Health Care REIT, Inc. 8-K


*3Q07 Earnings Release*		*November 6, 2007*

2007 Year-To-Date Earnings. The following table summarizes certain items impacting NICS, FFO and FAD:


	NICS								FFO								FAD
	2007			2006		Change			2007			2006		Change			2007			2006		Change
Per diluted share	$	0.94		$	1.04		-10	%	$	2.30		$	2.18		6	%	$	2.29		$	2.37		-3	%
Includes impact of:
Gain (loss) on sales of real property ⁽¹⁾	$	0.04		$	0.04
One-time acquisition finders’ fees ⁽²⁾		($0.02	)							($0.02	)							($0.02	)
Cash receipts — prepaid/straight-line rent ⁽³⁾																	$	0.14		$	0.27
Per diluted share — normalized (a)									$	2.32		$	2.18		6	%	$	2.18		$	2.11		3	%

(a) Amounts may not sum due to rounding

	(1)		$2,775,000 and $2,590,000 of gains for 2007 and 2006, respectively.

	(2)		$1,750,000 of one-time acquisition finders’ fees for 2007.

	(3)		$10,791,000 and $16,276,000 of receipts for 2007 and 2006, respectively.

Dividends for Third Quarter 2007. As previously announced, the Board of Directors declared a dividend for the quarter ended September 30, 2007 of $0.66 per share, as compared to $0.64 per share for the same period in 2006. The dividend will be payable November 20, 2007 to stockholders of record on November 2, 2007 and will be the company’s 146^th consecutive dividend payment.

Outlook for 2007. The company is increasing its investment guidance to a range of $1.1 billion to $1.2 billion from the prior range of $1.0 billion to $1.2 billion for 2007. Acquisition guidance has been increased to a range of $850 to $950 million from $750 to $950 million, while development funding remains unchanged at $250 million. In addition, the company expects $100 to $150 million of dispositions, resulting in net investments of $950 million to $1.1 billion.

The company is refining its 2007 guidance for net income available to common stockholders to a range of $1.27 to $1.29 per diluted share, from $1.27 to $1.33 per diluted share. The company is refining its 2007 normalized FFO guidance to a range of $3.11 to $3.13 per diluted share, from $3.09 to $3.15 per diluted share. The company is increasing its 2007 FAD guidance to a range of $3.01 to $3.03 per diluted share, from $2.91 to $2.97 per diluted share primarily due to cash receipts of $5.9 million during the third quarter.

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 other than normal monthly rental payments. Please see Exhibit 16 for a reconciliation of the outlook for net income available to common stockholders to FFO and FAD.

Conference Call Information. The company has scheduled a conference call on Wednesday, November 7, 2007 at 9:00 a.m. Eastern Time to discuss its third quarter 2007 results, industry trends, portfolio performance and outlook for the remainder of 2007. Telephone access will be available by dialing 888-211-9994 or 913-312-0717 (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 November 22, 2007. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 6488985. 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 News & Events.

Supplemental Reporting Measures. The company believes that net income available to common stockholders (NICS), 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

Page 2 of 15


*3Q07 Earnings Release*		*November 6, 2007*

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 real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Normalized FFO represents FFO adjusted for unusual and non-recurring items. FAD represents FFO excluding the net straight-line rental adjustments, rental income related to above/below market leases and amortization of deferred loan expenses and less cash used to fund capital expenditures, tenant improvements and lease commissions. Normalized FAD represents FAD excluding prepaid/straight-line rent cash receipts and adjusted for unusual and non-recurring items.

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. Adjusted EBITDA represents EBITDA as adjusted for stock-based compensation expenses and the provision for loan losses pursuant to covenant provisions of our unsecured lines of credit arrangements. The company primarily utilizes EBITDA to measure its interest coverage ratio, which represents EBITDA divided by total interest, and its fixed charge coverage ratio, which represents EBITDA divided by fixed charges. Fixed charges include total interest, secured debt principal amortization and preferred stock dividends.

Net operating income (NOI) is used to evaluate the operating performance of certain real estate properties such as medical office buildings. The company defines NOI as total revenues, including tenant reimbursements and discontinued operations, less property operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. The company believes NOI provides investors relevant and useful information because it measures the operating performance of our medical office buildings at the property level on an unleveraged basis. The company uses NOI to make decisions about resource allocations and to assess the property level performance of our medical office buildings.

The company’s supplemental reporting measures 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, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures 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, the supplemental reporting measures, 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 the Exhibits for reconciliations of the supplemental reporting measures.

Page 3 of 15


*3Q07 Earnings Release*		*November 6, 2007*

About Health Care REIT.
Health Care REIT, Inc., with headquarters in Toledo, Ohio, is an equity real estate investment trust that invests across the full spectrum of senior housing and health care real estate, including independent living/continuing care retirement communities, assisted living facilities, skilled nursing facilities, hospitals, long-term acute care hospitals and medical office buildings. Founded in 1970, the company was the first REIT to invest exclusively in health care facilities. As of September 30, 2007, the company’s broadly diversified portfolio consisted of 631 properties in 38 states. The company also offers a full array of property management and development services. 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 occupancy rates; its ability to acquire or develop properties; its ability to manage properties; its ability to enter into agreements with new viable tenants for vacant space or 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; its critical accounting policies; 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; operators’ and tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and senior housing industries; negative developments in the operating results or financial condition of operators or tenants, 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 timely reinvest sale proceeds at similar rates to assets sold; the company’s ability to re-lease space at similar rates as vacancies occur; operator or tenant bankruptcies or insolvencies; government regulations affecting Medicare and Medicaid reimbursement rates; liability or contract claims by or against operators and tenants; unanticipated difficulties and/or expenditures relating to future acquisitions and the integration of multi-property acquisitions; environmental laws affecting the company’s properties; changes in rules or practices governing the company’s financial reporting; and legal and operational matters, including real estate investment trust qualification and key management personnel recruitment and retention. 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


*3Q07 Earnings Release*		*November 6, 2007*

HEALTH CARE REIT, INC.
Financial Supplement

CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands)


	September 30,
	2007			2006
Assets
Real estate investments:
Real property owned
Land and land improvements	$	440,365		$	276,480
Buildings and improvements		4,165,573			2,815,206
Acquired lease intangibles		129,533			0
Real property held for sale, net of accumulated depreciation		6,908			27,678
Construction in progress		229,134			98,675

		4,971,513			3,218,039
Less accumulated depreciation and intangible amortization		(449,831	)		(332,925	)

Total real property owned		4,521,682			2,885,114
Loans receivable		271,985			216,870
Less allowance for losses on loans receivable		(7,406	)		(7,156	)

		264,579			209,714

Net real estate investments		4,786,261			3,094,828

Other assets:
Equity investments		4,617			5,070
Deferred loan expenses		32,082			12,309
Cash and cash equivalents		31,440			15,490
Receivables and other assets		117,427			73,132

		185,566			106,001

Total assets	$	4,971,827		$	3,200,829


Liabilities and stockholders’ equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	145,000		$	276,000
Senior unsecured notes		1,890,344			1,196,897
Secured debt		513,058			130,405
Liability to subsidiary trust issuing preferred securities		52,184			0
Accrued expenses and other liabilities		105,629			50,558

Total liabilities		2,706,215			1,653,860

Minority interests		4,928			0

Stockholders’ equity:
Preferred stock		338,993			276,875
Common stock		81,253			63,005
Capital in excess of par value		2,200,030			1,469,491
Treasury stock		(3,952	)		(2,714	)
Cumulative net income		1,025,309			909,894
Cumulative dividends		(1,386,899	)		(1,171,302	)
Accumulated other comprehensive income		3,302			0
Other equity		2,648			1,720

Total stockholders’ equity		2,260,684			1,546,969

Total liabilities and stockholders’ equity	$	4,971,827		$	3,200,829

Page 5 of 15


*3Q07 Earnings Release*		*November 6, 2007*

CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except per share data)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2007			2006		2007			2006
Revenues:
Rental income	$	117,930		$	73,328	$	332,907		$	214,032
Interest income		5,947			4,436		17,673			13,178
Other income		1,199			1,019		3,935			3,049

Gross revenues		125,076			78,783		354,515			230,259

Expenses:
Interest expense		34,869			23,290		99,570			68,482
Property operating expenses		10,426			0		26,251			0
Depreciation and amortization		39,933			22,947		108,434			66,839
General and administrative expenses		8,626			5,010		28,304			15,788
Loan expense		1,504			782		4,006			2,199
Provision for loan losses		0			250		0			750

Total expenses		95,358			52,279		266,565			154,058


Income from continuing operations before minority interests		29,718			26,504		87,950			76,201

Minority interests		(121	)		0		(407	)		0


Income from continuing operations		29,597			26,504		87,543			76,201

Discontinued operations:
Gain (loss) on sales of properties		766			108		2,775			2,590
Income (loss) from discontinued operations, net		483			201		2,138			1,000

		1,249			309		4,913			3,590


Net income		30,846			26,813		92,456			79,791

Preferred dividends		6,317			5,333		18,952			15,998


Net income available to common stockholders	$	24,529		$	21,480	$	73,504		$	63,793


Average number of common shares outstanding:
Basic		80,710			62,524		77,686			60,766
Diluted		81,163			62,866		78,234			61,102

Net income available to common stockholders per share:
Basic	$	0.30		$	0.34	$	0.95		$	1.05
Diluted		0.30			0.34		0.94			1.04

Common dividends per share	$	0.66		$	0.64	$	1.6191		$	1.90

Page 6 of 15


*3Q07 Earnings Release*		*November 6, 2007*

HEALTH CARE REIT, INC.
Financial Supplement—September 30, 2007

Exhibit 1

Portfolio Composition
($000’s except Investment per Bed/Unit/Sq. Ft.)


	# Properties		Balance		% Balance

Balance Sheet Data
Real Property		594	$	4,521,682		94	%
Loans Receivable (1)		37		271,985		6	%

Totals		631	$	4,793,667		100	%


	# Properties		Investment (2)		% Investment

Investment Balances
Independent/CCRCs		57	$	678,145		14	%
Assisted Living Facilities		201		1,002,599		21	%
Skilled Nursing Facilities		234		1,544,271		32	%
Medical Office Buildings		117		1,233,327		26	%
Specialty Care Facilities		22		337,775		7	%

Totals		631	$	4,796,117		100	%


			# Beds/Units			Committed		Investment
	# Properties		or Sq. Ft.			Balance (3)		per metric

Committed Investments
Independent/CCRCs		57		6,615	units	$	1,021,974	$	154,493	unit
Assisted Living Facilities		201		12,052	units		1,125,080		93,352	unit
Skilled Nursing Facilities		234		31,680	beds		1,557,942		49,177	bed
Medical Office Buildings		117		4,837,991	sq. ft.		1,306,558		270	sq. ft.
Specialty Care Facilities		22		1,541	beds		377,991		245,289	bed

Totals		631	-na-			$	5,389,545	-na-


Notes:	(1	)	Includes $799,000 of loans on non-accrual.
	(2	)	Real Estate Investments include gross real estate investments and credit enhancements which amounted to $4,793,667,000 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.

Exhibit 2

Selected Facility Data



				% Payor Mix-Revenues									Coverage Data
													Before		After
	Census			Private			Medicare			Medicaid			Mgt. Fees		Mgt. Fees
Independent/CCRCs		92	%		96	%		3	%		1	%		1.46x		1.26x
Assisted Living Facilities		88	%		85	%		0	%		15	%		1.59x		1.37x
Skilled Nursing Facilities		84	%		19	%		30	%		51	%		2.21x		1.60x
Medical Office Buildings		90	%		100	%		0	%		0	%	-na-		-na-
Specialty Care Facilities		58	%		25	%		58	%		17	%		2.57x		2.01x

							Weighted Averages							1.96x		1.52x


Notes:		Data as of June 30, 2007. Payor mix represents percentage of facility/operator revenues.

Page 7 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 3

Investment Concentrations ($000’s)


	# Properties		Investment		% Investment
Concentration by Customer
Emeritus Corporation		50	$	356,553		7	%
Brookdale Senior Living Inc.		84		260,544		5	%
Life Care Centers of America, Inc.		26		255,774		5	%
Home Quality Management, Inc.		35		219,043		5	%
Merrill Gardens L.L.C.		13		178,881		4	%
Remaining portfolio		423		3,525,322		74	%

Totals		631	$	4,796,117		100	%


	# Properties		Investment		% Investment
Concentration by Region
South		379	$	2,524,301		53	%
West		88		899,708		19	%
Midwest		81		732,505		15	%
Northeast		83		639,603		13	%

Totals		631	$	4,796,117		100	%


	# Properties		Investment		% Investment
Concentration by State
Florida		88	$	768,265		16	%
Texas		84		625,828		13	%
Massachusetts		41		349,033		7	%
California		24		343,247		7	%
Ohio		31		278,448		6	%
Remaining portfolio		363		2,431,296		51	%

Totals		631	$	4,796,117		100	%

Exhibit 4

NOI Reconciliation ($000’s)


	Gross				Property Operating				Net Operating
	Revenues (1)				Expenses				Income
Current Quarter
Independent/CCRCs	$	11,765	9	%					$	11,765	10	%
Assisted Living Facilities		28,734	23	%						28,734	25	%
Skilled Nursing Facilities		40,970	33	%						40,970	35	%
Medical Office Buildings		30,984	25	%	$	10,296	99	%		20,688	18	%
Specialty Care Facilities		6,377	5	%		130	1	%		6,247	5	%
Interest income		5,947	5	%						5,947	5	%
Other income		1,199	0	%						1,199	2	%

Totals	$	125,976	100	%	$	10,426	100	%	$	115,550	100	%

Year-To-Date
Independent/CCRCs	$	33,060	9	%					$	33,060	10	%
Assisted Living Facilities		86,314	24	%						86,314	26	%
Skilled Nursing Facilities		118,007	33	%						118,007	35	%
Medical Office Buildings		81,332	23	%	$	26,044	99	%		55,288	17	%
Specialty Care Facilities		18,581	5	%		207	1	%		18,374	6	%
Interest income		17,673	5	%						17,673	5	%
Other income		3,935	1	%						3,935	1	%

Totals	$	358,902	100	%	$	26,251	100	%	$	332,651	100	%

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

Page 8 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 5

Revenue Maturities ($000’s)


	Investment
	Properties		Operating Properties		Interest		Total
Year	Rental Income (1)		Rental Income (1)		Income (1)		Revenues		% of Total
2007	$	967	$	3,119	$	1,777	$	5,863		1	%
2008		423		12,541		3,532		16,496		4	%
2009		930		7,439		3,227		11,596		2	%
2010		578		9,886		2,500		12,964		3	%
2011		6,921		8,061		1,478		16,460		4	%
Thereafter		336,756		53,164		13,793		403,713		86	%

Totals	$	346,575	$	94,210	$	26,307	$	467,092		100	%

Notes: (1) Annualized revenue impact by year. Reflects contract rate of interest for loans, annual straight-line rent for leases with fixed
escalators or annual cash rent for leases with contingent escalators, net of collectibility reserves if applicable.

Exhibit 6

Debt Maturities and Principal Payments ($000’s)


							Trust
							Preferred
Year	Line of Credit		Senior Notes (1)		Secured Debt (1)		Liability (1)			Total
2007	$	0	$	0	$	2,133	$	51,000	(2)	$	53,133
2008		0		42,330		27,719		0			70,049
2009		0		0		53,541		0			53,541
2010		0		0		15,230		0			15,230
2011		145,000		0		52,371		0			197,371
2012		0		250,000		23,809		0			273,809
2013		0		300,000		52,237		0			352,237
Thereafter		0		1,295,000		284,996		0			1,579,996

Totals	$	145,000	$	1,887,330	$	512,036	$	51,000		$	2,595,366

Notes: (1) Amounts above represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value
adjustments as reflected on the balance sheet.

(2) Trust preferred securities were repurchased on November 6, 2007.

Exhibit 7

Fill-Up Concentrations ($000’s)


					Investment
Facility Type	# Properties		# Beds/Units		Balance		% Investment
Independent/CCRCs		9		1,615	$	230,121		5	%
Assisted Living Facilities		19		1,093		152,958		3	%
Skilled Nursing Facilities		9		1,067		81,439		2	%
Specialty Care Facilities		1		62		15,235		0	%

Totals		38		3,837	$	479,753		10	%


			Average Months
Occupancy	# Properties		in Operation		Revenues (1)		% Revenues
0% - 50%		7		4	$	1,012		1	%
50% - 70%		11		7		2,178		2	%
70% +		20		14		6,910		6	%

Totals		38		10	$	10,100		8	%

Notes: (1) Revenues include gross revenues and revenues from discontinued operations for the three months ended
September 30, 2007.

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*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 8

Investment Activity ($000’s)


	Three Months Ended				Nine Months Ended
	September 30, 2007				September 30, 2007
Funding by Investment Type
Real Property	$	198,811	86	%	$	769,210	86	%
Loans Receivable		31,205	14	%		122,596	14	%

Totals	$	230,016	100	%	$	891,806	100	%

Funding by Facility Type
Independent/CCRCs	$	95,609	42	%	$	168,450	19	%
Assisted Living Facilities		15,503	7	%		72,896	8	%
Skilled Nursing Facilities		33,451	15	%		193,914	22	%
Medical Office Buildings		55,549	24	%		375,852	42	%
Specialty Care Facilities		29,904	12	%		80,694	9	%

Totals	$	230,016	100	%	$	891,806	100	%

Exhibit 9

Development Activity ($000’s)


	Balance at		2007 YTD		2007 YTD			Balance at		Committed
Facility Type	December 31, 2006		Fundings		Conversions			September 30, 2007		Balances
Independent/CCRCs	$	61,709	$	83,414	$	(24,496	)	$	120,627	$	464,456
Assisted Living Facilities		55,197		35,132		(56,556	)		33,773		156,255
Skilled Nursing Facilities		14,852		15,427		(16,557	)		13,722		27,393
Medical Office Buildings		0		10,405		0			10,405		83,638
Specialty Care Facilities		6,464		44,143		0			50,607		90,820

Totals	$	138,222	$	188,521	$	(97,609	)	$	229,134	$	822,562

Development Funding Projections for Existing Projects ($000’s)


					Projected Future Fundings
			# Beds/Units		2007		Fundings		Unfunded
Facility Type	Projects		or Sq. Ft.		Fundings		Thereafter		Commitments
Independent/CCRCs		12		1,746	$	35,531	$	308,298	$	343,829
Assisted Living Facilities		7		772		7,398		115,084		122,482
Skilled Nursing Facilities		2		193		1,650		12,021		13,671
Medical Office Buildings		1		234,221		0		73,233		73,233
Specialty Care Facilities		5		258		10,376		29,837		40,213

Totals		27			$	54,955	$	538,473	$	593,428

Project Conversion Projections ($000’s)


2007 Quarterly Conversions						Annual Projections
			Projected Average						Projected Average
Quarter	Amount		Initial Yields (1)			Year	Amount		Initial Yields (1)
1Q07 actual	$	6,921		9.06	%	2007 projected	$	170,394		9.33	%
2Q07 actual		67,300		9.35	%	2008 projected		270,443		9.22	%
3Q07 actual		23,388		9.36	%	2009 projected		128,725		9.91	%
4Q07 projected		72,785		9.33	%	2010+ projected		350,609		9.37	%

Totals	$	170,394		9.33	%	Totals	$	920,171		9.43	%


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

Page 10 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 10

Disposition Activity ($000’s)


	Three Months Ended				Nine Months Ended
	September 30, 2007				September 30, 2007
Dispositions by Investment Type
Real Property	$	40,992	83	%	$	63,165	62	%
Loans Receivable		8,229	17	%		38,095	38	%

Totals	$	49,221	100	%	$	101,260	100	%

Dispositions by Facility Type
Assisted Living Facilities	$	40,992	83	%	$	68,467	68	%
Skilled Nursing Facilities		8,229	17	%		15,607	15	%
Independent/CCRCs						17,186	17	%

Totals	$	49,221	100	%	$	101,260	100	%

Exhibit 11

Discontinued Operations ($000’s)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Revenues
Rental income	$	900	$	2,976	$	4,387	$	9,924

Expenses
Interest expense		213		984		1,138		3,117
Depreciation and amortization		204		1,579		1,111		5,078
General and administrative		0		212		0		729


Income (loss) from discontinued operations, net	$	483	$	201	$	2,138	$	1,000

Exhibit 12


Current Capitalization ($000’s except share price)						Leverage & Performance Ratios
	Balance		% Balance
Borrowings Under Bank Lines	$	145,000		3	%	Debt/Total Book Cap			53	%
Long-Term Debt Obligations		2,403,402		49	%
Trust Preferred Liability		52,184		1	%	Debt/Undepreciated Book Cap			49	%
Stockholders’ Equity		2,260,684		47	%

Total Book Capitalization	$	4,861,270		100	%	Debt/Total Market Cap			40	%

Common Shares Outstanding (000’s)		81,384				Interest Coverage	2.81x	3rd Qtr.
Period-End Share Price	$	44.24					2.82x	YTD

Common Stock Market Value	$	3,600,428		55	%	Interest Coverage	2.85x	3rd Qtr.
Preferred Stock		338,993		5	%	- adjusted	2.87x	YTD
Borrowings Under Bank Lines		145,000		2	%	Fixed Charge Coverage	2.31x	3rd Qtr.
Trust Preferred Liability		52,184		1	%		2.30x	YTD
Long-Term Debt Obligations		2,403,402		37	%	Fixed Charge Coverage	2.34x	3rd Qtr.

Total Market Capitalization	$	6,540,007		100	%	- adjusted	2.34x	YTD

Page 11 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 13

EBITDA Reconciliation ($000’s)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2007			2006		2007			2006
Net income	$	30,846		$	26,813	$	92,456		$	79,791
Interest expense (1)		35,082			24,274		100,708			71,599
Tax expense (benefit)		(23	)		70		(81	)		82
Depreciation and amortization (1)		40,137			24,526		109,545			71,917
Amortization of deferred loan expenses		1,504			782		4,006			2,199

EBITDA		107,546			76,465		306,634			225,588
Stock-based compensation expense		1,301			839		5,753			4,191
Provision for loan losses		0			250		0			750

EBITDA - adjusted	$	108,847		$	77,554	$	312,387		$	230,529

Interest Coverage Ratio
Interest expense (1)	$	35,082		$	24,274	$	100,708		$	71,599
Capitalized interest		3,162			1,384		8,058			2,494

Total interest		38,244			25,658		108,766			74,093
EBITDA	$	107,546		$	76,465	$	306,634		$	225,588

Interest coverage ratio		2.81x			2.98x		2.82x			3.04x

EBITDA - adjusted	$	108,847		$	77,554	$	312,387		$	230,529

Interest coverage ratio - adjusted		2.85x			3.02x		2.87x			3.11x

Fixed Charge Coverage Ratio
Total interest (1)	$	38,244		$	25,658	$	108,766		$	74,093
Secured debt principal amortization		2,022			773		5,816			2,184
Preferred dividends		6,317			5,333		18,952			15,998

Total fixed charges		46,583			31,764		133,534			92,275
EBITDA	$	107,546		$	76,465	$	306,634		$	225,588

Fixed charge coverage ratio		2.31x			2.41x		2.30x			2.44x

EBITDA - adjusted	$	108,847		$	77,554	$	312,387		$	230,529

Fixed charge coverage ratio - adjusted		2.34x			2.44x		2.34x			2.50x


Notes:		(1) Depreciation and amortization and interest expense include depreciation and amortization and interest expense from discontinued operations.

Page 12 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 14

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Net income available to common stockholders	$	24,529		$	21,480		$	73,504		$	63,793
Depreciation and amortization (1)		40,137			24,526			109,545			71,917
Loss (gain) on sales of properties		(766	)		(108	)		(2,775	)		(2,590	)
Minority interests		85			0			(2	)		0
Gross straight-line rental income		(4,555	)		(1,904	)		(12,664	)		(6,520	)
Prepaid/straight-line rent receipts		5,881			3,256			10,791			16,276
Amortization related to above/(below) market leases, net		268			0			(656	)		0
Amortization of deferred loan expenses		1,504			782			4,006			2,199
Cap Ex, tenant improvements, lease commissions		(704	)		0			(2,529	)		0

Funds available for distribution		66,379			48,032			179,220			145,075
One-time acquisition finder’s fees		0			0			1,750			0
Prepaid/straight-line rent receipts		(5,881	)		(3,256	)		(10,791	)		(16,276	)

Funds available for distribution — normalized	$	60,498		$	44,776		$	170,179		$	128,799

Average common shares outstanding:
Basic		80,710			62,524			77,686			60,766
Diluted		81,163			62,866			78,234			61,102

Per share data:
Net income available to common stockholders
Basic	$	0.30		$	0.34		$	0.95		$	1.05
Diluted		0.30			0.34			0.94			1.04

Funds available for distribution
Basic	$	0.82		$	0.77		$	2.31		$	2.39
Diluted		0.82			0.76			2.29			2.37

Funds available for distribution — normalized
Basic	$	0.75		$	0.72		$	2.19		$	2.12
Diluted		0.75			0.71			2.18			2.11

FAD Payout Ratio
Dividends per common share (2)	$	0.66		$	0.64		$	1.96		$	1.90
FAD per diluted share	$	0.82		$	0.76		$	2.29		$	2.37

FAD payout ratio		80	%		84	%		86	%		80	%

FAD Payout Ratio — Normalized
Dividends per common share (2)	$	0.66		$	0.64		$	1.96		$	1.90
FAD per diluted share — normalized	$	0.75		$	0.71		$	2.18		$	2.11

FAD payout ratio — normalized		88	%		90	%		90	%		90	%


Notes:		(1) Depreciation and amortization includes depreciation and amortization from discontinued operations.
		(2) Includes $0.3409 prorated dividend paid on December 28, 2006 in connection with the Windrose merger.

Page 13 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 15

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Net income available to common stockholders	$	24,529		$	21,480		$	73,504		$	63,793
Depreciation and amortization (1)		40,137			24,526			109,545			71,917
Loss (gain) on sales of properties		(766	)		(108	)		(2,775	)		(2,590	)
Minority interests		(70	)		0			(256	)		0

Funds from operations	$	63,830		$	45,898		$	180,018		$	133,120
One-time acquisition finder’s fees		0			0			1,750			0

Funds from operations — normalized	$	63,830		$	45,898		$	181,768		$	133,120

Average common shares outstanding:
Basic		80,710			62,524			77,686			60,766
Diluted		81,163			62,866			78,234			61,102

Per share data:
Net income available to common stockholders
Basic	$	0.30		$	0.34		$	0.95		$	1.05
Diluted		0.30			0.34			0.94			1.04

Funds from operations
Basic	$	0.79		$	0.73		$	2.32		$	2.19
Diluted		0.79			0.73			2.30			2.18

Funds from operations — normalized
Basic	$	0.79		$	0.73		$	2.34		$	2.19
Diluted		0.79			0.73			2.32			2.18

FFO Payout Ratio
Dividends per common share (2)	$	0.66		$	0.64		$	1.96		$	1.90
FFO per diluted share	$	0.79		$	0.73		$	2.30		$	2.18

FFO payout ratio		84	%		88	%		85	%		87	%

FFO Payout Ratio — Normalized
Dividends per share (2)	$	0.66		$	0.64		$	1.96		$	1.90
FFO per diluted share — normalized	$	0.79		$	0.73		$	2.32		$	2.18

FFO payout ratio — normalized		84	%		88	%		84	%		87	%


Notes:		(1) Depreciation and amortization includes depreciation and amortization from discontinued operations. (2) Includes $0.3409 prorated dividend paid on December 28, 2006 in connection with the Windrose merger.

Page 14 of 15


*3Q07 Earnings Release*		*November 6, 2007*

Exhibit 16

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


	Previous Outlook						Current Outlook
	Year Ended						Year Ended
	December 31, 2007						December 31, 2007
	Low			High			Low			High
FFO Reconciliation:
Net income available to common stockholders	$	101,610		$	106,410		$	101,825		$	103,425
Loss (gain) on sales of properties		(2,010	)		(2,010	)		(2,775	)		(2,775	)
Depreciation and amortization (1)		146,000			146,000			148,000			148,000

Funds from operations		245,600			250,400			247,050			248,650
One-time acquisition finders’ fees		1,750			1,750			1,750			1,750

Funds from operations — normalized	$	247,350		$	252,150		$	248,800		$	250,400

Average common shares outstanding (diluted)		80,000			80,000			80,000			80,000

Per share data (diluted):
Net income available to common stockholders	$	1.27		$	1.33		$	1.27		$	1.29
Funds from operations		3.07			3.13			3.09			3.11
Funds from operations — normalized		3.09			3.15			3.11			3.13

FAD Reconciliation:
Net income available to common stockholders	$	101,610		$	106,410		$	101,825		$	103,425
Loss (gain) on sales of properties		(2,010	)		(2,010	)		(2,775	)		(2,775	)
Depreciation and amortization (1)		146,000			146,000			148,000			148,000
Gross straight-line rental income		(16,000	)		(16,000	)		(17,000	)		(17,000	)
Prepaid/straight-line rent receipts		4,910			4,910			10,791			10,791
Amortization related to above/below market leases		(2,000	)		(2,000	)		(1,000	)		(1,000	)
Amortization of deferred loan expenses		6,000			6,000			6,000			6,000
Cap Ex, tenant improvements, lease commissions		(6,000	)		(6,000	)		(5,000	)		(5,000	)

Funds available for distribution		232,510			237,310			240,841			242,441
One-time acquisition finders’ fees		1,750			1,750			1,750			1,750
Prepaid/straight-line rent receipts		(4,910	)		(4,910	)		(10,791	)		(10,791	)

Funds available for distribution — normalized	$	229,350		$	234,150		$	231,800		$	233,400

Average common shares outstanding (diluted)		80,000			80,000			80,000			80,000

Per share data (diluted):
Net income available to common stockholders	$	1.27		$	1.33		$	1.27		$	1.29
Funds available for distribution		2.91			2.97			3.01			3.03
Funds available for distribution — normalized		2.87			2.93			2.90			2.92

Notes: (1) Depreciation and amortization includes depreciation and amortization from discontinued operations.

Page 15 of 15


	HEALTH CARE REIT, INC.
	By:	/s/ GEORGE L. CHAPMAN
		George L. Chapman

	•		Completed net new investments year-to-date totaling $791 million

	•		Increased 2007 net investment guidance to a range of $950 million to $1.1 billion, from $800 million to $1.1 billion

	•		Reported 3Q07 normalized FFO growth of 8% per share

	•		Reported 3Q07 normalized FAD growth of 6% per share

	•		Issued $400 million of 4.75% convertible senior unsecured notes in July

	•		Expanded and extended unsecured line of credit to $1.15 billion in August


Delaware (State or other jurisdiction of incorporation)		1-8923 (Commission File Number)		34-1096634 (IRS Employer Identification No.)


One SeaGate, Suite 1500, Toledo, Ohio (Address of principal executive offices)		43604 (Zip Code)


	3Q07			3Q06			Change			2007			2006			Change
Net income available to common stockholders (NICS) per diluted share	$	0.30		$	0.34			-12	%	$	0.94		$	1.04			-10	%
Normalized FFO per diluted share	$	0.79		$	0.73			8	%	$	2.32		$	2.18			6	%
Normalized FAD per diluted share	$	0.75		$	0.71			6	%	$	2.18		$	2.11			3	%
Dividends per common share	$	0.66		$	0.64			3	%	$	1.96		$	1.90			3	%
Normalized FFO Payout Ratio		84	%		88	%					84	%		87	%
Normalized FAD Payout Ratio		88	%		90	%					90	%		90	%

	(1)		$766,000 and $108,000 of gains for 3Q07 and 3Q06, respectively.

	(2)		$5,881,000 and $3,256,000 of receipts for 3Q07 and 3Q06, respectively.