="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB_documentation_en-US" xlink:label="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loan one to finance the purchase of real estate, including but not limited to, land or building.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RealEstateLoanOneMember" xlink:label="loc_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB" xlink:to="lab_hcp_RealEstateLoanOneMember_825E2A32B59BF8BC2B7766D400EFE5BB" xlink:type="arc" />
    <link:label id="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5_terseLabel_en-US" xlink:label="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real estate loan two</link:label>
    <link:label id="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5_label_en-US" xlink:label="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Loan Two [Member]</link:label>
    <link:label id="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5_documentation_en-US" xlink:label="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loan two to finance the purchase of real estate, including but not limited to, land or building.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RealEstateLoanTwoMember" xlink:label="loc_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5" xlink:to="lab_hcp_RealEstateLoanTwoMember_5201B6FF5AAC66ED465D66D400EF64C5" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of loans receivable</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_27439E3FEAAECEEE6FAC66D400EF003E" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principal Amount</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Face Amount of Mortgages</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_5229FD61EBED468529F566D400EFB1CF" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying Amount</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_61016007E3FF37A752BD66D400EFFF43" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed interest rate (as a percent)</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Interest Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_D95611CBEE3BB6877B1066D400EF4E3E" xlink:type="arc" />
    <link:label id="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791_terseLabel_en-US" xlink:label="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of collateral facilities</link:label>
    <link:label id="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791_label_en-US" xlink:label="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collateral Facilities, Number</link:label>
    <link:label id="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791_documentation_en-US" xlink:label="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of facilities which are associated with collateral as security for the related loan instrument at the time of issuance.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_CollateralFacilitiesNumber" xlink:label="loc_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791" xlink:to="lab_hcp_CollateralFacilitiesNumber_BE95484E51C7B77F52BD66D400EF5791" xlink:type="arc" />
    <link:label id="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5_terseLabel_en-US" xlink:label="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of development projects</link:label>
    <link:label id="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5_label_en-US" xlink:label="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Development Projects Number</link:label>
    <link:label id="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5_documentation_en-US" xlink:label="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of development projects.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DevelopmentProjectsNumber" xlink:label="loc_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5" xlink:to="lab_hcp_DevelopmentProjectsNumber_EC1CEB0B9DA31505A51566D400EFC8B5" xlink:type="arc" />
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Remaining commitments to fund development projects</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable, Commitments, Fixed Rates</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates" xlink:label="loc_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944" xlink:to="lab_us-gaap_LoansAndLeasesReceivableCommitmentsFixedRates_BC41370357E7F1CFA6A966D400EF6944" xlink:type="arc" />
    <link:label id="lab_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plan Name [Axis]</link:label>
    <link:label id="lab_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE_label_en-US" xlink:label="lab_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE" xlink:to="lab_us-gaap_PlanNameAxis_878C9C5579A759A05D3DE312052556EE" xlink:type="arc" />
    <link:label id="lab_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plan Name [Domain]</link:label>
    <link:label id="lab_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7_label_en-US" xlink:label="lab_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7" xlink:to="lab_us-gaap_PlanNameDomain_F26CEF15EA2F91ABB6B3E312052533A7" xlink:type="arc" />
    <link:label id="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1_terseLabel_en-US" xlink:label="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2006 Incentive Plan</link:label>
    <link:label id="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1_label_en-US" xlink:label="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Based Compensation2006 Incentive Plan [Member]</link:label>
    <link:label id="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1_documentation_en-US" xlink:label="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents 2006 Performance Incentive Plan approved by stockholders on May 11, 2006.</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1" xlink:to="lab_hcp_StockBasedCompensation2006IncentivePlanMember_25D3354B89C7C0508920E312052667C1" xlink:type="arc" />
    <link:label id="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1_terseLabel_en-US" xlink:label="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2014 Incentive Plan</link:label>
    <link:label id="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1_label_en-US" xlink:label="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Based Compensation2014 Incentive Plan [Member]</link:label>
    <link:label id="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1_documentation_en-US" xlink:label="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to 2014 Performance Incentive Plan.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_StockBasedCompensation2014IncentivePlanMember" xlink:label="loc_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1" xlink:to="lab_hcp_StockBasedCompensation2014IncentivePlanMember_41310F3EB2835D714958E31205266BB1" xlink:type="arc" />
    <link:label id="lab_us-gaap_TitleOfIndividualAxis_53EF990A4EC301C7C447E3120525496B_terseLabel_en-US" xlink:label="lab_us-gaap_TitleOfIndividualAxis_53EF990A4EC301C7C447E3120525496B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:label id="lab_us-gaap_TitleOfIndividualAxis_53EF990A4EC301C7C447E3120525496B_label_en-US" xlink:label="lab_us-gaap_TitleOfIndividualAxis_53EF990A4EC301C7C447E3120525496B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_53EF990A4EC301C7C447E3120525496B" xlink:type="locator" />
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    <link:label id="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376_terseLabel_en-US" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Relationship to Entity [Domain]</link:label>
    <link:label id="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376_label_en-US" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Relationship to Entity [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376" xlink:to="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_4503B4B53E91D10F9109E31205255376" xlink:type="arc" />
    <link:label id="lab_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18_terseLabel_en-US" xlink:label="lab_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Former Chairman, Chief Executive Officer and President</link:label>
    <link:label id="lab_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18_label_en-US" xlink:label="lab_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Chief Executive Officer [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="loc_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18" xlink:to="lab_us-gaap_ChiefExecutiveOfficerMember_7A8B93557EDAD0378705E31205252B18" xlink:type="arc" />
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of shares available for future awards (in shares)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_D72D665C2D1BC9CCF366E3120526818E" xlink:type="arc" />
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of shares reserved for awards (in shares)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_942E5E0DD6FE1D219EEBE3120526BF3D" xlink:type="arc" />
    <link:label id="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087_terseLabel_en-US" xlink:label="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit</link:label>
    <link:label id="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087_label_en-US" xlink:label="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Available for Grant as Restricted Stock and Performance Restricted Stock Units</link:label>
    <link:label id="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087_documentation_en-US" xlink:label="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the number of shares available for grant which may be issued as restricted stock and performance restricted stock units.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits" xlink:label="loc_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087" xlink:to="lab_hcp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantAsRestrictedStockAndPerformanceRestrictedStockUnits_1CD7B7F5A08D5970BE76E3120526D087" xlink:type="arc" />
    <link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46_terseLabel_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total share-based compensation expense recognized</link:label>
    <link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46_label_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allocated Share-based Compensation Expense</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46" xlink:to="lab_us-gaap_AllocatedShareBasedCompensationExpense_AFE6F326B21354786FC8E3120526EA46" xlink:type="arc" />
    <link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred compensation cost</link:label>
    <link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC_label_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1_6A7EEF7B55100954E278E3120526BFAC" xlink:type="arc" />
    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_2020FEF2ACA0143E1CC9E312052694E9_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_2020FEF2ACA0143E1CC9E312052694E9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total unrecognized compensation cost, period of recognition</link:label>
    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_2020FEF2ACA0143E1CC9E312052694E9_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_2020FEF2ACA0143E1CC9E312052694E9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_2020FEF2ACA0143E1CC9E312052694E9" xlink:type="locator" />
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    <link:label id="lab_hcp_DefinedBenefitPlanAwardConvertibleThresholdBusinessDays_6515961F263355E30680E31205263767_terseLabel_en-US" xlink:label="lab_hcp_DefinedBenefitPlanAwardConvertibleThresholdBusinessDays_6515961F263355E30680E31205263767" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business days, period</link:label>
    <link:label id="lab_hcp_DefinedBenefitPlanAwardConvertibleThresholdBusinessDays_6515961F263355E30680E31205263767_label_en-US" xlink:label="lab_hcp_DefinedBenefitPlanAwardConvertibleThresholdBusinessDays_6515961F263355E30680E31205263767" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit plan, Award Convertible Threshold Business Days</link:label>
    <link:label id="lab_hcp_DefinedBenefitPlanAwardConvertibleThresholdBusinessDays_6515961F263355E30680E31205263767_documentation_en-US" xlink:label="lab_hcp_DefinedBenefitPlanAwardConvertibleThresholdBusinessDays_6515961F263355E30680E31205263767" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Threshold period of specified business days within which the maximum product of the closing sale price of shares of the entity's common stock and the applicable conversion rate for such trading day triggers the conversion feature.</link:label>
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    <link:label id="lab_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3_terseLabel_en-US" xlink:label="lab_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of impacted participants on spin off</link:label>
    <link:label id="lab_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3_label_en-US" xlink:label="lab_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Impacted Participants With Additional Awards On Spin Off</link:label>
    <link:label id="lab_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3_documentation_en-US" xlink:label="lab_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of impacted participants with additional awards associated with difference between average closing price of the shares on spin off date.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff" xlink:label="loc_hcp_NumberOfImpactedParticipantsWithAdditionalAwardsOnSpinOff_A0AB57AAE011CF73696BE3120526D0B3" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NatureOfOperations_38CB5F6F8BB24B8420CA6CC19D7BD13F_terseLabel_en-US" xlink:label="lab_us-gaap_NatureOfOperations_38CB5F6F8BB24B8420CA6CC19D7BD13F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business</link:label>
    <link:label id="lab_us-gaap_NatureOfOperations_38CB5F6F8BB24B8420CA6CC19D7BD13F_label_en-US" xlink:label="lab_us-gaap_NatureOfOperations_38CB5F6F8BB24B8420CA6CC19D7BD13F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nature of Operations [Text Block]</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations_38CB5F6F8BB24B8420CA6CC19D7BD13F" xlink:to="lab_us-gaap_NatureOfOperations_38CB5F6F8BB24B8420CA6CC19D7BD13F" xlink:type="arc" />
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_6C3EBEB75F84A64B75E3B906048E6534" xlink:type="arc" />
    <link:label id="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C_terseLabel_en-US" xlink:label="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residency agreement term, minimum</link:label>
    <link:label id="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C_label_en-US" xlink:label="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residency Agreement Term, Minimum</link:label>
    <link:label id="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C_documentation_en-US" xlink:label="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the minimum period specified under the residency agreement.</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C" xlink:to="lab_hcp_ResidencyAgreementTermMinimum_0A99FA5DFCC42F4CB6AA85B8AD43488C" xlink:type="arc" />
    <link:label id="lab_hcp_ResidencyAgreementTermMaximum_D23C06B4551FE464CBAD85B8AD456722_terseLabel_en-US" xlink:label="lab_hcp_ResidencyAgreementTermMaximum_D23C06B4551FE464CBAD85B8AD456722" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residency agreement term, maximum</link:label>
    <link:label id="lab_hcp_ResidencyAgreementTermMaximum_D23C06B4551FE464CBAD85B8AD456722_label_en-US" xlink:label="lab_hcp_ResidencyAgreementTermMaximum_D23C06B4551FE464CBAD85B8AD456722" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residency Agreement Term, Maximum</link:label>
    <link:label id="lab_hcp_ResidencyAgreementTermMaximum_D23C06B4551FE464CBAD85B8AD456722_documentation_en-US" xlink:label="lab_hcp_ResidencyAgreementTermMaximum_D23C06B4551FE464CBAD85B8AD456722" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the maximum period specified under the residency agreement.</link:label>
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    <link:label id="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1_terseLabel_en-US" xlink:label="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum period available for occupancy from cessation of significant construction activity</link:label>
    <link:label id="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1_label_en-US" xlink:label="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum Period Available for Occupancy after Cessation of Significant Construction</link:label>
    <link:label id="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1_documentation_en-US" xlink:label="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the period for occupancy, upon the completion of tenant improvements, after the cessation of significant construction activity.</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1" xlink:to="lab_hcp_MaximumPeriodAvailableForOccupancyAfterCessationOfSignificantConstruction_70162098071902C5C88E85B8AD45E1E1" xlink:type="arc" />
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum useful life of building and improvements</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Useful Life</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_7D34F25C706B6B0D58C885B8AD45B65A" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2_terseLabel_en-US" xlink:label="lab_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pro Forma</link:label>
    <link:label id="lab_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2_label_en-US" xlink:label="lab_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pro Forma [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProFormaMember" xlink:label="loc_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2" xlink:to="lab_us-gaap_ProFormaMember_B46C78589F96C29167C985B8AD45DAD2" xlink:type="arc" />
    <link:label id="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456_terseLabel_en-US" xlink:label="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Initial Application Period Cumulative Effect Transition [Axis]</link:label>
    <link:label id="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456_label_en-US" xlink:label="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Initial Application Period Cumulative Effect Transition [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis" xlink:label="loc_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456" xlink:to="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis_D686BF73D00547126CE885B8AD4A7456" xlink:type="arc" />
    <link:label id="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108_terseLabel_en-US" xlink:label="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Initial Application Period Cumulative Effect Transition [Domain]</link:label>
    <link:label id="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108_label_en-US" xlink:label="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Initial Application Period Cumulative Effect Transition [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain" xlink:label="loc_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108" xlink:to="lab_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain_B72A23E1C78F37181E2885B8AD4D2108" xlink:type="arc" />
    <link:label id="lab_us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member_46598B7A4E0DC91D702385B8AD4D7E33_terseLabel_en-US" xlink:label="lab_us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member_46598B7A4E0DC91D702385B8AD4D7E33" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Difference between Revenue Guidance in Effect before and after Topic 606</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" xlink:label="loc_us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member_46598B7A4E0DC91D702385B8AD4D7E33" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member_46598B7A4E0DC91D702385B8AD4D7E33" xlink:to="lab_us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member_46598B7A4E0DC91D702385B8AD4D7E33" xlink:type="arc" />
    <link:label id="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustments for New Accounting Pronouncements [Axis]</link:label>
    <link:label id="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE_label_en-US" xlink:label="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for New Accounting Pronouncements [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE" xlink:to="lab_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_7BC5A99D41DF59C9FCAD85B8AD4D5DFE" xlink:type="arc" />
    <link:label id="lab_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11_terseLabel_en-US" xlink:label="lab_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Type of Adoption [Domain]</link:label>
    <link:label id="lab_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11_label_en-US" xlink:label="lab_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Type of Adoption [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11" xlink:to="lab_us-gaap_TypeOfAdoptionMember_67EAC4897DD43B89089F85B8AD4DED11" xlink:type="arc" />
    <link:label id="lab_us-gaap_AccountingStandardsUpdate201409Member_AB1D80E65622D2121CD085B8AD4DDA56_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201409Member_AB1D80E65622D2121CD085B8AD4DDA56" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ASU 2014-09</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member" xlink:label="loc_us-gaap_AccountingStandardsUpdate201409Member_AB1D80E65622D2121CD085B8AD4DDA56" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0935BDD4784DFB2AF3D585B8AD4F3C2B_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0935BDD4784DFB2AF3D585B8AD4F3C2B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of equity investment</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0935BDD4784DFB2AF3D585B8AD4F3C2B_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0935BDD4784DFB2AF3D585B8AD4F3C2B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investments, Fair Value Disclosure</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure_0935BDD4784DFB2AF3D585B8AD4F3C2B" xlink:type="locator" />
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    <link:label id="lab_hcp_WatchListFinancingReceivableMember_CD3FA61A64D58657601B0F5EDAB31302_documentation_en-US" xlink:label="lab_hcp_WatchListFinancingReceivableMember_CD3FA61A64D58657601B0F5EDAB31302" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents a financing receivable that is being monitored closely in order to spot irregularities.</link:label>
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    <link:label id="lab_hcp_WorkoutFinancingReceivableMember_65E3E979F081D7ABA7EF0FF61DC784B4_verboseLabel_en-US" xlink:label="lab_hcp_WorkoutFinancingReceivableMember_65E3E979F081D7ABA7EF0FF61DC784B4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Workout DFLs</link:label>
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    <link:label id="lab_hcp_OtherMember_441536D10AFECEA83A7F0F5EDAB3E6B5_terseLabel_en-US" xlink:label="lab_hcp_OtherMember_441536D10AFECEA83A7F0F5EDAB3E6B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other non-reportable segments</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_4EDF732BB6470A74397E44452F8A68E5" xlink:type="locator" />
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    <link:label id="lab_hcp_ImpairmentsOfOngoingEquityMethodInvestmentInDiscontinuedOperationAfterDisposal_E9DAFA7BACA63FEF2EF644452F8CFBFE_documentation_en-US" xlink:label="lab_hcp_ImpairmentsOfOngoingEquityMethodInvestmentInDiscontinuedOperationAfterDisposal_E9DAFA7BACA63FEF2EF644452F8CFBFE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of impairments of the equity method investment after the disposal of the discontinued operation.</link:label>
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    <link:label id="lab_hcp_SeniorHousingOperatingPortfolioMember_67D3B8153A259C8F0A6787A62078A99F_terseLabel_en-US" xlink:label="lab_hcp_SeniorHousingOperatingPortfolioMember_67D3B8153A259C8F0A6787A62078A99F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SHOP</link:label>
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    <link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_B112034C4E5919309D6262D2B6075BE7_label_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_B112034C4E5919309D6262D2B6075BE7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss Contingency Nature [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis_B112034C4E5919309D6262D2B6075BE7" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LossContingencyNatureDomain_18FAB00D916201B4949762D2B608C046_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain_18FAB00D916201B4949762D2B608C046" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss Contingency, Nature [Domain]</link:label>
    <link:label id="lab_us-gaap_LossContingencyNatureDomain_18FAB00D916201B4949762D2B608C046_label_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain_18FAB00D916201B4949762D2B608C046" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss Contingency, Nature [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="loc_us-gaap_LossContingencyNatureDomain_18FAB00D916201B4949762D2B608C046" xlink:type="locator" />
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    <link:label id="lab_us-gaap_IndemnificationGuaranteeMember_9ECD94ABAC42946557ED62D2F5A5B876_terseLabel_en-US" xlink:label="lab_us-gaap_IndemnificationGuaranteeMember_9ECD94ABAC42946557ED62D2F5A5B876" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indemnification Agreement</link:label>
    <link:label id="lab_us-gaap_IndemnificationGuaranteeMember_9ECD94ABAC42946557ED62D2F5A5B876_label_en-US" xlink:label="lab_us-gaap_IndemnificationGuaranteeMember_9ECD94ABAC42946557ED62D2F5A5B876" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indemnification Agreement [Member]</link:label>
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    <link:label id="lab_us-gaap_LossContingenciesLineItems_21F02BE5BC5C14AE80DC62D2B609242E_label_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems_21F02BE5BC5C14AE80DC62D2B609242E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss Contingencies [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingenciesLineItems" xlink:label="loc_us-gaap_LossContingenciesLineItems_21F02BE5BC5C14AE80DC62D2B609242E" xlink:type="locator" />
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    <link:label id="lab_hcp_ContributionOfPropertyNumberOfProperties_062DAFB2A4839BA3FA7C62D22C557060_terseLabel_en-US" xlink:label="lab_hcp_ContributionOfPropertyNumberOfProperties_062DAFB2A4839BA3FA7C62D22C557060" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties may be contributed in the agreement</link:label>
    <link:label id="lab_hcp_ContributionOfPropertyNumberOfProperties_062DAFB2A4839BA3FA7C62D22C557060_label_en-US" xlink:label="lab_hcp_ContributionOfPropertyNumberOfProperties_062DAFB2A4839BA3FA7C62D22C557060" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contribution Of Property, Number Of Properties</link:label>
    <link:label id="lab_hcp_ContributionOfPropertyNumberOfProperties_062DAFB2A4839BA3FA7C62D22C557060_documentation_en-US" xlink:label="lab_hcp_ContributionOfPropertyNumberOfProperties_062DAFB2A4839BA3FA7C62D22C557060" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contribution Of Property, Number Of Properties</link:label>
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    <link:label id="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesDebtAmount_79AA43437BE70453B0A9625C7678CE73_terseLabel_en-US" xlink:label="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesDebtAmount_79AA43437BE70453B0A9625C7678CE73" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Third party debt collateralized by facilities, debt amount</link:label>
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    <link:label id="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesDebtAmount_79AA43437BE70453B0A9625C7678CE73_documentation_en-US" xlink:label="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesDebtAmount_79AA43437BE70453B0A9625C7678CE73" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of debt owed by a third party for which the entity's facilities are collateral.</link:label>
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    <link:label id="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesAssetCarryingAmount_AA35BE3949AA36C4F7BC625C76788CE6_terseLabel_en-US" xlink:label="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesAssetCarryingAmount_AA35BE3949AA36C4F7BC625C76788CE6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Third party debt collateralized by facilities, asset carrying amount</link:label>
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    <link:label id="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesAssetCarryingAmount_AA35BE3949AA36C4F7BC625C76788CE6_documentation_en-US" xlink:label="lab_hcp_ThirdPartyDebtCollateralizedByFacilitiesAssetCarryingAmount_AA35BE3949AA36C4F7BC625C76788CE6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The carrying value of facilities owned by the entity that are collateral for third party debt.</link:label>
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    <link:label id="lab_us-gaap_LeasesOperatingAbstract_713AB88FD8DA33B4A374625C767858F4_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesOperatingAbstract_713AB88FD8DA33B4A374625C767858F4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rental Expense</link:label>
    <link:label id="lab_us-gaap_LeasesOperatingAbstract_713AB88FD8DA33B4A374625C767858F4_label_en-US" xlink:label="lab_us-gaap_LeasesOperatingAbstract_713AB88FD8DA33B4A374625C767858F4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases, Operating [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LeasesOperatingAbstract" xlink:label="loc_us-gaap_LeasesOperatingAbstract_713AB88FD8DA33B4A374625C767858F4" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OperatingLeasesRentExpenseNet_8794172483D089C75049625C7678DAA7_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseNet_8794172483D089C75049625C7678DAA7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rental expense attributable to continuing operations</link:label>
    <link:label id="lab_us-gaap_OperatingLeasesRentExpenseNet_8794172483D089C75049625C7678DAA7_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseNet_8794172483D089C75049625C7678DAA7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases, Rent Expense, Net</link:label>
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    <link:label id="lab_hcp_OperatingLeasesRemainingContractualTerm_0F994CDAF0E50B97CAE7625C7679D242_terseLabel_en-US" xlink:label="lab_hcp_OperatingLeasesRemainingContractualTerm_0F994CDAF0E50B97CAE7625C7679D242" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum remaining term of ground leases excluding extension options</link:label>
    <link:label id="lab_hcp_OperatingLeasesRemainingContractualTerm_0F994CDAF0E50B97CAE7625C7679D242_label_en-US" xlink:label="lab_hcp_OperatingLeasesRemainingContractualTerm_0F994CDAF0E50B97CAE7625C7679D242" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases Remaining Contractual Term</link:label>
    <link:label id="lab_hcp_OperatingLeasesRemainingContractualTerm_0F994CDAF0E50B97CAE7625C7679D242_documentation_en-US" xlink:label="lab_hcp_OperatingLeasesRemainingContractualTerm_0F994CDAF0E50B97CAE7625C7679D242" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the maximum contractual term of an operating ground lease as of the balance sheet date.</link:label>
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    <link:label id="lab_hcp_AcquisitionsOfRealEstatePropertiesDisclosureTextBlock_3C32A52EC5B2F16CB31E6CC19D33B50E_terseLabel_en-US" xlink:label="lab_hcp_AcquisitionsOfRealEstatePropertiesDisclosureTextBlock_3C32A52EC5B2F16CB31E6CC19D33B50E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Real Estate Property Investments</link:label>
    <link:label id="lab_hcp_AcquisitionsOfRealEstatePropertiesDisclosureTextBlock_3C32A52EC5B2F16CB31E6CC19D33B50E_label_en-US" xlink:label="lab_hcp_AcquisitionsOfRealEstatePropertiesDisclosureTextBlock_3C32A52EC5B2F16CB31E6CC19D33B50E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisitions of Real Estate Properties Disclosure [Text Block]</link:label>
    <link:label id="lab_hcp_AcquisitionsOfRealEstatePropertiesDisclosureTextBlock_3C32A52EC5B2F16CB31E6CC19D33B50E_documentation_en-US" xlink:label="lab_hcp_AcquisitionsOfRealEstatePropertiesDisclosureTextBlock_3C32A52EC5B2F16CB31E6CC19D33B50E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of all information related to any significant acquisition of properties. Disclosure may include methodology and assumptions, type of asset, asset classification, acquisition cost, method of acquisition and date of acquisition.</link:label>
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    <link:label id="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_F374726863C032D8C0699A50F114775A_terseLabel_en-US" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_F374726863C032D8C0699A50F114775A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans Receivable</link:label>
    <link:label id="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_F374726863C032D8C0699A50F114775A_label_en-US" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_F374726863C032D8C0699A50F114775A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_F374726863C032D8C0699A50F114775A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2018</link:label>
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Next Twelve Months</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_6D37496065AFF89F5F5D0F5ED9ADD900" xlink:type="arc" />
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_267263086F9FF1BFB82A0F5ED9AD477C_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_267263086F9FF1BFB82A0F5ED9AD477C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2019</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_267263086F9FF1BFB82A0F5ED9AD477C" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_4325CDA3D77EC013F9E00F5ED9ADC4E2_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_4325CDA3D77EC013F9E00F5ED9ADC4E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2020</link:label>
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    <link:label id="lab_hcp_SeniorHousingTripleNetandSeniorHousingOperatingPortfolioMember_8028F64F4D28844A8EB485B8AA02ADF0_terseLabel_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetandSeniorHousingOperatingPortfolioMember_8028F64F4D28844A8EB485B8AA02ADF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Housing Triple-Net and SHOP</link:label>
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    <link:label id="lab_hcp_SeniorHousingTripleNetSeniorHousingOperatingPortfolioAndLifeScienceMember_89C294F15586CA9C3B8685B8AA024DCE_terseLabel_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetSeniorHousingOperatingPortfolioAndLifeScienceMember_89C294F15586CA9C3B8685B8AA024DCE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SH NNN, Life Science, SHOP</link:label>
    <link:label id="lab_hcp_SeniorHousingTripleNetSeniorHousingOperatingPortfolioAndLifeScienceMember_89C294F15586CA9C3B8685B8AA024DCE_label_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetSeniorHousingOperatingPortfolioAndLifeScienceMember_89C294F15586CA9C3B8685B8AA024DCE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Housing Triple Net, Senior Housing Operating Portfolio And Life Science [Member]</link:label>
    <link:label id="lab_hcp_SeniorHousingTripleNetSeniorHousingOperatingPortfolioAndLifeScienceMember_89C294F15586CA9C3B8685B8AA024DCE_documentation_en-US" xlink:label="lab_hcp_SeniorHousingTripleNetSeniorHousingOperatingPortfolioAndLifeScienceMember_89C294F15586CA9C3B8685B8AA024DCE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Refers to SH NNN, SHOP, and Life Science.</link:label>
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    <link:label id="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember_8BB00F49FAE8D360319C85B8AA02466B_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember_8BB00F49FAE8D360319C85B8AA02466B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Held-for-sale</link:label>
    <link:label id="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember_8BB00F49FAE8D360319C85B8AA02466B_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember_8BB00F49FAE8D360319C85B8AA02466B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discontinued Operations, Held-for-sale [Member]</link:label>
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    <link:label id="lab_us-gaap_RealEstateMember_9CF808A363AA8404689385B8AA05BE39_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateMember_9CF808A363AA8404689385B8AA05BE39" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real estate</link:label>
    <link:label id="lab_us-gaap_RealEstateMember_9CF808A363AA8404689385B8AA05BE39_label_en-US" xlink:label="lab_us-gaap_RealEstateMember_9CF808A363AA8404689385B8AA05BE39" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Member]</link:label>
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    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_9AB8D8B5217E85D3842885B8AA07F206_verboseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_9AB8D8B5217E85D3842885B8AA07F206" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation and amortization</link:label>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_A4E5D998A5633D21B66386782912FA59_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_A4E5D998A5633D21B66386782912FA59" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash</link:label>
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    <link:label id="lab_us-gaap_CorporateNonSegmentMember_1367B62C01C35BA6D1BB625C764CE6E9_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateNonSegmentMember_1367B62C01C35BA6D1BB625C764CE6E9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Corporate and other assets</link:label>
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    <link:label id="lab_hcp_RentalRevenues_896710DD0329A3D729D1625C764C4B94_terseLabel_en-US" xlink:label="lab_hcp_RentalRevenues_896710DD0329A3D729D1625C764C4B94" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rental Revenues</link:label>
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    <link:label id="lab_hcp_RentalRevenues_896710DD0329A3D729D1625C764C4B94_documentation_en-US" xlink:label="lab_hcp_RentalRevenues_896710DD0329A3D729D1625C764C4B94" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The total amount of rental and related revenues, tenant recoveries and income from direct financing leases recognized for the period.</link:label>
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    <link:label id="lab_us-gaap_OperatingExpenses_57B0C8C9651D16ADED94625C764C4197_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OperatingExpenses_57B0C8C9651D16ADED94625C764C4197" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Operating expenses</link:label>
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    <link:label id="lab_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132_totalLabel_en-US" xlink:label="lab_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Segment NOI</link:label>
    <link:label id="lab_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132_label_en-US" xlink:label="lab_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Operating Income from Continuing Operations</link:label>
    <link:label id="lab_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132_documentation_en-US" xlink:label="lab_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate. NOI is defined as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, 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, and equity income from and impairments of investments in unconsolidated joint ventures. Management 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 and adjusted NOI to make decisions about resource allocations and to assess and compare property level performance. The Company believes that net income (loss) is the most directly comparable U.S. GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP since it does not reflect various excluded items. Further, the Company?s definition of NOI may not be comparable to the definition used by other REITs or real estate companies, as they may use different methodologies for calculating NOI.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NetOperatingIncomeFromContinuingOperations" xlink:label="loc_hcp_NetOperatingIncomeFromContinuingOperations_89BEB0C773F2B05586D4625C764C7132" xlink:type="locator" />
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    <link:label id="lab_hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_D6CE40939FD23B3BE52E625C764CE22F_terseLabel_en-US" xlink:label="lab_hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_D6CE40939FD23B3BE52E625C764CE22F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-cash adjustments to NOI</link:label>
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    <link:label id="lab_hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_D6CE40939FD23B3BE52E625C764CE22F_documentation_en-US" xlink:label="lab_hcp_NonCashAdjustmentsToNetOperatingIncomeFromContinuingOperations_D6CE40939FD23B3BE52E625C764CE22F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees.</link:label>
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    <link:label id="lab_hcp_AtmEquityOfferingProgramAggregateAmountAuthorized_8294CDF05DBBC3EA617A8B8E845C0250_terseLabel_en-US" xlink:label="lab_hcp_AtmEquityOfferingProgramAggregateAmountAuthorized_8294CDF05DBBC3EA617A8B8E845C0250" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum sales under equity offering program</link:label>
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    <link:label id="lab_hcp_Austin2531TxMember_93143664673A5B230DB68B8E82AA5B45_terseLabel_en-US" xlink:label="lab_hcp_Austin2531TxMember_93143664673A5B230DB68B8E82AA5B45" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2531 Austin TX</link:label>
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    <link:label id="lab_hcp_Graham2528TxMember_357BF344D94E5B16C83C8B8E82ABEC55_terseLabel_en-US" xlink:label="lab_hcp_Graham2528TxMember_357BF344D94E5B16C83C8B8E82ABEC55" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2528 Graham TX</link:label>
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    <link:label id="lab_hcp_SouthSanFrancisco1985CaMember_2612140699027586B3168B8E82B293CC_terseLabel_en-US" xlink:label="lab_hcp_SouthSanFrancisco1985CaMember_2612140699027586B3168B8E82B293CC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1985 South San Francisco CA</link:label>
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    <link:label id="lab_hcp_A1986SouthSanFranciscoCAMember_A3C1E716868AC8F224C88B8E82B2D085_terseLabel_en-US" xlink:label="lab_hcp_A1986SouthSanFranciscoCAMember_A3C1E716868AC8F224C88B8E82B2D085" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1986 South San Francisco, CA</link:label>
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    <link:label id="lab_hcp_A1986SouthSanFranciscoCAMember_A3C1E716868AC8F224C88B8E82B2D085_documentation_en-US" xlink:label="lab_hcp_A1986SouthSanFranciscoCAMember_A3C1E716868AC8F224C88B8E82B2D085" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">1986 South San Francisco, CA [Member]</link:label>
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    <link:label id="lab_hcp_SouthSanFrancisco1987CaMember_8532AD276B90F8AD39718B8E82B37070_terseLabel_en-US" xlink:label="lab_hcp_SouthSanFrancisco1987CaMember_8532AD276B90F8AD39718B8E82B37070" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1987 South San Francisco CA</link:label>
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    <link:label id="lab_hcp_A1988SouthSanFranciscoCAMember_D8FF99395027CC3C36828B8E82B317A9_terseLabel_en-US" xlink:label="lab_hcp_A1988SouthSanFranciscoCAMember_D8FF99395027CC3C36828B8E82B317A9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1988 South San Francisco, CA</link:label>
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    <link:label id="lab_hcp_SouthSanFrancisco1989CaMember_04D557342624151441688B8E82B3030E_terseLabel_en-US" xlink:label="lab_hcp_SouthSanFrancisco1989CaMember_04D557342624151441688B8E82B3030E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1989 South San Francisco CA</link:label>
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    <link:label id="lab_hcp_SouthSanFrancisco2553CaMember_A60DCA1556656FFD66EB8B8E82B37C68_terseLabel_en-US" xlink:label="lab_hcp_SouthSanFrancisco2553CaMember_A60DCA1556656FFD66EB8B8E82B37C68" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2553 South San Francisco CA</link:label>
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    <link:label id="lab_hcp_WoolmerGreen2222UkMember_C16891D55267197A22B88B8E82C96999_terseLabel_en-US" xlink:label="lab_hcp_WoolmerGreen2222UkMember_C16891D55267197A22B88B8E82C96999" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2222 Woolmer Green UK</link:label>
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    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_48F69D01A25E2930069344452FAEB982_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_48F69D01A25E2930069344452FAEB982" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LIBOR</link:label>
    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_48F69D01A25E2930069344452FAEB982_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_48F69D01A25E2930069344452FAEB982" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</link:label>
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    <link:label id="lab_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F_terseLabel_en-US" xlink:label="lab_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Base rate</link:label>
    <link:label id="lab_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F_label_en-US" xlink:label="lab_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Base Rate [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BaseRateMember" xlink:label="loc_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F" xlink:to="lab_us-gaap_BaseRateMember_F10DFEF6A2041FC0A10C44452FAE6F8F" xlink:type="arc" />
    <link:label id="lab_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED_terseLabel_en-US" xlink:label="lab_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured, 6.00% notes due in 2017</link:label>
    <link:label id="lab_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED_label_en-US" xlink:label="lab_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt 6.00 Percent Due 2017 [Member]</link:label>
    <link:label id="lab_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED_documentation_en-US" xlink:label="lab_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the information pertaining to 6.00% senior unsecured notes due in 2017.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_UnsecuredDebt6.00PercentDue2017Member" xlink:label="loc_hcp_UnsecuredDebt6.00PercentDue2017Member_44F73E7BCCE6707D192A44452FAED9ED" xlink:type="locator" />
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    <link:label id="lab_hcp_UnsecuredDebt6.70PercentDue2018Member_1142CDC6776D3F39FBCC44452FAEDA50_terseLabel_en-US" xlink:label="lab_hcp_UnsecuredDebt6.70PercentDue2018Member_1142CDC6776D3F39FBCC44452FAEDA50" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured, 6.70% notes due in 2018</link:label>
    <link:label id="lab_hcp_UnsecuredDebt6.70PercentDue2018Member_1142CDC6776D3F39FBCC44452FAEDA50_label_en-US" xlink:label="lab_hcp_UnsecuredDebt6.70PercentDue2018Member_1142CDC6776D3F39FBCC44452FAEDA50" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt 6.70 Percent Due 2018 [Member]</link:label>
    <link:label id="lab_hcp_UnsecuredDebt6.70PercentDue2018Member_1142CDC6776D3F39FBCC44452FAEDA50_documentation_en-US" xlink:label="lab_hcp_UnsecuredDebt6.70PercentDue2018Member_1142CDC6776D3F39FBCC44452FAEDA50" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the information pertaining to 6.70% senior unsecured notes due in 2018.</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentFaceAmount_A19F5A62259FBCA49A2544452FAF97CA_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount_A19F5A62259FBCA49A2544452FAF97CA" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Aggregate principal amount</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentFaceAmount_A19F5A62259FBCA49A2544452FAF97CA_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount_A19F5A62259FBCA49A2544452FAF97CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Face Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_A19F5A62259FBCA49A2544452FAF97CA" xlink:type="locator" />
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    <link:label id="lab_us-gaap_InterestExpenseDebt_FE290EF44E542D9CD08244452FAF2251_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseDebt_FE290EF44E542D9CD08244452FAF2251" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpenseDebt_FE290EF44E542D9CD08244452FAF2251_label_en-US" xlink:label="lab_us-gaap_InterestExpenseDebt_FE290EF44E542D9CD08244452FAF2251" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense, Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="loc_us-gaap_InterestExpenseDebt_FE290EF44E542D9CD08244452FAF2251" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfDebt_0245D8BC5A03F55E533C44452FAFAD0C_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt_0245D8BC5A03F55E533C44452FAFAD0C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from issuance of debt</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfDebt_0245D8BC5A03F55E533C44452FAFAD0C_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt_0245D8BC5A03F55E533C44452FAFAD0C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Debt</link:label>
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    <link:label id="lab_us-gaap_PaymentsOfDividends_6BA5A4136189A827070544452FAF4944_verboseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends_6BA5A4136189A827070544452FAF4944" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payments of dividends</link:label>
    <link:label id="lab_us-gaap_PaymentsOfDividends_6BA5A4136189A827070544452FAF4944_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends_6BA5A4136189A827070544452FAF4944" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of Dividends</link:label>
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    <link:label id="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_79ADDBD8D15E971545F244452FAF1D5B_terseLabel_en-US" xlink:label="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_79ADDBD8D15E971545F244452FAF1D5B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares issued</link:label>
    <link:label id="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_79ADDBD8D15E971545F244452FAF1D5B_label_en-US" xlink:label="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_79ADDBD8D15E971545F244452FAF1D5B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock, Number of Shares Issued in Transaction</link:label>
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    <link:label id="lab_hcp_StockDistributionRatio_F1AC58E585787B2FF84D44452FAFAAA6_terseLabel_en-US" xlink:label="lab_hcp_StockDistributionRatio_F1AC58E585787B2FF84D44452FAFAAA6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock distribution ratio</link:label>
    <link:label id="lab_hcp_StockDistributionRatio_F1AC58E585787B2FF84D44452FAFAAA6_label_en-US" xlink:label="lab_hcp_StockDistributionRatio_F1AC58E585787B2FF84D44452FAFAAA6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Distribution Ratio</link:label>
    <link:label id="lab_hcp_StockDistributionRatio_F1AC58E585787B2FF84D44452FAFAAA6_documentation_en-US" xlink:label="lab_hcp_StockDistributionRatio_F1AC58E585787B2FF84D44452FAFAAA6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the ratio applied in the stock distribution.</link:label>
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    <link:label id="lab_us-gaap_AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1_BC97ACCAEDBFB015C88A44452FAF6F9D_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1_BC97ACCAEDBFB015C88A44452FAF6F9D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (loss) on disposition of assets</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1" xlink:label="loc_us-gaap_AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1_BC97ACCAEDBFB015C88A44452FAF6F9D" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases, Future Minimum Payments Receivable, in Four Years</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_5356DB786BAF73C9D35224DC7DE42ECB" xlink:type="arc" />
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2022</link:label>
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases, Future Minimum Payments Receivable, in Five Years</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_1D124A4B0EE46CD85E1A24DC7DE40315" xlink:type="arc" />
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_EDF2AF5AA32B65B3041724DC7DE4E595_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_EDF2AF5AA32B65B3041724DC7DE4E595" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases, Future Minimum Payments Receivable, Thereafter</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_EDF2AF5AA32B65B3041724DC7DE4E595" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_EDF2AF5AA32B65B3041724DC7DE4E595" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_EDF2AF5AA32B65B3041724DC7DE4E595" xlink:type="arc" />
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leases, Future Minimum Payments Receivable</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_EB0C449FCE291225927A24DC7DE424C9" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_9FE2B04BB640978CE775BA58570C70BD_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_9FE2B04BB640978CE775BA58570C70BD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of additional information concerning restricted stock and restricted stock units</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_9FE2B04BB640978CE775BA58570C70BD_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_9FE2B04BB640978CE775BA58570C70BD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_9FE2B04BB640978CE775BA58570C70BD" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A1C486C941245F9659948F612326C17A_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A1C486C941245F9659948F612326C17A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real estate:</link:label>
    <link:label id="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A1C486C941245F9659948F612326C17A_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A1C486C941245F9659948F612326C17A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward" xlink:label="loc_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A1C486C941245F9659948F612326C17A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_142A904794620AD97F268F612328A9C9_periodStartLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue_142A904794620AD97F268F612328A9C9" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balances at beginning of year</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="loc_us-gaap_RealEstateGrossAtCarryingValue_142A904794620AD97F268F612328A9C9" xlink:type="locator" />
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    <link:label id="lab_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6_terseLabel_en-US" xlink:label="lab_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of real estate and development and improvements</link:label>
    <link:label id="lab_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6_label_en-US" xlink:label="lab_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Acquisitions Development Improvements</link:label>
    <link:label id="lab_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6_documentation_en-US" xlink:label="lab_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The total amount of real estate investments acquired through acquisition, the amount of real estate developed, and the improvements made to real estate investments during the period.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RealEstateAcquisitionsDevelopmentImprovements" xlink:label="loc_hcp_RealEstateAcquisitionsDevelopmentImprovements_24F85BCA8BF1341A493D8F61232B90C6" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_D60F9CCED86D9BCBA7088F612332B564_negatedLabel_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold_D60F9CCED86D9BCBA7088F612332B564" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Sales and/or transfers to assets held for sale and discontinued operations</link:label>
    <link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_D60F9CCED86D9BCBA7088F612332B564_label_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold_D60F9CCED86D9BCBA7088F612332B564" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Real Estate, Cost of Real Estate Sold</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateCostOfRealEstateSold" xlink:label="loc_us-gaap_RealEstateCostOfRealEstateSold_D60F9CCED86D9BCBA7088F612332B564" xlink:type="locator" />
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    <link:label id="lab_hcp_RealEstateGrossCarryingValueChangesInReportingPresentationDiscontinuedOperations_CF1158EADE1F9F343AF78F612334DC02_terseLabel_en-US" xlink:label="lab_hcp_RealEstateGrossCarryingValueChangesInReportingPresentationDiscontinuedOperations_CF1158EADE1F9F343AF78F612334DC02" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_B2AA6585849377C6BF428F612334B521_periodEndLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue_B2AA6585849377C6BF428F612334B521" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balances at end of year</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="loc_us-gaap_RealEstateGrossAtCarryingValue_B2AA6585849377C6BF428F612334B521" xlink:type="locator" />
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_D51D86A1C8647BD2BE228F6123344B55" xlink:to="lab_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_D51D86A1C8647BD2BE228F6123344B55" xlink:type="arc" />
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_4ADC32CD3FF1500BB20F8F6123341BC3_periodStartLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation_4ADC32CD3FF1500BB20F8F6123341BC3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balances at beginning of year</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciation_4ADC32CD3FF1500BB20F8F6123341BC3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAccumulatedDepreciation_4ADC32CD3FF1500BB20F8F6123341BC3" xlink:to="lab_us-gaap_RealEstateAccumulatedDepreciation_4ADC32CD3FF1500BB20F8F6123341BC3" xlink:type="arc" />
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A_terseLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation expense</link:label>
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A_label_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:label="loc_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A" xlink:to="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_47D4227F24B825E142798F612336981A" xlink:type="arc" />
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2_negatedLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Sales and/or transfers to assets held for sale and discontinued operations</link:label>
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2_label_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2" xlink:to="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_C95D82028B0B0E5BE1568F612336D7D2" xlink:type="arc" />
    <link:label id="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD_negatedTerseLabel_en-US" xlink:label="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deconsolidation of real estate</link:label>
    <link:label id="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD_label_en-US" xlink:label="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Deconsolidation</link:label>
    <link:label id="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD_documentation_en-US" xlink:label="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Deconsolidation</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation" xlink:label="loc_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD" xlink:to="lab_hcp_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidation_15E8B753D781E928C74D8F61233625DD" xlink:type="arc" />
    <link:label id="lab_hcp_RealEstateAccumulatedDepreciationChangesInReportingPresentationDiscontinuedOperations_61C65B5AC01AB75A23848F612337B5E6_terseLabel_en-US" xlink:label="lab_hcp_RealEstateAccumulatedDepreciationChangesInReportingPresentationDiscontinuedOperations_61C65B5AC01AB75A23848F612337B5E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_hcp_RealEstateAccumulatedDepreciationChangesInReportingPresentationDiscontinuedOperations_61C65B5AC01AB75A23848F612337B5E6_label_en-US" xlink:label="lab_hcp_RealEstateAccumulatedDepreciationChangesInReportingPresentationDiscontinuedOperations_61C65B5AC01AB75A23848F612337B5E6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate Accumulated Depreciation Changes in Reporting Presentation Discontinued Operations</link:label>
    <link:label id="lab_hcp_RealEstateAccumulatedDepreciationChangesInReportingPresentationDiscontinuedOperations_61C65B5AC01AB75A23848F612337B5E6_documentation_en-US" xlink:label="lab_hcp_RealEstateAccumulatedDepreciationChangesInReportingPresentationDiscontinuedOperations_61C65B5AC01AB75A23848F612337B5E6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the increase in accumulated depreciation associated with the change in reporting presentation for properties placed into discontinued operations as of year-end.</link:label>
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    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_D4823DAC2AA83B55F3888F6123370DD7_periodEndLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation_D4823DAC2AA83B55F3888F6123370DD7" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balances at end of year</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciation_D4823DAC2AA83B55F3888F6123370DD7" xlink:type="locator" />
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    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_97045606B48519FDFB70625C754F86DA_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract_97045606B48519FDFB70625C754F86DA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental cash flow information:</link:label>
    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_97045606B48519FDFB70625C754F86DA_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract_97045606B48519FDFB70625C754F86DA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_97045606B48519FDFB70625C754F86DA" xlink:type="locator" />
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    <link:label id="lab_us-gaap_InterestPaidNet_7F71C5B8AFBAC2B36A2B625C754F23D0_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet_7F71C5B8AFBAC2B36A2B625C754F23D0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest paid, net of capitalized interest</link:label>
    <link:label id="lab_us-gaap_InterestPaidNet_7F71C5B8AFBAC2B36A2B625C754F23D0_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet_7F71C5B8AFBAC2B36A2B625C754F23D0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Paid, Net</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="loc_us-gaap_InterestPaidNet_7F71C5B8AFBAC2B36A2B625C754F23D0" xlink:type="locator" />
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    <link:label id="lab_us-gaap_IncomeTaxesPaidNet_6DE634C9D3320982CCFF625C754FA346_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet_6DE634C9D3320982CCFF625C754FA346" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income taxes paid</link:label>
    <link:label id="lab_us-gaap_IncomeTaxesPaidNet_6DE634C9D3320982CCFF625C754FA346_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet_6DE634C9D3320982CCFF625C754FA346" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Taxes Paid, Net</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="loc_us-gaap_IncomeTaxesPaidNet_6DE634C9D3320982CCFF625C754FA346" xlink:type="locator" />
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    <link:label id="lab_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C_terseLabel_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalized interest</link:label>
    <link:label id="lab_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C_label_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Costs Capitalized</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="loc_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C" xlink:to="lab_us-gaap_InterestCostsCapitalized_EE0A0E7DE93FB68066B1625C754F577C" xlink:type="arc" />
    <link:label id="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_AA983F81AF10E5AEA720625C754F0E8F_terseLabel_en-US" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_AA983F81AF10E5AEA720625C754F0E8F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental schedule of non-cash investing and financing activities:</link:label>
    <link:label id="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_AA983F81AF10E5AEA720625C754F0E8F_label_en-US" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_AA983F81AF10E5AEA720625C754F0E8F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash Investing and Financing Items [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract_AA983F81AF10E5AEA720625C754F0E8F" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_7BA8452E88374D56A36E625C754F6623_terseLabel_en-US" xlink:label="lab_us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_7BA8452E88374D56A36E625C754F6623" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued construction costs</link:label>
    <link:label id="lab_us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_7BA8452E88374D56A36E625C754F6623_label_en-US" xlink:label="lab_us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_7BA8452E88374D56A36E625C754F6623" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Construction in Progress Expenditures Incurred but Not yet Paid</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid" xlink:label="loc_us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid_7BA8452E88374D56A36E625C754F6623" xlink:type="locator" />
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    <link:label id="lab_hcp_NoncashImpactOfSpinoffAmount_0649B86D61AAD8F28686625C754FC81E_terseLabel_en-US" xlink:label="lab_hcp_NoncashImpactOfSpinoffAmount_0649B86D61AAD8F28686625C754FC81E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-cash impact of QCP Spin-Off, net</link:label>
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    <link:label id="lab_hcp_NoncashImpactOfSpinoffAmount_0649B86D61AAD8F28686625C754FC81E_documentation_en-US" xlink:label="lab_hcp_NoncashImpactOfSpinoffAmount_0649B86D61AAD8F28686625C754FC81E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of noncash transaction impact of spinoff.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NoncashImpactOfSpinoffAmount" xlink:label="loc_hcp_NoncashImpactOfSpinoffAmount_0649B86D61AAD8F28686625C754FC81E" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtConversionConvertedInstrumentAmount1_6D71BCBD966AD5D13B81625C75549A74_terseLabel_en-US" xlink:label="lab_us-gaap_DebtConversionConvertedInstrumentAmount1_6D71BCBD966AD5D13B81625C75549A74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Securities transferred for debt defeasance</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentAmount1" xlink:label="loc_us-gaap_DebtConversionConvertedInstrumentAmount1_6D71BCBD966AD5D13B81625C75549A74" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtConversionConvertedInstrumentAmount1_6D71BCBD966AD5D13B81625C75549A74" xlink:to="lab_us-gaap_DebtConversionConvertedInstrumentAmount1_6D71BCBD966AD5D13B81625C75549A74" xlink:type="arc" />
    <link:label id="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9_terseLabel_en-US" xlink:label="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlement of loans receivable as consideration for real estate acquisition</link:label>
    <link:label id="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9_label_en-US" xlink:label="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments In Loan Receivables Fair Value</link:label>
    <link:label id="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9_documentation_en-US" xlink:label="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">In a business combination, this element represents the fair value of the investments in loans receivable in the acquiree the reporting entity held at the acquisition date.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_InvestmentsInLoanReceivablesFairValue" xlink:label="loc_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9" xlink:to="lab_hcp_InvestmentsInLoanReceivablesFairValue_94B641010D57AE474C3F625C7554A7E9" xlink:type="arc" />
    <link:label id="lab_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vesting of restricted stock units and conversion of non-managing member units into common stock</link:label>
    <link:label id="lab_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6_label_en-US" xlink:label="lab_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssued1" xlink:label="loc_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6" xlink:to="lab_us-gaap_StockIssued1_1A2ABBD2C0BB98525DC5625C7555A7B6" xlink:type="arc" />
    <link:label id="lab_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C_terseLabel_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition</link:label>
    <link:label id="lab_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C_label_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1" xlink:label="loc_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C" xlink:to="lab_us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1_C25EA16BF307A57E4735625C75558C4C" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deconsolidation of noncontrolling interest in connection with RIDEA II transaction</link:label>
    <link:label id="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5_label_en-US" xlink:label="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Significant Noncash Transaction, Value of Consideration Received</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1" xlink:label="loc_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5" xlink:to="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_4E1F3338559CCEA659C9625C755573A5" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8_terseLabel_en-US" xlink:label="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Noncontrolling interest issued in connection with real estate and other acquisitions</link:label>
    <link:label id="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8_label_en-US" xlink:label="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Significant Noncash Transaction, Value of Consideration Given</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:label="loc_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8" xlink:to="lab_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_B3A979DA91989A64B026625C755592E8" xlink:type="arc" />
    <link:label id="lab_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933_verboseLabel_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Mortgages and other liabilities assumed with real estate acquisitions</link:label>
    <link:label id="lab_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933_label_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash or Part Noncash Acquisition, Value of Liabilities Assumed</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1" xlink:label="loc_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933" xlink:to="lab_us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_24A6B4DAA3A98F2D583B625C75555933" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign currency translation adjustment</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_87BD6CD95C2C12322F5C625C7555FFD6" xlink:type="arc" />
    <link:label id="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750_terseLabel_en-US" xlink:label="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net</link:label>
    <link:label id="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750_label_en-US" xlink:label="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized Gain (Loss) on Available for Sale Securities and Derivatives</link:label>
    <link:label id="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750_documentation_en-US" xlink:label="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of unrealized gains or losses on available-for-sale securities and derivatives designated as cash flow hedges.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives" xlink:label="loc_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750" xlink:to="lab_hcp_UnrealizedGainLossOnAvailableForSaleSecuritiesAndDerivatives_F11802C3383545FF0705625C75551750" xlink:type="arc" />
    <link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_7936D6B9ABBDCF818E0D8F61393032C2_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract_7936D6B9ABBDCF818E0D8F61393032C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_7936D6B9ABBDCF818E0D8F61393032C2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_7936D6B9ABBDCF818E0D8F61393032C2" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract_7936D6B9ABBDCF818E0D8F61393032C2" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8090BD102BBD41A9EA308F6139318BB3" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProfitLoss_7BFE9F320FC827BD452A8F613931986B_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss_7BFE9F320FC827BD452A8F613931986B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_7BFE9F320FC827BD452A8F613931986B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss_7BFE9F320FC827BD452A8F613931986B" xlink:to="lab_us-gaap_ProfitLoss_7BFE9F320FC827BD452A8F613931986B" xlink:type="arc" />
    <link:label id="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net income (loss) to net cash provided by operating activities:</link:label>
    <link:label id="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7_label_en-US" xlink:label="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7" xlink:to="lab_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_485BB7CA9C528E86CEDA8F6139326FC7" xlink:type="arc" />
    <link:label id="lab_us-gaap_DepreciationAndAmortization_B084B22050044BA1BD458F6139342B73_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization_B084B22050044BA1BD458F6139342B73" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization of real estate, in-place lease and other intangibles: Continuing operations</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="loc_us-gaap_DepreciationAndAmortization_B084B22050044BA1BD458F6139342B73" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DepreciationAndAmortizationDiscontinuedOperations_022FC19C3333171C0E588F613935A56D_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortizationDiscontinuedOperations_022FC19C3333171C0E588F613935A56D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization of real estate, in-place lease and other intangibles: Discontinued operations</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DepreciationAndAmortizationDiscontinuedOperations" xlink:label="loc_us-gaap_DepreciationAndAmortizationDiscontinuedOperations_022FC19C3333171C0E588F613935A56D" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StraightLineRent_38A46FF50D5C0CFAF5468F6139354AB0_label_en-US" xlink:label="lab_us-gaap_StraightLineRent_38A46FF50D5C0CFAF5468F6139354AB0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Straight Line Rent</link:label>
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    <link:label id="lab_hcp_LoanAndDirectFinancingLeaseNonCashInterest_36479BC5F35F7F8C61718F613936B5D7_documentation_en-US" xlink:label="lab_hcp_LoanAndDirectFinancingLeaseNonCashInterest_36479BC5F35F7F8C61718F613936B5D7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of loan and direct financing lease non-cash interest, of continuing operations.</link:label>
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    <link:label id="lab_hcp_LoanAndDirectFinancingLeaseNonCashInterestOfDiscontinuedOperations_C1D8E97D1D8F385110158F6139363225_documentation_en-US" xlink:label="lab_hcp_LoanAndDirectFinancingLeaseNonCashInterestOfDiscontinuedOperations_C1D8E97D1D8F385110158F6139363225" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of loan and direct financing lease non-cash interest, of discontinued operations.</link:label>
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    <link:label id="lab_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C_negatedLabel_en-US" xlink:label="lab_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Equity loss (income) from unconsolidated joint ventures</link:label>
    <link:label id="lab_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C_label_en-US" xlink:label="lab_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income (Loss) From Equity Method Investments, Including Discontinued Operations</link:label>
    <link:label id="lab_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C_documentation_en-US" xlink:label="lab_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income (Loss) From Equity Method Investments, Including Discontinued Operations</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations" xlink:label="loc_hcp_IncomeLossFromEquityMethodInvestmentsIncludingDiscontinuedOperations_F552CE43EAE1621F3EA98F6139369D7C" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_C2C1964F86689F137FFA8F613938AFFB_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_C2C1964F86689F137FFA8F613938AFFB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions of earnings from unconsolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_C2C1964F86689F137FFA8F613938AFFB_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_C2C1964F86689F137FFA8F613938AFFB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Equity Method Investment, Distribution</link:label>
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    <link:label id="lab_us-gaap_GainLossOnSaleOfInvestments_EB82E9C5F79D276AEDC18F613938337E_negatedLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfInvestments_EB82E9C5F79D276AEDC18F613938337E" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Loss (gain) on sales of real estate, net</link:label>
    <link:label id="lab_us-gaap_GainLossOnSaleOfInvestments_EB82E9C5F79D276AEDC18F613938337E_label_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfInvestments_EB82E9C5F79D276AEDC18F613938337E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Sale of Investments</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnSaleOfInvestments" xlink:label="loc_us-gaap_GainLossOnSaleOfInvestments_EB82E9C5F79D276AEDC18F613938337E" xlink:type="locator" />
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    <link:label id="lab_us-gaap_GainLossOnContractTermination_E0A1C62A35DADADE4E468F61393867F1_label_en-US" xlink:label="lab_us-gaap_GainLossOnContractTermination_E0A1C62A35DADADE4E468F61393867F1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Contract Termination</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInDeferredIncomeTaxes_0ECDBB19AC99706DC1398F6139394FBA_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredIncomeTaxes_0ECDBB19AC99706DC1398F6139394FBA" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax expense (benefit)</link:label>
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    <link:label id="lab_hcp_AssetImpairmentChargesIncludingDiscontinuedOperations_99332ACA781B64B2C3BC8F6139398ED9_terseLabel_en-US" xlink:label="lab_hcp_AssetImpairmentChargesIncludingDiscontinuedOperations_99332ACA781B64B2C3BC8F6139398ED9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairments (recoveries), net</link:label>
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    <link:label id="lab_hcp_AssetImpairmentChargesIncludingDiscontinuedOperations_99332ACA781B64B2C3BC8F6139398ED9_documentation_en-US" xlink:label="lab_hcp_AssetImpairmentChargesIncludingDiscontinuedOperations_99332ACA781B64B2C3BC8F6139398ED9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset Impairment Charges, Including Discontinued Operations</link:label>
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    <link:label id="lab_us-gaap_InsuredEventGainLoss_8F420926B0EC066BB3B18F61393AB27D_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_InsuredEventGainLoss_8F420926B0EC066BB3B18F61393AB27D" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Casualty-related loss (recoveries), net</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_FB64F00673A107B530418F61393CFCF6_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_FB64F00673A107B530418F61393CFCF6" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Decrease (increase) in accounts receivable and other assets, net</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_FB64F00673A107B530418F61393CFCF6_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_FB64F00673A107B530418F61393CFCF6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Accounts Receivable and Other Operating Assets</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_FB64F00673A107B530418F61393CFCF6" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_826D496C997322DC11C28F61393CA4EF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_826D496C997322DC11C28F61393CA4EF" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_826D496C997322DC11C28F61393CA4EF" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) operating activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_BD52FD2E68CF738193208F61393C2249" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_CD9E4FB64734197E84F88F61393CAB06_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_CD9E4FB64734197E84F88F61393CAB06" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_CD9E4FB64734197E84F88F61393CAB06_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_CD9E4FB64734197E84F88F61393CAB06" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_CD9E4FB64734197E84F88F61393CAB06" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisition of RIDEA III, net</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Real Estate and Real Estate Joint Ventures</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures" xlink:label="loc_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB" xlink:to="lab_us-gaap_PaymentsToAcquireRealEstateAndRealEstateJointVentures_F918CDDFDB274B6DA3C58F61393DB9BB" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquireOtherRealEstate_924F0989A61D84DC75858F61393D4718_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireOtherRealEstate_924F0989A61D84DC75858F61393D4718" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisitions of other real estate</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireOtherRealEstate_924F0989A61D84DC75858F61393D4718_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireOtherRealEstate_924F0989A61D84DC75858F61393D4718" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Other Real Estate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOtherRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireOtherRealEstate_924F0989A61D84DC75858F61393D4718" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsToDevelopRealEstateAssets_8CBD0445478428C30AC08F61393EF1EF_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToDevelopRealEstateAssets_8CBD0445478428C30AC08F61393EF1EF" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Development and redevelopment of real estate</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToDevelopRealEstateAssets" xlink:label="loc_us-gaap_PaymentsToDevelopRealEstateAssets_8CBD0445478428C30AC08F61393EF1EF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements_E9A74ED5BACD062FBD348F61393FF885_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements_E9A74ED5BACD062FBD348F61393FF885" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Leasing costs, tenant improvements, and recurring capital expenditures</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements" xlink:label="loc_us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements_E9A74ED5BACD062FBD348F61393FF885" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_616C909129257D55ED268F61393F2A91_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_616C909129257D55ED268F61393F2A91" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales of real estate, net</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_616C909129257D55ED268F61393F2A91_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_616C909129257D55ED268F61393F2A91" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Property, Plant, and Equipment</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_616C909129257D55ED268F61393F2A91" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_04555D9A705CCECC29638F61393F84AE_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_04555D9A705CCECC29638F61393F84AE" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Contributions to unconsolidated joint ventures</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_04555D9A705CCECC29638F61393F84AE" xlink:type="locator" />
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    <link:label id="lab_hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures_1770EF19E2F67A83063F8F61393FEDF1_terseLabel_en-US" xlink:label="lab_hcp_DistributionsInExcessOfEarningsFromUnconsolidatedJointVentures_1770EF19E2F67A83063F8F61393FEDF1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions in excess of earnings from unconsolidated joint ventures</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfBuildings_9C360579AC38BC4BB9418F61393F5F4C_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfBuildings_9C360579AC38BC4BB9418F61393F5F4C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from the RIDEA II transaction, net</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfBuildings_9C360579AC38BC4BB9418F61393F5F4C_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfBuildings_9C360579AC38BC4BB9418F61393F5F4C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Buildings</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfBuildings" xlink:label="loc_us-gaap_ProceedsFromSaleOfBuildings_9C360579AC38BC4BB9418F61393F5F4C" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_49EF20C17F0291EEC2E78F61393F5544_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_49EF20C17F0291EEC2E78F61393F5544" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales/principal repayments on debt investments and direct financing leases</link:label>
    <link:label id="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_49EF20C17F0291EEC2E78F61393F5544_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_49EF20C17F0291EEC2E78F61393F5544" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Principal Repayments on Loans and Leases Held-for-investment</link:label>
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    <link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_5A1E130C1ECDCEBC9DC48F6139489237_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_5A1E130C1ECDCEBC9DC48F6139489237" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effect of foreign exchanges on cash, cash equivalents and restricted cash</link:label>
    <link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_5A1E130C1ECDCEBC9DC48F6139489237_label_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_5A1E130C1ECDCEBC9DC48F6139489237" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations</link:label>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_F9F14F0F2797430EE17B8F613948C228_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_F9F14F0F2797430EE17B8F613948C228" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net increase (decrease) in cash, cash equivalents and restricted cash</link:label>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations_623F52DB9475C2C8C46E8F6139499C31_negatedLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations_623F52DB9475C2C8C46E8F6139499C31" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Less: cash, cash equivalents and restricted cash of discontinued operations</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3CDE6DEACFAD49102C638F6139492CEF" xlink:type="locator" />
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    <link:label id="lab_hcp_PostAcuteAndSkilledNursingMember_9B0020F2C9C18B866ACC3DA8D3756D61_terseLabel_en-US" xlink:label="lab_hcp_PostAcuteAndSkilledNursingMember_9B0020F2C9C18B866ACC3DA8D3756D61" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-acute/skilled</link:label>
    <link:label id="lab_hcp_PostAcuteAndSkilledNursingMember_9B0020F2C9C18B866ACC3DA8D3756D61_label_en-US" xlink:label="lab_hcp_PostAcuteAndSkilledNursingMember_9B0020F2C9C18B866ACC3DA8D3756D61" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Post Acute And Skilled Nursing [Member]</link:label>
    <link:label id="lab_hcp_PostAcuteAndSkilledNursingMember_9B0020F2C9C18B866ACC3DA8D3756D61_documentation_en-US" xlink:label="lab_hcp_PostAcuteAndSkilledNursingMember_9B0020F2C9C18B866ACC3DA8D3756D61" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Properties that are part of continuing operations, and which are classified as post-acute/skilled nursing.</link:label>
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    <link:label id="lab_hcp_PostacuteAndSkilledNursingAndSeniorHousingTripleNetMember_86043079C5AADF45EF143DA8D37567EE_terseLabel_en-US" xlink:label="lab_hcp_PostacuteAndSkilledNursingAndSeniorHousingTripleNetMember_86043079C5AADF45EF143DA8D37567EE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-acute/skilled and SH NNN</link:label>
    <link:label id="lab_hcp_PostacuteAndSkilledNursingAndSeniorHousingTripleNetMember_86043079C5AADF45EF143DA8D37567EE_label_en-US" xlink:label="lab_hcp_PostacuteAndSkilledNursingAndSeniorHousingTripleNetMember_86043079C5AADF45EF143DA8D37567EE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Postacute And Skilled Nursing And Senior Housing Triple Net [Member]</link:label>
    <link:label id="lab_hcp_PostacuteAndSkilledNursingAndSeniorHousingTripleNetMember_86043079C5AADF45EF143DA8D37567EE_documentation_en-US" xlink:label="lab_hcp_PostacuteAndSkilledNursingAndSeniorHousingTripleNetMember_86043079C5AADF45EF143DA8D37567EE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Combined segments of the entity representing post-acute/skilled nursing facilities and SS NNN.</link:label>
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    <link:label id="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember_B8D90A5971E1E03C34003DA8D37E3F70_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember_B8D90A5971E1E03C34003DA8D37E3F70" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposed of by Sale</link:label>
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    <link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_95F6E5F3C47EE4ED1916C3C66D249E23_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit_95F6E5F3C47EE4ED1916C3C66D249E23" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal</link:label>
    <link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_95F6E5F3C47EE4ED1916C3C66D249E23_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit_95F6E5F3C47EE4ED1916C3C66D249E23" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Federal Tax Expense (Benefit)</link:label>
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    <link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_FA11AAE8561EFC2D6791C3C66D2432B3_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_FA11AAE8561EFC2D6791C3C66D2432B3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">State</link:label>
    <link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_FA11AAE8561EFC2D6791C3C66D2432B3_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_FA11AAE8561EFC2D6791C3C66D2432B3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current State and Local Tax Expense (Benefit)</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_B34189E4165ADDA2AFF37CF4AE380CF8" xlink:type="locator" />
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    <link:label id="lab_us-gaap_SharesIssued_42BA83E8B0E4810199F97CF4AE38C5C7_periodEndLabel_en-US" xlink:label="lab_us-gaap_SharesIssued_42BA83E8B0E4810199F97CF4AE38C5C7" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance (in shares)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_us-gaap_SharesIssued_42BA83E8B0E4810199F97CF4AE38C5C7" xlink:type="locator" />
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    <link:label id="lab_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A_terseLabel_en-US" xlink:label="lab_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Secured</link:label>
    <link:label id="lab_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A_label_en-US" xlink:label="lab_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Loans Receivable Secured [Member]</link:label>
    <link:label id="lab_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A_documentation_en-US" xlink:label="lab_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents other secured loans receivable not otherwise specified in the taxonomy.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_OtherLoansReceivableSecuredMember" xlink:label="loc_hcp_OtherLoansReceivableSecuredMember_E433B34853EFE65D7FF244452E95462A" xlink:type="locator" />
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    <link:label id="lab_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459_terseLabel_en-US" xlink:label="lab_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maria Mallaband loans</link:label>
    <link:label id="lab_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459_label_en-US" xlink:label="lab_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maria Mallaband Loans [Member]</link:label>
    <link:label id="lab_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459_documentation_en-US" xlink:label="lab_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maria Mallaband Loans [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MariaMallabandLoansMember" xlink:label="loc_hcp_MariaMallabandLoansMember_2F2ECE13757EAF3F2ABF44452E950459" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_DB4B40863E97EF31073944452E95C9DC_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_DB4B40863E97EF31073944452E95C9DC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans Receivable:</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:label="loc_us-gaap_AccountsNotesAndLoansReceivableLineItems_DB4B40863E97EF31073944452E95C9DC" xlink:type="locator" />
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    <link:label id="lab_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB_terseLabel_en-US" xlink:label="lab_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mezzanine</link:label>
    <link:label id="lab_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB_label_en-US" xlink:label="lab_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Receivable, Gross Carrying Amount, Mezzanine</link:label>
    <link:label id="lab_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB_documentation_en-US" xlink:label="lab_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The gross carrying amount of loans receivable that are subordinated to receivables held by other entities.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_LoansReceivableGrossCarryingAmountMezzanine" xlink:label="loc_hcp_LoansReceivableGrossCarryingAmountMezzanine_B07BE52E842A624F977344452E95B3FB" xlink:type="locator" />
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    <link:label id="lab_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_FEFC4B87C377E9A762EC44452E95C712_terseLabel_en-US" xlink:label="lab_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_FEFC4B87C377E9A762EC44452E95C712" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unamortized premiums (discounts), fees and costs</link:label>
    <link:label id="lab_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_FEFC4B87C377E9A762EC44452E95C712_label_en-US" xlink:label="lab_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_FEFC4B87C377E9A762EC44452E95C712" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums" xlink:label="loc_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums_FEFC4B87C377E9A762EC44452E95C712" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LoansAndLeasesReceivableAllowance_F391689D4959C23E8E4544452E95F440_negatedLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableAllowance_F391689D4959C23E8E4544452E95F440" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Allowance for loan losses</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableAllowance_F391689D4959C23E8E4544452E95F440_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableAllowance_F391689D4959C23E8E4544452E95F440" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable, Allowance</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableAllowance" xlink:label="loc_us-gaap_LoansAndLeasesReceivableAllowance_F391689D4959C23E8E4544452E95F440" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_A49E6E1B04BCC44EFA8044452E963495_totalLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmount_A49E6E1B04BCC44EFA8044452E963495" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Loans receivable, net</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetReportedAmount" xlink:label="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmount_A49E6E1B04BCC44EFA8044452E963495" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E520FD1689BA47A5E8C9BCF84B7C0FCB_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E520FD1689BA47A5E8C9BCF84B7C0FCB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Computation of basic and diluted earnings per share (in thousands, except per share amounts)</link:label>
    <link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E520FD1689BA47A5E8C9BCF84B7C0FCB_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E520FD1689BA47A5E8C9BCF84B7C0FCB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E520FD1689BA47A5E8C9BCF84B7C0FCB" xlink:type="locator" />
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    <link:label id="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810_terseLabel_en-US" xlink:label="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">RIDEA I</link:label>
    <link:label id="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810_label_en-US" xlink:label="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">RIDEA I [Member]</link:label>
    <link:label id="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810_documentation_en-US" xlink:label="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents a joint venture with a portfolio of non-stabilized properties ("RIDEA JV").</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RIDEAIMember" xlink:label="loc_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810" xlink:to="lab_hcp_RIDEAIMember_20A72DCA3C47661001C38769C82E2810" xlink:type="arc" />
    <link:label id="lab_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591_terseLabel_en-US" xlink:label="lab_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">RIDEA Facilities</link:label>
    <link:label id="lab_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591_label_en-US" xlink:label="lab_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">RIDEA Facilities [Member]</link:label>
    <link:label id="lab_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591_documentation_en-US" xlink:label="lab_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">RIDEA Facilities [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RIDEAFacilitiesMember" xlink:label="loc_hcp_RIDEAFacilitiesMember_391AACC4058BCEF33AD38769C82F9591" xlink:type="locator" />
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    <link:label id="lab_us-gaap_VariableInterestEntityOwnershipPercentage_69BFCC267B21CD854A188769C82FCF62_verboseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityOwnershipPercentage_69BFCC267B21CD854A188769C82FCF62" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Ownership percentage (as a percent)</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityOwnershipPercentage_69BFCC267B21CD854A188769C82FCF62_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityOwnershipPercentage_69BFCC267B21CD854A188769C82FCF62" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableInterestEntityOwnershipPercentage" xlink:label="loc_us-gaap_VariableInterestEntityOwnershipPercentage_69BFCC267B21CD854A188769C82FCF62" xlink:type="locator" />
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    <link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_C3D50648C612941B9E168769C8305FD9_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_C3D50648C612941B9E168769C8305FD9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of interest acquired</link:label>
    <link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_C3D50648C612941B9E168769C8305FD9_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_C3D50648C612941B9E168769C8305FD9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Acquisition, Percentage of Voting Interests Acquired</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:label="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_C3D50648C612941B9E168769C8305FD9" xlink:type="locator" />
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    <link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_2D6268563C216F68671D8769C830E8CD_verboseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1_2D6268563C216F68671D8769C830E8CD" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Purchase price of acquisition</link:label>
    <link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_2D6268563C216F68671D8769C830E8CD_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1_2D6268563C216F68671D8769C830E8CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Combination, Consideration Transferred</link:label>
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    <link:label id="lab_hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_9BE77423242341DA13AD2F26F1BD8D2E_label_en-US" xlink:label="lab_hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_9BE77423242341DA13AD2F26F1BD8D2E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in Joint Ventures Senior Housing Facilities Number</link:label>
    <link:label id="lab_hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_9BE77423242341DA13AD2F26F1BD8D2E_documentation_en-US" xlink:label="lab_hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_9BE77423242341DA13AD2F26F1BD8D2E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of senior housing facilities owned by the entity and operated by the joint venture.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber" xlink:label="loc_hcp_InvestmentsInJointVenturesSeniorHousingFacilitiesNumber_9BE77423242341DA13AD2F26F1BD8D2E" xlink:type="locator" />
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    <link:label id="lab_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD_terseLabel_en-US" xlink:label="lab_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management agreement term (in years)</link:label>
    <link:label id="lab_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD_label_en-US" xlink:label="lab_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Agreement Term</link:label>
    <link:label id="lab_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD_documentation_en-US" xlink:label="lab_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the term of the agreement under which the Company receives management and accounting services.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ManagementAgreementTerm" xlink:label="loc_hcp_ManagementAgreementTerm_2B86509C73D346B7AE3A2F26F1BD2DFD" xlink:type="locator" />
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    <link:label id="lab_hcp_ManagementAgreementNumberOfRenewals_3B0B55FD25B6E37D431B2F26F1BDE4C1_terseLabel_en-US" xlink:label="lab_hcp_ManagementAgreementNumberOfRenewals_3B0B55FD25B6E37D431B2F26F1BDE4C1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management Agreement Number of Renewals</link:label>
    <link:label id="lab_hcp_ManagementAgreementNumberOfRenewals_3B0B55FD25B6E37D431B2F26F1BDE4C1_label_en-US" xlink:label="lab_hcp_ManagementAgreementNumberOfRenewals_3B0B55FD25B6E37D431B2F26F1BDE4C1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Agreement Number of Renewals</link:label>
    <link:label id="lab_hcp_ManagementAgreementNumberOfRenewals_3B0B55FD25B6E37D431B2F26F1BDE4C1_documentation_en-US" xlink:label="lab_hcp_ManagementAgreementNumberOfRenewals_3B0B55FD25B6E37D431B2F26F1BDE4C1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of renewals available under the management agreement.</link:label>
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    <link:label id="lab_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB_terseLabel_en-US" xlink:label="lab_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management agreement renewal term (in years)</link:label>
    <link:label id="lab_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB_label_en-US" xlink:label="lab_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Agreement Renewal Term</link:label>
    <link:label id="lab_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB_documentation_en-US" xlink:label="lab_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the term of renewals of the agreement under which the Company receives management and accounting services.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ManagementAgreementRenewalTerm" xlink:label="loc_hcp_ManagementAgreementRenewalTerm_BDD3912915DAE2E7E5772F26F1BDD1AB" xlink:type="locator" />
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    <link:label id="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D_terseLabel_en-US" xlink:label="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of EDITDAR payable as base management fee</link:label>
    <link:label id="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D_label_en-US" xlink:label="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Fee Payable As Percentage of EBITDAR</link:label>
    <link:label id="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D_documentation_en-US" xlink:label="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the percentage of EBITDAR that is payable by the entity as base management fee.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ManagementFeePayableAsPercentageOfEbitdar" xlink:label="loc_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D" xlink:to="lab_hcp_ManagementFeePayableAsPercentageOfEbitdar_35DD87A7DE9DE5D4F9582F26F1BE8C2D" xlink:type="arc" />
    <link:label id="lab_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9_terseLabel_en-US" xlink:label="lab_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity method investment ownership interest disposed</link:label>
    <link:label id="lab_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9_label_en-US" xlink:label="lab_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discontinued Operations, Ownership Interest Disposed</link:label>
    <link:label id="lab_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9_documentation_en-US" xlink:label="lab_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Discontinued Operations, Ownership Interest Disposed</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DiscontinuedOperationsOwnershipInterestDisposed" xlink:label="loc_hcp_DiscontinuedOperationsOwnershipInterestDisposed_2636DF2F1FCC58456D432F26F1BE86D9" xlink:type="locator" />
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    <link:label id="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Interest Entities</link:label>
    <link:label id="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3_label_en-US" xlink:label="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entities [Text Block]</link:label>
    <link:label id="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure for variable interest entities, including description of the terms of arrangements and categorized by: (1) VIEs consolidated because the entity is the primary beneficiary, (2) VIEs not consolidated because the entity is not the primary beneficiary, and (3) VIEs or potential VIEs that are not consolidated because necessary information is not available.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntitiesTextBlock" xlink:label="loc_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3" xlink:to="lab_hcp_VariableInterestEntitiesTextBlock_54BD3BC1E1C9E92AC0DCBCF84B6BFAA3" xlink:type="arc" />
    <link:label id="lab_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5_terseLabel_en-US" xlink:label="lab_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment [Axis]</link:label>
    <link:label id="lab_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5_label_en-US" xlink:label="lab_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentAxis" xlink:label="loc_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5" xlink:to="lab_invest_InvestmentAxis_A340132644F982ADD07C9A505678B2E5" xlink:type="arc" />
    <link:label id="lab_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D_terseLabel_en-US" xlink:label="lab_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment [Domain]</link:label>
    <link:label id="lab_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D_label_en-US" xlink:label="lab_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentDomain" xlink:label="loc_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D" xlink:to="lab_invest_InvestmentDomain_EBA3A54AA698615D67F69A5056780E7D" xlink:type="arc" />
    <link:label id="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C_terseLabel_en-US" xlink:label="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">DFL Portfolio</link:label>
    <link:label id="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C_label_en-US" xlink:label="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">D F L Portfolio [Member]</link:label>
    <link:label id="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C_documentation_en-US" xlink:label="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">A portfolio of direct financing leases that are being accounted for on a cash basis.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DFLPortfolioMember" xlink:label="loc_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C" xlink:to="lab_hcp_DFLPortfolioMember_3956C40FBC6613AF4E2B9A505678AA2C" xlink:type="arc" />
    <link:label id="lab_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income approach</link:label>
    <link:label id="lab_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019_label_en-US" xlink:label="lab_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Approach Valuation Technique [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeApproachValuationTechniqueMember" xlink:label="loc_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019" xlink:to="lab_us-gaap_IncomeApproachValuationTechniqueMember_60DDAF70978A868277349A50567F2019" xlink:type="arc" />
    <link:label id="lab_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Range of revenue growth rate</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Inputs, Long-term Revenue Growth Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:label="loc_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97" xlink:to="lab_us-gaap_FairValueInputsLongTermRevenueGrowthRate_C9B8CDE74EAFD110853A9A50567F7B97" xlink:type="arc" />
    <link:label id="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00_terseLabel_en-US" xlink:label="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range of occupancy growth rates</link:label>
    <link:label id="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00_label_en-US" xlink:label="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range Of Occupancy Growth Rate</link:label>
    <link:label id="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00_documentation_en-US" xlink:label="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Range of occupancy growth rate, as a percent.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RangeOfOccupancyGrowthRate" xlink:label="loc_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00" xlink:to="lab_hcp_RangeOfOccupancyGrowthRate_B3FEC9FD9B582A67FFC89A50567F8B00" xlink:type="arc" />
    <link:label id="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A_terseLabel_en-US" xlink:label="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range of operating expense growth rates</link:label>
    <link:label id="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A_label_en-US" xlink:label="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range Of Operating Expense Growth Rate</link:label>
    <link:label id="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A_documentation_en-US" xlink:label="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Range of operating expense growth rate, as a percent.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_RangeOfOperatingExpenseGrowthRate" xlink:label="loc_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A" xlink:to="lab_hcp_RangeOfOperatingExpenseGrowthRate_E5DA8CE95F2E34DCD4189A50567FC19A" xlink:type="arc" />
    <link:label id="lab_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range of earnings multiples</link:label>
    <link:label id="lab_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0_label_en-US" xlink:label="lab_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Inputs, Revenue Multiple</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsRevenueMultiple" xlink:label="loc_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0" xlink:to="lab_us-gaap_FairValueInputsRevenueMultiple_A598C2B523EB8F49CF389A50567F0BF0" xlink:type="arc" />
    <link:label id="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87_terseLabel_en-US" xlink:label="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range of EBITDAR</link:label>
    <link:label id="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87_label_en-US" xlink:label="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Inputs, EBITDAR</link:label>
    <link:label id="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87_documentation_en-US" xlink:label="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR), used as an input to measure fair value.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_FairValueInputsEbitdar" xlink:label="loc_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87" xlink:to="lab_hcp_FairValueInputsEbitdar_4397AC09CF242C8706549A50567F4B87" xlink:type="arc" />
    <link:label id="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC_terseLabel_en-US" xlink:label="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range of rent coverage ratio</link:label>
    <link:label id="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC_label_en-US" xlink:label="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Inputs Rent Coverage Ratio</link:label>
    <link:label id="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC_documentation_en-US" xlink:label="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Rent coverage ratio, used as an input to measure fair value.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_FairValueInputsRentCoverageRatio" xlink:label="loc_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC" xlink:to="lab_hcp_FairValueInputsRentCoverageRatio_AA7D745175FC63A56BEC9A50567FDBDC" xlink:type="arc" />
    <link:label id="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981_terseLabel_en-US" xlink:label="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range of real estate capitalization rate</link:label>
    <link:label id="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981_label_en-US" xlink:label="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Inputs, Capitalization Rate</link:label>
    <link:label id="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981_documentation_en-US" xlink:label="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Real Estate Capitalized rate, , used as an input to measure fair value.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_FairValueInputsCapitalizationRate" xlink:label="loc_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981" xlink:to="lab_hcp_FairValueInputsCapitalizationRate_5849C2B7E197C57501AF9A50567F4981" xlink:type="arc" />
    <link:label id="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8_terseLabel_en-US" xlink:label="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-acute/skilled nursing and senior housing</link:label>
    <link:label id="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8_label_en-US" xlink:label="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Post Acute And Skilled Nursing And Senior Housing [Member]</link:label>
    <link:label id="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8_documentation_en-US" xlink:label="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Combined segments of the entity representing post-acute/skilled nursing facilities and senior housing facilities.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember" xlink:label="loc_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8" xlink:to="lab_hcp_PostAcuteAndSkilledNursingAndSeniorHousingMember_A1342F33CBB9AE8EEB52625C7730C9F8" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash payments received</link:label>
    <link:label id="lab_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD_label_en-US" xlink:label="lab_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Rents Received</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromRentsReceived" xlink:label="loc_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD" xlink:to="lab_us-gaap_ProceedsFromRentsReceived_16E54E36A4F37BE19B85625C77305BAD" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259_terseLabel_en-US" xlink:label="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of non-strategic assets involved in sales transaction</link:label>
    <link:label id="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259_label_en-US" xlink:label="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of non-strategic assets involved in sales transaction</link:label>
    <link:label id="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259_documentation_en-US" xlink:label="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of non-strategic assets involved in a sales transaction.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction" xlink:label="loc_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259" xlink:to="lab_hcp_NumberOfNonStrategicAssetsInvolvedInSalesTransaction_16639780EC247DC1A269625C77305259" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021_terseLabel_en-US" xlink:label="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of facility sales closed</link:label>
    <link:label id="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021_label_en-US" xlink:label="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Facility Sales Closed</link:label>
    <link:label id="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021_documentation_en-US" xlink:label="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of facility sales closed.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfFacilitySalesClosed" xlink:label="loc_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021" xlink:to="lab_hcp_NumberOfFacilitySalesClosed_A8D00538662E8A3BFF48625C7730A021" xlink:type="arc" />
    <link:label id="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99_terseLabel_en-US" xlink:label="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated Sales price per agreement</link:label>
    <link:label id="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99_label_en-US" xlink:label="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated Sales price per agreement</link:label>
    <link:label id="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99_documentation_en-US" xlink:label="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The estimated sales price for properties disposed, per the agreement.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_EstimatedSalesPricePerAgreement" xlink:label="loc_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99" xlink:to="lab_hcp_EstimatedSalesPricePerAgreement_6CBDECFB82C828E22A96625C77307B99" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA_terseLabel_en-US" xlink:label="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties for which sales contracts entered</link:label>
    <link:label id="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA_label_en-US" xlink:label="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Properties, Contracts Entered</link:label>
    <link:label id="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA_documentation_en-US" xlink:label="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties for which contracts have been entered into with third party purchasers with respect to the sale.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfPropertiesContractsEntered" xlink:label="loc_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA" xlink:to="lab_hcp_NumberOfPropertiesContractsEntered_47EE904BC7404CE7DE96625C7730EEBA" xlink:type="arc" />
    <link:label id="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1_terseLabel_en-US" xlink:label="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reduction in initial net annual rent due to lease amendment</link:label>
    <link:label id="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1_label_en-US" xlink:label="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reduction in initial net annual rent due to lease amendment</link:label>
    <link:label id="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1_documentation_en-US" xlink:label="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of reduction in initial net annual rent due to the amendment of the Master lease agreement.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment" xlink:label="loc_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1" xlink:to="lab_hcp_ReductionInInitialNetAnnualRentDueToLeaseAmendment_272338F92ACFF11640C0625C773038E1" xlink:type="arc" />
    <link:label id="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A_terseLabel_en-US" xlink:label="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Minimum rent escalation during the initial term (as a percent)</link:label>
    <link:label id="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A_label_en-US" xlink:label="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum Lease Revenue Rate of Increase Per Year Specified Term</link:label>
    <link:label id="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A_documentation_en-US" xlink:label="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the rate of increase in minimum lease revenue per year over the specified term starting from the first anniversary.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm" xlink:label="loc_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A" xlink:to="lab_hcp_MinimumLeaseRevenueRateOfIncreasePerYearSpecifiedTerm_F3DC6B588250A2A909AB625C7730046A" xlink:type="arc" />
    <link:label id="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF_terseLabel_en-US" xlink:label="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of extension of initial term of lease</link:label>
    <link:label id="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF_label_en-US" xlink:label="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period of extension of initial term of lease</link:label>
    <link:label id="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF_documentation_en-US" xlink:label="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of years for which the initial term is extended.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_PeriodOfExtensionOfInitialTermOfLease" xlink:label="loc_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF" xlink:to="lab_hcp_PeriodOfExtensionOfInitialTermOfLease_ACEACFD1BD2415402B24625C773153FF" xlink:type="arc" />
    <link:label id="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4_terseLabel_en-US" xlink:label="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average lease term</link:label>
    <link:label id="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4_label_en-US" xlink:label="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Pools Average Lease Term</link:label>
    <link:label id="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4_documentation_en-US" xlink:label="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the total average lease term of asset pools.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_AssetPoolsAverageLeaseTerm" xlink:label="loc_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4" xlink:to="lab_hcp_AssetPoolsAverageLeaseTerm_42CB23B183FFAA2CBC67625C7731C9F4" xlink:type="arc" />
    <link:label id="lab_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred lease obligation</link:label>
    <link:label id="lab_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500_label_en-US" xlink:label="lab_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Lease Obligations</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CapitalLeaseObligations" xlink:label="loc_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500" xlink:to="lab_us-gaap_CapitalLeaseObligations_5A853695E9931490E448625C77316500" xlink:type="arc" />
    <link:label id="lab_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment charges for direct financing lease</link:label>
    <link:label id="lab_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment of Leasehold</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLeasehold" xlink:label="loc_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16" xlink:to="lab_us-gaap_ImpairmentOfLeasehold_B4D5EA6556491F95D8A4625C7731CA16" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E_terseLabel_en-US" xlink:label="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of facilities acquired</link:label>
    <link:label id="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E_label_en-US" xlink:label="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Facilities Acquired</link:label>
    <link:label id="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E_documentation_en-US" xlink:label="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the total number of facilities the entity acquired at the end of an acquisition.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfFacilitiesAcquired" xlink:label="loc_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E" xlink:to="lab_hcp_NumberOfFacilitiesAcquired_4CE31F9AB8F235B4341A625C77313F2E" xlink:type="arc" />
    <link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_8156F9E4F687125CA3F6625C77317677_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1_8156F9E4F687125CA3F6625C77317677" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of facility</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferred1_8156F9E4F687125CA3F6625C77317677" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationConsiderationTransferred1_8156F9E4F687125CA3F6625C77317677" xlink:to="lab_us-gaap_BusinessCombinationConsiderationTransferred1_8156F9E4F687125CA3F6625C77317677" xlink:type="arc" />
    <link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairments of investments in unconsolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investment, Other than Temporary Impairment</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0" xlink:to="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2C638A22E5A9178E5AC8625C7731DDE0" xlink:type="arc" />
    <link:label id="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095_terseLabel_en-US" xlink:label="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying value, equity method investments before impairment</link:label>
    <link:label id="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095_label_en-US" xlink:label="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investments, before Impairment</link:label>
    <link:label id="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095_documentation_en-US" xlink:label="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the carrying amount of equity method investments before making adjustment for the impairment.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_EquityMethodInvestmentsBeforeImpairment" xlink:label="loc_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095" xlink:to="lab_hcp_EquityMethodInvestmentsBeforeImpairment_39A22F2DEF89B8FD445F625C7731F095" xlink:type="arc" />
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC_terseLabel_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal and state built-in gain tax from assets sold</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC_label_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Built-in Gain Tax From Assets Sold</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC_documentation_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of federal and state built-in tax from assets sold within certain period of time.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_BuiltInGainTaxFromAssetsSold" xlink:label="loc_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC" xlink:to="lab_hcp_BuiltInGainTaxFromAssetsSold_6B5A8697DD9D435F17EF625C7731A3EC" xlink:type="arc" />
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE_terseLabel_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal and state built-in gain tax from assets sold, term</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE_label_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Built-in Gain Tax From Assets Sold, Term</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE_documentation_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time within which the assets sold will be subject to federal and state built-in gain tax.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_BuiltInGainTaxFromAssetsSoldTerm" xlink:label="loc_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE" xlink:to="lab_hcp_BuiltInGainTaxFromAssetsSoldTerm_2FBA8AF2C5C6CF83A507625C77310FDE" xlink:type="arc" />
    <link:label id="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54_terseLabel_en-US" xlink:label="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period intended to hold the assets</link:label>
    <link:label id="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54_label_en-US" xlink:label="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intended To Hold The Assets, Term</link:label>
    <link:label id="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54_documentation_en-US" xlink:label="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time within which the Company intended to hold the assets, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_IntendedToHoldAssetsTerm" xlink:label="loc_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54" xlink:to="lab_hcp_IntendedToHoldAssetsTerm_E65FB4184389041AD326625C7731DF54" xlink:type="arc" />
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396_terseLabel_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal built-in gain tax from assets sold, federal term</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396_label_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Built-in Gain Tax From Assets Sold, Federal Term</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396_documentation_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time within which the assets sold will be subject to federal built-in gain tax.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_BuiltInGainTaxFromAssetsSoldFederalTerm" xlink:label="loc_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396" xlink:to="lab_hcp_BuiltInGainTaxFromAssetsSoldFederalTerm_135147541F6474E287DC625C77317396" xlink:type="arc" />
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08_terseLabel_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal built-in gain tax from assets sold, state term</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08_label_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Built-in Gain Tax From Assets Sold, State Term</link:label>
    <link:label id="lab_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08_documentation_en-US" xlink:label="lab_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time within which the assets sold will be subject to state built-in gain tax.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_BuiltInGainTaxFromAssetsSoldStateTerm" xlink:label="loc_hcp_BuiltInGainTaxFromAssetsSoldStateTerm_FFC8A098E40DB1FDC27F625C7731EA08" xlink:type="locator" />
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    <link:label id="lab_hcp_IntendedToSellAssetsTerm_1236ED31A8F9662E4374625C7731F6B1_terseLabel_en-US" xlink:label="lab_hcp_IntendedToSellAssetsTerm_1236ED31A8F9662E4374625C7731F6B1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period intended to sell the assets</link:label>
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    <link:label id="lab_hcp_StateBuiltInGainTaxFromAssetsSold_A6509E66E557ADC7F146625C77313110_terseLabel_en-US" xlink:label="lab_hcp_StateBuiltInGainTaxFromAssetsSold_A6509E66E557ADC7F146625C77313110" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">State built-in gain from assets sold</link:label>
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    <link:label id="lab_hcp_WorkoutFinancingReceivableMember_45ACA18800F88CFDD933625C76E48F7E_terseLabel_en-US" xlink:label="lab_hcp_WorkoutFinancingReceivableMember_45ACA18800F88CFDD933625C76E48F7E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Workout Loans(1)</link:label>
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    <link:label id="lab_hcp_LoansAndLeasesReceivableAsPercentage_2B319E0BB84BE53FE7BB625C76E4EBE9_terseLabel_en-US" xlink:label="lab_hcp_LoansAndLeasesReceivableAsPercentage_2B319E0BB84BE53FE7BB625C76E4EBE9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Loan Portfolio</link:label>
    <link:label id="lab_hcp_LoansAndLeasesReceivableAsPercentage_2B319E0BB84BE53FE7BB625C76E4EBE9_label_en-US" xlink:label="lab_hcp_LoansAndLeasesReceivableAsPercentage_2B319E0BB84BE53FE7BB625C76E4EBE9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable as Percentage</link:label>
    <link:label id="lab_hcp_LoansAndLeasesReceivableAsPercentage_2B319E0BB84BE53FE7BB625C76E4EBE9_documentation_en-US" xlink:label="lab_hcp_LoansAndLeasesReceivableAsPercentage_2B319E0BB84BE53FE7BB625C76E4EBE9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of loans and leases held in portfolio as a percentage of aggregate loans and leases.</link:label>
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    <link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_4F127E8B0C780AE14E984441DB940940_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_4F127E8B0C780AE14E984441DB940940" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Comprehensive Income [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_4F127E8B0C780AE14E984441DB940940" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_4F127E8B0C780AE14E984441DB940940" xlink:to="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_4F127E8B0C780AE14E984441DB940940" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss):</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_923164A44D12FAC13B684441DB994746" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in net unrealized gains (losses) on cash flow hedges:</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883" xlink:to="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F30B230995A4B7E082E54444E234D883" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses)</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_E4C9FA1FFF4FFE1279114441DB993191" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Reclassification adjustment realized in net income (loss)</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_137D0BA4A2F174CEC72B4441DB995797" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_345919CC88738FB8C9624441DB992718_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_345919CC88738FB8C9624441DB992718" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Change in Supplemental Executive Retirement Plan obligation and other</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_345919CC88738FB8C9624441DB992718_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_345919CC88738FB8C9624441DB992718" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_345919CC88738FB8C9624441DB992718" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_863095813293ED1718264441DB99FABF_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_863095813293ED1718264441DB99FABF" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total other comprehensive income (loss)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_863095813293ED1718264441DB99FABF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_863095813293ED1718264441DB99FABF" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_863095813293ED1718264441DB99FABF" xlink:type="arc" />
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_97BE6BC542589F80CED34441DB9905C7" xlink:type="arc" />
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06_negatedLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income (loss) attributable to noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_6B850B7480CA4A83C1264441DB999A06" xlink:type="arc" />
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_8B2B1EE82273A4768F124441DB99ABBF_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax_8B2B1EE82273A4768F124441DB99ABBF" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income (loss) attributable to HCP, Inc.</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_8B2B1EE82273A4768F124441DB99ABBF_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax_8B2B1EE82273A4768F124441DB99ABBF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_8B2B1EE82273A4768F124441DB99ABBF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_FC9D37225F64C234B783B906046E443D_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock_FC9D37225F64C234B783B906046E443D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segment Disclosures</link:label>
    <link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_FC9D37225F64C234B783B906046E443D_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock_FC9D37225F64C234B783B906046E443D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_7890DA5AA9C0C504F3FC625C77147DBA_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_7890DA5AA9C0C504F3FC625C77147DBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales of real estate</link:label>
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    <link:label id="lab_hcp_HcpVenturesIiiLlcAndHcpVenturesIvLlcMember_40F9987E8AD450473509260D507ECA0E_terseLabel_en-US" xlink:label="lab_hcp_HcpVenturesIiiLlcAndHcpVenturesIvLlcMember_40F9987E8AD450473509260D507ECA0E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">HCP Ventures III and IV, LLC</link:label>
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    <link:label id="lab_hcp_HcpVenturesIiiLlcAndHcpVenturesIvLlcMember_40F9987E8AD450473509260D507ECA0E_documentation_en-US" xlink:label="lab_hcp_HcpVenturesIiiLlcAndHcpVenturesIvLlcMember_40F9987E8AD450473509260D507ECA0E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to legal entities HCP Ventures III, LLC and HCP Ventures IV, LLC.</link:label>
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    <link:label id="lab_hcp_HospitalAndMedicalOfficeMember_1815E4A873C11DD8FA12260D507F5614_terseLabel_en-US" xlink:label="lab_hcp_HospitalAndMedicalOfficeMember_1815E4A873C11DD8FA12260D507F5614" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hospital and medical office segments</link:label>
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    <link:label id="lab_hcp_HospitalAndMedicalOfficeMember_1815E4A873C11DD8FA12260D507F5614_documentation_en-US" xlink:label="lab_hcp_HospitalAndMedicalOfficeMember_1815E4A873C11DD8FA12260D507F5614" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">A combined segment of business which operates and develops hospital and medical office facilities.</link:label>
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    <link:label id="lab_hcp_HospitalMember_F63F7E1D8BE9E2501158260D507FECF7_terseLabel_en-US" xlink:label="lab_hcp_HospitalMember_F63F7E1D8BE9E2501158260D507FECF7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hospital</link:label>
    <link:label id="lab_hcp_HospitalMember_F63F7E1D8BE9E2501158260D507FECF7_label_en-US" xlink:label="lab_hcp_HospitalMember_F63F7E1D8BE9E2501158260D507FECF7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hospital [Member]</link:label>
    <link:label id="lab_hcp_HospitalMember_F63F7E1D8BE9E2501158260D507FECF7_documentation_en-US" xlink:label="lab_hcp_HospitalMember_F63F7E1D8BE9E2501158260D507FECF7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Properties that are part of continuing operations, and which are classified as hospital.</link:label>
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    <link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_F51DE4325FD3266FD675260D507FDF07_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments_F51DE4325FD3266FD675260D507FDF07" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">HCP's share of earnings</link:label>
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    <link:label id="lab_hcp_EquityMethodInvestmentDividendsOrDistributionsNet_628050127F9EF93B32A7260D507F6773_documentation_en-US" xlink:label="lab_hcp_EquityMethodInvestmentDividendsOrDistributionsNet_628050127F9EF93B32A7260D507F6773" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">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.</link:label>
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    <link:label id="lab_us-gaap_LoansPayableMember_70FE909450282BC313968B8E84BC06E2_terseLabel_en-US" xlink:label="lab_us-gaap_LoansPayableMember_70FE909450282BC313968B8E84BC06E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term loans</link:label>
    <link:label id="lab_us-gaap_LoansPayableMember_70FE909450282BC313968B8E84BC06E2_label_en-US" xlink:label="lab_us-gaap_LoansPayableMember_70FE909450282BC313968B8E84BC06E2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Payable [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansPayableMember" xlink:label="loc_us-gaap_LoansPayableMember_70FE909450282BC313968B8E84BC06E2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NotesPayableOtherPayablesMember_7BB83487C84231960DA58B8E84BD0E67_terseLabel_en-US" xlink:label="lab_us-gaap_NotesPayableOtherPayablesMember_7BB83487C84231960DA58B8E84BD0E67" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Life Care Bonds and Demand Notes</link:label>
    <link:label id="lab_us-gaap_NotesPayableOtherPayablesMember_7BB83487C84231960DA58B8E84BD0E67_label_en-US" xlink:label="lab_us-gaap_NotesPayableOtherPayablesMember_7BB83487C84231960DA58B8E84BD0E67" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes Payable, Other Payables [Member]</link:label>
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    <link:label id="lab_hcp_OtherBorrowingsMember_DED0F223E0DFFFE59D508B8E84BDC3B2_terseLabel_en-US" xlink:label="lab_hcp_OtherBorrowingsMember_DED0F223E0DFFFE59D508B8E84BDC3B2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Life Care Bonds</link:label>
    <link:label id="lab_hcp_OtherBorrowingsMember_DED0F223E0DFFFE59D508B8E84BDC3B2_label_en-US" xlink:label="lab_hcp_OtherBorrowingsMember_DED0F223E0DFFFE59D508B8E84BDC3B2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Borrowings [Member]</link:label>
    <link:label id="lab_hcp_OtherBorrowingsMember_DED0F223E0DFFFE59D508B8E84BDC3B2_documentation_en-US" xlink:label="lab_hcp_OtherBorrowingsMember_DED0F223E0DFFFE59D508B8E84BDC3B2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other borrowings not defined elsewhere in the taxonomy.</link:label>
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    <link:label id="lab_hcp_OnDemandNoteMember_A86C1C983A9CF240F72B8B8E84BD18C7_terseLabel_en-US" xlink:label="lab_hcp_OnDemandNoteMember_A86C1C983A9CF240F72B8B8E84BD18C7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">On-Demand Note</link:label>
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    <link:loc xlink:href="hcp-20171231.xsd#hcp_OnDemandNoteMember" xlink:label="loc_hcp_OnDemandNoteMember_A86C1C983A9CF240F72B8B8E84BD18C7" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis_B6A6E454119EFFF978E08B8E84BD74BF_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis_B6A6E454119EFFF978E08B8E84BD74BF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Axis]</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt maturing in 2018</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period One [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodOneMember_15337C5093FDC46927DB8B8E84C28F94" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt maturing in 2019</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period Two [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodTwoMember_306A44556A35C34AA68E8B8E84C2F1CA" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt maturing in 2020</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period Three [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodThreeMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodThreeMember_F28D4E560EE8315D7E288B8E84C2D095" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt maturing in 2021</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period Four [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodFourMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodFourMember_06F5247B5FD0610BD5E38B8E84C24FB9" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt maturing in 2022</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period Five [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodFiveMember" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodFiveMember_1978FA9400A5BC15284C8B8E84C245FE" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37_label_en-US" xlink:label="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Redemption Period Thereafter [Member]</link:label>
    <link:label id="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the period after the last period separately disclosed of debt redemption features under terms of the debt agreement.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DebtInstrumentRedemptionPeriodThereafterMember" xlink:label="loc_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37" xlink:to="lab_hcp_DebtInstrumentRedemptionPeriodThereafterMember_E5EC7212337B7D8F9C7A8B8E84C23F37" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2018</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_33A6E1F22BC61EA0A6678B8E84C3B117" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2019</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Two</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_07BFFA67CE9FB3A4ECC88B8E84C325C3" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2020</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Three</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_68DB264E48C5D418B4E18B8E84C3DF67" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Four</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_8E7FF065D7CE987028A58B8E84C38778" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2022</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Five</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_0F15A9BFD199237BD49C8B8E84C34F00" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal after Year Five</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_3D42F718DEB6122F6F528B8E84C342FC" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_BFD53EAC034E8A2DC06F8B8E84C3EAC7_totalLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount_BFD53EAC034E8A2DC06F8B8E84C3EAC7" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Long-term debt, gross</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_BFD53EAC034E8A2DC06F8B8E84C3EAC7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_BFD53EAC034E8A2DC06F8B8E84C3EAC7" xlink:to="lab_us-gaap_DebtInstrumentCarryingAmount_BFD53EAC034E8A2DC06F8B8E84C3EAC7" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC_negatedLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">(Discounts), premiums and debt costs, net</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Unamortized Discount (Premium), Net</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC" xlink:to="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_95A3929EA15CC42FAF598B8E84C3E6DC" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebt_13D3BFB260D684D1A4578B8E84C3BF2B_totalLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt_13D3BFB260D684D1A4578B8E84C3BF2B" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Long-term debt</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt_13D3BFB260D684D1A4578B8E84C3BF2B" xlink:to="lab_us-gaap_LongTermDebt_13D3BFB260D684D1A4578B8E84C3BF2B" xlink:type="arc" />
    <link:label id="lab_hcp_DebtInstrumentWeightedAverageMaturity_048EAA6769F5549FEC658B8E84C3816C_terseLabel_en-US" xlink:label="lab_hcp_DebtInstrumentWeightedAverageMaturity_048EAA6769F5549FEC658B8E84C3816C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-average maturity</link:label>
    <link:label id="lab_hcp_DebtInstrumentWeightedAverageMaturity_048EAA6769F5549FEC658B8E84C3816C_label_en-US" xlink:label="lab_hcp_DebtInstrumentWeightedAverageMaturity_048EAA6769F5549FEC658B8E84C3816C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Weighted Average Maturity</link:label>
    <link:label id="lab_hcp_DebtInstrumentWeightedAverageMaturity_048EAA6769F5549FEC658B8E84C3816C_documentation_en-US" xlink:label="lab_hcp_DebtInstrumentWeightedAverageMaturity_048EAA6769F5549FEC658B8E84C3816C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents weighted average maturity of debt.</link:label>
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    <link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Company owned interests in entities, accounted under equity method (dollars in thousands)</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investments [Table Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsTextBlock" xlink:label="loc_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8" xlink:to="lab_us-gaap_EquityMethodInvestmentsTextBlock_F395088AAD765048AF409FBB0040E2E8" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Capital Leased Assets [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Capital Leased Assets [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfCapitalLeasedAsssetsTable" xlink:label="loc_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331" xlink:to="lab_us-gaap_ScheduleOfCapitalLeasedAsssetsTable_748AE04FC8A1097CA0049AAF9EF0C331" xlink:type="arc" />
    <link:label id="lab_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital Leased Assets [Line Items]</link:label>
    <link:label id="lab_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2_label_en-US" xlink:label="lab_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Leased Assets [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CapitalLeasedAssetsLineItems" xlink:label="loc_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2" xlink:to="lab_us-gaap_CapitalLeasedAssetsLineItems_52C23947AC26290E78D79AAF9EFD73D2" xlink:type="arc" />
    <link:label id="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09_terseLabel_en-US" xlink:label="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash income</link:label>
    <link:label id="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09_label_en-US" xlink:label="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Leases Proceeds from Direct Financing Lease Revenue</link:label>
    <link:label id="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09_documentation_en-US" xlink:label="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the proceeds from direct financing leases during the reporting period.</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09" xlink:to="lab_hcp_CapitalLeasesProceedsFromDirectFinancingLeaseRevenue_F0D2932BC360BEC58C2D9AAF9F659D09" xlink:type="arc" />
    <link:label id="lab_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA_terseLabel_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Selected Quarterly Financial Data (Unaudited)</link:label>
    <link:label id="lab_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA_label_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Quarterly Financial Information [Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="loc_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA" xlink:to="lab_us-gaap_QuarterlyFinancialInformationTextBlock_9F6A3FE84106DC2F96EF33F8FE11A6DA" xlink:type="arc" />
    <link:label id="lab_us-gaap_AccountingStandardsUpdate201502Member_C255DE9658D75C41F21F873B4859C100_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201502Member_C255DE9658D75C41F21F873B4859C100" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Standards Update (ASU) 2015-02 - Consolidation</link:label>
    <link:label id="lab_us-gaap_AccountingStandardsUpdate201502Member_C255DE9658D75C41F21F873B4859C100_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201502Member_C255DE9658D75C41F21F873B4859C100" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Standards Update 2015-02 [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201502Member" xlink:label="loc_us-gaap_AccountingStandardsUpdate201502Member_C255DE9658D75C41F21F873B4859C100" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A_terseLabel_en-US" xlink:label="lab_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment</link:label>
    <link:label id="lab_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A_label_en-US" xlink:label="lab_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario, Adjustment [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioAdjustmentMember" xlink:label="loc_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A" xlink:to="lab_us-gaap_ScenarioAdjustmentMember_8CECBE7AB327FA3FE175873B4859424A" xlink:type="arc" />
    <link:label id="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8_terseLabel_en-US" xlink:label="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Watertown JV</link:label>
    <link:label id="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8_label_en-US" xlink:label="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Watertown JV [Member]</link:label>
    <link:label id="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8_documentation_en-US" xlink:label="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Watertown JV [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_WatertownJVMember" xlink:label="loc_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8" xlink:to="lab_hcp_WatertownJVMember_D932916FCE49E1183787873B4859D1E8" xlink:type="arc" />
    <link:label id="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF_terseLabel_en-US" xlink:label="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hayden JV</link:label>
    <link:label id="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF_label_en-US" xlink:label="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hayden JV [Member]</link:label>
    <link:label id="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF_documentation_en-US" xlink:label="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hayden JV [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_HaydenJVMember" xlink:label="loc_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF" xlink:to="lab_hcp_HaydenJVMember_85169D3B7B38FE8D4858873B485908CF" xlink:type="arc" />
    <link:label id="lab_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876_terseLabel_en-US" xlink:label="lab_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bridge Loan</link:label>
    <link:label id="lab_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876_label_en-US" xlink:label="lab_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maria Mallaband Care Group Ltd Bridge Loan [Member]</link:label>
    <link:label id="lab_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876_documentation_en-US" xlink:label="lab_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maria Mallaband Care Group Ltd Bridge Loan [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MariaMallabandCareGroupLtdBridgeLoanMember" xlink:label="loc_hcp_MariaMallabandCareGroupLtdBridgeLoanMember_23D31FBA306416F447DF873B485AA876" xlink:type="locator" />
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    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated Variable Interest Entities</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember_86F4496181E9A1C252E2873B485AE3EF" xlink:type="arc" />
    <link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unconsolidated Variable Interest Entities</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember" xlink:label="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064" xlink:to="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember_CAEE9225D74F19F55A09873B485A0064" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VIE tenants-operating leases</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922_label_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Not Primary Beneficiary Tenants With Operating Leases [Member]</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">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.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithOperatingLeasesMember_89EB2878D6BC0CC87DD4873B485A2922" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CCRC OpCo</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F_label_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Not Primary Beneficiary Investment In Joint Venture [Member]</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">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.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryInvestmentInJointVentureMember_3ABBBC9F78230A59335E873B485A505F" xlink:type="arc" />
    <link:label id="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74_terseLabel_en-US" xlink:label="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vintage Park Development JV</link:label>
    <link:label id="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74_label_en-US" xlink:label="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated Variable Entity Vintage Park Jv [Member]</link:label>
    <link:label id="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74_documentation_en-US" xlink:label="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to Vintage IL Development, consolidated variable interest entity.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ConsolidatedVariableEntityVintageParkJvMember" xlink:label="loc_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74" xlink:to="lab_hcp_ConsolidatedVariableEntityVintageParkJvMember_1015C46D851259D5227A873B485B0B74" xlink:type="arc" />
    <link:label id="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B_terseLabel_en-US" xlink:label="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vintage Park Development JV and Waldwick JV</link:label>
    <link:label id="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B_label_en-US" xlink:label="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vintage Park Development JV and Waldwick JV [Member]</link:label>
    <link:label id="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B_documentation_en-US" xlink:label="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vintage Park Development JV and Waldwick JV [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VintageParkDevelopmentJVandWaldwickJVMember" xlink:label="loc_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B" xlink:to="lab_hcp_VintageParkDevelopmentJVandWaldwickJVMember_C55889427974792C3AF8873B485B442B" xlink:type="arc" />
    <link:label id="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809_terseLabel_en-US" xlink:label="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MMCG</link:label>
    <link:label id="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809_label_en-US" xlink:label="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maria Mallaband Care Group Ltd [Member]</link:label>
    <link:label id="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809_documentation_en-US" xlink:label="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maria Mallaband Care Group Ltd [Member]</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_MariaMallabandCareGroupLtdMember" xlink:label="loc_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809" xlink:to="lab_hcp_MariaMallabandCareGroupLtdMember_73A99DD6245B8212F541873B485BC809" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan-seller financing</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28_label_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Not Primary Beneficiary Seller Financing [Member]</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents seller financing 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.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_D18A859E8D73A6BEA459873B4860BB28" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan-senior secured</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F_label_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Not Primary Beneficiary Maria Mallaband Care Group Loan [Member]</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents senior secured loans to borrowers where 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.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_B37E95DA970F2D8509DB873B4860EA6F" xlink:type="arc" />
    <link:label id="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22_terseLabel_en-US" xlink:label="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">DownREIT Partnerships</link:label>
    <link:label id="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22_label_en-US" xlink:label="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Downreit Partnerships [Member]</link:label>
    <link:label id="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22_documentation_en-US" xlink:label="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents a joint venture, DownREIT Partnerships.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_DownreitPartnershipsMember" xlink:label="loc_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22" xlink:to="lab_hcp_DownreitPartnershipsMember_A4C15C71B516058C37FF873B48605D22" xlink:type="arc" />
    <link:label id="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6_terseLabel_en-US" xlink:label="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EAT</link:label>
    <link:label id="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6_label_en-US" xlink:label="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exchange Accommodation Titleholder [Member]</link:label>
    <link:label id="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6_documentation_en-US" xlink:label="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Information pertaining to Exchange Accommodation Titleholder ("EAT").</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_ExchangeAccommodationTitleholderMember" xlink:label="loc_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6" xlink:to="lab_hcp_ExchangeAccommodationTitleholderMember_B514EB3A0ADF310F7797873B4860D1A6" xlink:type="arc" />
    <link:label id="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Consolidated, Carrying Amount, Assets</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:label="loc_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88" xlink:to="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2B94B5F5D6B620F157BE873B4860AD88" xlink:type="arc" />
    <link:label id="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Consolidated, Carrying Amount, Liabilities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:label="loc_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB" xlink:to="lab_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_73B3297CF92729247AAE873B4861C6FB" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4_terseLabel_en-US" xlink:label="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of joint ventures deconsolidated</link:label>
    <link:label id="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4_label_en-US" xlink:label="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Joint Ventures Deconsolidated</link:label>
    <link:label id="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4_documentation_en-US" xlink:label="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of joint ventures deconsolidated.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfJointVenturesDeconsolidated" xlink:label="loc_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4" xlink:to="lab_hcp_NumberOfJointVenturesDeconsolidated_D784213AF0433E9A8FB7873B48614FD4" xlink:type="arc" />
    <link:label id="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cumulative-effect adjustment to cumulative dividends in excess of earnings</link:label>
    <link:label id="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538" xlink:to="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_453C8164E76ED63CF6F0873B48618538" xlink:type="arc" />
    <link:label id="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043_terseLabel_en-US" xlink:label="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of properties leased</link:label>
    <link:label id="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043_label_en-US" xlink:label="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Properties Leased, Number</link:label>
    <link:label id="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043_documentation_en-US" xlink:label="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of properties leased by the entity to tenants that have been identified as a VIE.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_PropertiesLeasedNumber" xlink:label="loc_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043" xlink:to="lab_hcp_PropertiesLeasedNumber_4A1C8DDF895C037E110A873B48617043" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B_terseLabel_en-US" xlink:label="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of VIE borrowers with marketable debt securities</link:label>
    <link:label id="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B_label_en-US" xlink:label="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of VIE Borrowers With Marketable Debt Securities</link:label>
    <link:label id="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B_documentation_en-US" xlink:label="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of VIE borrowers in which the entity has invested in marketable debt securities.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfVieBorrowersWithMarketableDebtSecurities" xlink:label="loc_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B" xlink:to="lab_hcp_NumberOfVieBorrowersWithMarketableDebtSecurities_424E96119162028BCAD0873B4861843B" xlink:type="arc" />
    <link:label id="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0_terseLabel_en-US" xlink:label="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of VIE borrowers with debt securities and loan</link:label>
    <link:label id="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0_label_en-US" xlink:label="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Loan To VIE Borrowers</link:label>
    <link:label id="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0_documentation_en-US" xlink:label="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans to VIE borrowers.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_NumberOfLoanToVieBorrowers" xlink:label="loc_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0" xlink:to="lab_hcp_NumberOfLoanToVieBorrowers_99468CE01DD692FCAC54873B4861A8E0" xlink:type="arc" />
    <link:label id="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896_terseLabel_en-US" xlink:label="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Joint Venture Ownership Percentage</link:label>
    <link:label id="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896_label_en-US" xlink:label="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint Venture Ownership Percentage</link:label>
    <link:label id="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896_documentation_en-US" xlink:label="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the ownership percentage in joint venture.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_JointVentureOwnershipPercentage" xlink:label="loc_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896" xlink:to="lab_hcp_JointVentureOwnershipPercentage_1FCD77060B03E940BCBC873B48611896" xlink:type="arc" />
    <link:label id="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069_terseLabel_en-US" xlink:label="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of VIE tenants</link:label>
    <link:label id="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069_label_en-US" xlink:label="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">VIE Tenants Number</link:label>
    <link:label id="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069_documentation_en-US" xlink:label="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of tenants of properties leased by entity for which the tenant is considered a VIE tenant.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VIETenantsNumber" xlink:label="loc_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069" xlink:to="lab_hcp_VIETenantsNumber_8FC1D6FB00922DF13F17873B4861A069" xlink:type="arc" />
    <link:label id="lab_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan amount</link:label>
    <link:label id="lab_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Net</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesReceivableNet" xlink:label="loc_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF" xlink:to="lab_us-gaap_NotesReceivableNet_4C22BCF0052E705C237D873B48612DFF" xlink:type="arc" />
    <link:label id="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11_terseLabel_en-US" xlink:label="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of call-option retained</link:label>
    <link:label id="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11_label_en-US" xlink:label="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period of Call Option Retained</link:label>
    <link:label id="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11_documentation_en-US" xlink:label="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the period of call-option retained.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_PeriodOfCallOptionRetained" xlink:label="loc_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11" xlink:to="lab_hcp_PeriodOfCallOptionRetained_371A2218AC3BFCFA244F873B4861EC11" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of controlling ownership interest entities as a managing member</link:label>
    <link:label id="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B_label_en-US" xlink:label="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Controlling Ownership Interest Through Partnership</link:label>
    <link:label id="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of controlling ownership interest entities, in which the company holds the interest and is the managing member of the partnership.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership" xlink:label="loc_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B" xlink:to="lab_hcp_VariableInterestEntityControllingOwnershipInterestThroughPartnership_D6414339FEFF518D6595873B4861797B" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VIE tenants-DFLs</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E_label_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Not Primary Beneficiary Tenants With Direct Financing Leases [Member]</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">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.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryTenantsWithDirectFinancingLeasesMember_B00905F9852908F3E13544452D904C7E" xlink:type="arc" />
    <link:label id="lab_hcp_Ridea2Member_75C87674D54FAB12EF7444452D908B35_verboseLabel_en-US" xlink:label="lab_hcp_Ridea2Member_75C87674D54FAB12EF7444452D908B35" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">RIDEA II PropCo</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_Ridea2Member" xlink:label="loc_hcp_Ridea2Member_75C87674D54FAB12EF7444452D908B35" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_Ridea2Member_75C87674D54FAB12EF7444452D908B35" xlink:to="lab_hcp_Ridea2Member_75C87674D54FAB12EF7444452D908B35" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_61C58F2C3B59506F93AB44452D901A37_verboseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_61C58F2C3B59506F93AB44452D901A37" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">MMCG Loan</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_61C58F2C3B59506F93AB44452D901A37" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_61C58F2C3B59506F93AB44452D901A37" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryMariaMallabandCareGroupLoanMember_61C58F2C3B59506F93AB44452D901A37" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_9EFCB1182F112D39E6CF44452D90D44B_verboseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_9EFCB1182F112D39E6CF44452D90D44B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loan - Seller Financing</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_9EFCB1182F112D39E6CF44452D90D44B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_9EFCB1182F112D39E6CF44452D90D44B" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiarySellerFinancingMember_9EFCB1182F112D39E6CF44452D90D44B" xlink:type="arc" />
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B_terseLabel_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CMBS and LLC investment</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B_label_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Not Primary Beneficiary Debt Investment [Member]</link:label>
    <link:label id="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B_documentation_en-US" xlink:label="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">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.</link:label>
    <link:loc xlink:href="hcp-20171231.xsd#hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember" xlink:label="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B" xlink:to="lab_hcp_VariableInterestEntityNotPrimaryBeneficiaryDebtInvestmentMember_1E89AAE4B0E8E20BCB7644452D90573B" xlink:type="arc" />
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    <link:label id="lab_hcp_AmortizationOfLeaseUpAndNonCompeteAgreementIntangiblesAdditionalExpense_5215302668B8EEE9577171B7BF7AEAFB_documentation_en-US" xlink:label="lab_hcp_AmortizationOfLeaseUpAndNonCompeteAgreementIntangiblesAdditionalExpense_5215302668B8EEE9577171B7BF7AEAFB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the additional expense from amortization of lease-up and non-compete agreement intangibles.</link:label>
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    <link:label id="lab_hcp_AmortizationOfBelowMarketLeaseIntangiblesNetAdditionalRevenue_D9D8AEA7873B5457C37071B7BF755D90_documentation_en-US" xlink:label="lab_hcp_AmortizationOfBelowMarketLeaseIntangiblesNetAdditionalRevenue_D9D8AEA7873B5457C37071B7BF755D90" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the additional revenue from amortization of net below market lease intangibles.</link:label>
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    <link:label id="lab_hcp_AmortizationOfBelowMarketGroundLeaseIntangiblesNetAdditionalExpense_A016B35275A9DE44502D71B7BF7A8756_documentation_en-US" xlink:label="lab_hcp_AmortizationOfBelowMarketGroundLeaseIntangiblesNetAdditionalExpense_A016B35275A9DE44502D71B7BF7A8756" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the additional expense from amortization of net below market ground lease intangibles.</link:label>
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    <link:label id="lab_hcp_TaxableRealEstateInvestmentSubsidiariesMember_A7B8DFBBCD5C0749331C7CF4AB302099_terseLabel_en-US" xlink:label="lab_hcp_TaxableRealEstateInvestmentSubsidiariesMember_A7B8DFBBCD5C0749331C7CF4AB302099" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TRS</link:label>
    <link:label id="lab_hcp_TaxableRealEstateInvestmentSubsidiariesMember_A7B8DFBBCD5C0749331C7CF4AB302099_label_en-US" xlink:label="lab_hcp_TaxableRealEstateInvestmentSubsidiariesMember_A7B8DFBBCD5C0749331C7CF4AB302099" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Taxable Real Estate Investment Subsidiaries [Member]</link:label>
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