Exhibit 23.2

Consent of Independent Auditors

We consent to the incorporation by reference in the following Registration Statements of HCP, Inc. of our report dated February 5, 2015, with respect to the consolidated financial statements of HCR ManorCare Inc., as of December 31, 2014 and 2013 and for each of the three years in the period ended December 31, 2014, included in the Annual Reportof HCP, Inc. (Form 10-K) dated February 10, 2015:

· Form S-8, File No. 333-195735, related to the HCP, Inc. 2014 Performance Incentive Plan;

· Form S-3ASR, File No. 333-182824, related to the unlimited shelf registration of common stock, preferred stock, depository shares, debt securities, warrants or other rights, stock purchase contracts and units;

· Form S-8, File No. 333-161720, related to the registration of additional securities related to the HCP, Inc. 2006 Performance Incentive Plan, as amended and restated;

· Form S-8, File No. 333-135679, related to the HCP, Inc.2006 Performance Incentive Plan, as amended and restated;

· Form S-3. File No. 333-99067, related to the registration of 738,923 shares of common stock to be issued upon conversion of non-managing member interests in HCPI/Utah II, LLC;

· Form S-3, File No. 333-99063, related to the registration of 160,026 shares of common stock to be issued upon conversion of non-managing member interests in HCPI/Utah, LLC;

· Form S-3, File No. 333-95487, related to the registration of 593,247 shares of common stock to be issued upon conversion of non-managing member interests in HCPI/Utah, LLC;

· Form S-3, File No. 333-122456, related to the registration of 554,890 shares of common stock to be issued upon conversion of non-managing member interests inHCPI/Utah II, LLC;

· Form S-3, File No. 333-119469, related to the registration of 2,129,078 shares of common stock to be issued upon conversion of non-managing member interests in HCPI/Tennessee, LLC;

· Form S-3, File No. 333-124922, related to the registration of 53,602 shares of common stock to be issued upon conversion of non-managing member interests in HCPI/Utah, LLC.

/s/ Ernst & Young LLP

Toledo, OH

February 5, 2015