Rule 424(b)(2)
                                          Registration No. 33-66676


PRICING SUPPLEMENT DATED NOVEMBER 14, 1994

                HEALTH CARE PROPERTY INVESTORS, INC.
              MEDIUM-TERM NOTES, SERIES B - FIXED RATE


This Pricing Supplement accompanies and supplements the Prospectus,
dated September 9, 1993, as supplemented by the Prospectus
Supplement, dated September 9, 1993.

The Notes have the following terms (as applicable):

     Principal Amount:                     $5,000,000.00
     Agent's Discount or Commission:       .6%
     Net Proceeds to Issuer:               $4,970,000.00
     Original Issue Price:                 100%
     Original Issue Date:                  November 21, 1994
     Stated Maturity Date:                 November 21, 2001
     Interest Rate Per Annum               8.82%
     Redemption Date(s):                   None
     Redemption Price(s):                  Not Applicable
     Notice of Redemption:                 Not Applicable
     Optional Repayment Date(s):           None
     Optional Repayment Price(s):          Not Applicable
     Notice of Optional Repayment:         Not Applicable
     Original Issue Discount:              [ ] Yes    [X] No
     Form:                                 [X] Book-Entry/Global
                                           [ ] Definitive
     Agent:                                Merrill Lynch & Co.

Agent acting in the capacity as indicated below:

     [X]    Agent              [ ] Principal

If as Principal:

     [ ]    The Notes are being offered at varying prices related
            to prevailing market prices at the time of resale.

     [ ]    The Notes are being offered at a fixed initial public
            offering price of 100% of Principal Amount.

If as Agent:

     The Notes are being offered at a fixed initial public offering
price of 100% of Principal Amount.