TOLEDO, Ohio, Jul 26, 2006 (BUSINESS WIRE) -- Health Care REIT, Inc. (NYSE:HCN) announced today that it has closed an expanded $700 million unsecured revolving credit facility, replacing the company's existing $500 million facility scheduled to mature June 2008. The credit facility was arranged by KeyBank National Association as Lead Arranger and Administrative Agent and Deutsche Bank Securities Inc. as Lead Arranger and Syndication Agent. UBS Securities LLC, Bank of America, N. A. and JPMorgan Chase Bank, N. A. were the Documentation Agents.

Highlights of the new credit facility include:

-- Increased financial flexibility and borrowing capacity.

-- Extension of the agreement to July 2009, with the ability to extend for an additional year at the company's option.

-- Addition of two lenders to the bank group and commitment increases by eight of the ten existing lenders.

"We are appreciative of the support and additional commitments provided by our enhanced bank group," stated George L. Chapman, chairman and chief executive officer. "We will benefit from the increased flexibility of our new facility going forward as we strive to maintain our successful growth strategy and corollary capital plan."

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care and senior housing properties. At June 30, 2006, the company had investments in 464 facilities in 37 states with 57 operators and had total assets of approximately $3.1 billion. The portfolio included 35 independent living/continuing care retirement communities, 203 assisted living facilities, 213 skilled nursing facilities and 13 specialty care facilities. More information is available on the Internet at www.hcreit.com.

This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern and are based upon, among other things, the possible expansion of the company's portfolio; the sale of properties; the performance of its operators and properties; its ability to enter into agreements with new viable tenants for properties that the company takes back from financially troubled tenants, if any; its ability to make distributions; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to meet its earnings guidance. When the company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company's expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies and operators' difficulty in obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and senior housing industries; negative developments in the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; the company's ability to transition or sell facilities with a profitable result; the failure of closings to occur as and when anticipated; acts of God affecting the company's properties; the company's ability to reinvest sale proceeds at similar rates to assets sold; operator bankruptcies or insolvencies; government regulations affecting Medicare and Medicaid reimbursement rates; liability claims and insurance costs for operators; unanticipated difficulties and/or expenditures relating to future acquisitions; environmental laws affecting the company's properties; delays in reinvestment of sale proceeds; changes in rules or practices governing the company's financial reporting; and other factors, including REIT qualification, anti-takeover provisions and key management personnel. Finally, the company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

SOURCE: Health Care REIT, Inc.

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