Exhibit 99.1

FOR IMMEDIATE RELEASE
	October 18, 2005
	For more information contact:
	Ray Braun — (419) 247-2800
	Mike Crabtree — (419) 247-2800
	Scott Estes — (419) 247-2800

Health Care REIT, Inc.
Reports Third Quarter Results

Toledo, Ohio, October 18, 2005 Health Care REIT, Inc. (NYSE/HCN) announced today operating results for its third quarter ended September 30, 2005.

“We are pleased to report a 13% increase in third quarter FAD to $0.77,” commented George L. Chapman, chief executive officer of Health Care REIT, Inc. “Our record quarterly earnings resulted from the $217 million of net new investments completed during the first half of 2005. We intend to maintain our disciplined approach to investing, leaving us well-positioned for 2006 and beyond.”

The Board of Directors declared a dividend for the quarter ended September 30, 2005 of $0.62 per share as compared to $0.60 per share for the same period in 2004. The dividend represents the 138^th consecutive dividend payment. The dividend will be payable November 21, 2005 to stockholders of record on October 31, 2005.

Summary of Third Quarter Results

(In thousands, except per share data)

	Three Months Ended			Three Months Ended
	September 30, 2005			September 30, 2004
Revenues	$	73,065		$	61,801
Net Income Available to Common Stockholders	$	19,908		$	19,004
Funds From Operations	$	41,975		$	37,893
Funds From Operations — Adjusted (1)	$	41,975		$	38,207
Funds Available for Distribution	$	41,857		$	34,891
Funds Available for Distribution — Adjusted (1)	$	41,857		$	35,205
Net Income Per Diluted Share	$	0.37		$	0.37
FFO Per Diluted Share	$	0.77		$	0.73
FFO Per Diluted Share — Adjusted (1)	$	0.77		$	0.73
FAD Per Diluted Share	$	0.77		$	0.67
FAD Per Diluted Share — Adjusted (1)	$	0.77		$	0.68
Dividend Per Share	$	0.62		$	0.60
FFO Payout Ratio		81	%		82	%
FFO Payout Ratio — Adjusted (1)		81	%		82	%
FAD Payout Ratio		81	%		90	%
FAD Payout Ratio — Adjusted (1)		81	%		88	%

⁽¹⁾ Adjusted for impairment of assets in 3Q04.

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3Q05 Earnings Release October 18, 2005

Summary of Year to Date Results

(In thousands, except per share data)

	Nine Months Ended			Nine Months Ended
	September 30, 2005			September 30, 2004
Revenues	$	207,280		$	176,684
Net Income Available to Common Stockholders	$	36,105		$	56,866
Funds From Operations	$	99,712		$	109,442
Funds From Operations — Adjusted (1)	$	118,160		$	109,756
Funds Available for Distribution	$	95,563		$	97,307
Funds Available for Distribution — Adjusted (1)	$	114,011		$	97,621
Net Income Per Diluted Share	$	0.67		$	1.10
FFO Per Diluted Share	$	1.85		$	2.11
FFO Per Diluted Share — Adjusted (1)	$	2.19		$	2.12
FAD Per Diluted Share	$	1.77		$	1.88
FAD Per Diluted Share — Adjusted (1)	$	2.12		$	1.89
Dividend Per Share	$	1.84		$	1.785
FFO Payout Ratio		99	%		85	%
FFO Payout Ratio — Adjusted (1)		84	%		84	%
FAD Payout Ratio		104	%		95	%
FAD Payout Ratio — Adjusted (1)		87	%		94	%

⁽¹⁾ Adjusted for loss on extinguishment of debt in 2Q05 and impairment of assets in 3Q04.

The company had a total outstanding debt balance of $1.4 billion at September 30, 2005, as compared with $1.1 billion at September 30, 2004, and stockholders’ equity of $1.3 billion. At September 30, 2005, the company’s debt to total book capitalization ratio was 51% and the debt to total market capitalization ratio was 37%. For the nine months ended September 30, 2005, the company’s coverage ratio of EBITDA to interest was 3.25 to 1.00 and the coverage ratio of EBITDA to fixed charges was 2.58 to 1.00, after adjusting for the one-time debt extinguishment charge of $18.4 million in the second quarter of 2005.

Straight-line Rent. The company recorded $0.1 million and $4.1 million of straight-line rent for the three and nine months ended September 30, 2005, respectively. Straight-line rent is net of $2.8 million and $6.0 million in cash payments outside normal monthly rental payments for the three and nine month periods, respectively.

Outlook for 2005. The company is refining its 2005 net new investment guidance to a range of $125 to $175 million from $100 to $200 million. The net new investment guidance excludes approximately $300 million of portfolio acquisitions currently in underwriting with an average yield of 8.25%. All new investments will primarily comprise leases that will not require rents to be straight-lined. The company currently expects to report net income available to common stockholders in the range of $1.02 to $1.04 per diluted share. Excluding the loss on extinguishment of debt and any additional one-time items, the company is also narrowing its guidance for 2005 FFO to a range of $2.91 to $2.93 from $2.90 to $2.98 per diluted share. The company now expects to record straight-line rent of approximately $7 million for the full year 2005, before any additional cash payments outside normal monthly rental payments, and is revising its 2005 FAD guidance to a range of $2.78 to $2.80 from $2.72 to $2.80 per diluted share. The company also anticipates that general and administrative expenses will total between $17.8 million and $18.3 million for the full year 2005. For the fourth quarter of 2005, the company has assumed: (1) gross investments of $35 to $65 million at an average initial yield of 9.0% occurring on average during the latter half of the fourth quarter; (2) dispositions of $100 to $150 million at an average yield of 9.25%; (3) any proceeds from dispositions are used to pay down the company’s outstanding line of credit balance; (4) general and administrative expenses of $4.8 to $5.3 million; and (5) no additional capital raising activities outside of the company’s DRIP plan.

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3Q05 Earnings Release October 18, 2005

The company’s guidance does not account for any impairments or unanticipated additions to the loan loss reserve. Additionally, the company will be managed to maintain investment grade status with a capital structure consistent with its current profile. Please see Exhibit 15 for a reconciliation of the outlook for net income to FFO and FAD.

Supplemental Reporting Measures. The company believes that net income, as defined by U.S. generally accepted accounting principles (U.S. GAAP), is the most appropriate earnings measurement. However, the company considers funds from operations (FFO) and funds available for distribution (FAD) to be useful supplemental measures of its 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. FAD represents FFO excluding the non-cash straight-line rental adjustments.

EBITDA stands for earnings before interest, taxes, depreciation and amortization. Additionally, the company excludes the non-cash provision for loan losses. The company believes 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 its operations. Additionally, restrictive covenants in the company’s long-term debt arrangements contain financial ratios based on EBITDA. The company primarily utilizes EBITDA to measure its interest coverage ratio which represents EBITDA divided by interest expense.

In October 2003, NAREIT informed its member companies that the SEC had changed its position on certain aspects of the NAREIT FFO definition, including impairment charges. Previously, the SEC accepted NAREIT’s view that impairment charges were effectively an early recognition of an expected loss on an impending sale of property and thus should be excluded from FFO similar to other gains and losses on sales. However, the SEC’s clarified interpretation is that recurring impairments taken on real property may not be added back to net income in the calculation of FFO and FAD. Although the company has adopted this recommendation, it has also disclosed FFO and FAD adjusted for the impairment charge in 2004 for enhanced clarity.

In April 2002, the Financial Accounting Standards Board issued Statement No. 145 that requires gains and losses on extinguishments of debt to be classified as income or loss from continuing operations rather than as extraordinary items as previously required under Statement No. 4. The company adopted the standard effective January 1, 2003 and has properly reflected the current quarter loss on extinguishment of debt which may not be added back to net income in the calculation of FFO. Although the company has adopted this treatment, it has also disclosed FFO, FAD and EBITDA adjusted for the loss on extinguishment of debt in 2005 for enhanced clarity.

FFO, FAD 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. The company’s management uses these financial measures to facilitate internal and external comparisons to historical operating results, in making operating decisions and for budget planning purposes. Additionally, FFO and FAD are utilized by the Board of Directors to evaluate management. FFO, FAD 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,

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3Q05 Earnings Release October 18, 2005

FAD and EBITDA, as defined by the company, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see Exhibits 13, 14 and 16 for reconciliations of FAD, FFO and EBITDA to net income.

Conference Call Information. The company has scheduled a conference call on October 19, 2005, at 9:00 a.m. Eastern time to discuss its third quarter results, industry trends, portfolio performance and outlook for 2005. To participate in the webcast, log on to www.hcreit.com or www.earnings.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 the company’s Web site under the heading Press Releases.

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests primarily in skilled nursing and assisted living facilities. At September 30, 2005, the company had investments in 426 facilities in 37 states with 52 operators and had total assets of approximately $2.7 billion. The portfolio included 233 assisted living facilities, 180 skilled nursing facilities and 13 specialty care facilities. 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 and are based upon, among other things, the possible expansion of the company’s portfolio; the performance of its operators and properties; its ability to make distributions; its policies and plans regarding investments, financings and other matters; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to meet its earnings guidance. When the company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from 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; current serious issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, operators’ difficulty in obtaining and maintaining adequate liability and other insurance, and competition within the health care and senior housing industries; changes in financing terms available to the company; changes in federal, state and local legislation; negative developments in the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; changes in the company’s ability to transition or sell facilities with a profitable result; inaccuracies in any of the company’s assumptions; and changes in rules or practices governing the company’s financial reporting. Finally, the company assumes 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

#####

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3Q05 Earnings Release October 18, 2005

HEALTH CARE REIT, INC.
Financial Supplement

CONSOLIDATED BALANCE SHEETS (unaudited)

(In thousands)

	September 30
	2005			2004
Assets
Real estate investments:
Real property owned
Land	$	225,604		$	193,802
Buildings & improvements		2,373,762			2,075,442
Real property held for sale, net of accumulated depreciation		52,167			0
Construction in progress		1,135			24,025
		2,652,668			2,293,269
Less accumulated depreciation		(265,478	)		(200,923	)
Total real property owned		2,387,190			2,092,346
Loans receivable
Real property loans		213,172			209,449
Subdebt investments		22,087			59,372
		235,259			268,821
Less allowance for losses on loans receivable		(6,161	)		(8,725	)
		229,098			260,096
Net real estate investments		2,616,288			2,352,442
Other assets:
Equity investments		3,298			3,298
Deferred loan expenses		8,781			7,506
Cash and cash equivalents		27,119			15,419
Receivables and other assets		81,412			72,649
		120,610			98,872
Total assets	$	2,736,898		$	2,451,314
Liabilities and stockholders’ equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	304,000		$	80,000
Senior unsecured notes		894,830			875,000
Secured debt		174,324			146,341
Accrued expenses and other liabilities		44,048			15,959
Total liabilities		1,417,202			1,117,300
Stockholders’ equity:
Preferred stock		276,989			289,294
Common stock		54,534			52,127
Capital in excess of par value		1,191,240			1,117,782
Treasury stock		(1,766	)		(850	)
Cumulative net income		798,183			724,607
Cumulative dividends		(999,737	)		(847,922	)
Accumulated other comprehensive income		1			1
Other equity		252			(1,025	)
Total stockholders’ equity		1,319,696			1,334,014
Total liabilities and stockholders’ equity	$	2,736,898		$	2,451,314

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3Q05 Earnings Release October 18, 2005

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except per share data)

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2005		2004		2005			2004
Revenues:
Rental income	$	67,295	$	55,648	$	189,289		$	157,615
Interest income		4,997		5,560		15,249			17,196
Transaction fees and other income		773		593		2,742			1,873
Gross revenues		73,065		61,801		207,280			176,684
Expenses:
Interest expense		21,205		17,376		59,924			51,663
Provision for depreciation		21,176		18,088		60,665			50,038
General and administrative		4,640		3,618		12,993			10,339
Loan expense		673		805		2,209			2,568
Impairment of assets		0		314		0			314
Loss on extinguishment of debt		0		0		18,448			0
Provision for loan losses		300		300		900			900
Total expenses		47,994		40,501		155,139			115,822
Income from continuing operations		25,071		21,300		52,141			60,862
Discontinued operations:
Gain (loss) on sales of properties		0		0		(134	)		1,129
Income (loss) from discontinued operations, net		226		507		359			2,170
		226		507		225			3,299
Net income		25,297		21,807		52,366			64,161
Preferred dividends		5,389		2,803		16,261			7,295
Net income (loss) available to common stockholders	$	19,908	$	19,004	$	36,105		$	56,866
Average number of common shares outstanding:
Basic		54,038		51,538		53,498			51,200
Diluted		54,359		52,008		53,867			51,787
Net income (loss) available to common stockholders per share:
Basic	$	0.37	$	0.37	$	0.67		$	1.11
Diluted		0.37		0.37		0.67			1.10
Dividends per share	$	0.62	$	0.60	$	1.84		$	1.785

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3Q05 Earnings Release October 18, 2005

HEALTH CARE REIT, INC.
Financial Supplement — September 30, 2005

Portfolio Composition ($000’s) Exhibit 1

	# Properties		# Beds/Units		Balance		% Balance
Balance Sheet Data
Real Property		406		39,149	$	2,387,190		91	%
Loans Receivable (1)		20		2,383		213,172		8	%
Subdebt Investments		0		0		22,087		1	%
Total Investments		426		41,532	$	2,622,449		100	%

	# Properties		# Beds/Units		Investment (2)		% Investment
Investment Data
Assisted Living Facilities		233		15,639	$	1,325,489		50	%
Skilled Nursing Facilities		180		24,626		1,093,750		42	%
Specialty Care Facilities		13		1,267		205,660		8	%
Real Estate Investments		426		41,532	$	2,624,899		100	%

Notes: (1)	Includes $22,005,000 of loans on non-accrual.
(2)	Real Estate Investments include gross real estate investments and credit enhancements which amounted to $2,622,449,000 and $2,450,000, respectively.

Revenue Composition ($000’s) Exhibit 2

	Three Months Ended				Nine Months Ended
	September 30, 2005				September 30, 2005
Revenue by Investment Type (1)
Real Property	$	69,546	93	%	$	196,184	93	%
Loans Receivable		4,529	6	%		13,670	6	%
Subdebt Investments		526	1	%		1,924	1	%
Total	$	74,601	100	%	$	211,778	100	%
Revenue by Facility Type (1)
Assisted Living Facilities	$	36,586	49	%	$	109,685	52	%
Skilled Nursing Facilities		32,931	44	%		88,678	42	%
Specialty Care Facilities		5,084	7	%		13,415	6	%
Total	$	74,601	100	%	$	211,778	100	%

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

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3Q05 Earnings Release October 18, 2005

Operator Concentration ($000’s) Exhibit 3

	# Properties		Investment		% Investment
Concentration by Investment
Emeritus Corporation		50	$	364,607		14	%
Southern Assisted Living, Inc.		43		197,285		8	%
Commonwealth Communities Management LLC		13		192,536		7	%
Delta Health Group, Inc.		25		174,347		7	%
Home Quality Management, Inc.		29		159,928		6	%
Remaining operators (47)		266		1,536,196		58	%
Total		426	$	2,624,899		100	%

Geographic Concentration ($000’s) Exhibit 4

	# Properties		Investment		% Investment
Concentration by Region
South		265	$	1,426,761		54	%
Northeast		62		529,928		20	%
West		52		314,004		12	%
Midwest		47		354,206		14	%
Total		426	$	2,624,899		100	%

	# Properties		Investment		% Investment
Concentration by State
Florida		61	$	385,367		15	%
Massachusetts		36		354,079		13	%
Texas		48		221,741		8	%
North Carolina		42		193,537		7	%
Ohio		19		163,428		6	%
Remaining States (32)		220		1,306,747		51	%
Total		426	$	2,624,899		100	%

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3Q05 Earnings Release October 18, 2005

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

					Committed		Investment
	# Properties		# Beds/Units		Balance (1)		per Bed/Unit
Assisted Living Facilities		233		15,639	$	1,326,549	$	84,823
Skilled Nursing Facilities		180		24,626		1,093,750		44,414
Specialty Care Facilities		13		1,267		205,660		162,320
Total		426		41,532	$	2,625,959	-na-

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

Selected Facility Data Exhibit 6

													Coverage Data
				% Payor Mix									Before		After
	Census			Private			Medicare			Medicaid			Mgt. Fees		Mgt. Fees
Assisted Living Facilities		88	%		85	%		0	%		15	%		1.51x		1.28x
Skilled Nursing Facilities		86	%		15	%		16	%		69	%		2.20x		1.65x
Specialty Care Facilities		67	%		29	%		39	%		32	%		3.53x		2.91x
							Weighted Averages							1.91x		1.54x

Notes: Data as of June 30, 2005

Credit Support ($000’s) Exhibit 7

	Balance		% Investment
Cross Defaulted	$	2,536,220	97% of gross real estate investments
Cross Collateralized		184,363	86% of real property loans receivable
Master Leases		2,036,478	85% of real property owned

Current Capitalization ($000’s except share price)						Leverage & Performance Ratios
	Balance		% Balance
Borrowings Under Bank Lines	$	304,000		11	%	Debt/Total Book Cap		51	%
Long-Term Debt Obligations		1,069,154		40	%	Debt/Undepreciated Book Cap		46	%
Stockholders’ Equity		1,319,696		49	%	Debt/Total Market Cap		37	%
Total Book Capitalization	$	2,692,850		100	%
						Interest Coverage	3.25x 3rd Qtr.
Common Shares Outstanding (000’s)		54,630					2.96x YTD
Period-End Share Price	$	37.09				Interest Coverage	3.25x 3rd Qtr.
Common Stock Market Value	$	2,026,227		55	%	- adjusted	3.25x YTD
Preferred Stock		276,989		8	%	Fixed Charge Coverage	2.60x 3rd Qtr.
Borrowings Under Bank Lines		304,000		8	%		2.34x YTD
Long-Term Debt Obligations		1,069,154		29	%	Fixed Charge Coverage	2.60x 3rd Qtr.
Total Market Capitalization	$	3,676,370		100	%	- adjusted	2.58x YTD

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3Q05 Earnings Release October 18, 2005

Revenue Maturities ($000’s) Exhibit 8

Operating Lease Expirations & Loan Maturities

	Current Lease		Current Interest		Lease and
Year	Revenue (1)		Revenue (1)		Interest Revenue		% of Total
2005	$	7,339	$	652	$	7,991		3	%
2006		0		1,592		1,592		1	%
2007		0		1,188		1,188		0	%
2008		0		4,855		4,855		2	%
2009		906		2,006		2,912		1	%
Thereafter		266,144		9,017		275,161		93	%
Total	$	274,389	$	19,310	$	293,699		100	%

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

Debt Maturities and Principal Payments ($000’s) Exhibit 9

Year	Lines of Credit (1)		Senior Notes		Secured Debt		Total
2005	$	0	$	0	$	977	$	977
2006		40,000		0		3,332		43,332
2007		0		52,500		15,337		67,837
2008		500,000		42,330		10,577		552,907
2009		0		0		34,126		34,126
2010		0		0		9,083		9,083
2011		0		0		20,860		20,860
Thereafter		0		800,000		80,032		880,032
Total	$	540,000	$	894,830	$	174,324	$	1,609,154

Notes: (1)  Reflected at 100% capacity.

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3Q05 Earnings Release October 18, 2005

Investment Activity ($000’s) Exhibit 10

	Three Months Ended				Nine Months Ended
	September 30, 2005				September 30, 2005
Funding by Investment Type
Real Property	$	16,884	98	%	$	248,393	93	%
Loans Receivable		357	2	%		19,456	7	%
Subdebt Investments			0	%			0	%
Total	$	17,241	100	%	$	267,849	100	%
Funding by Facility Type
Assisted Living Facilities	$	10,684	62	%	$	65,877	25	%
Skilled Nursing Facilities		5,333	31	%		140,718	53	%
Specialty Care Facilities		1,224	7	%		61,254	22	%
Total	$	17,241	100	%	$	267,849	100	%

Disposition Activity ($000’s) Exhibit 11

	Three Months Ended				Nine Months Ended
	September 30, 2005				September 30, 2005
Dispositions by Investment Type
Real Property			0	%	$	10,034	24	%
Loans Receivable	$	9,017	100	%		13,044	31	%
Subdebt Investments			0	%		19,467	45	%
Total	$	9,017	100	%	$	42,545	100	%
Dispositions by Facility Type
Assisted Living Facilities	$	9,017	100	%	$	41,566	98	%
Skilled Nursing Facilities			0	%			0	%
Specialty Care Facilities			0	%		979	2	%
Total	$	9,017	100	%	$	42,545	100	%

Discontinued Operations ($000’s) Exhibit 12

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2005		2004		2005		2004
Revenues
Rental income	$	1,536	$	1,828	$	4,498	$	7,987
Expenses
Interest expense		419		520		1,331		2,150
Provision for depreciation		891		801		2,808		3,667
Income (loss) from discontinued operations, net	$	226	$	507	$	359	$	2,170

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3Q05 Earnings Release	October 18, 2005
Funds Available For Distribution Reconciliation	Exhibit 13
(Amounts in 000’s except per share data)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2005			2004			2005			2004
Net income (loss) available to common stockholders	$	19,908		$	19,004		$	36,105		$	56,866
Provision for depreciation (1)		22,067			18,889			63,473			53,705
Loss (gain) on sales of properties		0			0			134			(1,129	)
Rental income in excess of cash received		(118	)		(3,002	)		(4,149	)		(12,135	)
Funds available for distribution		41,857			34,891			95,563			97,307
Impairment of assets		0			314			0			314
Loss on extinguishment of debt		0			0			18,448			0
Funds available for distribution — adjusted		41,857			35,205			114,011			97,621
Non-recurring rental cash payments		(2,832	)		(2,122	)		(6,044	)		(5,108	)
Funds available for distribution — recurring	$	39,025		$	33,083		$	107,967		$	92,513
Average common shares outstanding:
Basic		54,038			51,538			53,498			51,200
Diluted		54,359			52,008			53,867			51,787
Per share data:
Net income (loss) available to common stockholders
Basic	$	0.37		$	0.37		$	0.67		$	1.11
Diluted		0.37			0.37			0.67			1.10
Funds available for distribution
Basic	$	0.77		$	0.68		$	1.79		$	1.90
Diluted		0.77			0.67			1.77			1.88
Funds available for distribution — adjusted
Basic	$	0.77		$	0.68		$	2.13		$	1.91
Diluted		0.77			0.68			2.12			1.89
Funds available for distribution — recurring
Basic	$	0.72		$	0.64		$	2.02		$	1.81
Diluted		0.72			0.64			2.00			1.79
FAD Payout Ratio
Dividends per share	$	0.62		$	0.60		$	1.84		$	1.785
FAD per diluted share	$	0.77		$	0.67		$	1.77		$	1.88
FAD payout ratio		81	%		90	%		104	%		95	%
FAD Payout Ratio — Adjusted
Dividends per share	$	0.62		$	0.60		$	1.84		$	1.785
FAD per diluted share — adjusted	$	0.77		$	0.68		$	2.12		$	1.89
FAD payout ratio — adjusted		81	%		88	%		87	%		94	%
FAD Payout Ratio — Recurring
Dividends per share	$	0.62		$	0.60		$	1.84		$	1.785
FAD per diluted share — recurring	$	0.72		$	0.64		$	2.00		$	1.79
FAD payout ratio — recurring		86	%		94	%		92	%		100	%

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

Page 12 of 15

3Q05 Earnings Release	October 18, 2005
Funds From Operations Reconciliation	Exhibit 14
(Amounts in 000’s except per share data)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2005			2004			2005			2004
Net income (loss) available to common stockholders	$	19,908		$	19,004		$	36,105		$	56,866
Provision for depreciation (1)		22,067			18,889			63,473			53,705
Loss (gain) on sales of properties		0			0			134			(1,129	)
Funds from operations		41,975			37,893			99,712			109,442
Impairment of assets		0			314			0			314
Loss on extinguishment of debt		0			0			18,448			0
Funds from operations — adjusted	$	41,975		$	38,207		$	118,160		$	109,756
Average common shares outstanding:
Basic		54,038			51,538			53,498			51,200
Diluted		54,359			52,008			53,867			51,787
Per share data:
Net income (loss) available to common stockholders
Basic	$	0.37		$	0.37		$	0.67		$	1.11
Diluted		0.37			0.37			0.67			1.10
Funds from operations
Basic	$	0.78		$	0.74		$	1.86		$	2.14
Diluted		0.77			0.73			1.85			2.11
Funds from operations — adjusted
Basic	$	0.78		$	0.74		$	2.21		$	2.14
Diluted		0.77			0.73			2.19			2.12
FFO Payout Ratio
Dividends per share	$	0.62		$	0.60		$	1.84		$	1.785
FFO per diluted share	$	0.77		$	0.73		$	1.85		$	2.11
FFO payout ratio		81	%		82	%		99	%		85	%
FFO Payout Ratio — Adjusted
Dividends per share	$	0.62		$	0.60		$	1.84		$	1.785
FFO per diluted share — adjusted	$	0.77		$	0.73		$	2.19		$	2.12
FFO payout ratio — adjusted		81	%		82	%		84	%		84	%

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

Page 13 of 15

3Q05 Earnings Release	October 18, 2005
Outlook Reconciliations	Exhibit 15
(Amounts in 000’s except per share data)

	Year Ended
	December 31, 2005
	Low			High
Net income available to common stockholders	$	55,056		$	56,156
Loss (gain) on sales of properties		(1,404	)		(1,404	)
Provision for depreciation (1)		85,000			85,000
Funds from operations		138,652			139,752
Loss on extinguishment of debt		18,448			18,448
Funds from operations — adjusted		157,100			158,200
Rental income in excess of cash received		(7,000	)		(7,000	)
Funds available for distribution — adjusted	$	150,100		$	151,200
Average common shares outstanding (diluted)		54,000			54,000
Per share data (diluted):
Net income available to common stockholders	$	1.02		$	1.04
Funds from operations		2.57			2.59
Funds from operations — adjusted		2.91			2.93
Funds available for distribution — adjusted		2.78			2.80

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

Page 14 of 15

3Q05 Earnings Release	October 18, 2005
EBITDA Reconciliation ($000’s)	Exhibit 16

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2005			2004			2005			2004
Net income	$	25,297		$	21,807		$	52,366		$	64,161
Provision for depreciation (1)		22,067			18,889			63,473			53,705
Interest expense (1)		21,624			17,896			61,255			53,813
Capitalized interest		12			254			626			590
Amortization (2)		911			1,021			4,267			3,231
Provision for loan losses		300			300			900			900
EBITDA		70,211			60,167			182,887			176,400
Loss on extinguishment of debt		0			0			18,448			0
EBITDA — adjusted	$	70,211		$	60,167		$	201,335		$	176,400
Interest Coverage Ratio
Interest expense (1)	$	21,624		$	17,896		$	61,255		$	53,813
Capitalized interest		12			254			626			590
Total interest		21,636			18,150			61,881			54,403
EBITDA	$	70,211		$	60,167		$	182,887		$	176,400
Interest coverage ratio		3.25	x		3.31	x		2.96	x		3.24	x
EBITDA — adjusted	$	70,211		$	60,167		$	201,335		$	176,400
Interest coverage ratio — adjusted		3.25	x		3.31	x		3.25	x		3.24	x
Fixed Charge Coverage Ratio
Total interest (1)	$	21,636		$	18,150		$	61,881		$	54,403
Preferred dividends		5,389			2,803			16,261			7,295
Total fixed charges		27,025			20,953			78,142			61,698
EBITDA	$	70,211		$	60,167		$	182,887		$	176,400
Fixed charge coverage ratio		2.60	x		2.87	x		2.34	x		2.86	x
EBITDA — adjusted	$	70,211		$	60,167		$	201,335		$	176,400
Fixed charge coverage ratio — adjusted		2.60	x		2.87	x		2.58	x		2.86	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.

Page 15 of 15