HCP launches $1 billion commercial paper program.

HCP announced today that it has established a $1 billion domestic commercial paper program.  Prospective commercial paper borrowings are rated P-2 by Moody's and A-2 by S&P.  HCP also said that its $2.5 billion unsecured revolving credit facility will serve as a liquidity backstop to the CP program.

HCP is a diversified $23 billion health care REIT and a member of the S&P 500.  HCP joins a number of other large-cap REITs with commercial paper programs including Equity Residential (EQR) and Simon Property Group (SPG).