Exhibit 99.1

F O R    I M M E D I A T E    R E L E A S E

May 4, 2006
For more information contact:
Scott Estes — (419) 247-2800
Mike Crabtree — (419) 247-2800

Health Care REIT, Inc.
Reports First Quarter Results

Toledo, Ohio, May 4, 2006........Health Care REIT, Inc. (NYSE:HCN) announced today operating results for its first quarter ended March 31, 2006.

“The company’s asset base and tenant credit quality have improved significantly,” commented George L. Chapman, chief executive officer of Health Care REIT, Inc. “Driven by these recent portfolio improvements, our strong acquisition pipeline and new development initiative, we expect continued dividend growth and solid portfolio payment coverages.”

Key Performance Indicators.

	Quarter			Quarter
	Ended			Ended			Percentage
	3/31/06			3/31/05			Change
Net Income Available to Common Stockholders per Diluted Share	$	0.34		$	0.33			3	%
FFO per Diluted Share	$	0.71		$	0.72			-1	%
FAD per Diluted Share	$	0.84		$	0.66			27	%
Common Dividends per Share	$	0.62		$	0.60			3	%
FFO Payout Ratio		87	%		83	%
FAD Payout Ratio		74	%		91	%

1Q06 Earnings Discussion. The first quarter 2006 reported net income available to common stockholders of $0.34 per diluted share includes $1.6 million, or $0.03 per diluted share, of non-cash expenses for required accelerated vesting of options and restricted stock grants pursuant to Statement of Financial Accounting Standards No. 123(R), which was adopted on January 1, 2006. In addition, net income was positively impacted by $1.6 million, or $0.03 per diluted share, of gains on sales of real property. FAD for first quarter 2006 was higher than FFO by $7.9 million ($0.14 per diluted share) due to non-recurring cash rental receipts of $10.3 million ($0.18 per diluted share) offset by gross straight-line rental income of $2.4 million ($0.04 per diluted share). Non-recurring cash receipts are primarily attributable to cash received in connection with prepaid rent receipts and real property sales resulting in the payoff of existing straight-line receivable balances. Please see Exhibits 13 and 14 for reconciliations of net income available to common stockholders to FAD and FFO. The following table summarizes the items impacting FFO and FAD:

Page 1 of 15

1Q06 Earnings Release May 4, 2006

1Q06 FFO and FAD.

	Quarter			Quarter					Quarter			Quarter
	Ended			Ended					Ended			Ended
	3/31/06			3/31/05		Percentage			3/31/06			3/31/05		Percentage
	FFO			FFO		Change			FAD			FAD		Change
Per Diluted Share	$	0.71		$	0.72		-1	%	$	0.84		$	0.66		27	%
Included items:
Non-recurring cash payments									$	0.18		$	0.02
SFAS 123(R) accelerated vesting impact		($0.03	)							($0.03	)

Dividends for First Quarter 2006. As previously announced, the Board of Directors declared a dividend for the quarter ended March 31, 2006 of $0.64 per share as compared to $0.62 per share for the same period in 2005. The dividend represents the 140^th consecutive dividend payment. The dividend will be payable May 19, 2006 to stockholders of record on April 28, 2006.

Development Initiative. As previously announced, the company has undertaken a new development initiative and expects to fund $150 to $250 million for development during 2006. The company completed a successful start to its development program during the first quarter and has provided details of existing projects in Exhibit 8. The company expects to fund $130.6 million for development during 2006 on projects which are already underway, with an additional $20 to $120 million anticipated from projects which have yet to commence. The $130.6 million of anticipated funding from existing projects is comprised of $32.2 million which was funded during the three months ended March 31, 2006 and $98.4 million projected to be funded over the remainder of 2006. The information contained in Exhibit 8 relates only to development projects for which initial funding has commenced as of March 31, 2006 and does not include any additional development projects which may commence later in 2006.

Outlook for 2006. The company affirms its investment guidance of $450 to $550 million for 2006, which is comprised of $300 million of acquisitions and $150 to $250 million of funded new development. In addition, the company expects $100 to $150 million of dispositions, resulting in net investments of $300 to $450 million. Due in part to the first quarter gains on sales of properties of $1.6 million, the company is increasing its 2006 guidance for net income available to common stockholders from a range of $1.28 to $1.36 per diluted share to $1.33 to $1.41 per diluted share. The company is reaffirming its 2006 FFO guidance in the range of $2.88 to $2.96 per diluted share. The company is increasing its 2006 FAD guidance from a range of $2.77 to $2.85 per diluted share to $2.91 to $2.99 per diluted share primarily due to the non-recurring cash receipts of $10.3 million offset by a $1.3 million increase in our gross straight-line rental income estimate and a 1.0 million share increase in our estimate of average diluted common shares outstanding.

The company’s guidance excludes any impairments, unanticipated additions to the loan loss reserve or other additional one-time items, including any additional cash payments outside the normal monthly rental payments. Please see Exhibit 15 for a reconciliation of the outlook for net income available to common stockholders 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.

Page 2 of 15

1Q06 Earnings Release May 4, 2006

EBITDA stands for earnings before interest, taxes, depreciation and amortization. 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 and its fixed charge coverage ratio, which represents EBITDA divided by fixed charges. Fixed charges include interest expense and preferred stock dividends.

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 and in making operating decisions. 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, 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 12, 13 and 14 for reconciliations of EBITDA, FAD and FFO to net income.

Conference Call Information. The company has scheduled a conference call on May 5, 2006 at 9:00 a.m. Eastern time to discuss its first quarter results, industry trends, portfolio performance and outlook for 2006. Telephone access will be available by dialing 800-811-0667 or 913-981-4901 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through May 12, 2006. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 3585420. 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 in health care and senior housing properties. At March 31, 2006, the company had investments in 457 facilities in 37 states with 55 operators and had total assets of approximately $3.0 billion. The portfolio included 32 independent living/continuing care retirement communities, 201 assisted living facilities, 211 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 sale of properties; the performance of its operators and properties; its ability to enter into agreements with new viable tenants for properties that the company takes back from financially troubled tenants, if any; its ability to make distributions; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; 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,” “project,” “estimate” 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; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies and operators’ difficulty in obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and senior housing industries; negative developments in

Page 3 of 15

1Q06 Earnings Release May 4, 2006

the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; the company’s ability to transition or sell facilities with a profitable result; the failure of closings to occur as and when anticipated; acts of God affecting the company’s properties; the company’s ability to reinvest sale proceeds at similar rates to assets sold; operator bankruptcies or insolvencies; government regulations affecting Medicare and Medicaid reimbursement rates; liability claims and insurance costs for operators; unanticipated difficulties and/or expenditures relating to future acquisitions; environmental laws affecting the company’s properties; delays in reinvestment of sale proceeds; changes in rules or practices governing the company’s financial reporting; and structure related factors, including real estate investment trust qualification, anti-takeover provisions and key management personnel. 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

#####

Page 4 of 15

1Q06 Earnings Release May 4, 2006

HEALTH CARE REIT, INC.
Financial Supplement

CONSOLIDATED BALANCE SHEETS (unaudited)

(In thousands)

	March 31
	2006			2005
Assets
Real estate investments:
Real property owned
Land	$	267,824		$	210,014
Buildings & improvements		2,712,511			2,217,871
Real property held for sale, net of accumulated depreciation		15,898			0
Construction in progress		36,115			26,699
		3,032,348			2,454,584
Less accumulated depreciation		(293,738	)		(236,950	)
Total real property owned		2,738,610			2,217,634
Loans receivable		177,704			241,510
Less allowance for losses on loans receivable		(6,711	)		(5,561	)
		170,993			235,949
Net real estate investments		2,909,603			2,453,583
Other assets:
Equity investments		2,970			3,298
Deferred loan expenses		12,042			6,419
Cash and cash equivalents		25,758			17,429
Receivables and other assets		62,267			79,633
		103,037			106,779
Total assets	$	3,012,640		$	2,560,362
Liabilities and stockholders’ equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	201,000		$	163,500
Senior unsecured notes		1,195,378			875,000
Secured debt		131,946			169,506
Accrued expenses and other liabilities		49,399			17,951
Total liabilities		1,577,723			1,225,957
Stockholders’ equity:
Preferred stock		276,875			283,751
Common stock		58,685			53,314
Capital in excess of par value		1,326,341			1,152,670
Treasury stock		(2,714	)		(1,766	)
Cumulative net income		855,081			769,056
Cumulative dividends		(1,080,688	)		(922,241	)
Accumulated other comprehensive income		0			1
Other equity		1,337			(380	)
Total stockholders’ equity		1,434,917			1,334,405
Total liabilities and stockholders’ equity	$	3,012,640		$	2,560,362

Page 5 of 15

1Q06 Earnings Release May 4, 2006

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except per share data)

	Three Months Ended
	March 31
	2006		2005
Revenues:
Rental income	$	72,785	$	58,793
Interest income		4,262		4,983
Transaction fees and other income		366		1,422
Gross revenues		77,413		65,198
Expenses:
Interest expense		24,043		18,697
Provision for depreciation		23,053		18,580
General and administrative		6,201		4,017
Loan expense		711		863
Provision for loan losses		250		300
Total expenses		54,258		42,457
Income from continuing operations		23,155		22,741
Discontinued operations:
Gain (loss) on sales of properties		1,553		(110	)
Income from discontinued operations, net		270		608
		1,823		498
Net income		24,978		23,239
Preferred dividends		5,333		5,436
Net income available to common stockholders	$	19,645	$	17,803
Average number of common shares outstanding:
Basic		58,178		52,963
Diluted		58,535		53,454
Net income available to common stockholders per share:
Basic	$	0.34	$	0.34
Diluted		0.34		0.33
Common dividends per share	$	0.62	$	0.60

Page 6 of 15

1Q06 Earnings Release May 4, 2006

HEALTH CARE REIT, INC.
Financial Supplement — March 31, 2006

Portfolio Composition	Exhibit 1
($000’s except Investment per Bed/Unit)

	# Properties		# Beds/Units		Balance		% Balance
Balance Sheet Data
Real Property		440		44,573	$	2,738,610		94	%
Loans Receivable (1)		17		2,208		177,704		6	%
Totals		457		46,781	$	2,916,314		100	%

	# Properties		# Beds/Units		Investment (2)		% Investment
Investment Balances
Independent/CCRCs		32		4,494	$	426,653		15	%
Assisted Living Facilities		201		12,343		974,154		33	%
Skilled Nursing Facilities		211		28,632		1,323,447		45	%
Specialty Care Facilities		13		1,312		194,510		7	%
Totals		457		46,781	$	2,918,764		100	%

					Committed		Investment
	# Properties		# Beds/Units		Balance (3)		per Bed/Unit
Committed Investments
Independent/CCRCs		32		4,494	$	471,220	$	104,855
Assisted Living Facilities		201		12,343		1,088,434		88,182
Skilled Nursing Facilities		211		28,632		1,332,054		46,523
Specialty Care Facilities		13		1,312		194,510		148,255
Totals		457		46,781	$	3,086,218	-na-

Notes: (1)	Includes $15,659,000 of loans on non-accrual.
(2)	Real Estate Investments include gross real estate investments and credit enhancements which amounted to $2,916,314,000 and $2,450,000, respectively.
(3)	Committed Balance includes gross real estate investments, credit enhancements and unfunded construction commitments for which initial funding had commenced.

Selected Facility Data Exhibit 2

													Coverage Data
				% Payor Mix									Before		After
	Census			Private			Medicare			Medicaid			Mgt. Fees		Mgt. Fees
Independent/CCRCs		92	%		97	%		1	%		2	%		1.45x		1.23x
Assisted Living Facilities		88	%		83	%		0	%		17	%		1.52x		1.30x
Skilled Nursing Facilities		86	%		17	%		15	%		68	%		2.21x		1.63x
Specialty Care Facilities		67	%		19	%		60	%		21	%		3.19x		2.60x
Weighted Averages														1.94x		1.54x

Notes: Data as of December 31, 2005.

Page 7 of 15

1Q06 Earnings Release May 4, 2006

Investment Concentrations ($000’s) Exhibit 3

	# Properties		Investment		% Investment
Concentration by Operator
Emeritus Corporation		50	$	360,717		12	%
Brookdale Living Communities, Inc.		88		291,266		10	%
Merrill Gardens L.L.C.		13		203,670		7	%
Life Care Centers of America, Inc.		24		197,960		7	%
Delta Health Group, Inc.		25		171,764		6	%
Remaining operators (50)		257		1,693,387		58	%
Totals		457	$	2,918,764		100	%

	# Properties		Investment		% Investment
Concentration by Region
South		274	$	1,479,265		51	%
Northeast		62		497,585		17	%
West		64		494,902		17	%
Midwest		57		447,012		15	%
Totals		457	$	2,918,764		100	%

	# Properties		Investment		% Investment
Concentration by State
Florida		62	$	405,992		14	%
Massachusetts		36		336,547		12	%
Ohio		29		251,053		9	%
Texas		52		222,462		8	%
North Carolina		43		202,088		7	%
Remaining States (32)		235		1,500,622		50	%
Totals		457	$	2,918,764		100	%

Revenue Composition ($000’s) Exhibit 4

	Three Months Ended
	March 31, 2006
Revenue by Investment Type (1)
Real Property	$	73,759	94	%
Loans Receivable		4,328	6	%
Totals	$	78,087	100	%
Revenue by Facility Type (1)
Independent/CCRCs	$	9,300	12	%
Assisted Living Facilities		28,483	36	%
Skilled Nursing Facilities		35,613	46	%
Specialty Care Facilities		4,691	6	%
Totals	$	78,087	100	%

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

Page 8 of 15

1Q06 Earnings Release May 4, 2006

Revenue Maturities ($000’s) Exhibit 5

Operating Lease Expirations & Loan Maturities

	Current Lease		Current Interest		Lease and
Year	Revenue (1)		Revenue (1)		Interest Revenue		% of Total
2006	$	1,843	$	1,380	$	3,223		1	%
2007		0		336		336		0	%
2008		0		2,890		2,890		1	%
2009		906		2,009		2,915		1	%
2010		1,726		2,263		3,989		1	%
Thereafter		287,366		5,763		293,129		96	%
Totals	$	291,841	$	14,641	$	306,482		100	%

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

Debt Maturities and Principal Payments ($000’s) Exhibit 6

Year	Lines of Credit (1)		Senior Notes (2)		Secured Debt		Total
2006	$	40,000	$	0	$	2,329	$	42,329
2007		0		52,500		15,074		67,574
2008		500,000		42,330		10,289		552,619
2009		0		0		33,807		33,807
2010		0		0		8,733		8,733
2011		0		0		20,472		20,472
2012		0		250,000		14,851		264,851
Thereafter		0		850,000		26,391		876,391
Totals	$	540,000	$	1,194,830	$	131,946	$	1,866,776

Notes: (1)	Reflected at 100% capacity.
(2)	Amounts above represent principal amounts due and do not reflect unamortized premiums/discounts or the fair value of interest-rate swap agreements as reflected on the balance sheet.

Page 9 of 15

1Q06 Earnings Release May 4, 2006

Investment Activity ($000’s) Exhibit 7

	Three Months Ended
	March 31, 2006
Funding by Investment Type
Real Property	$	115,340	94	%
Loans Receivable		7,743	6	%
Total	$	123,083	100	%
Funding by Facility Type
Independent/CCRCs	$	4,788	4	%
Assisted Living Facilities		33,564	27	%
Skilled Nursing Facilities		84,303	68	%
Specialty Care Facilities		428	1	%
Total	$	123,083	100	%

Development Activity ($000’s) Exhibit 8

	Balance at		2006 YTD		Balance at		Committed		Unfunded
Facility Type	December 31, 2005		Fundings		March 31, 2006		Balances		Commitments
Independent/CCRCs	$	0	$	3,018	$	3,018	$	29,621	$	26,603
Assisted Living Facilities		2,995		24,292		27,287		159,531		132,244
Skilled Nursing Facilities		911		4,899		5,810		14,417		8,607
Totals	$	3,906	$	32,209	$	36,115	$	203,569	$	167,454

Development Funding Projections ($000’s)

					Projected Future Fundings
					2006		Fundings		Unfunded
Facility Type	Projects		# Beds/Units		Fundings		Thereafter		Commitments
Independent/CCRCs		1		178	$	19,782	$	6,821	$	26,603
Assisted Living Facilities		15		1,043		72,460		59,784		132,244
Skilled Nursing Facilities		2		163		6,153		2,454		8,607
Totals		18		1,384	$	98,395	$	69,059	$	167,454

Project Conversion Projections ($000’s)

2006 Quarterly Projections						Annual Projections
			Projected Average						Projected Average
Quarter	Amount		Initial Yields (1)			Year	Amount		Initial Yields (1)
1Q06 actual	$	0		n/a		2006 projected	$	9,231		9.00	%
2Q06 projected		0		n/a		2007 projected		75,350		8.92	%
3Q06 projected		6,363		9.00	%	2008 projected		40,020		8.50	%
4Q06 projected		2,868		9.00	%	Thereafter		78,968		8.86	%
Totals	$	9,231		9.00	%	Totals	$	203,569		8.82	%

Notes: All amounts include both cash advances and non-cash additions such as capitalized interest.
(1) Represent minimum projected average initial yields. Actual initial yields may be higher if the underlying market rates increase.

Page 10 of 15

1Q06 Earnings Release	May 4, 2006
Disposition Activity ($000’s)	Exhibit 9

	Three Months Ended
	March 31, 2006
Dispositions by Investment Type
Real Property	$	15,393	42	%
Loans Receivable		21,240	58	%
Totals	$	36,633	100	%
Dispositions by Facility Type
Assisted Living Facilities	$	12,162	33	%
Skilled Nursing Facilities		17,513	48	%
Specialty Care Facilities		6,958	19	%
Totals	$	36,633	100	%

Discontinued Operations ($000’s) Exhibit 10

	Three Months Ended
	March 31
	2006		2005
Revenues
Rental income	$	674	$	3,372
Expenses
Interest expense		195		948
Provision for depreciation		209		1,816
Income (loss) from discontinued operations, net	$	270	$	608

Exhibit 11

Current Capitalization ($000’s except share price)						Leverage & Performance Ratios
	Balance		% Balance
Borrowings Under Bank Lines	$	201,000		7	%	Debt/Total Book Cap	52%
Long-Term Debt Obligations		1,327,324		45	%	Debt/Undepreciated Book Cap	47%
Stockholders’ Equity		1,434,917		48	%	Debt/Total Market Cap	38%
Total Book Capitalization	$	2,963,241		100	%
						Interest Coverage	3.10x 1st Qtr.
Common Shares Outstanding (000’s)		58,780
Period-End Share Price	$	38.10
Common Stock Market Value	$	2,239,518		55	%
Preferred Stock		276,875		7	%	Fixed Charge Coverage	2.54x 1st Qtr.
Borrowings Under Bank Lines		201,000		5	%
Long-Term Debt Obligations		1,327,324		33	%
Total Market Capitalization	$	4,044,717		100	%

Page 11 of 15

1Q06 Earnings Release May 4, 2006

EBITDA Reconciliation ($000’s) Exhibit 12

	Three Months Ended
	March 31
	2006		2005
Net income	$	24,978	$	23,239
Provision for depreciation (1)		23,262		20,396
Interest expense (1)		24,238		19,645
Amortization (2)		3,207		1,042
EBITDA	$	75,685	$	64,322
Interest Coverage Ratio
Interest expense (1)	$	24,238	$	19,645
Capitalized interest		202		265
Total interest		24,440		19,910
EBITDA	$	75,685	$	64,322
Interest coverage ratio		3.10x		3.23x
Fixed Charge Coverage Ratio
Total interest (1)	$	24,440	$	19,910
Preferred dividends		5,333		5,436
Total fixed charges		29,773		25,346
EBITDA	$	75,685	$	64,322
Fixed charge coverage ratio		2.54x		2.54x

Notes: (1)	Provision for depreciation and interest expense include provision for depreciation and interest expense from discontinued operations.
(2)	Amortization includes amortization of stock-based compensation, deferred loan expenses and other items.

Page 12 of 15

1Q06 Earnings Release May 4, 2006

Funds Available For Distribution Reconciliation	Exhibit 13
(Amounts in 000’s except per share data)

	Three Months Ended
	March 31
	2006			2005
Net income available to common stockholders	$	19,645		$	17,803
Provision for depreciation (1)		23,262			20,396
Loss (gain) on sales of properties		(1,553	)		110
Gross straight-line rental income		(2,400	)		(3,708	)
Prepaid/straight-line rent receipts		10,310			853
Funds available for distribution	$	49,264		$	35,454
Average common shares outstanding:
Basic		58,178			52,963
Diluted		58,535			53,454
Per share data:
Net income available to common stockholders
Basic	$	0.34		$	0.34
Diluted		0.34			0.33
Funds available for distribution
Basic	$	0.85		$	0.67
Diluted		0.84			0.66
FAD Payout Ratio
Dividends per share	$	0.62		$	0.60
FAD per diluted share	$	0.84		$	0.66
FAD payout ratio		74	%		91	%

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

Page 13 of 15

1Q06 Earnings Release May 4, 2006

Funds From Operations Reconciliation	Exhibit 14
(Amounts in 000’s except per share data)

	Three Months Ended
	March 31
	2006			2005
Net income available to common stockholders	$	19,645		$	17,803
Provision for depreciation (1)		23,262			20,396
Loss (gain) on sales of properties		(1,553	)		110
Funds from operations	$	41,354		$	38,309
Average common shares outstanding:
Basic		58,178			52,963
Diluted		58,535			53,454
Per share data:
Net income available to common stockholders
Basic	$	0.34		$	0.34
Diluted		0.34			0.33
Funds from operations
Basic	$	0.71		$	0.72
Diluted		0.71			0.72
FFO Payout Ratio
Dividends per share	$	0.62		$	0.60
FFO per diluted share	$	0.71		$	0.72
FFO payout ratio		87	%		83	%

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

Page 14 of 15

1Q06 Earnings Release May 4, 2006

Outlook Reconciliation	Exhibit 15
(Amounts in 000’s except per share data)

	Current Outlook						Prior Outlook
	Year Ended						Year Ended
	December 31, 2006						December 31, 2006
	Low			High			Low			High
Net income available to common stockholders	$	82,363		$	87,263		$	78,200		$	83,100
Loss (gain) on sales of properties		(1,553	)		(1,553	)
Provision for depreciation (1)		97,500			97,500			97,500			97,500
Funds from operations		178,310			183,210			175,700			180,600
Rental income less than (in excess of ) cash received		2,000			2,000			(7,000	)		(7,000	)
Funds available for distribution	$	180,310		$	185,210		$	168,700		$	173,600
Average common shares outstanding (diluted)		62,000			62,000			61,000			61,000
Per share data (diluted):
Net income available to common stockholders	$	1.33		$	1.41		$	1.28		$	1.36
Funds from operations		2.88			2.96			2.88			2.96
Funds available for distribution		2.91			2.99			2.77			2.85

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

Page 15 of 15