Exhibit 99.1

FOR IMMEDIATE RELEASE

July 19, 2005

For more information contact:

Ray Braun - (419) 247-2800

Mike Crabtree - (419) 247-2800

Scott Estes - (419) 247-2800

Health Care REIT, Inc.
Reports Second Quarter Results

Toledo, Ohio, July 19, 2005........Health Care REIT, Inc. (NYSE/HCN) announced today operating results for its second quarter ended June 30, 2005.

“We were pleased with another successful quarter of investment and capital activity. We completed over $187 million of quality long-term care investments,” commented George L. Chapman, chief executive officer of Health Care REIT, Inc. “In addition, we enhanced our financial flexibility by increasing our revolving lines of credit to $540 million and lowered our cost of capital. We also substantially eliminated near-term refinancing risk through the issuance of $250 million of favorably priced senior unsecured notes.”

The Board of Directors declared a dividend for the quarter ended June 30, 2005 of $0.62 per share as compared to $0.60 per share for the same period in 2004. The dividend represents the 137^th consecutive dividend payment. The dividend will be payable August 22, 2005 to stockholders of record on July 29, 2005.

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

	Three Months Ended			Three Months Ended
	June 30, 2005			June 30, 2004
Revenues	$	68,607		$	58,901
Net Income Available to Common Stockholders	($	1,606	)	$	19,207
Funds From Operations	$	19,427		$	35,760
Funds From Operations - Adjusted (1)	$	37,875		$	35,760
Funds Available for Distribution	$	18,251		$	33,291
Funds Available for Distribution - Adjusted (1)	$	36,699		$	33,291
Net Income Per Diluted Share	($	0.03	)	$	0.37
FFO Per Diluted Share	$	0.36		$	0.69
FFO Per Diluted Share - Adjusted (1)	$	0.70		$	0.69
FAD Per Diluted Share	$	0.34		$	0.64
FAD Per Diluted Share - Adjusted (1)	$	0.68		$	0.64
Dividend Per Share	$	0.62		$	0.60
FFO Payout Ratio		172	%		87	%
FFO Payout Ratio - Adjusted (1)		89	%		87	%
FAD Payout Ratio		182	%		94	%
FAD Payout Ratio - Adjusted (1)		91	%		94	%

⁽¹⁾  Adjusted for loss on extinguishment of debt in 2Q05.

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2Q05 Earnings Release July 19, 2005

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

	Six Months Ended			Six Months Ended
	June 30, 2005			June 30, 2004
Revenues	$	136,987		$	118,547
Net Income Available to Common Stockholders	$	16,198		$	37,862
Funds From Operations	$	57,738		$	71,550
Funds From Operations - Adjusted (1)	$	76,186		$	71,550
Funds Available for Distribution	$	53,706		$	62,417
Funds Available for Distribution - Adjusted (1)	$	72,154		$	62,417
Net Income Per Diluted Share	$	0.30		$	0.73
FFO Per Diluted Share	$	1.08		$	1.39
FFO Per Diluted Share - Adjusted (1)	$	1.42		$	1.39
FAD Per Diluted Share	$	1.00		$	1.21
FAD Per Diluted Share - Adjusted (1)	$	1.35		$	1.21
Dividend Per Share	$	1.22		$	1.185
FFO Payout Ratio		113	%		85	%
FFO Payout Ratio - Adjusted (1)		86	%		85	%
FAD Payout Ratio		122	%		98	%
FAD Payout Ratio - Adjusted (1)		90	%		98	%

⁽¹⁾ Adjusted for loss on extinguishment of debt in 2Q05.

The company had a total outstanding debt balance of $1.4 billion at June 30, 2005, as compared with $1.0 billion at June 30, 2004, and stockholders’ equity of $1.3 billion. At June 30, 2005, the company’s debt to total book capitalization ratio was 51% and the debt to total market capitalization ratio was 37%. For the six months ended June 30, 2005, the company’s coverage ratio of EBITDA to interest was 3.26 to 1.00 and the coverage ratio of EBITDA to fixed charges was 2.57 to 1.00, after adjusting for the one-time debt extinguishment charge of $18.4 million in the second quarter.

Straight-line Rent. The company recorded $1.2 million and $4.0 million of straight-line rent for the three and six months ended June 30, 2005. Straight-line rent is net of $2.4 million and $3.2 million in cash payments outside normal monthly rental payments for the three and six month periods, respectively.

Outlook for 2005. As previously announced, the company revised its 2005 net investment guidance to a range of $100 to $200 million from the previous guidance of $200 million. The revision in net investment guidance is due to an increase in anticipated dispositions pursuant to our active asset management program to a range of approximately $50 to $200 million during the remainder of the year. The new investments will primarily comprise leases that will not require rents to be straight-lined. Due to the one-time debt extinguishment charge, the company now expects to report net income available to common stockholders in the range of $1.05 to $1.13 per diluted share. Excluding the loss on extinguishment of debt, the company is reaffirming its guidance for 2005 FFO in the range of $2.90 to $2.98 per diluted share. The company now expects to record straight-line rent of approximately $10 million for the full year 2005, before any additional cash payments outside normal monthly rental payments, and is increasing its 2005 FAD guidance to a range of $2.72 to $2.80 from $2.66 to $2.74 per diluted share. The company continues to anticipate that general and administrative expenses will total between $17.5 million and $18.5 million for the full year 2005.

The company’s guidance does not account for any impairments or unanticipated additions to the loan loss reserve. Additionally, the company plans to manage itself to maintain investment grade status with a capital

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2Q05 Earnings Release July 19, 2005

structure consistent with its current profile. Please see Exhibit 15 for a reconciliation of the outlook for net income to FFO and FAD.

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

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

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

FFO, FAD and EBITDA are financial measures that are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. The company’s management uses these financial measures to facilitate internal and external comparisons to historical operating results, in making operating decisions and for budget planning purposes. Additionally, FFO and FAD are internal evaluation metrics utilized by the Board of Directors to evaluate management. FFO, FAD and EBITDA do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, FFO, FAD and EBITDA, as defined by the company, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see Exhibits 13, 14 and 16 for reconciliations of FAD, FFO and EBITDA to net income.

Conference Call Information. The company has scheduled a conference call on July 20, 2005, at 9:00 a.m. Eastern time to discuss its second quarter results, industry trends, portfolio performance and outlook for 2005. To participate on the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same Web sites. This earnings release is posted on the company’s Web site under the heading Press Releases.

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2Q05 Earnings Release July 19, 2005

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests primarily in skilled nursing and assisted living facilities. At June 30, 2005, the company had investments in 426 facilities in 37 states with 51 operators and had total assets of approximately $2.7 billion. The portfolio included 234 assisted living facilities, 179 skilled nursing facilities and 13 specialty care facilities. More information is available on the Internet at www.hcreit.com.

This document may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern and are based upon, among other things, the possible expansion of the company’s portfolio; the performance of its operators and properties; its ability to make distributions; its policies and plans regarding investments, financings and other matters; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to meet its earnings guidance. When the company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; current serious issues facing the health care industry, including compliance with, and changes to, regulations and payment policies and operators’ difficulty in obtaining and maintaining adequate liability and other insurance and competition within the health care and senior housing industries; as well as possible future developments, including, but not limited to: changes in financing terms available to the company; changes in federal, state and local legislation; negative developments in the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; changes in the company’s ability to transition or sell facilities with a profitable result; inaccuracies in any of the company’s assumptions; and changes in rules or practices governing the company’s financial reporting. Finally, the company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

FINANCIAL SCHEDULES FOLLOW

#####

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2Q05 Earnings Release July 19, 2005

HEALTH CARE REIT, INC.
Financial Supplement

CONSOLIDATED BALANCE SHEETS (unaudited)

(In thousands)

	June 30
	2005			2004
Assets
Real estate investments:
Real property owned
Land	$	228,077		$	176,862
Buildings & improvements		2,420,555			1,812,116
Construction in progress		449			20,899
		2,649,081			2,009,877
Less accumulated depreciation		(257,543	)		(182,034	)
Total real property owned		2,391,538			1,827,843
Loans receivable
Real property loans		221,549			216,003
Subdebt investments		22,620			45,023
		244,169			261,026
Less allowance for losses on loans receivable		(5,861	)		(8,425	)
		238,308			252,601
Net real estate investments		2,629,846			2,080,444
Other assets:
Equity investments		3,298			3,298
Deferred loan expenses		9,172			8,955
Cash and cash equivalents		15,067			33,990
Receivables and other assets		82,556			64,894
		110,093			111,137
Total assets	$	2,739,939		$	2,191,581
Liabilities and stockholders’ equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	318,000		$	41,000
Senior unsecured notes		894,830			825,000
Secured debt		168,790			146,936
Accrued expenses and other liabilities		44,354			17,560
Total liabilities		1,425,974			1,030,496
Stockholders’ equity:
Preferred stock		283,751			116,859
Common stock		53,772			51,546
Capital in excess of par value		1,166,234			1,106,155
Treasury stock		(1,766	)		(850	)
Cumulative net income		772,887			702,800
Cumulative dividends		(960,850	)		(814,068	)
Accumulated other comprehensive income		1			1
Other equity		(64	)		(1,358	)
Total stockholders’ equity		1,313,965			1,161,085
Total liabilities and stockholders’ equity	$	2,739,939		$	2,191,581

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2Q05 Earnings Release July 19, 2005

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except per share data)

	Three Months Ended					Six Months Ended
	June 30					June 30
	2005			2004		2005			2004
Revenues:
Rental income	$	62,791		$	52,413	$	124,765		$	105,632
Interest income		5,269			5,923		10,252			11,636
Transaction fees and other income		547			565		1,970			1,279
Gross revenues		68,607			58,901		136,987			118,547
Expenses:
Interest expense		19,984			17,104		39,579			35,245
Provision for depreciation		21,000			17,166		41,271			33,673
General and administrative		4,337			3,560		8,355			6,719
Loan expense		673			872		1,535			1,763
Loss on extinguishment of debt		18,448			0		18,448			0
Provision for loan losses		300			300		600			600
Total expenses		64,742			39,002		109,788			78,000
Income from continuing operations		3,865			19,899		27,199			40,547
Discontinued operations:
Gain (loss) on sales of properties		(24	)		1,129		(134	)		1,129
Income (loss) from discontinued operations, net		(11	)		401		5			678
		(35	)		1,530		(129	)		1,807
Net income		3,830			21,429		27,070			42,354
Preferred dividends		5,436			2,222		10,872			4,492
Net income (loss) available to common stockholders	$	(1,606	)	$	19,207	$	16,198		$	37,862
Average number of common shares outstanding:
Basic		53,429			51,232		53,207			50,919
Diluted		53,429			51,828		53,616			51,577
Net income (loss) available to common stockholders per share:
Basic	$	(0.03	)	$	0.37	$	0.30		$	0.74
Diluted		(0.03	)		0.37		0.30			0.73
Dividends per share	$	0.62		$	0.60	$	1.22		$	1.185

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2Q05 Earnings Release July 19, 2005

HEALTH CARE REIT, INC.
Financial Supplement – June 30, 2005

Portfolio Composition ($000’s) Exhibit 1

Balance Sheet Data	# Properties		# Beds/Units		Balance		% Balance
Real Property		405		38,959	$	2,391,538		91	%
Loans Receivable (1)		21		2,520		221,549		8	%
Subdebt Investments		0		0		22,620		1	%
Total Investments		426		41,479	$	2,635,707		100	%

Investment Data	# Properties		# Beds/Units		Investment (2)		% Investment
Assisted Living Facilities		234		15,707	$	1,333,583		51	%
Skilled Nursing Facilities		179		24,505		1,097,372		42	%
Specialty Care Facilities		13		1,267		207,202		7	%
Real Estate Investments		426		41,479	$	2,638,157		100	%

Notes: (1) Includes $35,558,000 of loans on non-accrual.

(2) Real Estate Investments include gross real estate investments and credit enhancements which amounted to $2,635,707,000 and $2,450,000, respectively.

Revenue Composition ($000’s) Exhibit 2

	Three Months Ended				Six Months Ended
	June 30, 2005				June 30, 2005
Revenue by Investment Type (1)
Real Property	$	63,249	92	%	$	126,638	92	%
Loans Receivable		4,879	7	%		9,141	7	%
Subdebt Investments		479	1	%		1,400	1	%
Total	$	68,607	100	%	$	137,179	100	%
Revenue by Facility Type (1)
Assisted Living Facilities	$	36,971	54	%	$	73,099	53	%
Skilled Nursing Facilities		27,794	41	%		55,747	41	%
Specialty Care Facilities		3,842	5	%		8,333	6	%
Total	$	68,607	100	%	$	137,179	100	%

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

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2Q05 Earnings Release July 19, 2005

Operator Concentration ($000’s) Exhibit 3

Concentration by Investment	# Properties		Investment		% Investment
Emeritus Corporation		49	$	358,530		14	%
Southern Assisted Living, Inc.		43		198,776		8	%
Commonwealth Communities Management LLC		13		194,639		7	%
Delta Health Group, Inc.		25		175,638		7	%
Home Quality Management, Inc.		32		173,519		7	%
Remaining operators (46)		264		1,537,055		57	%
Total		426	$	2,638,157		100	%

Geographic Concentration ($000’s) Exhibit 4

Concentration by Region	# Properties		Investment		% Investment
South		267	$	1,445,308		55	%
Northeast		62		530,366		20	%
West		50		307,975		12	%
Midwest		47		354,508		13	%
Total		426	$	2,638,157		100	%

Concentration by State	# Properties		Investment		% Investment
Florida		61	$	385,089		15	%
Massachusetts		36		356,572		14	%
Texas		49		228,788		9	%
North Carolina		42		195,006		7	%
Ohio		19		162,698		6	%
Remaining States (32)		219		1,310,004		49	%
Total		426	$	2,638,157		100	%

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2Q05 Earnings Release July 19, 2005

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

					Committed		Investment
	# Properties		# Beds/Units		Balance (1)		per Bed/Unit
Assisted Living Facilities		234		15,707	$	1,335,329	$	85,015
Skilled Nursing Facilities		179		24,505		1,097,372		44,782
Specialty Care Facilities		13		1,267		207,202		163,537
Total		426		41,479	$	2,639,903	-na-

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

Selected Facility Data Exhibit 6

													Coverage Data
				% Payor Mix									Before		After
	Census			Private			Medicare			Medicaid			Mgt. Fees		Mgt. Fees
Assisted Living Facilities		88	%		85	%		0	%		15	%		1.49x		1.27x
Skilled Nursing Facilities		86	%		15	%		17	%		68	%		2.18x		1.65x
Specialty Care Facilities		66	%		29	%		40	%		31	%		3.46x		2.82x
							Weighted Averages							1.90x		1.52x

Notes: Data as of March 31, 2005

Credit Support ($000’s) Exhibit 7

	Balance		% Investment
Cross Defaulted	$	2,550,797	97% of gross real estate investments
Cross Collateralized		192,415	87% of real property loans receivable
Master Leases		2,044,740	85% of real property owned

Current Capitalization ($000’s except share price)					Leverage & Performance Ratios
	Balance		% Balance
Borrowings Under Bank Lines	$	318,000	12	%	Debt/Total Book Cap	51%
Long-Term Debt Obligations		1,063,620	39	%	Debt/Undepreciated Book Cap	47%
Stockholders’ Equity		1,313,965	49	%	Debt/Total Market Cap	37%
Total Book Capitalization	$	2,695,585	100	%
					Interest Coverage	2.35x 2nd Qtr.
Common Shares Outstanding (000’s)		53,888				2.80x YTD
Period-End Share Price	$	37.69			Interest Coverage	3.26x 2nd Qtr.
Common Stock Market Value	$	2,031,039	55	%	- adjusted	3.26x YTD
Preferred Stock		283,751	8	%	Fixed Charge Coverage	1.85x 2nd Qtr.
Borrowings Under Bank Lines		318,000	8	%		2.20x YTD
Long-Term Debt Obligations		1,063,620	29	%	Fixed ChargeCoverage	2.57x 2nd Qtr.
Total Market Capitalization	$	3,696,410	100	%	- adjusted	2.57x YTD

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2Q05 Earnings Release July 19, 2005

Revenue Maturities ($000’s) Exhibit 8

Operating Lease Expirations & Loan Maturities

	Current Lease		Current Interest		Lease and
Year	Revenue (1)		Revenue (1)		Interest Revenue		% of Total
2005	$	0	$	653	$	653		0	%
2006		0		1,686		1,686		1	%
2007		0		1,443		1,443		0	%
2008		0		3,482		3,482		1	%
2009		6,448		2,025		8,473		3	%
Thereafter		265,044		9,859		274,903		95	%
Total	$	271,492	$	19,148	$	290,640		100	%

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

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

Year	Lines of Credit (1)		Senior Notes		Secured Debt		Total
2005	$	0	$	0	$	1,674	$	1,674
2006		40,000		0		3,294		43,294
2007		0		52,500		15,285		67,785
2008		500,000		42,330		10,529		552,859
2009		0		0		34,068		34,068
2010		0		0		8,902		8,902
2011		0		0		20,668		20,668
Thereafter		0		800,000		74,370		874,370
Total	$	540,000 $		894,830	$	168,790	$	1,603,620

Notes: (1) Reflected at 100% capacity.

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2Q05 Earnings Release July 19, 2005

Investment Activity ($000’s) Exhibit 10

	Three Months Ended				Six Months Ended
	June 30, 2005				June 30, 2005
Funding by Investment Type
Real Property	$	180,524	96	%	$	231,510	92	%
Loans Receivable		6,578	4	%		19,098	8	%
Subdebt Investments			0	%			0	%
Total	$	187,102	100	%	$	250,608	100	%
Funding by Facility Type
Assisted Living Facilities	$	8,608	5	%	$	58,448	23	%
Skilled Nursing Facilities		154,997	83	%		160,129	64	%
Specialty Care Facilities		23,497	12	%		32,031	13	%
Total	$	187,102	100	%	$	250,608	100	%

Disposition Activity ($000’s) Exhibit 11

	Three Months Ended				Six Months Ended
	June 30, 2005				June 30, 2005
Dispositions by Investment Type
Real Property	$	736	15	%	$	10,034	30	%
Loans Receivable		4,027	85	%		4,027	12	%
Subdebt Investments			0	%		19,467	58	%
Total	$	4,763	100	%	$	33,528	100	%
Dispositions by Facility Type
Assisted Living Facilities	$	4,763	100	%	$	32,549	97	%
Skilled Nursing Facilities			0	%			0	%
Specialty Care Facilities			0	%		979	3	%
Total	$	4,763	100	%	$	33,528	100	%

Discontinued Operations ($000’s) Exhibit 12

	Three Months Ended					Six Months Ended
	June 30					June 30
	2005			2004		2005		2004
Revenues
Rental income	$	0		$	1,179	$	192	$	2,495
Expenses
Interest expense		2			262		52		673
Provision for depreciation		9			516		135		1,144
Income (loss) from discontinued operations, net	$	(11	)	$	401	$	5	$	678

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2Q05 Earnings Release July 19, 2005

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

	Three Months Ended						Six Months Ended
	June 30						June 30
	2005			2004			2005			2004
Net income (loss) available to common stockholders	$	(1,606	)	$	19,207		$	16,198		$	37,862
Provision for depreciation (1)		21,009			17,682			41,406			34,817
Loss (gain) on sales of properties		24			(1,129	)		134			(1,129	)
Prepayment fees		0			0			0			0
Rental income in excess of cash received		(1,176	)		(2,469	)		(4,032	)		(9,133	)
Funds available for distribution		18,251			33,291			53,706			62,417
Loss on extinguishment of debt		18,448			0			18,448			0
Funds available for distribution - adjusted		36,699			33,291			72,154			62,417
Non-recurring rental cash payments		(2,360	)		(2,385	)		(3,212	)		(2,986	)
Funds available for distribution - recurring	$	34,339		$	30,906		$	68,942		$	59,431
Average common shares outstanding:
Basic		53,429			51,232			53,207			50,919
Diluted - for net income (loss) purposes		53,429			51,828			53,616			51,577
Diluted - for FAD purposes		53,765			51,828			53,616			51,577
Per share data:
Net income (loss) available to common stockholders
Basic	$	(0.03	)	$	0.37		$	0.30		$	0.74
Diluted		(0.03	)		0.37			0.30			0.73
Funds available for distribution
Basic	$	0.34		$	0.65		$	1.01		$	1.23
Diluted		0.34			0.64			1.00			1.21
Funds available for distribution - adjusted
Basic	$	0.69		$	0.65		$	1.36		$	1.23
Diluted		0.68			0.64			1.35			1.21
Funds available for distribution - recurring
Basic	$	0.64		$	0.60		$	1.30		$	1.17
Diluted		0.64			0.60			1.29			1.15
FAD Payout Ratio
Dividends per share	$	0.62		$	0.60		$	1.22		$	1.185
FAD per diluted share	$	0.34		$	0.64		$	1.00		$	1.21
FAD payout ratio		182	%		94	%		122	%		98	%
FAD Payout Ratio - Adjusted
Dividends per share	$	0.62		$	0.60		$	1.22		$	1.185
FAD per diluted share - adjusted	$	0.68		$	0.64		$	1.35		$	1.21
FAD payout ratio - adjusted		91	%		94	%		90	%		98	%
FAD Payout Ratio - Recurring
Dividends per share	$	0.62		$	0.60		$	1.22		$	1.185
FAD per diluted share - recurring	$	0.64		$	0.60		$	1.29		$	1.15
FAD payout ratio - recurring		97	%		100	%		95	%		103	%

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

Page 12 of 15

2Q05 Earnings Release July 19, 2005

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

	Three Months Ended						Six Months Ended
	June 30						June 30
	2005			2004			2005			2004
Net income (loss) available to common stockholders	$	(1,606	)	$	19,207		$	16,198		$	37,862
Provision for depreciation (1)		21,009			17,682			41,406			34,817
Loss (gain) on sales of properties		24			(1,129	)		134			(1,129	)
Funds from operations		19,427			35,760			57,738			71,550
Loss on extinguishment of debt		18,448			0			18,448			0
Funds from operations - adjusted	$	37,875		$	35,760		$	76,186		$	71,550
Average common shares outstanding:
Basic		53,429			51,232			53,207			50,919
Diluted - for net income (loss) purposes		53,429			51,828			53,616			51,577
Diluted - for FFO purposes		53,765			51,828			53,616			51,577
Per share data:
Net income (loss) available to common stockholders
Basic	$	(0.03	)	$	0.37		$	0.30		$	0.74
Diluted		(0.03	)		0.37			0.30			0.73
Funds from operations
Basic	$	0.36		$	0.70		$	1.09		$	1.41
Diluted		0.36			0.69			1.08			1.39
Funds from operations - adjusted
Basic	$	0.71		$	0.70		$	1.43		$	1.41
Diluted		0.70			0.69			1.42			1.39
FFO Payout Ratio
Dividends per share	$	0.62		$	0.60		$	1.22		$	1.185
FFO per diluted share	$	0.36		$	0.69		$	1.08		$	1.39
FFO payout ratio		172	%		87	%		113	%		85	%
FFO Payout Ratio - Adjusted
Dividends per share	$	0.62		$	0.60		$	1.22		$	1.185
FFO per diluted share - adjusted	$	0.70		$	0.69		$	1.42		$	1.39
FFO payout ratio - adjusted		89	%		87	%		86	%		85	%

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

Page 13 of 15

2Q05 Earnings Release July 19, 2005

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

	Year Ended
	December 31, 2005
	Low			High
Net income available to common stockholders	$	57,918		$	62,318
Loss (gain) on sales of properties		134			134
Provision for depreciation (1)		83,000			83,000
Funds from operations		141,052			145,452
Loss on extinguishment of debt		18,448			18,448
Funds from operations - adjusted		159,500			163,900
Rental income in excess of cash received		(10,000	)		(10,000	)
Funds available for distribution - adjusted	$	149,500		$	153,900
Average common shares outstanding (diluted)		55,000			55,000
Per share data (diluted):
Net income available to common stockholders	$	1.05		$	1.13
Funds from operations		2.56			2.64
Funds from operations - adjusted		2.90			2.98
Funds available for distribution - adjusted		2.72			2.80

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

Page 14 of 15

2Q05 Earnings Release July 19, 2005

EBITDA Reconciliation ($000’s) Exhibit 16

	Three Months Ended						Six Months Ended
	June 30						June 30
	2005			2004			2005			2004
Net income	$	3,830		$	21,429		$	27,070		$	42,354
Provision for depreciation (1)		21,009			17,682			41,406			34,817
Interest expense (1)		19,986			17,366			39,631			35,918
Capitalized interest		348			199			614			336
Amortization (2)		2,314			1,092			3,356			2,210
Provision for loan losses		300			300			600			600
EBITDA		47,787			58,068			112,677			116,235
Loss on extinguishment of debt		18,448			0			18,448			0
EBITDA - adjusted	$	66,235		$	58,068		$	131,125		$	116,235
Interest Coverage Ratio
Interest expense (1)	$	19,986		$	17,366		$	39,631		$	35,918
Capitalized interest		348			199			614			336
Total interest		20,334			17,565			40,245			36,254
EBITDA	$	47,787		$	58,068		$	112,677		$	116,235
Interest coverage ratio		2.35	x		3.31	x		2.80	x		3.21	x
EBITDA - adjusted	$	66,235		$	58,068		$	131,125		$	116,235
Interest coverage ratio - adjusted		3.26	x		3.31	x		3.26	x		3.21	x
Fixed Charge Coverage Ratio
Total interest (1)	$	20,334		$	17,565		$	40,245		$	36,254
Preferred dividends		5,436			2,222			10,872			4,492
Total fixed charges		25,770			19,787			51,117			40,746
EBITDA	$	47,787		$	58,068		$	112,677		$	116,235
Fixed charge coverage ratio		1.85	x		2.93	x		2.20	x		2.85	x
EBITDA - adjusted	$	66,235		$	58,068		$	131,125		$	116,235
Fixed charge coverage ratio - adjusted		2.57	x		2.93	x		2.57	x		2.85	x

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

Page 15 of 15