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


                   PRICING SUPPLEMENT DATED NOVEMBER 18, 1998
                                        
                      HEALTH CARE PROPERTY INVESTORS, INC.
                           Medium-Term Notes, Series B
                                        
This Pricing Supplement accompanies and supplements the Prospectus, dated 
August 1, 1995, as supplemented by the Prospectus Supplement, dated 
August 1, 1995.

The Notes have the following terms (as applicable):

     Principal Amount:                  $8,000,000
     Agent's Discount or Commission:    .35%
     Net Proceeds to Issuer:            $7,972,000
     Original Issue Price:              100%
     Original Issue Date:               November 23, 1998
     Stated Maturity Date:              November 23, 2001
     Interest Rate Per Annum:           7.30%
     Redemption Date(s):                None
     Redemption Price(s):               Not Applicable
     Notice of Redemption               Not Applicable
     Optional Repayment Date:           None
     Optional Repayment Price:          Not Applicable
     Notice of Optional Repayment:      Not Applicable
     Original Issue Discount:           [ ] Yes                  [X] No
     Form:                              [X] Book-Entry/Global    [ ] Definitive
     Agent:                             [X] Merrill Lynch & Co.
                                        [ ] Goldman, Sachs & Co.

Agent acting in the capacity as indicated below:

          [ ]  Agent                         [X]  Principal


If as Principal:

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

          [X]  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.


Stated Interest:

           Based  on  the  expected issue price of the Notes, the  Company  does
not anticipate  that the Notes will be issued with original issue discount. 
Holders  of Notes will be required to include stated interest in gross income in
accordance  with their  method of accounting for tax purposes.  Each purchaser 
of Notes is  encouraged to  consult his or her tax advisor with respect to the 
tax consequences to him or her of  the  acquisition, ownership and disposition 
of the Notes.  See "Material  Federal Income Tax Considerations" in the 
accompanying Prospectus Supplement.