TOLEDO, Ohio--(BW HealthWire)--Oct. 7, 1998--Health Care REIT, Inc. (NYSE:HCN - news) announced that it has priced a public offering of 2,500,000 shares of common stock, resulting in net proceeds of $56,444,000. It is anticipated that closing and delivery will occur on or about October 13, 1998.

BT Alex. Brown Incorporated is the manager of the underwriting group and NationsBanc Montgomery Securities LLC, Salomon Smith Barney Inc., Everen Securities, Inc. and Raymond James & Associates, Inc. are co-managers. The company has granted the underwriters of the offering an option for 30 days to purchase up to an additional 375,000 common shares to cover over-allotments.

The net proceeds of the offering will be used to repay borrowings under the company's revolving line of credit arrangements and to invest in additional health care properties. After factoring in the use of proceeds from this offering, the company's debt to total market capitalization is approximately 27 percent.

''We are pleased with the capital markets' reaction to this offering of common stock,'' stated George L. Chapman, chairman and chief executive officer. ''The support provided by the investor community during uncertain market conditions reflects the fundamental stability of our company and advances our goal of becoming a leader in the health care REIT sector.''

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 June 30, 1998, the company had investments in 209 health care facilities in 32 states and total assets of approximately $927 million.

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., Toledo
     Erin Ibele, 419/247-2800
     Ed Lange, 419/247-2800