TOLEDO, Ohio--(BW HealthWire)--Oct. 13, 1998--Health Care REIT, Inc. (NYSE:HCN - news) announced today investment activity for the third quarter of 1998 totalled $76,242,000. For the nine months ended September 30, 1998, the company funded investments of $285,845,000.

The 1998 investment activity contributed to a 34 percent increase in total assets which totalled $985,354,000 at September 30, 1998, as compared with $734,327,000 at December 31, 1997.

Year-to-date investment activity, inclusive of recurring construction funding of $148,915,000, included real property investments of $189,678,000, mortgage loans of $76,244,000 and equity related investments of $19,923,000. Investments funded through the third quarter included $188,661,000 for 62 assisted living facilities, $64,627,000 for 23 nursing homes, $10,935,000 for seven retirement centers and $1,699,000 for two behavioral care facilities. The company funded equity related investments in eight privately held health care related companies. Aggregate funding was provided to 27 operators in 21 states.

During the first nine months of 1998, 18 construction projects completed the construction phase of the company's investment process. Nine facilities were converted to permanent real property investments, with an aggregate investment of $51,673,000. Nine facilities were converted to permanent mortgage loans with an aggregate investment balance of $32,715,000.

The company recently announced the sale of 2,500,000 shares of common stock, providing net proceeds of $56,444,000. The net proceeds of the offering were used to repay borrowings under the company's revolving line of credit arrangements. Management stated that it is confident that the company's liquidity and various sources of available capital are sufficient to fund operations, meet debt service and dividend obligations, and finance future investment activity.

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust, which invests in health care facilities, primarily nursing homes, assisted living facilities and retirement centers. At September 30, 1998 the company had investments in 210 health care facilities in 33 states and had total assets of approximately $985 million.

This document may contain ``forward-looking'' statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future to differ materially from expected results. These risks and uncertainties include, among others, competition in the financing of health care facilities, the availability of capital, and regulatory and other changes in the health care sector, as described in the company's filings with the Securities and Exchange Commission.

For more information on Health Care REIT, Inc., via facsimile at no cost, dial 1-800-PRO-INFO and enter the company code -- HCN.

Contact: 

     Health Care REIT, Inc.
     Erin Ibele, 419/247-2800
     Ed Lange, 419/247-2800