8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) February 16, 2011

Health Care REIT, Inc.

(Exact name of registrant as specified in its charter)

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

4500 Dorr Street, Toledo, Ohio	43615
(Address of principal executive offices)	(Zip Code)

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

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 16, 2011, Health Care REIT, Inc. (the “Company”) issued a press release that announced operating results for its fourth quarter and year ended December 31, 2010. The press release refers to a supplemental information package that is available on the Company’s website (www.hcreit.com), free of charge. Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report, and are incorporated herein by reference.

The information included in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release of Health Care REIT, Inc. dated February 16, 2011.
99.2	Health Care REIT, Inc. Supplemental Information Package for the quarter ended December 31, 2010.

SIGNATURE

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

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

Dated: February 16, 2011

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	February 16, 2011
	For more information contact:
	Scott Estes (419) 247-2800
	Mike Crabtree (419) 247-2800

Health Care REIT, Inc.
Reports Fourth Quarter and Year End 2010 Results

2011 FFO per share guidance up 6-9%, FAD per share guidance up 6-10%

Toledo, Ohio, February 16, 2011....Health Care REIT, Inc. (NYSE:HCN) today announced operating results for the company’s fourth quarter and year ended December 31, 2010.

“Health Care REIT creates shareholder value through its relationship investment strategy,” commented George L. Chapman, chief executive officer at Health Care REIT, Inc. “We completed $3.2 billion of gross investments in 2010 and announced $1.3 billion to-date in 2011. Of these investments, 90% were originated off-market through long-term industry relationships. Last year alone, we formed new relationships with nine outstanding operators and 14 high-quality health systems. We believe we have built a best-in-industry management team to successfully and profitably integrate these acquisitions. Most important, these investments will create shareholder value through accelerated earnings and dividends growth in 2011 and beyond.”

2011 Highlights and Outlook

• Announced 2011 acquisitions and joint venture fundings totaling $1.3 billion

• Announced 2011 FFO guidance of $3.25 to $3.35 per diluted share, up 6-9% excluding additional investments

• Announced 2011 FAD guidance of $3.01 to $3.11 per diluted share, up 6-10% excluding additional investments

• Announced 2011 annualized dividend of $2.86 per share, representing a 4% increase

2010 Highlights and Recent Accomplishments

• Completed 4Q10 and 2010 gross new investments totaling $1.6 billion and $3.2 billion, respectively

• Added 23 new partnerships in 2010 with premier senior housing operators and health systems

• Reported trailing twelve month payment coverage before management fees of 2.12x, highest in company history

• Achieved record 2010 medical office occupancy of 93% and retention of 85%

• Increased entrance fee occupancy by 9% to 66% in 2010 and increased average rent over 5% in 2011

• Received $232 million in proceeds on property sales and loan payoffs for 2010, generating $36 million of gains

• Raised nearly $3 billion of equity and debt capital throughout 2010, including $1 billion in 4Q10

• Ended the year with combined cash and line availability of $982 million

Dividends for Fourth Quarter 2010 As previously announced, the Board of Directors declared a cash dividend for the quarter ended December 31, 2010 of $0.69 per share, as compared to $0.68 per share for the same period in 2009. The cash dividend will be paid on February 22, 2011 and will be the company’s 159^th consecutive quarterly dividend payment.

Dividends for 2011 The Board of Directors approved a quarterly cash dividend rate of $0.715 per share ($2.86 per share annually), commencing with the May 2011 dividend, representing a 3.6% increase over the prior rate. The company’s dividend policy is reviewed annually during the Board of Director’s January planning session. The declaration and payment of quarterly dividends remains subject to review by and approval of the Board of Directors.

Page 1 of 9

4Q10 Earnings Release February 16, 2011

Fourth Quarter Investment Highlights

• In December, the company completed a $141 million acquisition of a portfolio of five medical office buildings located in Florida totaling 353,000 square feet. The entire portfolio is subject to an absolute net master lease with an initial term of 20 years and an initial rental yield of 7.6%. The master lease will escalate following CPI subject to a floor of 1% and a ceiling of 3%.

• In December, the company completed the acquisition of a portfolio of 19 senior housing facilities located primarily in New Jersey and Pennsylvania totaling 1,845 units. The $605 million investment is structured as a triple-net lease with Brandywine Senior Living with an initial rental yield of 7.0%. The lease rate will escalate 25 basis points per year, or an average of 3.5% over the next three years. In addition, rent will reset to fair market value after the third anniversary and every five years thereafter, subject in all cases to a floor of the prior year’s rent plus the annual escalator.

• In December the company formed a $360 million partnership with Senior Star Living structured as a REIT Investment Diversification and Empowerment Act (“RIDEA”) investment. The company acquired a 90% interest to own and operate nine senior housing facilities with 1,687 units located in six states. Senior Star will continue to manage the facilities and own the remaining 10% interest. The partnership assumed $71 million in secured debt at an average rate of 4.9%. The portfolio consists of two facilities in fill-up contributed by Health Care REIT valued at $124 million and seven additional facilities valued at $236 million. The new investment is currently projected to generate a 2011 NOI yield of approximately 6.0%. Including the two fill-up facilities, the portfolio is projected to generate double-digit annual NOI growth over the next several years (assuming stable economic conditions).

• In December, the company formed a $232 million partnership to own a portfolio of 17 medical office buildings located in the Midwest totaling 1.1 million square feet. Eleven properties representing $187 million and 714,000 square feet were acquisitions and included the assumption of $62 million in secured debt at an average rate of 5.3%. The remaining six properties representing 406,000 square feet were equity investments and have been recorded at the company’s initial investment amount of $45 million. The entire portfolio is currently projected to generate a 2011 NOI yield of approximately 7.4%.

Investments Subsequent to Year End

• In January, the company formed a $298 million partnership with Silverado Senior Living structured as a RIDEA investment. The company acquired a 95% interest to own and operate 18 senior housing facilities with 1,454 beds located primarily in California and Texas. Silverado will continue to manage the facilities and own the remaining 5% interest. The partnership assumed $55.9 million in secured debt at an average rate of 6.9%. The portfolio consists of six facilities contributed by Health Care REIT valued at $76 million and 12 facilities contributed by Silverado valued at $222 million. The portfolio is projected to generate an NOI yield after management fees of approximately 7.5% in 2011 and approximately 8.5% in 2012 as certain fill-up facilities reach stabilization. This increase represents approximately 13% annual growth.

• The company expects to complete an acquisition of four combination senior housing facilities located in the Chicago and New York metro areas totaling 628 units. The company’s $141 million investment will include the assumption of $48 million in secured debt at an average rate of 6.5%. The investment will be structured as a triple-net lease with Capital Senior Living (NYSE:CSU) with an initial term of 15 years and an initial rental yield of 7.25% with annual escalators of 3%. The transaction is expected to close in February 2011.

• The company expects to form an $890 million partnership with Benchmark Senior Living structured as a RIDEA investment. The company will acquire a 95% interest to own and operate 34 senior housing facilities with 3,007 units located primarily in New England. Benchmark will continue to manage the facilities and own the remaining 5% interest. The partnership will assume $509 million in secured debt at an average rate of 5.3%. In addition to the availability under the company’s revolving credit facility, the company has obtained a $400 million bridge loan commitment to complete this acquisition. The entire portfolio is currently projected to generate a 2011 NOI yield after management fees of approximately 6.8%-7.2%. We anticipate this portfolio will produce an average 4%-5% annual NOI growth over the next several years (assuming stable economic conditions). The transaction is expected to close in March or April 2011.

2010 Results

The company reported 2010 normalized FFO of $3.08 per share and normalized FAD of $2.84 per share, versus previous normalized FFO guidance of $3.13 to $3.16 per share and normalized FAD guidance of $2.89 to $2.92 per share. Results were slightly below guidance directly as a result of fourth quarter capital transactions which were not included in the previous forecasts and the timing of new investments, $1.2 billion of which occurred during the last week of the quarter.

Page 2 of 9

4Q10 Earnings Release February 16, 2011

Outlook for 2011 The company is introducing its 2011 guidance and expects to report net income attributable to common stockholders in a range of $1.02 to $1.12 per diluted share; FFO in a range of $3.25 to $3.35 per diluted share; and FAD in a range of $3.01 to $3.11 per diluted share.

In preparing its guidance, the company made the following assumptions:

• Investments: 2011 earnings guidance does not include any acquisitions beyond the $1.3 billion of gross acquisitions and joint ventures identified year-to-date.

• Funded Development: The company anticipates funding additional development of $212 million in 2011 relating to projects underway at December 31, 2010. Current projects primarily consist of pre-leased medical office buildings (average 83% pre-leased), investment grade health system affiliated medical facilities, and senior housing facilities that are included in a master lease.

• Dispositions: The company anticipates $300 million of dispositions in 2011 at an average yield of approximately 11%.

• Development conversions: The company expects development conversions of approximately $479 million in 2011. These investments are currently expected to generate initial yields of approximately 9.1% upon conversion based on in-place contracts as of December 31, 2010.

• G&A Expenses: The company estimates general and administrative expenses of approximately $69 million in 2011. The G&A forecast includes $3.9 million of anticipated expensing of accelerated stock-based compensation in 1Q11.

• Operating Portfolio NOI: Including Merrill Gardens and the partnerships announced above, our senior housing operating portfolio investment balance will be approximately $2.2 billion or 22% of our total portfolio, pro-forma for the investments announced to-date. We anticipate this portfolio will generate a 2011 annualized NOI yield after management fees of approximately 7.0% and produce an average 5%-6% annual NOI growth over the next several years.

The company’s guidance excludes any additional capital transactions, 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 the exhibits for a reconciliation of the outlook for net income available to common stockholders to normalized FFO and FAD.

Conference Call Information The company has scheduled a conference call on Wednesday, February 16, 2011 at 10:00 a.m. Eastern Time to discuss its fourth quarter 2010 results, industry trends, portfolio performance and outlook for 2011. Telephone access will be available by dialing 888-346-2469 or 706-758-4923 (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 March 2, 2011. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 37311797. 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 websites. This earnings release is posted on the company’s website at www.hcreit.com under the heading News.

Key Performance Indicators

	4Q10			4Q09			Change			2010			2009			Change
Net income attributable to common stockholders (NICS) per diluted share	$	0.25		$	0.26			-4	%	$	0.83		$	1.49			-44	%
Normalized FFO per diluted share	$	0.75		$	0.75			0	%	$	3.08		$	3.13			-2	%
Normalized FAD per diluted share	$	0.68		$	0.69			-1	%	$	2.84		$	2.93			-3	%
Dividends per common share	$	0.69		$	0.68			1	%	$	2.74		$	2.72			1	%
Normalized FFO Payout Ratio		92	%		91	%					89	%		87	%
Normalized FAD Payout Ratio		101	%		99	%					96	%		93	%

Page 3 of 9

4Q10 Earnings Release February 16, 2011

Quarterly Earnings

	NICS									FFO									FAD
	4Q10			4Q09			Change			4Q10			4Q09			Change			4Q10			4Q09			Change
Per diluted share	$	0.25		$	0.26			-4	%	$	0.60		$	0.46			30	%	$	0.54		$	0.46			17	%
Includes impact of:
Gain (loss) on property sales(1)	$	0.11		$	0.13
Other items, net(2)	$	(0.15	)	$	(0.30	)				$	(0.15	)	$	(0.30	)				$	(0.15	)	$	(0.30	)
Prepaid/straight-line rent receipts(3)																			$	0.02		$	0.06
Per diluted share — normalized(a)										$	0.75		$	0.75			0	%	$	0.68		$	0.69			-1	%

(a)	Amounts may not sum due to rounding
(1)	$15,557,000 and $16,487,000 of gains in 4Q10 and 4Q09, respectively.
(2)	See Exhibit 1.
(3)	$2,323,000 and $7,211,000 of receipts in 4Q10 and 4Q09, respectively.

Year End Earnings

	NICS									FFO									FAD
	2010			2009			Change			2010			2009			Change			2010			2009			Change
Per diluted share	$	0.83		$	1.49			-44	%	$	2.18		$	2.55			-15	%	$	2.01		$	2.61			-23	%
Includes impact of:
Gain (loss) on property sales(1)	$	0.28		$	0.38
Other items, net(2)	$	(0.91	)	$	(0.58	)				$	(0.91	)	$	(0.58	)				$	(0.91	)	$	(0.58	)
Prepaid/straight-line rent receipts(3)																			$	0.07		$	0.27
Per diluted share — normalized(a)										$	3.08		$	3.13			-2	%	$	2.84		$	2.93			-3	%

(a)	Amounts may not sum due to rounding
(1)	$36,115,000 and $43,394,000 of gains in 2010 and 2009, respectively.
(2)	See Exhibit 1.
(3)	$8,537,000 and $30,674,000 of receipts in 2010 and 2009, respectively.

Supplemental Reporting Measures The company believes that net income attributable 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 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 certain items detailed in Exhibit 1. FAD represents FFO excluding net straight-line rental adjustments, amortization related to above/below market leases and amortization of non-cash interest expenses and less cash used to fund capital expenditures, tenant improvements and lease commissions at medical office buildings. Normalized FAD represents FAD excluding prepaid/straight-line rent cash receipts and adjusted for certain items detailed in Exhibit 1. The company believes that normalized FFO and normalized FAD are useful supplemental measures of operating performance because investors and equity analysts may use these measures to compare the operating performance of the company between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.

The company’s supplemental reporting measures and similarly entitled financial measures are widely used by investors and equity analysts in the valuation, comparison 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

Page 4 of 9

4Q10 Earnings Release February 16, 2011

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.

About Health Care REIT, Inc. Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of December 31, 2010, the company’s broadly diversified portfolio consisted of 683 properties in 41 states. More information is available on the company’s website 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/tenants and properties; its occupancy rates; its ability to acquire, develop and/or manage properties; its ability to enter into agreements with viable new tenants for vacant space or for properties that the company takes back from financially troubled tenants, if any; its ability to make distributions to stockholders; 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 availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care, senior housing and life science industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; the company’s ability to transition or sell facilities with profitable results; the failure to make new investments as and when anticipated; acts of God affecting the company’s properties; the company’s ability to re-lease space at similar rates as vacancies occur; the company’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; regulatory approval and market acceptance of the products and technologies of life science tenants; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future 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.

Page 5 of 9

4Q10 Earnings Release February 16, 2011

HEALTH CARE REIT, INC.
Financial Exhibits

Consolidated Balance Sheets (unaudited)

	December 31,
(in thousands)	2010			2009
Assets
Real estate investments:
Real property owned:
Land and land improvements	$	727,050		$	521,055
Buildings and improvements		7,627,132			5,185,328
Acquired lease intangibles		258,079			127,390
Real property held for sale, net of accumulated depreciation		23,441			45,686
Construction in progress		356,793			456,832
		8,992,495			6,336,291
Less accumulated depreciation and intangible amortization		(836,966	)		(677,851	)
Net real property owned		8,155,529			5,658,440
Real estate loans receivable:
Loans receivable		436,580			427,363
Less allowance for losses on loans receivable		(1,276	)		(5,183	)
Net real estate loans receivable		435,304			422,180
Net real estate investments		8,590,833			6,080,620
Other assets:
Equity investments		237,107			5,816
Goodwill		51,207			—
Deferred loan expenses		32,960			22,698
Cash and cash equivalents		131,570			35,476
Restricted cash		79,069			23,237
Receivables and other assets		328,988			199,339
		860,901			286,566
Total assets	$	9,451,734		$	6,367,186
Liabilities and equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	300,000		$	140,000
Senior unsecured notes		3,034,949			1,653,027
Secured debt		1,125,906			620,995
Capital lease obligations		8,881			—
Accrued expenses and other liabilities		244,345			145,713
Total liabilities		4,714,081			2,559,735
Equity:
Preferred stock		291,667			288,683
Common stock		147,155			123,385
Capital in excess of par value		4,932,468			3,900,666
Treasury stock		(11,352	)		(7,619	)
Cumulative net income		1,676,196			1,547,669
Cumulative dividends		(2,427,881	)		(2,057,658	)
Accumulated other comprehensive income		(11,099	)		(2,891	)
Other equity		5,697			4,804
Total Health Care REIT, Inc. stockholders’ equity		4,602,851			3,797,039
Noncontrolling interests		134,802			10,412
Total equity		4,737,653			3,807,451
Total liabilities and equity	$	9,451,734		$	6,367,186

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4Q10 Earnings Release February 16, 2011

Consolidated Statements of Income (unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except per share data)	2010			2009			2010			2009
Revenues:
Rental income	$	149,397		$	127,179		$	581,424		$	497,419
Resident fees and service		38,197			—			51,006			—
Interest income		12,419			10,246			40,855			40,885
Other income		2,443			1,578			7,245			5,388
Prepayment fees		—			2,400			—			2,400
Gross revenues		202,456			141,403			680,530			546,092
Expenses:
Interest expense		47,867			24,161			157,108			102,117
Property operating expenses		37,261			11,454			83,120			45,896
Depreciation and amortization		61,504			38,990			197,118			150,728
General and administrative expenses		14,298			10,908			54,626			49,691
Transaction costs		19,359			—			46,660			—
Loss (gain) on extinguishment of debt		—			410			34,171			25,107
Provision for loan losses		766			23,121			29,684			23,261
Total expenses		181,055			109,044			602,487			396,800
Income from continuing operations before income taxes and income from unconsolidated joint ventures		21,401			32,359			78,043			149,292
Income tax (expense) benefit		(38	)		(151	)		(364	)		(168	)
Income (loss) from unconsolidated joint ventures		2,177			—			6,673			—
Income from continuing operations		23,540			32,208			84,352			149,124
Discontinued operations:
Gain (loss) on sales of properties		15,557			16,487			36,115			43,394
Impairment of assets		—			(23,350	)		(947	)		(25,223	)
Income (loss) from discontinued operations, net		1,249			11,493			9,364			25,632
		16,806			4,630			44,532			43,803
Net income		40,346			36,838			128,884			192,927
Less:
Preferred dividends		5,305			5,520			21,645			22,079
Net income (loss) attributable to noncontrolling interests		740			(382	)		357			(342	)
Net income attributable to common stockholders	$	34,301		$	31,700		$	106,882		$	171,190
Average number of common shares outstanding:
Basic		138,126			122,700			127,656			114,207
Diluted		138,738			123,105			128,208			114,612
Net income attributable to common stockholders per share:
Basic	$	0.25		$	0.26		$	0.84		$	1.50
Diluted		0.25			0.26			0.83			1.49
Common dividends per share	$	0.69		$	0.68		$	2.74		$	2.72

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4Q10 Earnings Release February 16, 2011

Exhibit 1

Normalizing Items

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except per share data)	2010			2009			2010			2009
Impairment of assets	$	—		$	23,350		$	947		$	25,223
Prepayment fees		—			(2,400	)		—			(2,400	)
Transaction costs		19,359	(1)		—			46,660			—
Special stock compensation grants/payments		1,000	(2)		—			3,853			3,909
Loss (gain) on extinguishment of debt		—			410			34,171			25,107
Provision for loan losses		766	(3)		23,121			29,684			23,261
Held for sale hospital operating expenses		353	(4)		—			1,753			—
Non-recurring other income		—			(8,059	)		(1,000	)		(8,059	)
Total	$	21,478		$	36,422		$	116,068		$	67,041
Average diluted common shares outstanding		138,738			123,105			128,208			114,612
Net amount per diluted share	$	0.15		$	0.30		$	0.91		$	0.58

Notes:	(1) Represents costs incurred with Senior Star partnership and other transactions completed during the quarter.
	(2) Represents impact of immediate vesting of stock grant in conjunction with CEO’s new employment agreement.
	(3) Represents loan write-offs primarily relating to settlement of non-performing loan. Real estate loan non-accrual balance reduced to  $9.7 million.
	(4) Represents expenses incurred in connection with a hospital classified as held for sale.

Exhibit 2

Funds From Operations Reconciliation

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except per share data)	2010			2009			2010			2009
Net income attributable to common stockholders	$	34,301		$	31,700		$	106,882		$	171,190
Depreciation and amortization(1)		62,406			41,780			202,543			164,923
Loss (gain) on sales of properties		(15,557	)		(16,487	)		(36,115	)		(43,394	)
Noncontrolling interests(2)		(1,200	)		(703	)		(2,749	)		(965	)
Unconsolidated joint ventures(3)		2,720			—			8,514			—
Funds from operations		82,670			56,290			279,075			291,754
Normalizing items, net(4)		21,478			36,422			116,068			67,041
Funds from operations — normalized	$	104,148		$	92,712		$	395,143		$	358,795
Average diluted common shares outstanding		138,738			123,105			128,208			114,612
Per diluted share data:
Net income attributable to common stockholders	$	0.25		$	0.26		$	0.83		$	1.49
Funds from operations		0.60			0.46			2.18			2.55
Funds from operations — normalized		0.75			0.75			3.08			3.13
Normalized FFO Payout Ratio:
Dividends per common share	$	0.69		$	0.68		$	2.74		$	2.72
FFO per diluted share — normalized	$	0.75		$	0.75		$	3.08		$	3.13
Normalized FFO payout ratio		92	%		91	%		89	%		87	%

Notes:	(1) Depreciation and amortization includes depreciation and amortization from discontinued operations.
	(2) Represents noncontrolling interests’ share of net FFO adjustments.
	(3) Represents HCN’s share of net FFO adjustments from unconsolidated joint ventures.
	(4) See Exhibit 1.

Page 8 of 9

4Q10 Earnings Release February 16, 2011

Exhibit 3

Funds Available for Distribution Reconciliation

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except per share data)	2010			2009			2010			2009
Net income attributable to common stockholders	$	34,301		$	31,700		$	106,882		$	171,190
Depreciation and amortization(1)		62,406			41,780			202,543			164,923
Loss (gain) on sales of properties		(15,557	)		(16,487	)		(36,115	)		(43,394	)
Noncontrolling interests(2)		(1,073	)		(1,146	)		(2,708	)		(1,457	)
Unconsolidated joint ventures(3)		1,150			—			3,485			—
Gross straight-line rental income		(2,302	)		(4,917	)		(14,717	)		(19,415	)
Prepaid/straight-line rent receipts		2,323			7,211			8,537			30,674
Amortization related to above (below) market leases, net		(745	)		(369	)		(2,856	)		(1,713	)
Non-cash interest expense		3,187			3,387			13,945			11,897
Cap-ex, tenant improvements, lease commissions		(8,128	)		(5,025	)		(21,799	)		(13,819	)
Funds available for distribution		75,562			56,134			257,197			298,886
Normalizing items, net(4)		21,478			36,422			116,068			67,041
Prepaid/straight-line rent receipts		(2,323	)		(7,211	)		(8,537	)		(30,674	)
Funds available for distribution — normalized	$	94,717		$	85,345		$	364,728		$	335,253
Average diluted common shares outstanding		138,738			123,105			128,208			114,612
Per diluted share data:
Net income attributable to common stockholders	$	0.25		$	0.26		$	0.83		$	1.49
Funds available for distribution		0.54			0.46			2.01			2.61
Funds available for distribution — normalized		0.68			0.69			2.84			2.93
Normalized FAD Payout Ratio:
Dividends per common share	$	0.69		$	0.68		$	2.74		$	2.72
FAD per diluted share — normalized	$	0.68		$	0.69		$	2.84		$	2.93
Normalized FAD payout ratio		101	%		99	%		96	%		93	%

Notes:	(1) Depreciation and amortization includes depreciation and amortization from discontinued operations.
	(2) Represents noncontrolling interests’ share of net FAD adjustments.
	(3) Represents HCN’s share of net FAD adjustments from unconsolidated joint ventures.
	(4) See Exhibit 1.

Exhibit 4

Outlook Reconciliations

	Year Ended
	December 31, 2011
(in thousands, except per share data)	Low			High
FFO Reconciliation:
Net income attributable to common stockholders	$	1.02		$	1.12
Depreciation and amortization(1)		2.23			2.23
Funds from operations	$	3.25		$	3.35
FAD Reconciliation:
Net income attributable to common stockholders	$	1.02		$	1.12
Depreciation and amortization(1)		2.23			2.23
Net straight-line rent and above/below amortization(1)		(0.17	)		(0.17	)
Non-cash interest expense		0.10			0.10
Cap-ex, tenant improvements, lease commissions		(0.17	)		(0.17	)
Funds available for distribution	$	3.01		$	3.11

Notes:  (1) Amounts presented net of noncontrolling interests’ share and HCN’s share of unconsolidated joint ventures.

Page 9 of 9

EX-99.2

Exhibit 99.2 4Q10 SUPPLEMENTAL INFORMATION

CORPORATE Corporate Profile | 2 Analyst Coverage | 3 Investor Relations Contacts | 3 Executive Officers | 4 Forward-Looking Statements and Risk Factors | 5 Additional Information | 5 FINANCIAL Consolidated Balance Sheets (Unaudited) | 6 Consolidated Statements of Income (Unaudited) | 7 Funds from Operations Reconciliation | 8 Funds Available for Distribution Reconciliation | 9 Adjusted EBITDA Reconciliation | 10 Net Operating Income Reconciliation | 11 Outlook Reconciliation | 12 Normalizing Items | 13 Revenue and Lease Maturity | 13 Debt Maturities and Principal Payments | 14 Fixed and Floating Rate Debt | 14 Current Capitalization | 15 INVESTMENT Gross Investment Activity — Quarter | 16 Gross Investment Activity — Year | 17 Investment Timing | 18 Disposition Activity | 18 Discontinued Operations | 18 PORTFOLIO Portfolio Composition | 19 Investment Metrics | 19 Portfolio Concentration | 20 Top Ten Customer Descriptions | 21 MSA and Region Concentration | 22 Portfolio Performance | 23 Entrance Fee Portfolio | 23 Same Store Revenue Growth | 23 Portfolio Composition — Senior Housing-Operating | 24 Portfolio Performance — Senior Housing | 25 Portfolio Performance — Skilled Nursing | 26 Portfolio Performance — Hospitals | 27 Portfolio Composition — Medical Office Buildings | 28 Portfolio Performance — Medical Office Buildings | 28 Portfolio Concentration — Medical Office Buildings | 29 Portfolio Composition — Life Science Buildings | 30 Development Activity | 31 Development Funding Projections | 31 Development Project Conversion Estimates | 31 Unstabilized Properties | 32 Portfolio Trends | 33 GLOSSARY Glossary | 34 Supplemental Reporting Measures | 37 TABLE OF CONTENTS

CORPORATE 2 HEALTH CARE REIT, INC., founded in 1970, is a leading investor in senior living and health care real estate. The company, with an enterprise value of $12.1 billion, has a portfolio that spans the full spectrum of health care real estate, including senior living communities, medical office buildings, inpatient and outpatient medical centers and life sciences facilities. The company adds value to its clients by providing comprehensive services including planning, developing, managing, repositioning, and monetizing real estate assets. Data as of: December 31, 2010 NYSE Symbol: HCN Enterprise Value (1): $12.1 billion Investment Concentration* Closing Price: $47.64 Gross Real Estate Assets (1): $9.8 billion Top 5 Customers (1) 30% 52 Week Hi/Lo: $52.06/$38.42 Debt to Market Capitalization: 38% Top 5 States (1) 41% Dividend/Yield: $2.76/5.79% Debt to Book Capitalization: 49% * % of total investments Shares Outstanding: 147 million RELATIONSHIP FOCUSED, LONG-TERM STRATEGY Health Care REIT’s investment philosophy is based on establishing long-term relationships with health care systems and senior living operators. Throughout the company’s 41-year history, it has been a long-term capital provider and partner adding value to its clients through comprehensive planning, development and property management services. The relationship with Health Care REIT enables our tenants to grow profitably, while concentrating on what they do best — providing quality care to patients and residents. SPEED AND CERTAINTY OF EXECUTION Health Care REIT’s experience and knowledge enable it to make investment decisions within days, rather than weeks or months. The company has accessed over $6.2 billion in capital in the last five years, including $998 million in 2009 and $3.0 billion during the twelve months ended December 31, 2010. The company’s $1.15 billion line of credit ensures new investments will be funded on time. DEVELOPMENT FUNDING GROSS REAL ESTATE ASSETS (1) $ millions $ millions $621 $10,993 $9,828 $555 $6,462 $6,764 $339 $5,498 $4,477 $212 $33 2006 2007 2008 2009 2010 2011E (3) 2008 2009 2010 2011E (2) Future (2) Notes: Includes joint venture investments. Represents projected future funding for projects underway as of December 31, 2010. Based on HCN 2011 net investment guidance of $1.2 billion.

SECURE DIVIDEND Health Care REIT maintains a commitment to conservative balance sheet management and underwriting, asset and property management protocols that ensure prudent investments and proactive management over the life of its long-term leases. The company has declared 159 consecutive quarterly dividends during its 41-year history and remains focused on delivering attractive stockholder returns. GROWTH SINCE INCEPTION* SOLID DIVIDEND PAYMENT RECORD* $3,500,000 $3,000,000 $3.00 $2,500,000 $2.50 $2,000,000 $2.00 $1,500,000 $1.50 $1,000,000 $1.00 $500,000 $0.50 $0 $0.00 71 75 79 83 87 91 95 99 03 07 71 74 77 80 83 86 89 92 95 98 01 04 07 10 *value of $10,000 investment made 6/30/1971, *adjusted for stock splits assuming reinvestment of dividends TOTAL RETURNS* 1 year 12.4% 3 years 8.2% 5 years 13.6% 10 years 19.3% 20 years 15.7% Since inception 15.9% *assumes reinvestment of dividends ANALYST COVERAGE Robert W. Baird & Co. Bank of America Merrill Lynch BMO Capital Markets Corp. Cowen and Company Deutsche Bank Securities Inc. Edward Jones Fagenson & Co., Inc. Goldman Sachs & Co. Green Street Advisors, Inc. J.J.B. Hilliard, W.L. Lyons, LLC Jefferies & Company, Inc. J.P. Morgan Securities Inc. KeyBanc Capital Markets Inc. Morgan Keegan & Co., Inc. Raymond James & Associates, Inc. Sandler O-Neill + Partners, L.P. Stifel Nicolaus & Company, Inc. UBS Securities LLC Wells Fargo Securities, LLC CORPORATE INVESTOR RELATIONS ANALYST / INVESTOR CONTACT Scott A. Estes EVP & CFO sestes@hcreit.com Michael A. Crabtree SVP & Treasurer mcrabtree@hcreit.com GENERAL INQUIRIES Erin C. Ibele SVP-Administration & Corporate Secretary info@hcreit.com 3

CORPORATE 4 George L. Chapman Chairman, Chief Executive Officer & President Mr. Chapman is Chairman, Chief Executive Officer and President of the company. Mr. Chapman served as Chairman and Chief Executive Officer of the company from October 1996 to January 2009. He assumed the additional title of President of the company in January 2009. Mr. Chapman previously served as President of the company from September 1995 to May 2002. From January 1992 to September 1995, he served as Executive Vice President and General Counsel of the company. Scott A. Estes EVP & Chief Financial Officer Mr. Estes is currently Executive Vice President and Chief Financial Officer. He served as Senior Vice President and Chief Financial Officer of the company since March 2006 and served as Vice President of Finance of the company from April 2003 to March 2006. From January 2000 to April 2003, Mr. Estes served as a Senior Equity Analyst and Vice President with Deutsche Bank Securities. From January 1998 to December 1999, Mr. Estes served as a Senior Equity Analyst and Vice President with Bank of America Securities. Charles J. Herman, Jr. EVP & Chief Investment Officer Mr. Herman has served as Executive Vice President and Chief Investment Officer of the company since March 2006. Mr. Herman served as Vice President and Chief Investment Officer of the company from May 2004 to March 2006 and served as Vice President of Operations from August 2000 to May 2004. From 1998 to August 2000, Mr. Herman was a founding member and President of Herman/Turner Group, LLC, a health care consulting company. Prior to that, Mr. Herman was a founder and Chief Operating Officer of Capital Valuation Group, a health care consulting firm founded in 1991. Jeffrey H. Miller EVP — Operations & General Counsel Mr. Miller has served as Executive Vice President and General Counsel of the company since March 2006 and assumed the additional title of Executive Vice President-Operations in January 2009. He served as Vice President and General Counsel of the company from July 2004 to March 2006. From 1996 to June 2004, Mr. Miller was a partner in the real estate practice group of the law firm of Shumaker, Loop & Kendrick, LLP. John T. Thomas EVP — Medical Facilities Mr. Thomas has served as Executive Vice President-Medical Facilities since January 2009. He served as President and Chief Development Officer of Cirrus Health from July 2005 to January 2009. Mr. Thomas served as Senior Vice President/General Counsel for Baylor Health Care System from October 2000 to July 2005 and as General Counsel/Secretary for the St. Louis division of the Sisters of Mercy Health System from April 1997 to October 2000.

Forward-Looking Statements and Risk Factors 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/tenants and properties; its occupancy rates; its ability to acquire, develop and/or manage properties; its ability to enter into agreements with viable new tenants for vacant space or for properties that the company takes back from financially troubled tenants, if any; its ability to make distributions to stockholders; 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 availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care, senior housing and life sciences industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; the company’s ability to transition or sell facilities with profitable results; the failure to make new investments as and when anticipated; acts of God affecting the company’s properties; the company’s ability to re-lease space at similar rates as vacancies occur; the company’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; regulatory approval and market acceptance of the products and technologies of life sciences tenants; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future 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. Additional Information The information in this supplemental information package should be read in conjunction with the company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, earnings press release dated February 16, 2011 and other information filed with, or furnished to, the Securities and Exchange Commission (“SEC”). The Supplemental Reporting Measures and reconciliation of Non-GAAP measures are an integral part of the information presented herein. You can access the company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at http://www.hcreit.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. The information on or connected to the company’s website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. CORPORATE 5

FINANCIAL 6 Consolidated Balance Sheets (unaudited) (dollars in thousands) December 31, 2010 2009

Assets Real estate investments: Real property owned Land and land improvements $727,050 $521,055 Buildings and improvements 7,627,132 5,185,328 Acquired lease intangibles 258,079 127,390 Real property held for sale, net of accumulated depreciation 23,441 45,686 Construction in progress 356,793 456,832 Gross real property owned 8,992,495 6,336,291 Less accumulated depreciation and amortization (836,966) (677,851) Net real property owned 8,155,529 5,658,440 Real estate loans receivable (1) 436,580 427,363 Less allowance for losses on loans receivable (1,276) (5,183) Net real estate loans receivable 435,304 422,180 Net real estate investments 8,590,833 6,080,620 Other assets: Equity investments 237,107 5,816 Goodwill 51,207 - Deferred loan expenses 32,960 22,698 Cash and cash equivalents 131,570 35,476 Restricted cash 79,069 23,237 Receivables and other assets (2) 328,988 199,339 Total other assets 860,901 286,566 Total assets $9,451,734 $6,367,186 Liabilities and equity Liabilities: Borrowings under unsecured lines of credit arrangements $300,000 $140,000 Senior unsecured notes 3,034,949 1,653,027 Secured debt 1,125,906 620,995 Capital lease obligations 8,881 - Accrued expenses and other liabilities 244,345 145,713 Total liabilities 4,714,081 2,559,735 Equity: Preferred stock 291,667 288,683 Common stock 147,155 123,385 Capital in excess of par value 4,932,468 3,900,666 Treasury stock (11,352) (7,619) Cumulative net income 1,676,196 1,547,669 Cumulative dividends (2,427,881) (2,057,658) Accumulated other comprehensive income (11,099) (2,891) Other equity 5,697 4,804 Total Health Care REIT, Inc. stockholders’ equity 4,602,851 3,797,039 Noncontrolling interests 134,802 10,412 Total equity 4,737,653 3,807,451 Total liabilities and equity $9,451,734 $6,367,186 Notes: Includes non-accrual loan balances of $9,691,000 and $67,126,000 at December 31, 2010 and 2009, respectively. Includes net straight-line receivable balances of $86,669,000 and $79,760,000 at December 31, 2010 and 2009, respectively.

Consolidated Statements of Income (unaudited) (amounts in thousands except per share data) Three Months Ended Year Ended December 31, December 31, 2010 2009 2010 2009 Revenues: Rental income $149,397 $127,179 $581,424 $497,419 Resident fees and service 38,197 — 51,006 - Interest income 12,419 10,246 40,855 40,885 Other income 2,443 1,578 7,245 5,388 Prepayment fees — 2,400 — 2,400 Total revenues 202,456 141,403 680,530 546,092 Expenses: Interest expense 47,867 24,161 157,108 102,117 Property operating expenses 37,261 11,454 83,120 45,896 Depreciation and amortization 61,504 38,990 197,118 150,728 General and administrative expenses 14,298 10,908 54,626 49,691 Transaction costs 19,359 — 46,660 - Loss (gain) on extinguishment of debt — 410 34,171 25,107 Provision for loan losses 766 23,121 29,684 23,261 Total expenses 181,055 109,044 602,487 396,800 Income from continuing operations before income taxes and income from unconsolidated joint ventures 21,401 32,359 78,043 149,292 Income tax expense (38) (151) (364) (168) Income from unconsolidated joint ventures 2,177 — 6,673 - Income from continuing operations 23,540 32,208 84,352 149,124 Discontinued operations: Gain (loss) on sales of properties 15,557 16,487 36,115 43,394 Impairment of assets — (23,350) (947) (25,223) Income from discontinued operations, net 1,249 11,493 9,364 25,632 Discontinued operations, net 16,806 4,630 44,532 43,803 Net income 40,346 36,838 128,884 192,927 Less: Preferred stock dividends 5,305 5,520 21,645 22,079 Net income (loss) attributable to noncontrolling interests 740 (382) 357 (342) Net income attributable to common stockholders $34,301 $31,700 $106,882 $171,190 Average number of common shares outstanding: Basic 138,126 122,700 127,656 114,207 Diluted 138,738 123,105 128,208 114,612 Net income attributable to common stockholders per share: Basic $0.25 $0.26 $0.84 $1.50 Diluted $0.25 $0.26 $0.83 $1.49 Common dividends per share $0.69 $0.68 $2.74 $2.72 FINANCIAL 7

FINANCIAL 8

Funds From Operations Reconciliation * (amounts in thousands except per share data) Three Months Ended Year Ended December 31, December 31, 2010 2009 2010 2009 Net income attributable to common stockholders $34,301 $31,700 $106,882 $171,190 Depreciation and amortization (1) 62,406 41,780 202,543 164,923 Loss (gain) on sales of properties (15,557) (16,487) (36,115) (43,394) Noncontrolling interests (2) (1,200) (703) (2,749) (965) Unconsolidated joint ventures (3) 2,720 — 8,514 - Funds from operations 82,670 56,290 279,075 291,754 Normalizing items, net (4) 21,478 36,422 116,068 67,041 Funds from operations — normalized $104,148 $92,712 $395,143 $358,795 Average diluted common shares outstanding 138,738 123,105 128,208 114,612 Per diluted share data: Net income attributable to common stockholders $0.25 $0.26 $0.83 $1.49 Funds from operations $0.60 $0.46 $2.18 $2.55 Funds from operations — normalized $0.75 $0.75 $3.08 $3.13 Normalized FFO Payout Ratio Dividends per share $0.69 $0.68 $2.74 $2.72 FFO per diluted share — normalized $0.75 $0.75 $3.08 $3.13 Normalized FFO payout ratio 92% 91% 89% 87% Notes: * Please see discussion of Supplemental Reporting Measures on page 37. (1) Depreciation and amortization includes depreciation and amortization from discontinued operations. (2) Represents noncontrolling interests’ share of transaction costs and depreciation and amortization. (3) Represents HCN’s share of unconsolidated joint venture’s depreciation and amortization. (4) See page 13 for schedule of normalizing items.

Funds Available for Distribution Reconciliation * (amounts in thousands except per share data) Three Months Ended Year Ended December 31, December 31, 2010 2009 2010 2009 Net income attributable to common stockholders $34,301 $31,700 $106,882 $171,190 Depreciation and amortization (1) 62,406 41,780 202,543 164,923 Loss (gain) on sales of properties (15,557) (16,487) (36,115) (43,394) Noncontrolling interests (2) (1,073) (1,146) (2,708) (1,457) Unconsolidated joint ventures (3) 1,150 — 3,485 - Gross straight-line rental income (2,302) (4,917) (14,717) (19,415) Prepaid/straight-line rent receipts 2,323 7,211 8,537 30,674 Amortization related to above/(below) market leases, net (745) (369) (2,856) (1,713) Non-cash interest expense 3,187 3,387 13,945 11,897 Cap-ex, tenant improvements, lease commissions (8,128) (5,025) (21,799) (13,819) Funds available for distribution 75,562 56,134 257,197 298,886 Normalizing items, net (4) 21,478 36,422 116,068 67,041 Prepaid/straight-line rent receipts (2,323) (7,211) (8,537) (30,674) Funds available for distribution — normalized $94,717 $85,345 $364,728 $335,253 Average diluted common shares outstanding 138,738 123,105 128,208 114,612 Per diluted share data: Net income attributable to common stockholders $0.25 $0.26 $0.83 $1.49 Funds available for distribution $0.54 $0.46 $2.01 $2.61 Funds available for distribution — normalized $0.68 $0.69 $2.84 $2.93 Normalized FAD Payout Ratio Dividends per share $0.69 $0.68 $2.74 $2.72 FAD per diluted share — normalized $0.68 $0.69 $2.84 $2.93 Normalized FAD payout ratio 101% 99% 96% 93% Notes: * Please see discussion of Supplemental Reporting Measures on page 37.

(1) Depreciation and amortization includes depreciation and amortization from discontinued operations. (2) Represents noncontrolling interests’ share of transaction costs, depreciation and amortization, gross straight-line rental income, amortization of above/below market leases and non-cash interest expense. (3) Represents HCN’s share of unconsolidated joint venture’s depreciation and amortization, gross straight-line rental income, amortization of above/below market leases and non-cash interest expense. (4) See page 13 for schedule of normalizing items. FINANCIAL 9

FINANCIAL 10 Adjusted EBITDA Reconciliation * (dollars in thousands) Twelve Months Ended December 31, March 31, June 30, September 30, December 31, 2009 2010 2010 2010 2010 Net income $192,927 $157,976 $144,282 $125,377 $128,884 Interest expense (3) 109,772 111,746 121,964 138,116 160,960 Income tax expense 168 201 368 475 364 Depreciation and amortization (3) 164,923 167,177 173,897 181,918 202,543 Stock-based compensation (4) 9,633 10,619 10,736 10,669 11,823 Provision for loan losses 23,261 23,121 23,121 52,039 29,684 Loss (gain) on extinguishment of debt 25,107 44,822 51,857 34,582 34,171 Adjusted EBITDA $525,791 $515,662 $526,225 $543,176 $568,429 Interest Coverage Ratio (1) Interest expense (3) $109,772 $111,746 $121,964 $138,116 $160,960 Capitalized interest (5) 41,170 38,381 32,631 26,313 20,792 Non-cash interest expense (11,898) (11,967) (12,782) (14,145) (13,945) Total interest $139,044 $138,160 $141,813 $150,284 $167,807 Adjusted EBITDA $525,791 $515,662 $526,225 $543,176 $568,429 Adjusted interest coverage ratio 3.78x 3.73x 3.71x 3.61x 3.39x Fixed Charge Coverage Ratio (2) Total interest (3) $139,044 $138,160 $141,813 $150,284 $167,807 Secured debt principal amortization 9,292 10,464 12,612 14,333 16,652 Preferred dividends 22,079 22,064 22,032 21,860 21,645 Total fixed charges $170,415 $170,688 $176,457 $186,477 $206,104 Adjusted EBITDA $525,791 $515,662 $526,225 $543,176 $568,429 Adjusted fixed charge coverage ratio 3.09x 3.02x 2.98x 2.91x 2.76x Net Debt to EBITDA Ratio Total debt $2,414,022 $2,828,487 $3,154,763 $3,471,455 $4,469,736 Less: cash and cash equivalents (35,476) (36,558) (55,423) (181,147) (131,570) Net debt $2,378,546 $2,791,929 $3,099,340 $3,290,308 $4,338,166 Adjusted EBITDA 525,791 515,662 526,225 543,176 568,429 Net debt to adjusted EBITDA ratio 4.52x 5.41x 5.89x 6.06x 7.63x

Notes: * Please see discussion of Supplemental Reporting Measures on page 37. (1) A comparable covenant in our senior unsecured notes is a minimum of 1.50 times. (2) A comparable covenant in our unsecured line of credit arrangement is a minimum of 1.75 times. (3) Interest expense and depreciation and amortization include discontinued operations. (4) Stock-based compensation expense was $2,065,000 and $11,823,000 for the three and twelve months ended December 31, 2010, respectively. (5) Capitalized interest was $4,784,000 and $20,792,000 for the three and twelve months ended December 31, 2010, respectively.

Net Operating Income Reconciliation * (dollars in thousands) Three Months Ended Year Ended December 31, December 31, 2010 2009 2010 2009 Total revenues: Senior housing and care: Rental income (2): Senior housing $55,658 $47,856 $220,383 $190,684 Skilled nursing 39,096 40,733 162,521 167,426 Sub-total rental income 94,754 88,589 382,904 358,110 Resident fees and service 38,197 — 51,006 - Interest income 9,593 9,045 36,176 35,944 Other income 661 3,389 3,386 5,308 Total senior housing and care income 143,205 101,023 473,472 399,362 Medical facilities: Rental income (2): Medical office 44,532 35,980 170,435 136,834 Hospitals 13,494 10,779 50,071 44,967 Life sciences (1) 10,521 — 34,002 - Sub-total rental income 68,547 46,759 254,508 181,801 Interest income 2,826 1,201 4,679 4,941 Other income 185 8,415 985 9,369 Total medcial facilities income 71,558 56,375 260,172 196,111 Non-segment/corporate other income 1,597 233 2,874 1,170 Total revenues 216,360 157,631 736,518 596,643 Property operating expenses: Senior housing and care 24,628 — 32,621 - Medical facilities (1,2) 16,147 11,964 63,551 48,965 Non-segment/corporate — - — - Total property operating expenses 40,775 11,964 96,172 48,965 Net operating income: Senior housing and care 118,577 101,023 440,851 399,362 Medical facilities 55,411 44,411 196,621 147,146 Non-segment/corporate 1,597 233 2,874 1,170 Net operating income $175,585 $145,667 $640,346 $547,678 Notes: * Please see discussion of Supplemental Reporting Measures on page 37. (1) Includes HCN’s share of revenues and expenses from unconsolidated joint ventures. Please see page 30 for additional information. (2) The three months ended December 31, 2010 includes the following amounts (in thousands): Rental income from discontinued operations: Senior housing $828 Skilled nursing 2,301 Hospitals - Medical office 254 Total $3,383 Non-cash rental income from continuing operations: Senior housing $379 Skilled nursing (115) Hospitals 256 Medical office 2,200 Life sciences (1) 1,155 Total $3,875 Property operating expenses from discontinued operations: Medical office $306 Hospitals 353 Total $659 FINANCIAL 11

FINANCIAL 12 Outlook Reconciliation: Year ended December 31, 2011 (amounts represent per share data) Current Outlook Low High FFO Reconciliation* Net income attributable to common stockholders $1.02 $1.12 Depreciation and amortization (1) 2.23 2.23 Funds from operations $3.25 $3.35 FAD Reconciliation* Net income attributable to common stockholders $1.02 $1.12 Depreciation and amortization (1) 2.23 2.23 Net straight-line rent and above/below amortization (1) (0.17) (0.17) Non-cash interest expense 0.10 0.10 Cap-ex, tenant improvements, lease commissions (0.17) (0.17) Funds available for distribution $3.01 $3.11 Notes: * Please see discussion of Supplemental Reporting Measures on page 37. (1) Amounts presented net of noncontrolling interests’ share and HCN’s share of unconsolidated joint ventures.

Normalizing Items * (amounts in thousands except per share data) Three Months Ended Year Ended December 31, December 31, 2010 2009 2010 2009 Impairment of assets $ — $23,350 $947 $25,223 Prepayment fees — (2,400) — (2,400) Transaction costs 19,359 — 46,660 - Special stock compensation grants/payments 1,000 — 3,853 3,909 Loss (gain) on extinguishment of debt — 410 34,171 25,107 Provision for loan losses 766 23,121 29,684 23,261 Held for sale hospital operating expenses 353 — 1,753 - Non-recurring other income — (8,059) (1,000) (8,059) Total $21,478 $36,422 $116,068 $67,041 Average diluted shares outstanding 138,738 123,105 128,208 114,612 Net amount per diluted share $0.15 $0.30 $0.91 $0.58 Revenue and Lease Maturity (amounts in thousands except per share data) Rental Income (1) Senior Skilled Medical Total Rental Interest Total % of Year Housing Nursing Hospitals Office Income Income (2) Revenues Total 2011 $9,499 $ — $ — $9,631 $19,130 $8,281 $27,411 3.8% 2012 5,549 6,887 — 11,903 24,339 1,508 25,847 3.6% 2013 42,678 — - 10,222 52,900 16,243 69,143 9.6% 2014 2,149 6,349 — 10,718 19,216 4,490 23,706 3.3% 2015 — 2,014 — 11,410 13,424 (4,084) 9,340 1.3% 2016 — 3,367 — 13,602 16,969 451 17,420 2.4% 2017 12,688 3,875 2,350 9,927 28,840 4,433 33,273 4.6% 2018 38,459 7,084 — 4,498 50,041 1,512 51,553 7.2% 2019 9,463 18,465 — 10,262 38,190 419 38,609 5.4% 2020 27,473 23,619 5,980 8,651 65,723 1,756 67,479 9.4% Thereafter 180,799 70,951 45,165 55,412 352,327 3,028 355,355 49.4% $328,757 $142,611 $53,495 $156,236 $681,099 $38,037 $719,136 100.0% Notes: * Please see discussion of Supplemental Reporting Measures on page 37. (1) Rental income represents annualized base rent for effective lease agreements. The amounts are derived from the current contracted monthly base rent including straight-line for leases with fixed escalators or annual cash rent for leases with contingent escalators, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges or the amortization of above/below market lease intangibles. (2) Reflects contract rate of interest for loans, net of collectability reserves if applicable. FINANCIAL 13

FINANCIAL 14 Debt Maturities and Principal Payments (dollars in thousands) Line of Senior Notes Secured Debt Consolidated % of Joint Combined % of Year Credit (1) (2,3) (2,4) Debt (5) Total Ventures (6) Debt Total 2011 $ — $ — $24,048 $24,048 0.5% $26,216 $50,264 1.1% 2012 300,000 76,853 91,979 468,832 10.4% 38,898 507,730 10.9% 2013 — 300,000 85,508 385,508 8.6% 28,071 413,579 8.8% 2014 — - 188,009 188,009 4.2% 24,122 212,131 4.5% 2015 — 250,000 150,311 400,311 8.9% 8,231 408,542 8.7% 2016 — 300,000 126,064 426,064 9.5% 41,029 467,093 10.0% 2017 — 450,000 27,812 477,812 10.6% 2,041 479,853 10.3% Thereafter — 1,688,077 439,984 2,128,061 47.3% 10,156 2,138,217 45.7% Totals $300,000 $3,064,930 $1,133,715 $4,498,645 100.0% $178,764 $4,677,409 100.0% Weighted Avg Interest Rate (7) 0.9% 5.1% 6.0% 5.1% 6.8% 5.1% Weighted Avg Maturity (3) 1.6 9.6 9.5 9.1 4.2 8.9 Fixed and Floating Rate Debt (dollars in thousands) Consolidated % of % of Debt Consolidated Combined Debt Combined Fixed Rate Debt Senior notes $3,064,930 68.1% $3,064,930 65.5% Secured debt 1,030,070 22.9% 1,208,834 25.9% Total fixed $4,095,000 91.0% $4,273,764 91.4% Floating Rate Debt Line of credit $300,000 6.7% $300,000 6.4% Secured debt 103,645 2.3% 103,645 2.2% Total floating $403,645 9.0% $403,645 8.6% Total debt $4,498,645 100.0% $4,677,409 100.0% Notes: (1) Current line of credit capacity of $1.15 billion with remaining availability of $850 million at December 31, 2010. Line of credit currently matures on August 5, 2012. (2) Amounts above represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. (3) $126 million of convertible senior notes are puttable on December 1, 2011, $168 million of convertible senior notes are puttable on July 15, 2012 and $494 million of convertible senior notes are puttable on December 1, 2014. Weighted average maturities would be 5.8 years and 6.5 years for senior notes and consolidated debt, respectively, using the puttable dates. (4) Secured debt includes $487,706,000 related to HCN’s senior housing — operating partnerships. (5) Excludes capital lease obligations of $8.9 million that mature in April 2015. (6) Represents HCN’s share of secured debt of unconsolidated joint ventures. (7) Line of credit interest rate represents 1-month LIBOR + 60 bps at December 31, 2010. Senior notes and secured debt average interest rate represents the face value note rate.

Current Capitalization (amounts in thousands except per share data) Consolidated % of Total Book Capitalization Line of credit $300,000 3.2% Long-term debt obligations 4,169,736 45.3% Debt to consolidated book capitalization (1) 4,469,736 48.5% Total equity 4,737,653 51.5% Consolidated book capitalization $9,207,389 100.0% HCN share of unconsolidated joint venture debt 178,764 Total book capitalization $9,386,153 Undepreciated Book Capitalization Line of credit $300,000 3.0% Long-term debt obligations 4,169,736 41.5% Debt to consolidated undepreciated book capitalization 4,469,736 44.5% Accumulated depreciation and amortization 836,966 8.3% Total equity 4,737,653 47.2% Consolidated undepreciated book capitalization $10,044,355 100.0% HCN share of unconsolidated joint venture debt 178,764 Total undepreciated book capitalization $10,223,119 Enterprise Value Line of credit $300,000 2.5% Long-term debt obligations 4,169,736 35.0% Debt to consolidated enterprise value 4,469,736 37.5% Common shares outstanding 147,097 Period end share price $47.64 Common equity market capitalization 7,007,701 58.9% Noncontrolling interests 134,802 1.1% Preferred stock 291,667 2.5% Consolidated enterprise value $11,903,906 100.0% HCN share of unconsolidated joint venture debt 178,764 Total enterprise value $12,082,670 Secured Debt as % of Total Assets (2) Secured debt $1,125,906 11.9% Total assets $9,451,734 Total Debt as % of Total Assets (3) Total debt $4,469,736 47.3% Total assets $9,451,734 Unencumbered Assets as % of Unsecured Debt (4) Unencumbered assets $7,505,825 224.5% Unsecured debt $3,343,830 Notes: (1) A comparable covenant in our unsecured line of credit arrangement is a maximum of 60%. (2) A comparable covenant in our senior unsecured notes is a maximum of 40%. A comparable covenant in our unsecured line of credit arrangement is a maximum of 30%. (3) A comparable covenant in our senior unsecured notes is a maximum of 60%. (4) A comparable covenant in our unsecured line of credit arrangement is a minimum of 167%. A comparable covenant in our senior unsecured notes is a minimum of 150%. FINANCIAL 15

INVESTMENT Gross Investment Activity Fourth Quarter 2010 Investment Per Beds / Units / Square            Amount            Bed / Unit / Initial Properties            Feet ($000) Square Foot Cash Yield Real Property Acquisitions Senior housing — operating 7 1,105 units $236,039 $213,610 6.0% CCRC — rental 1 270 units 33,400 123,704 7.0% Combination — rental 23 2,555 units 672,823 263,336 7.1% Freestanding independent living 2 214 units 22,475 105,023 8.1% Freestanding assisted living 2 167 units 34,590 207,126 7.4% Freestanding dementia care 1 46 units 15,821 343,935 7.0% Freestanding skilled nursing 2 310 beds 17,300 55,806 9.4% Medical office buildings 17 1,183,153 sf 347,546 294 7.7% Land parcels 1 4,300 Total acquisitions 56$1,384,294 7.1% Construction in Progress Development projects: Combination — rental 7 795 units $19,441 Freestanding dementia care 1 25 units 588 Hospitals 3 202 beds 27,159 Medical office buildings 5 657,500 sf 38,519 Total development projects 16 85,707 Expansion projects: CCRC — entrance fee 4 72 units 943 Combination — entrance fee 4 132 units 2,906 Hospitals 1 31 beds 1,943 Total expansion projects 9 5,792 Total construction in progress 25 91,499 Investments in unconsolidated joint ventures 6 45,745 7.4% Capital improvements to existing properties 4,251 9.5% Loan advances 44,765 8.3% Gross investments $1,570,554 16

INVESTMENT Gross Investment Activity Year Ended 2010 Investment Per Beds / Units / Square            Amount            Bed / Unit / Initial Properties            Feet ($000) Square Foot Cash Yield Real Property Acquisitions Senior housing — operating 32 3,798 units $746,039 $196,429 7.0% CCRC — rental 1 270 units 33,400 123,704 7.0% Combination — rental 30 3,488 units 815,403 233,774 7.3% Freestanding independent living 2 214 units 22,475 105,023 8.1% Freestanding assisted living 9 645 units 107,340 166,419 8.0% Freestanding dementia care 2 88 units 19,621 222,966 7.3% Freestanding skilled nursing 2 310 beds 17,300 $55,806 9.4% Medical office buildings 36 2,437,574 sf 560,976 230 8.2% Land parcels 1 4,300 Total acquisitions 115 2,326,854$7.5% Construction in Progress Development projects: CCRC — entrance fee 1 288 units $11,685 Combination — entrance fee 1 144 units 5,447 Combination — rental 12 1,318 units 50,604 Freestanding dementia care 2 109 units 6,979 Hospitals 4 262 beds 116,295 Medical office buildings 7 839,030 sf 129,561 Total development projects 27 320,571 Expansion projects: CCRC — entrance fee 4 72 units 3,385 Combination — entrance fee 4 132 units 7,893 Hospitals 1 31 beds 6,738 Total expansion projects 9 18,016 Total construction in progress 36 338,587 Investments in unconsolidated joint ventures 13 372,809 7.6% Capital improvements to existing properties 13,628 9.2% Loan advances 98,735 8.4% Gross investments 3,150,613$ 17

INVESTMENT 18 Investment Timing (dollars in thousands) Acquisitions/ Initial Cash Loan Initial Cash Construction Initial Cash Joint Ventures Yield Advances Yield Conversions Yield Dispositions Yield on Sale October $18,711 8.1% $15,209 9.5% $ — 0.0% $5,904 13.2% November — 0.0% 24,867 7.7% 4,669 8.6% 8,939 11.2% December 1,411,328 7.1% 4,689 7.5% 16,404 8.5% 61,947 9.1% Total $1,430,039 7.1% $44,765 8.3% $21,073 8.6% $76,790 9.5% Disposition Activity (dollars in thousands) Fourth Quarter 2010 Year Ended 2010 Amount % of Total Amount % of Total Dispositions by Investment Type Real property $68,747 89.5% $184,380 94.0% Real estate loans receivable 8,043 10.5% 11,852 6.0% Total $76,790 100.0% $196,232 100.0% Dispositions by Property Type Combination — rental 0.0% $19,234 9.8% Freestanding skilled nursing $62,224 81.0% 152,654 77.8% Medical office building 6,523 8.5% 14,091 7.2% Real estate loans receivable 8,043 10.5% 10,253 5.2% Total $76,790 100.0% $196,232 100.0% Discontinued Operations (dollars in thousands) Fourth Quarter Year Ended 2010 2009 2010 2009 Revenues Rental income $3,383 $8,169 $21,986 $42,492 Other income — 8,059 — 8,059 Expenses Interest expense 573 1,435 3,852 7,655 Property operating expenses 659 510 3,345 3,069 Depreciation and amortization 902 2,790 5,425 14,195 Income / (loss) from discontinued operations, net $1,249 $11,493 $9,364 $25,632

Portfolio Composition (dollars in thousands) Properties Investment Balance % of Total Committed Balance % of Total Investment Concentration — By Predominant Service Type Senior housing facilities 303 $4,403,208 49.0% $4,519,647 48.8% Skilled nursing facilities 180 1,257,719 14.0% 1,257,719 13.6% Hospitals 31 782,879 8.7% 829,793 9.0% Medical office buldings 162 2,195,435 24.4% 2,300,137 24.9% Life science buildings (2) 7 346,562 3.9% 346,562 3.7% Total 683 $8,985,803 100.0% $9,253,858 100.0% Investment Concentration — Senior Housing & Care and Medical Facilities Senior housing & care portfolio CCRC — entrance fee 5 $271,786 3.0% $278,784 3.0% CCRC — rental 10 316,848 3.5% 316,848 3.4% Combination — entrance fee 8 381,475 4.2% 394,222 4.3% Combination — rental 132 1,671,425 18.6% 1,768,119 19.1% Dementia care 30 177,965 2.0% 177,965 1.9% Freestanding senior housing 66 280,794 3.1% 280,794 3.0% Land 5 16,510 0.2% 16,510 0.2% Other loans — 205,989 2.4% 205,989 2.2% Subtotal senior housing 256 3,322,792 37.0% 3,439,231 37.1% Combination skilled nursing 28 197,183 2.2% 197,183 2.1% Freestanding skilled nursing 152 940,455 10.5% 940,455 10.2% Other loans — 120,081 1.3% 120,081 1.3% Subtotal skilled nursing 180 1,257,719 14.0% 1,257,719 13.6% Senior housing — operating (1) 47 1,080,416 12.0% 1,080,416 11.7% Senior housing & care total 483 5,660,927 63.0% 5,777,366 62.4% Medical facilities portfolio Long-term acute care 16 211,717 2.4% 211,717 2.3% Acute care 7 398,226 4.4% 439,041 4.7% Inpatient rehab 6 138,801 1.5% 144,900 1.6% Land 2 11,120 0.1% 11,120 0.1% Other loans — 23,016 0.3% 23,015 0.3% Subtotal hospitals 31 782,879 8.7% 829,793 9.0% Medical office buldings 162 2,195,435 24.4% 2,300,137 24.9% Life science buildings (2) 7 346,562 3.9% 346,562 3.7% Medical facilities total 200 3,324,876 37.0% 3,476,492 37.6% Total portfolio 683 $8,985,803 100.0% $9,253,858 100.0% Bed / Unit Committed Per Bed / Unit / Square Foot Balance ($000) / Square Foot Investment Metrics Senior housing 27,863 units $4,519,647 $162,210 Skilled nursing 24,064 beds 1,257,719 52,266 Hospital 1,857 beds 829,793 446,846 Medical office 9,047,167 sf 2,300,137 254 Life science (2) 346,562 Total $9,253,858 Notes: (1) See Senior Housing — Operating disclosure on page 24. (2) See Life Science disclosure on page 30. PORTFOLIO 19

PORTFOLIO 20 Portfolio Concentration (dollars in thousands) Total Investment % of Properties Balance (1) Balances By Customer Merrill Gardens LLC 38 $732,211 8.1% Brandywine Senior Living, LLC 19 612,598 6.8% Senior Living Communities, LLC 12 595,223 6.6% Senior Star Living 10 464,062 5.2% Brookdale Senior Living, Inc. 86 334,946 3.7% Aurora Health Care, Inc. 18 302,932 3.4% Signature Healthcare LLC 32 262,219 2.9% Emeritus Corporation 21 243,333 2.7% Life Care Centers of America, Inc. 18 197,098 2.2% Physicians’ Hospital of Murrieta, LLC 1 189,981 2.1% Remaining portfolio 428 5,051,200 56.3% Total 683 $8,985,803 100.0% Senior Skilled Medical Life Total Investment % of Housing Nursing Hospital Office Science (1) Properties Balance Total Balances By State Florida $301,118 $212,617 $ — $401,991 $ — 83 $915,726 10.2% California 423,880 — 282,868 182,055 — 42 888,803 9.9% Texas 137,928 171,132 185,391 210,839 — 72 705,290 7.8% Massachusetts 174,150 115,666 11,120 — 346,562 28 647,498 7.2% Washington 466,641 — - 97,268 — 24 563,909 6.3% Ohio 246,886 179,598 33,110 20,372 — 34 479,966 5.3% New Jersey 297,082 4,148 35,861 129,944 — 20 467,035 5.2% Wisconsin 138,571 — 23,061 302,932 — 32 464,564 5.2% Tennessee 36,208 196,833 — 95,318 — 33 328,359 3.7% Indiana 228,174 28,439 23,506 20,511 — 21 300,630 3.3% Remaining portfolio 1,952,570 349,286 187,962 734,205 — 294 3,224,023 35.9% Total $4,403,208 $1,257,719 $782,879 $2,195,435 $346,562 683 $8,985,803 100.0% Senior Skilled Medical Life Total % of Housing Nursing Hospital Office Science (1) Properties Total NOI (2) Total NOI By State California $15,303 $51 $3,584 $2,898 $ — 42 $21,836 12.6% Texas 4,515 4,884 4,338 3,630 — 72 17,367 10.0% Florida 5,185 6,970 — 4,189 — 83 16,344 9.4% Massachusetts 2,923 3,683 — - 7,666 28 14,272 8.2% Washington 12,975 — - — - 24 12,975 7.5% Wisconsin 3,170 — 683 6,769 — 32 10,622 6.1% Ohio 2,460 5,286 820 161 — 34 8,727 5.0% Tennessee 820 6,424 111 1,259 — 33 8,614 5.0% North Carolina 6,760 — - 199 — 54 6,959 4.0% Indiana 4,644 1,051 1,198 379 — 21 7,272 4.2% Remaining portfolio 16,449 14,363 5,082 12,260 — 260 48,154 28.0% Total $75,204 $42,712 $15,816 $31,744 $7,666 683 $173,142 100.0% Notes: (1) Includes HCN’s share of unconsolidated joint ventures. (2) Represents NOI including discontinued operations for the three months ended December 31, 2010, excluding other income totaling $2,443,000.

Top Ten Customer Descriptions Merrill Gardens LLC, located in Seattle, WA, is a privately held corporation organized under the laws of Washington State. The company owns, operates and/or manages 56 IL/AL facilities with over 6,400 units in ten states. As of December 31, 2010, the HCN portfolio consisted of 38 properties in eight states with an investment balance of $732.2 million. Brandywine Senior Living, LLC, headquartered in Mount Laurel, NJ, is a private operator of senior housing communities. They operate 19 communities with over 1,800 beds. As of December 31, 2010, the HCN portfolio consisted of 19 properties in five states with an investment balance of $612.6 million. Senior Living Communities, LLC, located in Charlotte, NC, operates premier continuing care retirement communities (CCRCs) throughout the southeastern United States. The company operates 12 campuses in five states. As of December 31, 2010, the HCN portfolio consisted of 12 properties in five states with an investment balance of $595.2 million. Senior Star Living, located in Tulsa, OK, is a private operator of CCRCs and independent living, assisted living and Alzheimer’s memory care facilities. The company operates 10 properties in six states. As of December 31, 2010, the HCN portfolio consisted of 10 properties in six states with an investment balance of $464.1 million. Brookdale Senior Living, Inc. (NYSE:BKD), located in Chicago, IL, is a national public provider of independent living and assisted living services. The company operates 564 facilities in 35 states with the ability to serve approximately 52,000 residents. As of December 31, 2010, the HCN portfolio consisted of 86 properties in 16 states with an investment balance of $334.9 million. Aurora Health Care, Inc., located in Milwaukee, WI, is a private operator of over 230 hospitals, pharmacies and clinics in eastern Wisconsin. As of December 31, 2010, the HCN portfolio consisted of 18 properties with an investment balance of $302.9 million. Signature Healthcare LLC, located in Palm Beach Gardens, FL, is a private operator of skilled nursing facilities spread among seven states. The company operates 66 skilled nursing facilities with over 7,600 beds. As of December 31, 2010, the HCN portfolio consisted of 32 properties in four states with an investment balance of $262.2 million. Emeritus Corporation (NYSE:ESC), located in Seattle, WA, is a national public provider of independent living, assisted living and Alzheimer’s services. The company operates 452 communities representing capacity for approximately 45,600 residents in 43 states. As of December 31, 2010, the HCN portfolio consisted of 21 properties in 16 states with an investment balance of $243.3 million. Life Care Centers of America, Inc., located in Cleveland, TN, is one of the largest private owners and operators of skilled nursing facilities in the country. The company has grown to more than 229 skilled nursing, assisted living, retirement, home care and Alzheimer’s centers in 28 states. As of December 31, 2010, the HCN portfolio consisted of 18 properties in 11 states with an investment balance of $197.1 million. Physicians’ Hospital of Murrieta, LLC, located in Murrieta, CA, was formed in 2005 to operate Loma Linda University Medical Center — Murrieta, a general acute care hospital in Murrieta, CA. The company is comprised of Loma Linda University Medical Center, local physicians, and a developer. As of December 31, 2010, the HCN portfolio consists of one property with an investment balance of $190.0 million. PORTFOLIO 21

PORTFOLIO 22 Metropolitan Statistical Area Concentration (1) (dollars in thousands) Top 31 Top 75 Top 100 Senior housing $2,019,661 $2,767,473 $3,016,529 % of senior housing 45.9% 62.9% 68.5% Skilled nursing 375,130 681,860 736,139 % of skilled nursing 29.8% 54.2% 58.5% Hospital 390,121 661,754 697,603 % of hospital 49.8% 84.5% 89.1% Medical office 1,260,836 1,708,462 1,863,161 % of medical office 57.4% 77.8% 84.9% Life science (2) 346,562 346,562 346,562 % of life science 100.0% 100.0% 100.0% Total portfolio $4,392,310 $6,166,111 $6,659,994 % of total portfolio 48.9% 68.6% 74.1% Region Concentration (dollars in thousands) Total Investment % of Properties Balance (2) Total By Region (3) South Atlantic 182 $1,754,316 19.5% East North Central 110 1,526,463 17.0% Pacific 69 1,486,747 16.5% Middle Atlantic 45 924,910 10.3% West South Central 104 866,915 9.6% New England 41 728,935 8.1% West North Central 28 595,664 6.6% Mountain 44 560,105 6.2% East South Central 60 541,748 6.2% Total 683 $8,985,803 100.0% Notes: (1) Metropolitan statistical areas are as defined by the U.S. Census Bureau. Top 31, 75 and 100 classifications are reported per the National Investment Center Market Area Profiles Subscription Service. (2) Includes HCN’s share of unconsolidated joint ventures. (3) Region definitions are derived from census bureau definitions and are itemized in the glossary.

Portfolio Performance Facility Revenue Mix TTM TTM Age Occupancy CBMF (2) CAMF (2) Private Pay Medicaid Medicare Stable Portfolio (1) Senior housing — triple net (3) 11 88.9% 1.54x 1.32x 86.5% 9.6% 3.9% Senior housing — operating 15 91.9% n/a n/a 100.0% 0.0% 0.0% Skilled nursing 23 84.9% 2.42x 1.79x 19.8% 51.3% 28.9% Hospital 14 62.9% 2.66x 2.33x 32.0% 4.1% 63.9% Medical office 11 93.1% n/a n/a 100.0% 0.0% 0.0% Total 13 2.12x 1.68x Notes: (1) Data as of December 31, 2010 for medical office and senior housing-operating and September 30, 2010 for remaining asset types. (2) Represents trailing twelve month coverage metrics. (3) Excludes entrance fee portfolio. Entrance Fee Portfolio Investment Average Balance Entrance Entrance Fee Rental Rental Properties Age (millions) Fee Units Occupancy Units Occupancy Entrance Fee Portfolio Open Properties 13 6 $653.3 1,442 53% 1,010 85% Same Store NOI Growth (dollars in thousands) 4Q09 Same Store 4Q10 Same Store Properties (1) NOI* NOI* % Change Same Store Portfolio Senior housing 190 $39,658 $40,822 2.9% Skilled nursing 177 33,888 35,547 4.9% Hospitals 21 9,936 10,330 4.0% Total 388 $83,482 $86,699 3.9% * Same store NOI represents cash-only rent or interest income excluding the impact of lease or loan basis changes (e.g., rent-producing capital improvement additions for leases and principal draws or paydowns for loans). Notes: (1) Represents those properties in the portfolio (both stable and unstable) for the 15 months preceding the end of the portfolio performance period. PORTFOLIO 23

PORTFOLIO 24 Portfolio Composition — Senior Housing-Operating (dollars in thousands; dollar amounts represent 100% of partnerships) 4Q10A 1Q11A 2Q11A 3Q11A 4Q11A Total Senior Housing — Operating Performance Properties 47 Average age (years) 15 Units 6,075 Investment balance $1,080,416 Occupancy 91.9% Total revenues $38,197 Operating expenses $24,628 NOI $13,569 Depreciation and amortization $14,974 Interest expense $4,485 Transaction costs $ (444) Net income (loss) $ (5,446) Net income (loss) attributable to noncontrolling interests $ (1,089) Net income (loss) attributable to common stockholders $ (4,357) Total cap-ex / TI / LC $2,131 Weighted Blended Average Amount Interest Rate Maturity Secured Debt (1) Principal balance $487,706 6.2% 8.4 Properties Units % of Total By State Washington 14 1,599 26.3% California 16 1,997 32.9% Ohio 2 338 5.6% Missouri 2 357 5.9% Illinois 1 346 5.7% Other 12 1,438 23.6% Total 47 6,075 100.0% Notes: (1) Non-recourse debt to HCN, secured by the joint ventures’ assets.

Same Store (146 properties) Portfolio Performance — Senior Housing Stable (excludes entrance fee and operating portfolios) Trailing Twelve Month Payment Coverage Before Management Fees 1.70 1.60 1.56x 1.50 1.54x basis 3Q10 / 3Q10 / 1.40 points 3Q09 2Q10 Same Store (1) 1 1.30 Stable (3) - 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Occupancy 95% 90% 88.9% 85% 88.2% 80% basis 3Q10 / 3Q10 / points 3Q09 2Q10 75% Same Store (50) 20 Stable (20) 60 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Revenue per Occupied Unit $4,700 $4,500 $4,513 $4,300 $4,473 $4,100 3Q10 / 3Q10 / (% chg) 3Q09 2Q10 $3,900 Same Store 3.7% 1.6% Stable 2.8% 0.9% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Expense per Occupied Unit $3,000 $2,988 $2,750 $2,930 $2,500 $2,250 3Q10 / 3Q10 / (% chg) 3Q09 2Q10 Same Store 3.9% 4.7% $2,000 Stable 1.7% 2.9% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 PORTFOLIO 25

PORTFOLIO 26 Portfolio Performance — Skilled Nursing Same Store (183 properties) Stable Trailing Twelve Month Payment Coverage Before Management Fees 2.5 2.46x 2.4 2.42x 2.3 2.2 basis 3Q10 / 3Q10 / points 3Q09 2Q10 2.1 Same Store 6 (1) Stable 3 (1) 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Occupancy 90% 85% 84.9% 84.4% 80% basis 3Q10 / 3Q10 / points 3Q09 2Q10 75% Same Store 30 (20) Stable 40 (10) 70% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Revenue per Occupied Bed $7,100 $7,064 $6,900 $7,033 $6,700 $6,500 3Q10 / 3Q10 / (% chg) 3Q09 2Q10 $6,300 Same Store 3.0% 1.3% Stable 3.1% 1.2% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Expense per Occupied Bed $6,000 $5,740 $5,500 $5,661 $5,000 3Q10 / 3Q10 / $4,500 (% chg) 3Q09 2Q10 Same Store 3.0% 2.6% $4,000 Stable 3.0% 2.7% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Same Store (11 properties) Stable Portfolio Performance — Hospitals Trailing Twelve Month Payment Coverage Before Management Fees 3.0 2.8 2.81x 2.6 2.66x 2.4 basis 3Q10 / 3Q10 / points 3Q09 2Q10 2.2 Same Store 23 (9) Stable 22 1 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Occupancy 70% 65% 63.6% 60% 62.9% basis 3Q10 / 3Q10 / 55% points 3Q09 2Q10 Same Store 166 (103) 50% Stable 228 24 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 PORTFOLIO 27

PORTFOLIO 28 Portfolio Composition — Medical Office Buildings (dollars in thousands) Investment Total Operating Properties Square Feet Balance Revenues Expenses NOI Age Occupancy On Campus 66 4,372,017 $1,149,378 $24,123 $6,773 $17,350 12 93.6% Off Campus-Affiliated 36 1,900,678 402,674 10,819 3,342 7,477 10 93.5% Off Campus 44 1,640,595 488,332 9,496 2,518 6,978 12 91.5% Subtotal 146 7,913,290 2,040,384 44,438 12,633 31,805 11 93.1% Equity investment (1) 6 405,414 47,132 — - - Held-for-sale — - — 254 306 (52) Development 4 605,542 85,512 — - - Loans 3 122,921 9,179 151 — 151 Land 3 — 13,228 — - - Total 162 9,047,167 $2,195,435 $44,843 $12,939 $31,904 Portfolio Performance — Medical Office Buildings (dollars in thousands) 4Q09 1Q10 2Q10 3Q10 4Q10 Total MOB Performance Properties* 107 125 127 128 146 Square feet* 5,247,016 6,454,888 6,560,674 6,678,874 7,913,290 Investment balance* $1,389,082 $1,608,874 $1,626,012 $1,650,801 $2,040,384 Occupancy* 91.3% 92.6% 92.6% 93.0% 93.1% Total revenue* $35,365 $39,556 $41,946 $43,675 $44,438 Operating expenses* $11,455 $12,513 $12,497 $12,855 $12,633 NOI from continuing operations* $23,910 $27,043 $29,449 $30,820 $31,805 NOI from discontinued operations $360 $303 $51 $ (150) $ (52) Total cap-ex / TI / LC $5,025 $3,771 $5,060 $4,754 $5,997 Expired (square feet)* (2) 605,200 623,878 599,045 618,778 553,187 Retained (square feet)* (2) 457,718 512,078 474,588 518,829 469,921 Retention rate* (2) 75.6% 82.1% 79.2% 83.8% 84.9% 4Q09 1Q10 2Q10 3Q10 4Q10 Same Store Performance* Properties 105 105 105 105 105 Square feet 5,095,567 5,095,567 5,095,567 5,095,567 5,095,567 Investment balance $1,343,327 $1,326,948 $1,318,979 $1,311,236 $1,305,728 Occupancy 91.7% 91.4% 91.4% 91.7% 92.1% Cash revenue $33,182 $33,436 $33,334 $33,805 $34,168 Operating expenses $10,984 $11,818 $11,816 $11,940 $11,509 Cash NOI $22,198 $21,618 $21,518 $21,865 $22,659 2011 2012 2013 2014 2015 Remaining Lease Expirations* Square feet 460,591 586,504 498,004 501,570 507,313 % of total portfolio 5.8% 7.4% 6.3% 6.3% 6.4% * Results and forecasts include month-to-month and holdover leases and exclude mortgages, land, terminations and discontinued operations. Notes: (1) Balance reflected at HCN’s ownership interest in unconsolidated joint venture properties. (2) Amounts represent trailing twelve months from the indicated quarter end.

Portfolio Concentration — Medical Office Buildings Square Feet % of Total By Tenant* Aurora Health Care, Inc. 1,441,588 18.2% Melbourne Internal Medicine Associates 352,839 4.5% Tenet Health Systems 280,012 3.5% Baptist Health System, Inc 161,933 2.0% United HealthCare Services, Inc 160,855 2.0% Remaining Portfolio 5,516,063 69.8% Total 7,913,290 100.0% *Excludes development, mortgages and held-for-sale properties. Committed Committed Balance per Properties Square Feet % of Total Balance ($000s) Square Foot By Region* South Atlantic 50 1,856,560 20.5% $532,808 $287 East North Central 24 1,664,573 18.4% 351,209 211 Pacific 15 1,081,030 11.9% 339,749 314 Middle Atlantic 14 1,072,915 11.9% 278,806 260 Mountain 17 956,044 10.6% 234,933 246 West South Central 17 942,491 10.4% 222,258 236 East South Central 15 799,483 8.8% 147,323 184 West North Central 10 674,071 7.5% 193,051 286 Total 162 9,047,167 100.0% $2,300,137 $254 *Region definitions are derived from U.S. Census Bureau definitions and are itemized in the glossary. Committed Committed Balance per Properties Square Feet % of Total Balance ($000s) Square Foot By State Wisconsin 18 1,441,588 15.9% $302,932 $210 Florida 30 1,256,598 13.9% 401,991 320 Texas 16 897,688 9.9% 210,839 235 New Jersey 6 698,395 7.7% 200,832 288 California 10 687,022 7.6% 201,436 293 Tennessee 8 408,107 4.5% 95,318 234 Arizona 5 338,529 3.7% 89,527 264 Washington 4 330,844 3.7% 111,702 338 Nevada 9 324,992 3.6% 106,722 328 Alabama 5 304,050 3.4% 39,621 130 Remaining portfolio 51 2,359,354 26.1% 539,217 229 Total 162 9,047,167 100.0% $2,300,137 $254 PORTFOLIO 29

PORTFOLIO 30 Portfolio Composition — Life Science Buildings (dollars in thousands; dollar amounts represent HCN’s 49% ownership interest) 1Q10A 2Q10A 3Q10A 4Q10A 1Q11A Total Life Science Performance Properties 6 7 7 7 Average age (years) 10 12 12 12 Square feet 1,062,067 1,188,132 1,188,132 1,188,132 Investment balance $325,925 $352,385 $349,832 $346,562 Occupancy 100.0% 100.0% 100.0% 100.0% Total revenues (1) $3,725 $9,355 $10,401 $10,521 Operating expenses $1,101 $2,716 $3,035 $2,855 NOI $2,624 $6,639 $7,366 $7,666 Depreciation and amortization $775 $2,323 $2,696 $2,720 Interest expense $923 $2,114 $2,362 $2,360 Asset management fee $158 $374 $409 $409 Net income (loss) $768 $1,828 $1,899 $2,177 Total cap-ex / TI / LC $ — $ — $ — $ - Weighted Blended Average Amount Interest Rate Maturity Secured Debt (2) Principal balance $154,002 7.1% 3.2 Square Feet % of Total By Tenant Millennium (Takeda) 628,934 52.9% Alkermes 210,248 17.7% Brigham & Women’s Hospital 125,096 10.5% Ariad Pharmaceuticals 100,361 8.4% Novartis 70,475 5.9% Genzyme 52,518 4.4% Other Tenants 500 0.2% Total (3) 1,188,132 100.0% Notes: (1) Include amortization of below market rents and straight-line rent of $1,150,000 for the three months ended December 31, 2010. (2) Non-recourse debt to HCN, secured by the joint ventures’ assets. (3) Excludes two parking garages consisting of 1,709 spaces included in the Forest City Enterprises joint venture.

Development Activity (dollars in thousands) Beds / Units / CIP Balance 2010 YTD 2010 YTD CIP Balance Projects Square Feet at 12/31/09 Funding Conversions at 12/31/10 Development Properties CCRC — entrance fee 1 288 $99,749 $11,685 $ (111,434) $ - Combination — entrance fee 1 144 49,543 5,447 (54,990) - Combination — rental 12 1,318 79,009 50,603 (91,406) 38,206 Freestanding dementia care 2 109 8,225 6,979 (15,204) - Hospital 4 262 189,416 116,295 (96,829) 208,882 Medical office 7 839,030 21,498 129,561 (65,547) 85,512 Sub-total 27 $447,440 $320,570 $ (435,410) $332,600 Expansion Projects CCRC — entrance fee 4 72 $3,355 $3,386 $ (979) $5,762 Combination — entrance fee 4 132 6,037 7,893 (2,237) 11,693 Hospital 1 31 — 6,738 — 6,738 Sub-total 9 9,392 18,017 (3,216) 24,193 Total 36 $456,832 $338,587 $ (438,626) $356,793 Development Funding Projections * (dollars in thousands) Projected Future Funding Beds / Units / Square Initial 2011 2012 Funding Unfunded Committed Projects Feet Yield Funding Funding Thereafter Commitments Balances Development Properties Combination — rental 7 795 8.7% $96,694 $ — $ — $96,694 $134,900 Hospital 3 202 9.5% 43,893 — - 43,893 252,775 Medical office 4 605,654 8.6% 71,314 33,388 — 104,702 190,214 Total 14 $211,901 $33,388 $ — $245,289 $577,889 Development Project Conversion Estimates* (dollars in thousands) Quarterly Conversions Annual Conversions Projected Initial Projected Initial Amount Cash Yields (1) Amount Cash Yields (1) 1Q10 actual $162,727 7.2% 2010 actual (2) $435,410 8.2% 2Q10 actual (2) 217,014 9.2% 2011 estimate 479,025 9.1% 3Q10 actual 35,492 9.3% 2012 estimate 98,864 8.4% 4Q10 actual 20,177 8.6% 2013 estimate — 0.0% 1Q11 estimate 59,100 8.8% 2014+ estimate — 0.0% 2Q11 estimate 262,275 9.3% Total $1,013,299 3Q11 estimate 28,000 0.0% 4Q11 estimate 129,650 8.6% Total $914,435 Notes: * Excludes expansion projects (1) Actual initial yields may be higher if the underlying market rates increase. (2) Yields exclude project in transition to a new operator at time of development completion. PORTFOLIO 31

PORTFOLIO 32 Unstabilized Properties (dollars in thousands) Acquisitions/ 9/30/10 Construction Expansions/ 12/31/10 Properties Stabilized Conversions Reclassifications Properties Property Type CCRC — entrance fee 3 0 0 0 3 CCRC — rental 3 (1) 0 0 2 Combination — entrance fee 7 0 0 0 7 Combination — rental 22 (5) 1 (2) 16 Freestanding assisted living 2 (1) 0 0 1 Freestanding dementia care 4 0 0 0 4 Freestanding skilled nursing 2 0 0 0 2 Long term acute care hospital 3 0 0 0 3 Acute care hospital 1 0 0 0 1 Total 47 (7) 1 (2) 39 12/31/10 Investment % of Total Properties Beds / Units Balance Investment Property Type CCRC — entrance fee 3 644 $205,145 2.3% CCRC — rental 2 634 153,209 1.7% Combination — entrance fee 7 1,159 321,672 3.6% Combination — rental 16 1,841 304,386 3.4% Freestanding assisted living 1 101 15,516 0.2% Freestanding dementia care 4 228 35,843 0.4% Freestanding skilled nursing 2 240 32,305 0.3% Long term acute care hospital 3 152 42,459 0.5% Acute care hospital 1 60 102,221 1.1% Total 39 5,059 $1,212,756 13.5% 9/30/10 Construction Acquisitions/ Progressions/ 12/31/10 Properties Stabilized Conversions Expansions Reclassification Properties Occupancy 0 — 50% 22 (1) 1 0 (8) 14 50% — 70% 16 (2) 0 0 5 19 70% + 9 (4) 0 0 1 6 Total 47 (7) 1 0 (2) 39 12/31/10 Months In % of Total Investment % of Total Properties Operation Revenues Revenues (1) Balance Investment Occupancy 0 — 50% 14 15 $42,441 5.9% $597,843 6.7% 50% — 70% 19 24 36,889 5.1% 432,710 4.8% 70% + 6 34 13,137 1.8% 182,203 2.0% Total 39 23 $92,467 12.9% $1,212,756 13.5% Notes: (1) Includes annualized revenues as presented on page 13.

Portfolio Trends PORTFOLIO Customer Concentration Trend (1) 45% 43.7% 40% 35% 30% 30.4% 25% 20% 12/31/2007 12/31/2008 12/31/2009 12/31/2010 Property Type Trend (2) 50% 48.8% 40% 30% 24.9% 20% 10% 13.6% 9.0% 0% 3.7% 12/31/2007 12/31/2008 12/31/2009 12/31/2010 Payor Mix Trend (3) 75% 74.1% 60% 45% 30% 13.0% 15% 12.9% 0% 12/31/2006 12/31/2007 12/31/2008 9/30/2010 Notes: Top 10 Top 5 SNH MOB SNF HOS LSB Private Medicaid Medicare (1) Customer concentration trend based on investment balances for the dates presented. (2) Property type trend based on committed investment balances for the dates presented. (3) Payor mix is weighted by investment balance including stable and unstabilized properties but excluding properties under construction. 33

GLOSSARY 34 Age: Current year, less the year built, adjusted for major renovations. Assisted Living: Assisted living facilities are state regulated rental properties that provide the same services as independent living facilities, but also provide supportive care from trained employees to residents who require assistance with activities of daily living, including management of medications, bathing, dressing, toileting, ambulating and eating. CAMF: Coverage after management fees represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. CAMF is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful. Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts paid in cash for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties, 2) second generation tenant improvements and 3) leasing commissions paid to third party leasing agents to secure new tenants. CBMF: Coverage before management fees represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. CBMF is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful. CCRC: Continuing care retirement communities include a combination of detached homes, an independent living facility, an assisted living facility and/or a skilled nursing facility on one campus. Resident payment plans vary, but can include entrance fees, condominium fees and rental fees. Many of these communities also charge monthly maintenance fees in exchange for a living unit, meals and some health services. Combination: A property that offers two or more levels of care (i.e. independent living, assisted living, dementia and skilled nursing), but does not meet the definition of a CCRC. Committed Balance: Represents investment balance plus unfunded construction commitments for which initial funding has commenced. Construction Conversion: Represents completed construction projects that were placed into service and began earning rent. Dementia Care: Certain assisted living facilities may include state licensed settings that specialize in caring for those afflicted with Alzheimer’s disease and/or similar forms of dementia. EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. Management fees are imputed at 5% of revenues for independent living, assisted living, skilled nursing and CCRCs and at 3% for hospitals which the company believes represent typical management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information. EBITDAR is used to calculate CAMF. EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information. EBITDARM is used to calculate CBMF. Entrance Fee: A property where the resident pays a substantial upfront fee and an ongoing monthly service fee for the right to occupy a unit. Typically, a portion of the upfront fee is refundable. Expense per Occupied Unit: Represents the ratio of revenue less EBITDARM to occupied units based on the most recent quarter of available data and excludes properties that are unstabilized, closed, or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely b y tenants/borrowers to calculate expense per occupied unit and has not independently verified the information.

Freestanding: A property that offers one level of service. Hospitals: Hospitals generally include acute care hospitals, inpatient rehabilitation hospitals and long-term acute care hospitals. Acute care hospitals provide a wide range of inpatient and outpatient services, including, but not limited to, surgery, rehabilitation, therapy and clinical laboratories. Long-term acute care hospitals provide inpatient services for patients with complex medical conditions who require more intensive care, monitoring or emergency support than that available in most skilled nursing facilities. Independent Living: Independent living facilities are age-restricted multi-family properties with central dining facilities that provide residents access to meals and other services such as housekeeping, linen service, transportation and social and recreational activities. Initial Cash Yield: Represents annualized contractual or projected income to be received in cash at date of investment divided by investment amount. Investment Amount: Acquisitions — Represents purchase price excluding accounting adjustments pursuant to U.S. GAAP. New loans — Represents face amount of new loan. Construction conversion — Represents book balance converted from CIP to real property upon completion. Capital improvements to existing properties — Represents cash funded to tenants under an existing lease agreement. Loan advances — Represents cash funded to operators under an existing loan agreement. Investment Balance: Represents net book value of real estate investments or the company’s interest in unconsolidated joint ventures as reflected on the company’s balance sheet. Life Science: Life science buildings are laboratory and office facilities, often located near universities, specifically constructed and designed for use by biotechnology and pharmaceutical companies. Medical Office: Medical office buildings are office and clinic facilities, often located near hospitals or on hospital campuses, specifically constructed and designed for use by physicians and other health care personnel to provide services to their patients. They may also include ambulatory surgery centers that are used for general or specialty surgical procedures not requiring an overnight stay in a hospital. Medical office buildings typically contain sole and group physician practices and may provide laboratory and other patient services. Metropolitan Statistical Area: Metropolitan statistical areas are geographic entities defined by the U.S. Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating and publishing Federal statistics. The NIC MAP™ Data and Analysis Service provides revenue, supply and demographic information for the IL/CCRC, assisted living, and skilled nursing service types and commonly aggregates the information for the top 31, top 75 and top 100 MSAs. The company provides investment balance information in the same categories as another measure of geographic concentration. Occupancy: Medical office occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Off Campus: Properties that are neither on campus nor off campus affiliated. Off Campus-Affiliated: Properties not on campus are considered affiliated with a hospital or health system if one or more of the following conditions are met: 1) a ground lease is maintained with a hospital or system entity; 2) a master lease is maintained with a hos pital or system entity; 3) significant square footage is leased to a hospital or system entity; or 4) the property includes an ambulatory surgery center with a hospital partnership interest. GLOSSARY 35

GLOSSARY 36 On Campus: Properties are considered on campus if one or more of the following criteria are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; or 3) the building is physically connected to the hospital regardless of the land ownership structure. Region Definitions: Eight divisions as established by the Census Bureau. New England — Connecticut , Maine , Massachusetts, New Hampshire, Rhode Island, Vermont. Middle Atlantic — New Jersey, New York, Pennsylvania. East North Central — Indiana, Illinois, Michigan, Ohio, Wisconsin. West North Central — Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota. South Atlantic — Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia. East South Central — Alabama, Kentucky, Mississippi, Tennessee. West South Central — Arkansas, Louisiana, Oklahoma, Texas. Mountain — Arizona, Colorado, Idaho, New Mexico, Montana, Utah, Nevada, Wyoming. Pacific — Alaska, California, Hawaii, Oregon, Washington. Renewal Rate: The ratio of total square feet expiring and available for lease to total renewed square feet. Renewed Square Feet: Square feet expiring during the reporting period upon which a lease is executed by the current occupant. Rental: A property where the resident pays a monthly market rate for the level of care provided, but is not required to pay a substantial upfront fee. Revenue per Occupied Unit: Represents the ratio of total revenue to occupied units based on the most recent quarter of available data and excludes properties that are unstabilized, closed, or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate revenue per occupied unit and has not independently verified the information. Same Store: For the medical office building portfolio, same store is defined as those properties owned for the entire previous five quarters. Properties acquired, developed or classified in discontinued operations are excluded from the same store amounts. For all other property types, same store is defined as those properties in the stable portfolio for the 24 months preceding the end of the portfolio performance reporting period, unless otherwise noted. Excludes senior housing — operating portfolio. Senior Housing: Includes freestanding independent living, assisted living or dementia care properties as well as combination properties with multiple service levels on one campus. May also include CCRCs or properties that require an entrance fee. Skilled Nursing: Skilled nursing facilities are licensed daily rate or rental properties where the majority of individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement. Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards. Stable: Generally, a property is considered stable (versus unstabilized or under development) when it has achieved payment CAMF of 1.10x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Entrance fee communities are considered stable after achieving aggregate property occupancy of 80% or more. Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization. Yield on Sale: Represents annualized contractual income that was being received in cash at date of disposition divided by disposition cash proceeds.

The company believes that net income attributable 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 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 certain items detailed on page 13. FAD represents FFO excluding net straight-line rental adjustments, amortization related to above/below market leases and amortization of non-cash interest expenses and less cash used to fund capital expenditures, tenant improvements and lease commissions at medical office buildings. Normalized FAD represents FAD excluding prepaid/straight-line rent cash receipts and adjusted for certain items detailed on page 13. The company believes that normalized FFO and normalized FAD are useful supplemental measures of operating performance because investors and equity analysts may use these measures to compare the operating performance of the company between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. EBITDA stands for earnings before interest, taxes, depreciation and amortization. A covenant in our line of credit arrangement contains a financial ratio based on a definition of EBITDA that is specific to that agreement. Failure to satisfy this covenant could result in an event of default that could have a material adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. Due to the materiality of this debt agreement and the financial covenant, we have disclosed Adjusted EBITDA, which represents EBITDA as defined above and adjusted for stock-based compensation expense, provision for loan losses and gain/loss on extinguishment of debt. We use Adjusted EBITDA to measure our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges on a trailing twelve months basis. Fixed charges include total interest (excluding capitalized interest and non-cash interest expenses), secured debt principal amortization and preferred dividends. Our covenant requires an adjusted fixed charge ratio of at least 1.75 times. Net operating income (NOI) is used to evaluate the operating performance of the company’s properties. 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 the company’s properties at the property level on an unleveraged ba sis. The company uses NOI to make decisions about resource allocations and to assess the property level performance of our properties. Other than Adjusted EBITDA, the company’s supplemental reporting measures and similarly entitled financial measures 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, these measures are utilized by the Board of Directors to evaluate management. Adjusted EBITDA is used solely to determine our compliance with a financial covenant of our line of credit arrangement and is not being presented for use by investors for any other purpose. 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. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding. SUPPLEMENTALREPORTINGMEASURES 37

HEALTH CARE REIT, INC. 4500 Dorr Street Toledo, OH 43615-4040 419.247.2800 main 419.247.2826 fax www.hcreit.com