TOLEDO, Ohio--(BUSINESS WIRE)--Jan. 9, 2007--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $163.3 million of gross investments during the fourth quarter of 2006, excluding the assets acquired as a result of the merger with Windrose Medical Properties Trust. During the quarter, the company had asset sales and loan payoffs of $75.4 million, resulting in net new investments for the quarter of $87.9 million. For the year ended December 31, 2006, the company completed $559.1 million of gross investments, offset by $140.8 million of asset sales and loan payoffs, resulting in net new investments for the year of $418.3 million. The following is a summary of the company's gross investment activities (dollars in thousands):

                     Current Quarter              Year-To-Date
               --------------------------- ---------------------------
                          Beds/                       Beds/
               Facilities Units   Amount   Facilities Units   Amount
               ---------- ------ --------- ---------- ------ ---------

Real property
 acquisitions:
 Independent/
  CCRC                 3    220   $31,080          5    566   $56,417
 Assisted
  living               4    247    46,950          8    508    77,600
 Skilled
  nursing              2    300     7,473         18  2,239   148,955
 Land parcels                       6,976                      10,250
               ---------- ------ --------- ---------- ------ ---------
 Total
  acquisitions         9    767    92,479         31  3,313   293,222

Construction in
 progress
 advances:
 Independent/
  CCRC                 9  1,031    25,760          9  1,031    58,310
 Assisted
  living              17  1,230    15,739         17  1,230    69,218
 Skilled
  nursing              4    338     4,752          4    338    20,270
 Specialty care        2    110     1,149          2    110     6,464
               ---------- ------ --------- ---------- ------ ---------
 Total CIP
  advances            32  2,709    47,400         32  2,709   154,262

Capital
 improvements
 to existing
 properties                         6,015                      17,680
Loan advances                      17,364                      93,909
                                 ---------                   ---------
Gross
 investments                     $163,258                    $559,073
                                 =========                   =========

As previously announced, the company completed the merger with Windrose on December 20, 2006 for an estimated purchase price of $924.5 million, excluding purchase price accounting adjustments. Under the terms of the merger agreement, each outstanding common share of beneficial interest of Windrose was exchanged for 0.4509 shares of Health Care REIT common stock. Approximately 9.7 million common shares were issued, having a value of $396.8 million based on the company's closing price of $41.00 on December 19, 2006. As a part of that transaction, the company also issued 2.1 million shares of Health Care REIT's 7.5% Series G Cumulative Convertible Preferred Stock to the holders of Windrose's 7.5% Series A Cumulative Convertible Preferred Shares, having a value of $52.5 million. In addition, Health Care REIT assumed, repaid or defeased approximately $475.2 million of Windrose's outstanding debt.

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a self-administered, equity real estate investment trust that invests across the full spectrum of senior housing and health care real estate, including independent living/continuing care retirement communities, assisted living facilities, skilled nursing facilities, hospitals, long-term acute care hospitals and medical office buildings. Founded in 1970, the company was the first real estate investment trust to invest exclusively in health care facilities. Through the Windrose Medical Properties Division, the company has added property management capabilities and expanded the company's expertise in the medical office and hospital sectors. With the addition of the HADC Division, the company offers project management, facility planning and property development services. As of December 31, 2006, the company's broadly diversified portfolio comprised more than 550 properties in 37 states. 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. 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 reflect our current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks and uncertainties. Health Care REIT 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.

CONTACT: Health Care REIT, Inc.
Scott Estes or Mike Crabtree, 419-247-2800

SOURCE: Health Care REIT, Inc.