8-K

TABLE OF CONTENTS

	ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURE
EXHIBIT INDEX
EX-99.1 Press Release

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 20, 2004

HEALTH CARE REIT, INC.

(Exact name of registrant as specified in its charter)

DELAWARE (State or other jurisdiction of incorporation or organization)	1-8923 (Commission File Number)	34-1096634 (I.R.S. Employer Identification Number)
One SeaGate, Suite 1500, Toledo, Ohio (Address of principal executive office)		43604 (Zip Code)

(419) 247-2800
(Registrant’s telephone number, including area code)

ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 20, 2004, Health Care REIT, Inc. issued a press release that announced operating results for its second quarter ended June 30, 2004. The press release is posted on the Company’s Web site (www.hcreit.com) under the heading Press Releases. A copy of the press release has been furnished as Exhibit 99.1 to this Current Report.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant had duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

HEALTH CARE REIT, INC.
By:	/s/ GEORGE L. CHAPMAN
	George L. Chapman
	Chairman of the Board and Chief Executive Officer

Date: July 20, 2004

EXHIBIT INDEX

	Designation
	Number Under
Exhibit No.	Item 601 of Regulation S-K	Description
99.1	99	Press release dated July 20, 2004

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 20, 2004

For more information contact:

Ray Braun — (419) 247-2800

Mike Crabtree — (419) 247-2800

Scott Estes — (419) 247-2800

Health Care REIT, Inc.
Reports Second Quarter Results

Toledo, Ohio, July 20, 2004........Health Care REIT, Inc. (NYSE/HCN) today announced operating results for its second quarter ended June 30, 2004.

“We had a strong quarter of investment activity driving our gross and net new investment total for the first half of 2004 to $161.5 million and 127.7 million, respectively,” commented George L. Chapman, chief executive officer of Health Care REIT, Inc. “This first half activity, together with an additional $148.4 million of net new investments to date in the third quarter, allows us to increase our 2004 projected net new investment guidance to $400 million to $500 million. Many of these investments will incorporate rental escalators that enable us to generate additional organic growth and minimize straight-line rent over time. While this change will impact FFO guidance in the short run, cash flow and our ability to pay dividends are unaffected.”

The Board of Directors declared a dividend for the quarter ended June 30, 2004 of $0.60 per share as compared to $0.585 per share for the same period in 2003. The dividend represents the 133rd consecutive dividend payment. The dividend will be payable August 20, 2004 to stockholders of record on July 30, 2004.

Summary of Second Quarter Results
(In thousands, except per share data)

	Three Months Ended			Three Months Ended
	June 30, 2004			June 30, 2003
Revenues	$	59,334		$	44,822
Net Income Available to Common Stockholders	$	19,207		$	16,744
Funds From Operations	$	35,760		$	28,600
Net Income Per Diluted Share	$	0.37		$	0.41
FFO Per Diluted Share	$	0.69		$	0.70
Dividend Per Share	$	0.60		$	0.585
FFO Payout Ratio		87	%		84	%

     Net income available to common stockholders totaled $19.2 million, or $0.37 per diluted share, for the second quarter of 2004, compared with $16.7 million, or $0.41 per diluted share, for the same period in 2003. Funds from operations totaled $35.8 million, or $0.69 per diluted share, for the second quarter of 2004, compared with $28.6 million, or $0.70 per diluted share, for the same period in 2003.

Summary of Year to Date Results
(In thousands, except per share data)

	Six Months Ended			Six Months Ended
	June 30, 2004			June 30, 2003
Revenues	$	119,419		$	88,073
Net Income Available to Common Stockholders	$	37,862		$	33,195
Funds From Operations	$	71,549		$	56,674
Net Income Per Diluted Share	$	0.73		$	0.81
FFO Per Diluted Share	$	1.39		$	1.39
Dividend Per Share	$	1.185		$	1.17
FFO Payout Ratio		85	%		84	%

Net income available to common stockholders totaled $37.9 million, or $0.73 per diluted share, for the six months ended June 30, 2004, compared with $33.2 million, or $0.81 per diluted share, for the same period in 2003. Funds from operations totaled $71.5 million, or $1.39 per diluted share, for the six months ended June 30, 2004, compared with $56.7 million, or $1.39 per diluted share, for the same period in 2003.

We had a total outstanding debt balance of $1.0 billion at June 30, 2004, as compared with $833.5 million at June 30, 2003, and stockholders’ equity of $1.2 billion, which represents a debt to total book capitalization ratio of 47 percent. The debt to total market capitalization at June 30, 2004 was 36 percent. Our coverage ratio of EBITDA to interest was 3.21 to 1.00 for the six months ended June 30, 2004.

Straight-line Rent. We recorded $2.5 million and $9.1 million of straight-line rent for the three and six months ended June 30, 2004, respectively. Straight-line rent is net of $2.4 million and $3.0 million in cash payments outside the normal monthly rental payments for the three and six month periods, respectively. Based upon a review of the existing portfolio, we reduced our recognition of straight-line rent for the second quarter by $2.5 million.

Outlook for 2004 and 2005. Going forward, most of our master leases will incorporate annual rental escalators based on the lesser of a Consumer Price Index factor or a fixed basis point increase. Because the increases are not known at the commencement of the lease, straight-lining the average rental rate over the life of the lease is not required.

Therefore, primarily due to our revised straight-line rent expectations, we are adjusting our 2004 guidance and now expect to report net income available to common stockholders in the range of $1.49 to $1.54 per diluted share, down from $1.68 to $1.73 per diluted share, and FFO in the range of $2.87 to $2.92 per diluted share, down from $2.99 to $3.04 per diluted share. We expect to record straight-line rent of approximately $18 million to $20 million for the full year 2004, down from previous expectations of $24 million to $28 million. These expectations exclude any additional payments outside the normal monthly rental payments. As previously stated, we are also increasing our net new investment guidance for 2004 to a range of $400 million to $500 million.

We are initiating guidance for 2005 and expect to report net income available to common stockholders in the range of $1.47 to $1.55 per diluted share, and FFO in the range of $2.98 to $3.06 per diluted share. The guidance assumes net new investments of $250 million with leases that will not require rents to be straight-lined. We expect to record straight-line rent of approximately $14 million to $16 million for the full year 2005, before any payments outside the normal monthly rental payments.

Our guidance does not account for any impairments or increased quarterly charges to the loan loss reserve. Additionally, we plan to manage the company to maintain investment grade status with a capital structure consistent with our current profile. Please see Exhibit 15 for a reconciliation of the outlooks for net income and FFO.

Portfolio Update. Eight assisted living facilities stabilized during the quarter and one assisted living facility in fill-up was acquired. We ended the quarter with four assisted living facilities remaining in fill-up, representing two percent of revenues. Only one facility, representing one percent of revenues, has occupancy of less than 50 percent. The facility was a new acquisition in the fourth quarter of 2003.

Supplemental Reporting Measures. We believe that net income, as defined by accounting principles generally accepted in the United States (U.S. GAAP), is the most appropriate earnings measurement. However, we consider funds from operations (FFO) to be a useful supplemental measure of our operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means net income, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

EBITDA stands for earnings before interest, taxes, depreciation and amortization. Additionally, we exclude the non-cash provision for loan losses. We believe that EBITDA, along with net income and cash flow provided from operating activities, is an important supplemental measure because it provides additional information to assess and evaluate the performance of our operations. Additionally, restrictive covenants in our long-term debt arrangements contain financial ratios based on EBITDA. We primarily utilize EBITDA to measure our interest coverage ratio which represents EBITDA divided by interest expense.

FFO and EBITDA are financial measures that are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Management uses these financial measures to facilitate internal and external comparisons to our historical operating results, in making operating decisions and for budget planning purposes. Additionally, FFO is an

internal evaluation metric utilized by the Board of Directors to evaluate management. FFO and EBITDA do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, FFO and EBITDA, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see Exhibits 14 and 16 for reconciliations of FFO and EBITDA to net income.

Conference Call Information. We have scheduled a conference call on July 21, 2004, at 9:00 a.m. Eastern to discuss our second quarter results, industry trends, portfolio performance and outlooks for 2004 and 2005. To participate on the webcast, log on to www.hcreit.com or www.fulldisclosure.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same Web sites. This earnings release is posted on our Web site under the heading Press Releases.

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care facilities, primarily skilled nursing and assisted living facilities. At June 30, 2004, we had investments in 346 health care facilities in 33 states with 49 operators and had total assets of approximately $2.2 billion. For more information on Health Care REIT, Inc., via facsimile at no cost, dial 1-800-PRO-INFO and enter the company code – HCN. More information is available on the Internet at www.hcreit.com.

This document may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the possible expansion of our portfolio; the performance of our operators and properties; our ability to enter into agreements with new viable tenants for properties which we take back from financially troubled tenants, if any; our ability to make distributions; our policies and plans regarding investments, financings and other matters; our tax status as a real estate investment trust; our ability to appropriately balance the use of debt and equity; and our ability to access capital markets or other sources of funds. When we use words such as “believe,” “expect,” “anticipate,” or similar expressions, we are making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Our expected results may not be achieved, and actual results may differ materially from our expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; compliance with and changes to regulations and payment policies within the health care industry; changes in financing terms; competition within the health care and senior housing industries; and changes in federal, state and local legislation. Finally, we assume no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

FINANCIAL SCHEDULES FOLLOW

#####

HEALTH CARE REIT, INC.
Financial Supplement

CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands)

	June 30
	2004			2003
Assets
Real estate investments:
Real property owned
Land	$	176,862		$	131,905
Buildings & improvements		1,812,116			1,431,662
Construction in progress		20,899			35,151
		2,009,877			1,598,718
Less accumulated depreciation		(182,034	)		(137,029	)
Total real property owned		1,827,843			1,461,689
Loans receivable
Real property loans		216,003			202,287
Subdebt investments		45,023			15,965
		261,026			218,252
Less allowance for losses on loans receivable		(8,425	)		(5,455	)
		252,601			212,797
Net real estate investments		2,080,444			1,674,486
Other assets:
Equity investments		3,298			7,492
Deferred loan expenses		8,955			6,187
Cash and cash equivalents		33,990			7,953
Receivables and other assets		64,894			49,982
		111,137			71,614
Total assets	$	2,191,581		$	1,746,100
Liabilities and stockholders’ equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	41,000		$	156,900
Senior unsecured notes		825,000			615,000
Secured debt		146,936			61,608
Accrued expenses and other liabilities		17,560			17,282
Total liabilities		1,030,496			850,790
Stockholders’ equity:
Preferred stock		116,859			106,150
Common stock		51,546			41,360
Capital in excess of par value		1,106,155			821,897
Treasury stock		(850	)		0
Cumulative net income		702,800			618,855
Cumulative dividends		(814,068	)		(690,366	)
Accumulated other comprehensive income		1			79
Other equity		(1,358	)		(2,665	)
Total stockholders’ equity		1,161,085			895,310
Total liabilities and stockholders’ equity	$	2,191,581		$	1,746,100

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except per share data)

	Three Months Ended				Six Months Ended
	June 30				June 30
	2004		2003		2004		2003
Revenues:
Rental income	$	52,846	$	38,989	$	106,504	$	76,708
Interest income		5,923		5,190		11,636		10,130
Transaction fees and other income		565		643		1,279		1,235
Gross revenues		59,334		44,822		119,419		88,073
Expenses:
Interest expense		17,216		12,292		35,475		23,397
Provision for depreciation		17,452		10,784		34,244		21,365
General and administrative		3,560		2,847		6,719		5,457
Loan expense		872		680		1,763		1,315
Provision for loan losses		300		250		600		500
Total expenses		39,400		26,853		78,801		52,034
Income from continuing operations		19,934		17,969		40,618		36,039
Discontinued operations:
Gain (loss) on sales of properties		1,129		0		1,129		34
Income (loss) from discontinued operations, net		366		1,093		607		2,286
		1,495		1,093		1,736		2,320
Net income		21,429		19,062		42,354		38,359
Preferred dividends		2,222		2,318		4,492		5,164
Net income available to common stockholders	$	19,207	$	16,744	$	37,862	$	33,195
Average number of common shares outstanding:
Basic		51,232		40,546		50,919		40,269
Diluted		51,828		41,136		51,577		40,822
Net income available to common stockholders per share:
Basic	$	0.37	$	0.41	$	0.74	$	0.82
Diluted		0.37		0.41		0.73		0.81
Funds from operations	$	35,760	$	28,600	$	71,549	$	56,674
Funds from operations per share:
Basic	$	0.70	$	0.71	$	1.41	$	1.41
Diluted		0.69		0.70		1.39		1.39
Dividends per share	$	0.60	$	0.585	$	1.185	$	1.17

HEALTH CARE REIT, INC.
Financial Supplement – June 30, 2004

Portfolio Composition ($000’s) Exhibit 1

	# Properties		# Beds/Units		Balance		% Balance
Balance Sheet Data
Real Property		322		29,202	$	1,827,843		88	%
Loans Receivable		24		2,821		216,003		10	%
Subdebt Investments		0		0		45,023		2	%
Total Investments		346		32,023	$	2,088,869		100	%

	# Properties		# Beds/Units		Investment (1)		% Investment
Investment Data
Assisted Living Facilities		218		14,139	$	1,193,242		57	%
Skilled Nursing Facilities		120		16,616		748,544		36	%
Specialty Care Facilities		8		1,268		150,278		7	%
Real Estate Investments		346		32,023	$	2,092,064		100	%

Notes: (1)  Real Estate Investments include gross real estate investments and credit enhancements which amounted to $2,088,869,000 and $3,195,000, respectively.

Revenue Composition ($000’s) Exhibit 2

	Three Months Ended				Six Months Ended
	June 30, 2004				June 30, 2004
Revenue by Investment Type (1)
Real Property	$	54,057	90	%	$	109,198	90	%
Loans Receivable		4,915	8	%		9,620	8	%
Subdebt Investments		1,108	2	%		2,223	2	%
Total	$	60,080	100	%	$	121,041	100	%
Revenue by Facility Type (1)
Assisted Living Facilities	$	33,319	55	%	$	68,952	57	%
Skilled Nursing Facilities		22,369	37	%		43,842	36	%
Specialty Care Facilities		4,392	8	%		8,247	7	%
Total	$	60,080	100	%	$	121,041	100	%

Notes: (1) Revenues include gross revenues and revenues from discontinued operations.

Operator Concentration ($000’s) Exhibit 3

	# Properties		Investment		% Investment
Concentration by Investment
Emeritus Corporation		30	$	229,415		11	%
Southern Assisted Living, Inc.		46		209,905		10	%
Commonwealth Communities L.L.C.		14		200,810		10	%
Home Quality Management, Inc.		32		180,443		9	%
Life Care Centers of America, Inc.		17		125,159		6	%
Remaining Operators (44)		207		1,146,332		54	%
Total		346	$	2,092,064		100	%

Geographic Concentration ($000’s) Exhibit 4

	# Properties		Investment		% Investment
Concentration by Region
South		217	$	1,085,110		52	%
Northeast		45		415,325		20	%
West		45		305,349		15	%
Midwest		39		286,280		13	%
Total		346	$	2,092,064		100	%

	# Properties		Investment		% Investment
Concentration by State
Massachusetts		27	$	286,437		14	%
Florida		42		236,201		11	%
North Carolina		44		203,768		10	%
Tennessee		27		146,859		7	%
Ohio		14		125,818		6	%
Remaining States (28)		192		1,092,981		52	%
Total		346	$	2,092,064		100	%

Committed Investment Balances
($000’s except Investment per Bed/Unit) Exhibit 5

					Committed		Investment
	# Properties		# Beds/Units		Balance (1)		per Bed/Unit
Assisted Living Facilities		218		14,139	$	1,202,109	$	85,021
Skilled Nursing Facilities		120		16,616		748,544		45,050
Specialty Care Facilities		8		1,268		150,278		118,516
Total		346		32,023	$	2,100,931	-na-

Notes: (1)  Committed Balance includes gross real estate investments, credit enhancements and unfunded construction commitments for which initial funding had commenced.

Lease Up Statistics on Assisted Living Facilities ($000’s) Exhibit 6

			Average Months
	# Properties		in Operation		Revenue (1)		% Revenue
Occupancy
0% - 50%		1		6	$	773		1	%
50% - 70%		1		10		471		0	%
70% +		2		18		827		1	%
		4	-na-		$	2,071		2	%

Notes: (1)  Interest and rental income for the six months ended June 30, 2004.

Selected Facility Data Exhibit 7

										Coverage Data
				% Payor Mix
										Before		After
	Census			Private			Medicare			Mgt. Fees		Mgt. Fees
Assisted Living Facilities		85	%		85	%		0	%		1.40x		1.18x
Skilled Nursing Facilities		85	%		16	%		20	%		1.97x		1.51x
Specialty Care Facilities		70	%		14	%		40	%		1.91x		1.44x
				Weighted Averages							1.64x		1.32x

Notes:  Data as of March 31, 2004.

Exhibit 8

Credit Support ($000’s)

	Balance		% Investment
Cross Defaulted	$	1,976,145	95% of gross real estate investments
Cross Collateralized		168,768	78% of real property loans receivable
Master Leases		1,484,561	81% of real property owned

Current Capitalization ($000's)						Leverage & Performance Ratios
	Balance		% Balance
Borrowings Under Bank Lines	$	41,000		2	%	Debt/Total Book Cap		47	%
Long-Term Debt Obligations		971,936		45	%	Debt/Total Market Cap		36	%
Stockholders’ Equity		1,161,085		53	%	Interest Coverage	3.31x 2nd Qtr.
Total Book Capitalization	$	2,174,021		100	%		3.21x YTD
						FFO Payout Ratio	87% 2nd Qtr.
							85% YTD

Exhibit 9

Revenue Maturities ($000’s)

Operating Lease Expirations & Loan Maturities

	Current Lease		Current Interest		Lease and
Year	Revenue (1)		Revenue (1)		Interest Revenue		% of Total
2004	$	0	$	141	$	141		0	%
2005		0		1,391		1,391		1	%
2006		0		5,616		5,616		2	%
2007		0		4,806		4,806		2	%
2008		0		3,928		3,928		2	%
Thereafter		218,930		6,971		225,901		93	%
Total	$	218,930	$	22,853	$	241,783		100	%

Notes: (1) Revenue impact by year, annualized.

Exhibit 10

Debt Maturities and Principal Payments ($000’s)

Year	Lines of Credit (1)		Senior Notes		Secured Debt		Total
2004	$	0	$	0	$	1,228	$	1,228
2005		30,000		0		6,021		36,021
2006		310,000		50,000		2,702		362,702
2007		0		175,000		14,709		189,709
2008		0		100,000		9,879		109,879
2009		0		0		12,938		12,938
2010		0		0		8,948		8,948
Thereafter		0		500,000		90,511		590,511
Total	$	340,000	$	825,000	$	146,936	$	1,311,936

Notes: (1) Reflected at 100% capacity.

Exhibit 11

Investment Activity ($000’s)

	Three Months Ended				Six Months Ended
	June 30, 2004				June 30, 2004
Funding by Investment Type
Real Property	$	70,017	94	%	$	155,407	96	%
Loans Receivable		4,008	5	%		5,618	3	%
Subdebt Investments		223	1	%		512	1	%
Total	$	74,248	100	%	$	161,537	100	%
Funding by Facility Type
Assisted Living Facilities	$	15,684	21	%	$	39,611	25	%
Skilled Nursing Facilities		54,215	73	%		116,725	72	%
Specialty Care Facilities		4,349	6	%		5,201	3	%
Total	$	74,248	100	%	$	161,537	100	%

Exhibit 12

Disposition Activity ($000’s)

	Three Months Ended				Six Months Ended
	June 30, 2004				June 30, 2004
Dispositions by Investment Type
Real Property	$	33,808	100	%	$	33,808	100	%
Loans Receivable
Total	$	33,808	100	%	$	33,808	100	%
Dispositions by Facility Type
Assisted Living Facilities	$	20,006	59	%	$	20,006	59	%
Skilled Nursing Facilities		3,447	10	%		3,447	10	%
Specialty Care Facilities		10,355	31	%		10,355	31	%
Total	$	33,808	100	%	$	33,808	100	%

Exhibit 13

Discontinued Operations ($000’s)

	Three Months Ended				Six Months Ended
	June 30				June 30
	2004		2003		2004		2003
Revenues
Rental income	$	746	$	3,034	$	1,622	$	6,075
Expenses
Interest expense		150		869		443		1,641
Provision for depreciation		230		1,072		572		2,148
Income (loss) from discontinued operations, net	$	366	$	1,093	$	607	$	2,286

Exhibit 14

Funds From Operations Reconciliation
(Amounts in 000’s except per share data)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2004			2003			2004			2003
Net income available to common stockholders	$	19,207		$	16,744		$	37,862		$	33,195
Provision for depreciation (1)		17,682			11,856			34,816			23,513
Loss (gain) on sales of properties		(1,129	)		0			(1,129	)		(34	)
Funds from operations	$	35,760		$	28,600		$	71,549		$	56,674
Average common shares outstanding:
Basic		51,232			40,546			50,919			40,269
Diluted		51,828			41,136			51,577			40,822
Per share data:
Net income available to common stockholders
Basic	$	0.37		$	0.41		$	0.74		$	0.82
Diluted		0.37			0.41			0.73			0.81
Funds from operations
Basic	$	0.70		$	0.71		$	1.41		$	1.41
Diluted		0.69			0.70			1.39			1.39
FFO Payout Ratio
Dividends per share	$	0.60		$	0.585		$	1.185		$	1.17
FFO per diluted share	$	0.69		$	0.70		$	1.39		$	1.39
FFO payout ratio		87	%		84	%		85	%		84	%

Notes: (1) Provision for depreciation includes provision for depreciation from discontinued operations.

Exhibit 15

FFO Outlook Reconciliation
(Amounts in 000’s except per share data)

	Previous Outlook				Current Outlook
	Year Ended				Year Ended						Year Ended
	December 31, 2004				December 31, 2004						December 31, 2005
	Low		High		Low			High			Low		High
Net income available to common stockholders	$	86,700	$	89,300	$	77,479		$	80,079		$	80,900	$	85,300
Loss (gain) on sales of properties						(1,129	)		(1,129	)
Provision for depreciation (1)		68,000		68,000		72,850			72,850			83,000		83,000
Funds from operations	$	154,700	$	157,300	$	149,200		$	151,800		$	163,900	$	168,300
Average common shares outstanding (diluted)		51,750		51,750		52,000			52,000			55,000		55,000
Per share data (diluted):
Net income available to common stockholders	$	1.68	$	1.73	$	1.49		$	1.54		$	1.47	$	1.55
Funds from operations		2.99		3.04		2.87			2.92			2.98		3.06

Notes: (1) Provision for depreciation includes provision for depreciation from discontinued operations.

Exhibit 16

EBITDA Reconciliation ($000’s)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2004			2003			2004			2003
Net income	$	21,429		$	19,062		$	42,354		$	38,359
Provision for depreciation (1)		17,682			11,856			34,816			23,513
Interest expense (1)		17,366			13,161			35,918			25,038
Capitalized interest		199			380			336			638
Amortization (2)		1,092			736			2,210			1,924
Provision for loan losses		300			250			600			500
EBITDA	$	58,068		$	45,445		$	116,234		$	89,972
Interest Coverage Ratio
Interest expense (1)	$	17,366		$	13,161		$	35,918		$	25,038
Capitalized interest		199			380			336			638
Total interest		17,565			13,541			36,254			25,676
EBITDA		58,068			45,445			116,234			89,972
Interest coverage ratio		3.31	x		3.36	x		3.21	x		3.50	x

Notes:	(1) Provision for depreciation and interest expense include provision for depreciation
	and interest expense from discontinued operations.
	(2) Amortization includes amortization of deferred loan expenses, restricted stock
	and stock options.