TOLEDO, Ohio, Sep 24, 2003 (BUSINESS WIRE) -- Health Care REIT, Inc. (NYSE:HCN) announced that it has successfully priced a public offering of 3,200,000 shares of common stock at $30.25 per share for gross proceeds totaling $96.8 million. The company will now have a total of approximately 48.1 million shares outstanding. It is anticipated that closing and delivery will occur on September 29, 2003.

The joint-bookrunning managers for the offering were Deutsche Bank Securities Inc. and UBS Investment Bank. A.G. Edwards & Sons, Inc., Legg Mason Wood Walker, Incorporated, Banc of America Securities, LLC and McDonald Investments, Inc. acted as co-managers for the offering. The company has granted the underwriters an option for thirty days to purchase up to 480,000 additional shares of common stock to cover over-allotments, if any.

The net proceeds will be used to invest in additional health care properties. Pending such use, the proceeds will be used to repay borrowings under the company's unsecured lines of credit.

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care facilities, primarily skilled nursing and assisted living facilities. At June 30, 2003, we had investments in 270 health care facilities in 33 states with 47 operators and had total assets of approximately $1.7 billion. For more information on Health Care REIT, Inc., via facsimile at no cost, dial 1-800-PRO-INFO and enter the company code - HCN. More information is available on the Internet at http://www.hcreit.com.

SOURCE: Health Care REIT, Inc.

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

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