Murthy, an experienced programmer reveals the system of lines, generated by software code, merged with organic, hand-drawn lines in her new work. Her webs are complex arrangements representing a synthesis of the old and the new, the pre-modern and the computer age. Drawing profound connections between virtual numerical code and the physical aesthetic, "Organizing Energy", seems to be the antithesis of "new media art". Although the art work seems extremely low-tech, Murthy has based the compositions on digitally rendered shapes which she created with sophisticated software programs used to model realistic imagery for commercial films. Weaving in and out from the physical to digital, Murthy presents us with dichotomies that are relevant when considering contemporary India's both particular and universal identities: the traditional and the hi-tech, the local and the global. Murthy's work explores the grids that bridge the natural and man-made worlds, reflecting the nature of dynamic systems and their changing forms.

Murthy has profoundly exhibited her video, prints and installations in the US and abroad. Murthy is also the co-founder of the collective Fakeshop, which was included in the Whitney Biennial in 2000. This is her first solo exhibition at Tamarind Arts. A soft cover catalog is forthcoming.

    Opening Reception:
    16 September 2008, 6:30 - 8:30 pm
    Murthy will be present at the opening reception.
    RSVP: rsvp@tamarindart.com

About Tamarind Art Council

Tamarind Art Council - a non-profit organization - is dedicated to contemporary Indian art, literature and film. We are one of the foremost institutions in North America celebrating the continuing heritage of India. We regularly host art exhibitions, performing arts, book launches, lectures, and other cultural programs. We have become a nexus for many art organizations. As part of our on-going efforts, we support art museums, cultural communities and non-profit organizations around the globe. In addition to showcasing high caliber art, we are a resource center for gaining an understanding of Indian art and artists.

For more information please visit our website at www.tamarindarts.org, or email us at admin@tamarindarts.org, or call 212-200-8000. We are located at 142 East 39th Street, New York, NY 10016. Our office hours Tuesday - Saturday 10 - 6pm. RSVP: rsvp@tamarindart.com

    Contact: (212) 200-8000
    admin@tamarindarts.org
    www.tamarindarts.org

SOURCE Tamarind Art Council

http://www.tamarindarts.org

--  Funds from Operations ("FFO") of $0.24 per share for the three months
    ended June 30, 2008.
--  An increase in second quarter rental income and total revenue on the
    382 same-store facilities by 5.6% and 4.8%, respectively, when compared to
    the three months ended June 30, 2007.
--  An increase in second quarter net operating income ("NOI") on the 382
    same-store facilities by 2.3% when compared to the three months ended June
    30, 2007.
--  Average second quarter same-store physical occupancy (calculated on
    square feet) of 80.7%, a gain of 50 basis points over the second quarter of
    2007.  Ending occupancy on the same-store portfolio was 81.9% on June 30,
    2008 compared to 81.7% on June 30, 2007.
--  A 260 basis point sequential increase in same-store physical occupancy
    from March 31, 2008 to June 30, 2008.
--  A 2.2% increase, or 900 additional units rented across the same-store
    portfolio in the second quarter of 2008 compared to the same quarter of
    last year.
--  Same-store realized annual rent per square foot during the quarter of
    $10.77, an increase of 5.0% over the second quarter of 2007.

President and Chief Executive Officer Dean Jernigan commented, "Again this quarter, we are pleased to report very strong same-store growth. We are encouraged by our progress in growing occupancy in our portfolio as evidenced by our increases in same-store physical occupancy over the second quarter of last year. Our top-line growth continues to be driven not only by occupancy, but by solid increases in our in-place rents as we focus daily on controlling discounts and selectively pushing rates."

Funds from Operations

FFO grew 2.0% to $15.0 million for the second quarter of 2008, compared to $14.7 million for the second quarter of 2007. The Company's reported second quarter 2008 FFO per share of $0.24 was negatively impacted by approximately (i) $0.01 per share (approximately $0.6 million of costs included in General and Administrative Expense) related to a write-off of due diligence costs, and (ii) $0.01 per share attributable to the Company's development asset acquired in January 2007 and the lease-up portfolio acquired in September 2007.

"Our results are in line with our guidance and expectations. Our FFO was $0.25 per share, the mid-point of our guidance, had we not written off certain third-party due-diligence costs during the quarter. We continue to make solid progress on our asset disposition program and in our marketing of a potential joint venture. As expected, our same-store operating expense growth reflects the investment of marketing dollars at the beginning of the rental season in order to generate the greatest return and we are pleased with the result. We are affirming our previously issued 2008 full-year FFO per share and same-store NOI guidance," said Christopher Marr, Chief Financial Officer.

Operating Results

The Company reported net income of $0.3 million or $0.01 per share in the second quarter of 2008, compared to net income of $0.3 million or $0.00 per share for the quarter ended June 30, 2007.

Total revenues increased $4.9 million and property operating expenses increased $3.6 million in the second quarter of 2008, compared to the same period in 2007. These increases are attributable to the acquisition of 15 self-storage facilities for approximately $134.3 million since June 30, 2007 and increases in same-store revenues and expenses. Depreciation expense increased $3.7 million in the second quarter of 2008, compared to the same quarter of 2007 due to additional depreciation and amortization of intangible assets attributable to the acquisition of self-storage facilities. General and administrative expenses increased by $0.7 million in the second quarter of 2008, compared to the same period in 2007, primarily attributable to the aforementioned write-off of due diligence costs of $0.6 million.

Interest expense was $13.0 million in both the second quarter of 2008 and the second quarter of 2007, as a result of the additional interest expense on debt used to fund the acquisition of 15 facilities purchased since June 30, 2007 offset by lower interest rates on variable rate debt during the 2008 period. In April 2008, the Company entered into interest rate swap agreements that effectively fix the 30-day LIBOR interest rate on and additional $200 million of LIBOR based borrowings at 2.7625% per annum until November 2009.

The Company's 403 owned facilities, containing 25.9 million rentable square feet, had a physical occupancy at June 30, 2008 of 81.5% (81.8% excluding the lease-up assets) and an average physical occupancy for the quarter ended June 30, 2008 of 80.3% (80.6% excluding the lease-up assets).

Same-Store Results

The Company's same-store pool at June 30, 2008 represented 382 facilities containing approximately 24.3 million rentable square feet and representing approximately 93.9% of the aggregate rentable square feet of the Company's 403 owned facilities. These same-store facilities represent approximately 94.8% of property net operating income for the quarter ended June 30, 2008.

The same-store average physical occupancy for the second quarter of 2008 was 80.7% compared to 80.2% for the same quarter of last year. In-place annual rent per square foot grew 1.1% to $12.22 in the second quarter of 2008 over the same quarter of last year. Same-store rental income for the second quarter of 2008 grew 5.6% over the same period in 2007. Same-store total revenues and operating expenses grew 4.8% and 9.0%, respectively, over the second quarter of 2007. Same-store net operating income grew 2.3% in the second quarter of 2008 compared to the same quarter of 2007.

Disposition Activity

During the quarter, we disposed of five facilities for aggregate proceeds of $12.5 million and recognized gains totaling $5.3 million. We do not include these gains in our $0.24 of FFO per share.

Quarterly Dividend

On May 7, 2008, the Company declared a dividend of $0.18 per share. The dividend was paid on July 22, 2008, to shareholders of record on July 7, 2008.

Third Quarter and Full Year 2008 Financial Outlook

The Company affirms its previously issued 2008 earnings guidance estimating fully-diluted FFO per share will be between $0.93 and $0.97, and that its fully-diluted net loss per share for the period will be between $0.16 and $0.21. The Company's estimate is based on the following key assumptions:

--  General and administrative expenses of approximately $23.0-$24.0
    million
--  Same-store average occupancy of 80.0%-82.0%
--  Same-store revenue growth of 4.0%-4.5%
--  Same-store expense growth of 3.0%-3.5%
--  Same-store net operating income growth of 4.5%-5.5%
--  Dilution during 2008 from the 15 development/lease-up properties of
    approximately $0.02 to $0.03 per share

2008 Guidance                                            Range or Value
                                                       -------------------
Earnings (loss) per diluted share allocated to common
 shareholders                                          $ (0.21) to $ (0.16)
Less: gains on sales of real estate, per share           (0.10)      (0.10)
Plus: real estate depreciation and amortization, per
 share                                                    1.24        1.23
                                                       -------     -------
FFO per diluted share                                  $  0.93  to $  0.97
                                                       =======     =======

The Company estimates that its fully-diluted FFO per share for the three months ending September 30, 2008 will be between $0.23 and $0.25, and that its fully-diluted net loss per share for the period will be between $0.06 and $0.08.

Conference Call

Management will host a conference call at 11:00 a.m. ET on Friday, August 8, 2008, to discuss financial results for the three months ended June 30, 2008.

A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at www.ustoreit.com. The dial-in numbers are 1-800-860-2442 for domestic callers and +1 412-858-4600 for international callers. After the live webcast, the call will remain available on U-Store-It's website for thirty days. In addition, a telephonic replay of the call will be available until September 9, 2008. The replay dial-in number is 1-877-344-7529 for domestic callers and +1 412-317-0088 for international callers. The reservation number for both is 421601.

Supplemental operating and financial data as of June 30, 2008 is available on our corporate website under the heading "Investor Relations and Corporate Information."

About U-Store-It Trust

U-Store-It Trust is a self-administered and self-managed real estate investment trust. The Company's self-storage facilities are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the Self-Storage Almanac, U-Store-It Trust is one of the top four owners and operators of self-storage facilities in the United States.

Non-GAAP Performance Measurements

FFO is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The Company calculates FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the "White Paper"). The White Paper defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of the Company's facilities. Given the nature of its business as a real estate owner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of property and depreciation, which can make periodic and peer analyses of operating performance more difficult. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company's financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, and is not indicative of funds available to fund the Company's cash needs, including its ability to make distributions.

We define net operating income, which we refer to as "NOI," as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, loan procurement amortization expense, early extinguishment of debt, minority interest, loss on sale of storage facilities, depreciation and general and administrative, and deducting from net income: income from discontinued operations, gains on sale of self-storage facilities, and interest income. NOI is not a measure of performance calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of our facilities, and for all of our facilities in the aggregate. NOI should not be considered as a substitute for operating income, net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Risk, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks, including the risk of over-leverage and the corresponding risk of default on our mortgage and other debt; increases in interest rates and operating costs; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; changes in real estate and zoning laws or regulations; risks related to natural disasters; potential environmental and other liabilities; and other factors affecting the real estate industry generally or the self-storage industry in particular. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Business-Risk Factors" in the Company's Annual Report on Form 10-K, which discuss these and other risks and factors that could cause the Company's actual results to differ materially from any forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required by securities laws.

                      U-STORE-IT TRUST AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share data)
                                                June 30,     December 31,
                                                  2008           2007
                                              -------------  -------------
ASSETS
Storage facilities                            $   1,925,616  $   1,916,396
Accumulated depreciation                           (302,356)      (269,278)
                                              -------------  -------------
                                                  1,623,260      1,647,118
Cash and cash equivalents                               651          4,517
Restricted cash                                      18,199         15,818
Loan procurement costs - net of amortization          5,284          6,108
Other assets - net of amortization                   10,031         14,270
                                              -------------  -------------
      Total assets                            $   1,657,425  $   1,687,831
                                              =============  =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility                     $     212,200  $     219,000
Unsecured term loan                                 200,000        200,000
Secured term loan                                    57,419         47,444
Mortgage loans and notes payable                    556,441        561,057
Accounts payable, accrued expenses and other         28,098         33,623
Due to related parties                                    -            110
Distributions payable                                11,324         11,300
Deferred revenue                                     10,908         10,148
Security deposits                                       522            548
                                              -------------  -------------
      Total liabilities                           1,076,912      1,083,230
Minority interests                                   47,124         48,982
Commitments and contingencies
Shareholders' Equity
   Common shares $.01 par value, 200,000,000
    shares authorized, 57,620,495 and
    57,577,232 shares issued and outstanding
    at June 30, 2008 and December 31, 2007,
    respectively                                        576            576
   Additional paid in capital                       799,300        797,940
   Accumulated other comprehensive loss                (713)        (1,664)
   Accumulated deficit                             (265,774)      (241,233)
                                              -------------  -------------
      Total shareholders' equity                    533,389        555,619
                                              -------------  -------------
Total liabilities and shareholders' equity    $   1,657,425  $   1,687,831
                                              =============  =============
                   U-STORE-IT TRUST AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                                                      Three Months Ended
                                                           June 30,
                                                    ----------------------
                                                       2008        2007
                                                    ----------  ----------
REVENUES
  Rental income                                     $   56,158  $   50,965
  Other property related income                          4,249       4,387
  Other - related party                                      -         122
                                                    ----------  ----------
    Total revenues                                      60,407      55,474
OPERATING EXPENSES
  Property operating expenses                           25,494      21,890
  Property operating expenses - related party                -          14
  Depreciation                                          20,251      16,562
  General and administrative                             6,469       5,648
  General and administrative - related party                 -         118
                                                    ----------  ----------
    Total operating expenses                            52,214      44,232
OPERATING INCOME                                         8,193      11,242
OTHER INCOME (EXPENSE)
  Interest:
    Interest expense on loans                          (12,965)    (12,955)
    Loan procurement amortization expense                 (486)       (445)
  Interest income                                           32          91
  Other                                                     71           -
                                                    ----------  ----------
    Total other expense                                (13,348)    (13,309)
LOSS FROM CONTINUING OPERATIONS
 BERFORE MINORITY INTERESTS                             (5,155)     (2,067)
MINORITY INTERESTS                                         407         168
                                                    ----------  ----------
LOSS FROM CONTINUING OPERATIONS                         (4,748)     (1,899)
DISCONTINUED OPERATIONS
  Income from operations                                   145         267
  Gain on disposition of discontinued operations         5,308       2,122
  Minority interest attributable to discontinued
   operations                                             (442)       (195)
                                                    ----------  ----------
    Income from discontinued operations                  5,011       2,194
                                                    ----------  ----------
NET INCOME                                          $      263  $      295
                                                    ==========  ==========
Basic and diluted loss per share from
 continuing operations                              $    (0.08) $    (0.03)
Basic and diluted earnings per share from
 discontinued operations                                  0.09        0.03
                                                    ----------  ----------
Basic and diluted loss per share                    $     0.01  $        -
                                                    ==========  ==========
Weighted-average basic and diluted shares
 outstanding                                            57,620      57,438
Distributions declared per common share and unit    $     0.18  $     0.29
                   Same-store facility results (382 facilities)
            (in thousands, except percentage and per square foot data)
                                              Three months ended
                                                   June 30,
                                              ------------------
                                                                  Percent
                                                2008      2007     Change
                                              --------  --------  --------
REVENUES
  Rental income                               $ 52,804  $ 49,991       5.6%
  Other property related income                  4,008     4,232      -5.3%
                                              --------  --------  --------
    Total revenues                            $ 56,812  $ 54,223       4.8%
OPERATING EXPENSES
  Property taxes                                 7,043     6,676       5.5%
  Personnel expense                              5,926     5,473       8.3%
  Advertising                                    1,706       980      74.1%
  Repair and maintenance                           875       725      20.8%
  Utilities                                      2,216     2,042       8.5%
  Property insurance                               802       924     -13.2%
  Other expenses                                 3,113     3,068       1.5%
                                              --------  --------  --------
  Total operating expenses                    $ 21,681  $ 19,888       9.0%
  Net operating income (1)                    $ 35,131  $ 34,335       2.3%
  Gross margin                                    61.8%     63.3%
  Period average occupancy (2)                    80.7%     80.2%
  Period end occupancy (3)                        81.9%     81.7%
  Total rentable square feet                    24,297    24,297
  Realized annual rent
   per occupied square foot (4)               $  10.77  $  10.26
  In place annual rent per square foot (5)    $  12.22  $  12.09
Reconciliation of Same-Store Net Operating
 Income to Operating Income
Same-store net operating income (1)           $ 35,131  $ 34,335
Non same-store net operating income (1)          1,737     1,054
Indirect property overhead                      (1,955)   (1,819)
Depreciation                                   (20,251)  (16,562)
General and administrative expense              (6,469)   (5,766)
                                              --------  --------
Operating Income                              $  8,193  $ 11,242
(1) Net operating income (NOI) is a non-GAAP (generally accepted
    accounting principles) financial measure that excludes the impact of
    depreciation and general & administrative expense.
(2) Square feet occupancy represents the weighted average occupancy for
    the period.
(3) Represents occupancy at June 30 of the respective year.
(4) Realized annual rent per occupied square foot is computed by dividing
    rental income by the weighted average occupied square feet for the
    period.
(5) In place annual rent per square foot represents annualized contractual
    rents per available square foot for the period.
           Non-GAAP Measure - Computation of Funds From Operations
                   (in thousands, except per share data)
                                                      Three months ended
                                                           June 30,
                                                    ----------------------
                                                       2008        2007
                                                    ----------  ----------
  Net income                                        $      263  $      295
  Add (deduct):
    Real estate depreciation                            20,025      16,527
    Gain on sale of real estate                         (5,308)     (2,122)
    Minority interests from continuing operations         (407)       (168)
    Minority interests from discontinued operations        442         195
                                                    ----------  ----------
  FFO                                               $   15,015  $   14,727
                                                    ----------  ----------
Income per share - fully diluted                    $     0.01  $        -
FFO per share and unit - fully diluted              $     0.24  $     0.24
Weighted-average basic and diluted shares
 outstanding                                            57,620      57,473
Weighted-average diluted shares and units
 outstanding                                            63,241      62,659
Dividend per common share and unit                  $     0.18  $     0.29
Payout ratio of FFO (Dividend per share divided by
 FFO per share)                                             76%        121%

Contact:
U-Store-It Trust
Christopher P. Marr
Chief Financial Officer
(610) 293-5700

SOURCE: U-Store-It Trust

-- Tenet hospital portfolio restructured

-- Raised $1.3 billion through asset dispositions and financing transactions

-- 2008 FFO guidance raised to $2.27 - $2.35 per diluted common share and EPS guidance changed to $2.01 - $2.29 per diluted common share

HCP (the "Company" or "we") (NYSE:HCP) announced results for the quarter ended June 30, 2008. Funds from operations ("FFO") applicable to common shares was $119.7 million, or $0.51 per diluted share of common stock, for the quarter ended June 30, 2008, compared to FFO applicable to common shares of $120.4 million, or $0.58 per diluted share of common stock, in the year ago period.

FFO applicable to common shares for the quarter ended June 30, 2008 includes the impact of i) impairments of $0.04 per diluted share of common stock; ii) a write down in the carrying value of marketable securities of $0.01 per diluted share of common stock; and iii) an ineffectiveness charge of $0.01 per diluted share of common stock relating to the settlement of two forward-starting swaps. FFO applicable to common shares for the quarter ended June 30, 2007 includes the impact of i) gains from the sale of marketable securities of $0.02 per diluted share of common stock; and ii) straight-line rental income of $0.03 per diluted share of common stock resulting from our change in estimate related to the collectibility of straight-line rental income from Emeritus Corporation. FFO applicable to common shares for the quarters ended June 30, 2008 and 2007, includes the impact of merger-related charges of less than $0.01 per diluted share of common stock in each period. FFO is a supplemental non-GAAP financial measure that the Company believes is helpful in evaluating the operating performance of real estate investment trusts.

Net income applicable to common shares for the quarter ended June 30, 2008 was $227.0 million, or $0.96 per diluted share of common stock, compared to net income applicable to common shares of $66.0 million, or $0.32 per diluted share of common stock, in the year ago period. Net income applicable to common shares for the quarter ended June 30, 2008 includes gain on sales of real estate of $190.3 million, compared to gains on sales of real estate and real estate interest of $12.2 million in the year ago period.

INVESTMENT TRANSACTIONS

During the quarter ended June 30, 2008, we sold assets valued at $496 million, which included the sale of 40 properties for $483 million and other investments for $13 million. These sales were made from the following segments: (i) 65% hospital, (ii) 17% medical office, (iii) 14% skilled nursing, and (iv) 4% senior housing. During the quarter ended June 30, 2008, we funded construction and other capital projects aggregating $43 million, primarily in our life science and medical office segments.

Asset sales for the quarter ended June 30, 2008 include the sale of $11 million of marketable debt securities, which resulted in a gain of approximately $0.7 million, or less than $0.01 per diluted share of common stock, compared to the sale of $49 million of marketable debt securities during the quarter ended June 30, 2007, which resulted in a gain of approximately $3.9 million, or $0.02 per diluted share of common stock.

FINANCING TRANSACTIONS

In April 2008, in connection with HCP's addition to the S&P 500 Index, we issued 17 million shares of our common stock. We received approximately $560 million of net proceeds, which were used to repay a portion of our outstanding indebtedness under our revolving line of credit facility.

In May 2008, we placed seven-year mortgage financing on 21 of our senior housing assets. The assets are cross-collateralized and the debt has a fixed interest rate of 5.83%. We received approximately $254 million of net proceeds, which were used to repay outstanding indebtedness under our revolving line of credit facility and bridge loan.

During the quarter ended June 30, 2008, we settled two forward-starting swaps with an aggregate notional amount of $900 million and recognized an ineffectiveness charge of $2.4 million, or $0.01 per diluted share of common stock, in interest and other income, net.

OTHER EVENTS

On June 30, 2008, HCP and Tenet Healthcare Corporation ("Tenet") executed a definitive agreement relating to restructuring our hospital portfolio leased to Tenet and settling various disputes. The agreement provides for, among other things, the sale of our hospital in Tarzana, California, the non-renewal by Tenet of leases with respect to our hospitals in Irvine, California, and Los Gatos, California, and the extension of the terms of three other hospitals leased by us to Tenet. The restructure and settlement are expected to be effective by September 30, 2008 and are contingent on the closing of the sale by Tenet of the hospital in Tarzana, California, which closing is subject to customary conditions and regulatory approvals. On the effective date of the settlement, we expect to recognize income ranging from $41 million to $46 million, of which $23 million to $28 million is expected to be included in FFO.

On July 30, 2008, we received and recognized lease termination fees of $18 million from a tenant in connection with the early termination of three leases representing 149,000 square feet of our life science segment. On July 30, 2008, we recognized an impairment of $4 million related to intangible assets associated with these leases, which resulted in net FFO of $14 million.

DIVIDENDS

On July 31, 2008, we announced that our Board of Directors declared a quarterly common stock cash dividend of $0.455 per share. The dividend will be paid on August 21, 2008 to stockholders of record as of the close of business on August 11, 2008.

FUTURE OPERATIONS

For the full year 2008, we presently expect net income applicable to common shares to range between $2.01 and $2.29 per diluted common share, FFO applicable to common shares to range between $2.27 and $2.35 per diluted common share, and FFO applicable to common shares, before giving effect to merger-related charges and impairments, to range between $2.35 and $2.43 per diluted common share. Our estimate for the full year 2008 net income applicable to common shares includes the net impact of the lease termination fees and related impairments of $0.06 per diluted common share and the impact of the Tenet restructuring and settlement ranging between $0.17 and $0.19 per diluted common share. Our estimate for the full year 2008 FFO applicable to common shares, before giving effect to merger-related charges and impairments, includes the impact of lease termination fees of $0.07 per diluted common share and the impact of the Tenet restructuring and settlement ranging between $0.09 and $0.11 per diluted common share.

COMPANY INFORMATION

HCP has scheduled a conference call and webcast for Tuesday, August 5, 2008 at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) in order to present the Company's performance and operating results for the quarter ended June 30, 2008. The conference call is accessible by dialing (800) 329-9097 (U.S.) or (617) 614-4929 (International). The participant pass code is 62137358. The webcast is accessible via the Company's website at www.hcpi.com. The link can be found on the "Event Calendar" page, which is under the "Investor Relations" tab. A webcast replay of the conference call will be available after 11:00 a.m. Pacific Time (2:00 p.m. Eastern Time) on August 5, 2008 through August 19, 2008 on the Company's website. The Company's supplemental information package for the current period will also be available on the Company's website in the "Presentations" section of the "Investor Relations" tab.

ABOUT HCP

HCP, Inc., an S&P 500 company, is a Real Estate Investment Trust (REIT) that, together with its consolidated subsidiaries, invests primarily in real estate serving the healthcare industry in the United States. As of June 30, 2008, the Company's portfolio of properties, excluding assets held for sale but including mortgage loans and properties owned by unconsolidated joint ventures, totaled 706 properties among the following segments: 267 senior housing, 107 life science, 256 medical office, 25 hospital and 51 skilled nursing. For more information, visit the Company's website at www.hcpi.com.

FORWARD-LOOKING STATEMENTS

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include among other things the Company's estimates of: expected impact of the Tenet restructuring and settlement, net income applicable to common shares on a diluted basis, FFO applicable to common shares on a diluted basis, FFO applicable to common shares on a diluted basis before giving effect to merger-related charges and impairment, gain on sales of real estate, real estate depreciation and amortization, joint venture adjustments, merger-related charges and impairments for the full year of 2008. These statements are made as of the date hereof and are subject to known and unknown risks, uncertainties, assumptions and other factors--many of which are out of the Company's control and difficult to forecast--that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include but are not limited to: the Company's ability to access external sources of capital when desired and on reasonable terms; the Company's ability to manage its indebtedness levels; the Company's ability to maintain its credit ratings; the Company's ability to achieve its expected benefits from acquisitions, including integrating and preserving the goodwill of those companies; competition for lessees and mortgagors (including new leases and mortgages and the renewal or rollover of existing leases); continuing reimbursement uncertainty in the skilled nursing segment; competition in the senior housing segment specifically and in the healthcare industry in general; the Company's ability to acquire, sell or lease facilities and the timing of acquisitions, sales and leasings; the Company's ability to realize the benefits of its mezzanine investments; changes in the financial condition of the Company's lessees and obligors; changes in healthcare laws and regulations and other changes in the healthcare industry which affect the operations of the Company's lessees or obligors; changes in the Company's management; litigation claims and developments; costs of compliance with building regulations; changes in tax laws and regulations; changes in rules governing financial reporting, including new accounting pronouncements; changes in economic conditions, including changes in interest rates and the availability and cost of capital, which affect opportunities for profitable investments; and other risks described from time to time in the Company's Securities and Exchange Commission filings. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.

                              HCP, Inc.
                        Summary of Information
                 In thousands, except per share data
                             (Unaudited)

                                Three Months           Six Months
                               Ended June 30,        Ended June 30,
                             -------------------   -------------------
                               2008       2007       2008       2007
                             --------   --------   --------   --------

Revenues                     $251,372   $206,846   $497,858   $414,913

Net income applicable to
 common shares               $227,012   $ 66,001   $272,141   $206,006

Basic earnings per common
 share                       $   0.97   $   0.32   $   1.20   $   1.01
                             --------   --------   --------   --------

Diluted earnings per common
 share                       $   0.96   $   0.32   $   1.20   $   1.00
                             --------   --------   --------   --------

Weighted average shares used
 to calculate diluted
 earnings per common share    236,467    207,024    227,065    206,470
                             --------   --------   --------   --------

Funds from operations
 applicable to common shares
 (1)                         $119,687   $120,405   $241,720   $222,843
                             --------   --------   --------   --------

Diluted funds from
 operations applicable to
 common shares (1)           $122,083   $125,257   $248,883   $230,324
                             --------   --------   --------   --------

Basic funds from operations
 per common share (1)        $   0.51   $   0.59   $   1.07   $   1.09
                             --------   --------   --------   --------

Diluted funds from
 operations per common share
 (1)                         $   0.51   $   0.58   $   1.06   $   1.07
                             --------   --------   --------   --------

Weighted average shares used
 to calculate diluted funds
 from operations per common
 share (1)                    241,682    217,130    234,433    214,468
                             --------   --------   --------   --------

Impact of merger-related
 charges and impairments:
   Merger-related charges
    (2)                      $  1,141   $  1,677   $  2,330   $  8,979
   Impairments                  9,715          -      9,715          -
                             --------   --------   --------   --------
                             $ 10,856   $  1,677   $ 12,045   $  8,979
                             --------   --------   --------   --------

Per common share impact of
 merger-related charges and
 impairments on diluted
 funds from operations       $   0.04   $      -   $   0.05   $   0.05
                             --------   --------   --------   --------

___________________________________________________

(1) The Company believes that funds from operations applicable to
     common shares, diluted funds from operations applicable to common
     shares and basic and diluted funds from operations per common
     share are important supplemental measures of operating
     performance for a real estate investment trust. Because the
     historical cost accounting convention used for real estate assets
     requires straight-line depreciation (except on land), such
     accounting presentation implies that the value of real estate
     assets diminishes predictably over time. Since real estate values
     instead have historically risen and fallen with market
     conditions, presentations of operating results for a real estate
     investment trust that uses historical cost accounting for
     depreciation could be less informative. The term funds from
     operations ("FFO") was designed by the real estate investment
     trust industry to address this issue.

    FFO is defined as net income applicable to common shares (computed
     in accordance with U.S. generally accepted accounting
     principles), excluding gains or losses from real estate
     dispositions, plus real estate depreciation and amortization,
     with adjustments for joint ventures. Adjustments for joint
     ventures are calculated to reflect FFO on the same basis. FFO
     does not represent cash generated from operating activities in
     accordance with U.S. generally accepted accounting principles, is
     not necessarily indicative of cash available to fund cash needs
     and should not be considered an alternative to net income. The
     Company's computation of FFO may not be comparable to FFO
     reported by other real estate investment trusts that do not
     define the term in accordance with the current National
     Association of Real Estate Investment Trusts' ("NAREIT")
     definition or that have a different interpretation of the current
     NAREIT definition from the Company. A reconciliation of net
     income applicable to common shares to FFO applicable to common
     shares is provided herein.

(2) Merger-related charges in the periods ended June 30, 2008 include
     the amortization of fees associated with our acquisition
     financing for Slough Estates USA Inc. ("SEUSA"), as well as other
     SEUSA integration costs. Merger-related charges in the periods
     ended June 30, 2007 include the amortization and write-off of
     fees associated with our acquisition financing for CNL Retirement
     Properties, Inc. ("CRP"), severance and retention-related
     compensation, as well as other CRP integration costs.

                              HCP, Inc.
                  Consolidated Statements of Income
                 In thousands, except per share data
                             (Unaudited)

                             Three Months            Six Months
                            Ended June 30,         Ended June 30,
                          -------------------   ---------------------
                            2008       2007       2008        2007
                          --------   --------   ---------   ---------
Revenues:
   Rental and related
    revenues              $215,616   $175,735   $ 424,210   $ 348,889
   Tenant recoveries        20,170     11,676      41,621      25,360
   Income from direct
    financing leases        14,129     15,215      29,103      30,205
   Investment management
    fee income               1,457      4,220       2,924      10,459
                          --------   --------   ---------   ---------
      Total revenues       251,372    206,846     497,858     414,913
                          --------   --------   ---------   ---------

Costs and expenses:
   Depreciation and
    amortization            78,308     56,666     156,369     113,811
   Operating                47,580     37,212      97,000      77,668
   General and
    administrative          18,840     17,290      39,371      37,395
   Impairments               9,715          -       9,715           -
                          --------   --------   ---------   ---------
      Total costs and
       expenses            154,443    111,168     302,455     228,874
                          --------   --------   ---------   ---------

Other income (expense):
   Gain on sale of real
    estate interest              -     10,141           -      10,141
   Interest and other
    income, net             30,739     18,722      66,066      33,186
   Interest expense        (85,509)   (72,973)   (181,835)   (150,756)
                          --------   --------   ---------   ---------
      Total other income
       (expense)           (54,770)   (44,110)   (115,769)   (107,429)
                          --------   --------   ---------   ---------

Income before income
 taxes, equity income
 from unconsolidated
 joint ventures and
 minority interests'
 share in earnings          42,159     51,568      79,634      78,610
   Income taxes             (1,274)       395      (3,519)        152
   Equity income from
    unconsolidated joint
    ventures                 1,221      1,302       2,509       2,516
   Minority interests'
    share in earnings       (5,536)    (6,739)    (11,252)    (11,974)
                          --------   --------   ---------   ---------
Income from continuing
 operations                 36,570     46,526      67,372      69,304
                          --------   --------   ---------   ---------

Discontinued operations:
   Income before gain on
    sales of real estate,
    net of income taxes      5,469     22,687      14,941      41,152
   Gain on sales of real
    estate                 190,256      2,071     200,394     106,116
                          --------   --------   ---------   ---------
      Total discontinued
       operations          195,725     24,758     215,335     147,268
                          --------   --------   ---------   ---------

Net income                 232,295     71,284     282,707     216,572
   Preferred stock
    dividends               (5,283)    (5,283)    (10,566)    (10,566)
                          --------   --------   ---------   ---------

Net income applicable to
 common shares            $227,012   $ 66,001   $ 272,141   $ 206,006
                          --------   --------   ---------   ---------

Basic earnings per common
 share:
   Continuing operations  $   0.13   $   0.20   $    0.25   $    0.29
   Discontinued
    operations                0.84       0.12        0.95        0.72
                          --------   --------   ---------   ---------
   Net income applicable
    to common shares      $   0.97   $   0.32   $    1.20   $    1.01
                          --------   --------   ---------   ---------

Diluted earnings per
 common share:
   Continuing operations  $   0.13   $   0.20   $    0.25   $    0.28
   Discontinued
    operations                0.83       0.12        0.95        0.72
                          --------   --------   ---------   ---------
   Net income applicable
    to common shares      $   0.96   $   0.32   $    1.20   $    1.00
                          --------   --------   ---------   ---------

Weighted average shares
 used to calculate
 earnings per common
 share:
   Basic                   235,117    205,755     225,945     204,882
                          --------   --------   ---------   ---------

   Diluted                 236,467    207,024     227,065     206,470
                          --------   --------   ---------   ---------

                              HCP, Inc.
                  Funds From Operations Information
                 In thousands, except per share data
                             (Unaudited)

                          Three Months Ended      Six Months Ended
                               June 30,               June 30,
                         --------------------   ---------------------
                           2008        2007       2008        2007
                         ---------   --------   ---------   ---------

Net income applicable to
 common shares           $ 227,012   $ 66,001   $ 272,141   $ 206,006
Depreciation and
 amortization of real
 estate, in-place lease
 and other intangibles:
   Continuing operations    78,308     56,666     156,369     113,811
   Discontinued
    operations               1,380      6,537       5,677      13,765
Gains on sales of real
 estate and real estate
 interest                 (190,256)   (12,212)   (200,394)   (116,257)
Equity income from
 unconsolidated joint
 ventures                   (1,221)    (1,302)     (2,509)     (2,516)
FFO from unconsolidated
 joint ventures              5,108      5,518      11,728       9,632
Minority interests'
 share in earnings           5,536      6,739      11,252      11,974
Minority interests'
 share in FFO               (6,180)    (7,542)    (12,544)    (13,572)
                         ---------   --------   ---------   ---------
Funds from operations
 applicable to common
 shares (1)              $ 119,687   $120,405   $ 241,720   $ 222,843
                         ---------   --------   ---------   ---------

Distributions on
 convertible units       $   2,396   $  4,852   $   7,163   $   7,481
                         ---------   --------   ---------   ---------

Diluted funds from
 operations applicable
 to common shares (1)    $ 122,083   $125,257   $ 248,883   $ 230,324
                         ---------   --------   ---------   ---------

Basic funds from
 operations per common
 share (1)               $    0.51   $   0.59   $    1.07   $    1.09
                         ---------   --------   ---------   ---------

Diluted funds from
 operations per common
 share (1)               $    0.51   $   0.58   $    1.06   $    1.07
                         ---------   --------   ---------   ---------

Weighted average shares
 used to calculate
 diluted funds from
 operations per common
 share                     241,682    217,130     234,433     214,468
                         ---------   --------   ---------   ---------

Impact of merger-related
 charges and
 impairments:
   Merger-related
    charges (2)          $   1,141   $  1,677   $   2,330   $    8,979
   Impairments               9,715          _       9,715            _
                         ---------   --------   ---------   ----------
                         $  10,856   $  1,677   $  12,045   $   8,979
                         ---------   --------   ---------   ---------

Per common share impact
 of merger-related
 charges and impairments
 on diluted funds from
 operations              $    0.04   $      -   $    0.05   $    0.05
                         ---------   --------   ---------   ---------

________________________________________

(1) The Company believes that funds from operations applicable to
     common shares, diluted funds from operations applicable to common
     shares and basic and diluted funds from operations per common
     share are important supplemental measures of operating
     performance for a real estate investment trust. Because the
     historical cost accounting convention used for real estate assets
     requires straight-line depreciation (except on land), such
     accounting presentation implies that the value of real estate
     assets diminishes predictably over time. Since real estate values
     instead have historically risen and fallen with market
     conditions, presentations of operating results for a real estate
     investment trust that uses historical cost accounting for
     depreciation could be less informative. The term funds from
     operations was designed by the real estate investment trust
     industry to address this issue.

    FFO is defined as net income applicable to common shares (computed
     in accordance with U.S. generally accepted accounting
     principles), excluding gains or losses from real estate
     dispositions, plus real estate depreciation and amortization,
     with adjustments for joint ventures. Adjustments for joint
     ventures are calculated to reflect FFO on the same basis. FFO
     does not represent cash generated from operating activities in
     accordance with U.S. generally accepted accounting principles, is
     not necessarily indicative of cash available to fund cash needs
     and should not be considered an alternative to net income. The
     Company's computation of FFO may not be comparable to FFO
     reported by other real estate investment trusts that do not
     define the term in accordance with the current NAREIT definition
     or that have a different interpretation of the current NAREIT
     definition from the Company.

(2) Merger-related charges in the periods ended June 30, 2008 include
     the amortization of fees associated with our acquisition
     financing for Slough Estates USA Inc. ("SEUSA"), as well as other
     SEUSA integration costs. Merger-related charges in the periods
     ended June 30, 2007 include the amortization and write-off of
     fees associated with our acquisition financing for CNL Retirement
     Properties, Inc. ("CRP"), severance and retention-related
     compensation, as well as other CRP integration costs.

                              HCP, Inc.
                     Consolidated Balance Sheets
            In thousands, except share and per share data

                                            June 30,     December 31,
                                              2008           2007
                                           -----------   ------------
Assets                                     (unaudited)
Real estate:
 Buildings and improvements                $ 7,626,209    $ 7,526,015
 Development costs and construction in
  progress                                     308,169        372,527
 Land                                        1,560,756      1,571,427
 Less accumulated depreciation and
  amortization                                (725,751)      (623,234)
                                           -----------   ------------
    Net real estate                          8,769,383      8,846,735
                                           -----------   ------------

Net investment in direct financing leases      645,079        640,052
Loans receivable, net                        1,072,811      1,065,485
Investments in and advances to
 unconsolidated joint ventures                 278,479        248,894
Accounts receivable, net of allowance of
 $17,316 and $23,109, respectively              31,920         44,892
Cash and cash equivalents                      216,789         96,269
Restricted cash                                 32,387         36,427
Intangible assets, net                         582,088        623,271
Real estate held for sale, net                  90,668        403,614
Other assets, net                              504,126        516,133
                                           -----------   ------------

 Total assets                              $12,223,730    $12,521,772
                                           -----------   ------------

Liabilities and Stockholders' Equity
Bank line of credit                        $         -    $   951,700
Bridge loan                                  1,150,000      1,350,000
Senior unsecured notes                       3,821,786      3,819,950
Mortgage debt                                1,516,380      1,278,280
Mortgage debt on assets held for sale                -          2,481
Other debt                                     105,264        108,496
Intangible liabilities, net                    260,435        278,553
Accounts payable and accrued liabilities       223,389        233,342
Deferred revenue                                65,786         55,990
                                           -----------   ------------
 Total liabilities                           7,143,040      8,078,792
                                           -----------   ------------
Minority interests:
   Joint venture partners                       31,557         33,436
   Non-managing member unitholders             241,479        305,835
                                           -----------   ------------
      Total minority interests                 273,036        339,271
                                           -----------   ------------

Commitments and contingencies

Stockholders' equity:
 Preferred stock, $1.00 par value:
  50,000,000 shares authorized; 11,820,000
  shares issued and outstanding,
  liquidation preference of $25.00 per
  share                                        285,173        285,173
 Common stock, $1.00 par value:
  750,000,000 shares authorized
  236,512,480 and 216,818,780 shares
  issued and outstanding, respectively         236,512        216,819
 Additional paid-in capital                  4,349,399      3,724,739
 Cumulative dividends in excess of
  earnings                                     (55,232)      (120,920)
 Accumulated other comprehensive loss           (8,198)        (2,102)
                                           -----------   ------------

   Total stockholders' equity                4,807,654      4,103,709
                                           -----------   ------------

 Total liabilities and stockholders'
  equity                                   $12,223,730    $12,521,772
                                           -----------   ------------

                              HCP, Inc.
                 Projected Funds From Operations (1)
                             (Unaudited)

PROJECTED FUTURE OPERATIONS (Full Year 2008):              2008
                                                    ------------------
                                                      Low       High
                                                    -------    -------

Diluted earnings per common share                   $ 2.01     $ 2.29
Gain on sales of real estate and real estate
 interest                                            (1.09)     (1.29)
Real estate depreciation and amortization             1.28       1.28
Joint venture adjustments                             0.07       0.07
                                                    -------    -------
Diluted funds from operations per common share (2)    2.27       2.35
Merger-related charges (3)                            0.02       0.02
Impairments                                           0.06       0.06
                                                    -------    -------
Diluted funds from operations per common share
 before merger-related charges and impairments      $ 2.35     $ 2.43
                                                    -------    -------

________________________________________

(1) Except as otherwise noted above, the foregoing projections reflect
     management's view of current and future market conditions,
     including assumptions with respect to rental rates, occupancy
     levels, development activities, property dispositions and the
     earnings impact of the events referenced in this release. These
     estimates include the expected impact resulting from lease
     termination fees and related impairments and the Tenet
     restructuring and settlement, as discussed herein. Expect as
     otherwise noted, these estimates do not reflect the potential
     impact of future property acquisitions, impairments, realized
     gains or losses on marketable securities, ineffectiveness related
     to our cash flow hedges, offerings of debt or equity securities
     or existing and future litigation matters. By definition, FFO
     does not include real estate-related depreciation and
     amortization or gains and losses associated with real estate
     disposition activities, but does include impairments. There can
     be no assurance that the Company's actual results will not differ
     materially from the estimates set forth above. The aforementioned
     ranges represent management's best estimate of results based upon
     the underlying assumptions as of the date of this press release.

(2) The Company believes that diluted funds from operations per common
     share is an important supplemental measure of operating
     performance for a real estate investment trust. Because the
     historical cost accounting convention used for real estate assets
     requires straight-line depreciation (except on land), such
     accounting presentation implies that the value of real estate
     assets diminishes predictably over time. Since real estate values
     instead have historically risen and fallen with market
     conditions, presentations of operating results for a real estate
     investment trust that uses historical cost accounting for
     depreciation could be less informative. The term FFO was designed
     by the real estate investment trust industry to address this
     issue.

    FFO is defined as net income (computed in accordance with U.S.
     generally accepted accounting principles), excluding gains or
     losses from real estate dispositions, plus real estate
     depreciation and amortization, with adjustments for joint
     ventures. Adjustments for joint ventures are calculated to
     reflect FFO on the same basis. FFO does not represent cash
     generated from operating activities in accordance with U.S.
     generally accepted accounting principles, is not necessarily
     indicative of cash available to fund cash needs and should not be
     considered an alternative to net income. The Company's
     computation of FFO may not be comparable to FFO reported by other
     real estate investment trusts that do not define the term in
     accordance with the current NAREIT definition or that have a
     different interpretation of the current NAREIT definition from
     the Company.

(3) Merger-related charges primarily include amortization of fees
     associated with the Company's bridge loan and integration costs.

SOURCE: HCP, Inc.

HCP, Inc.
Mark A. Wallace
Executive Vice President -
Chief Financial Officer and Treasurer
(562) 733-5100

Security and Energy Program,".

Moreover, he said that the flying laboratory could make weather forecasts with more details such as cloud positions, cloud contents, water volume in clouds, the size of rain water, wind velocity, polution monitoring, and getting the profile of atmosphere's aerosol.

The budget for one such Cessna plane with six passengers, the chief said will be proposed to the House of Representatives in the hope that the fund will be included in the Revised 2008 State Budget.

"If we get the plane, we just have to equip it with weather instruments," said Samsul adding that the plane did not have to be new, the government could buy a second hand plane at Rp11 Billion compared to the new one priced at Rp45 Billion.

Not only for the TMC needs, the plane could also be used for cloud seeding to make artificial rain, for aerial photograpy, evacuation of injured people, and also leased for passenger transport.

Meanwhile, Deputy Head of BPPT for Natural Resources, Jana Anggadiredja said that BPPT already have six Cassa 212-200 planes bought in 1994 for TMC operations.

"All six are still in good condition and operated by an operator with an Air Operator Certificate (AOC) as passenger planes. The planes undergo routine maintenance, and the operator gives a lease to BPPT based on the plane's flying hours," Samsul said, while adding that the money was used for weather modification research.