"In the face of the significant challenges of 2009, we successfully disposed of non-core assets and will have completed over $700 million of development projects. We believe that these larger, consumer-driven senior housing properties and state-of-the-art medical facilities are excellent additions to our portfolio," commented George L. Chapman, chairman, CEO and president of Health Care REIT, Inc. "In addition, the continued strength of our property level rent coverage is a testament to the resiliency of our senior housing and health care real estate.

"At the same time, we strengthened our balance sheet this year. We raised $1 billion in attractively priced equity and debt and generated over $150 million in proceeds from asset sales.We further enhanced our maturity schedule in the third quarter by prepaying higher cost debt and reduced our leverage to near historic lows. Although deleveraging the balance sheet has impacted year-over-year earnings comparisons, more importantly it has put us in an excellent capital position while reducing future interest expense. With over $1 billion of current cash and line availability, we are positioned to capitalize on investment opportunities consistent with our strategy of partnering with strong operators and health systems that will redefine the senior housing and health care experience."

Recent Highlights.

Completed 3Q09 and year-to-date gross new investments totaling $156.3 million and $507.7 million, respectively

Received $177.4 million in proceeds on property sales and loan payoffs year-to-date, generating $26.9 million of gains

Raised $434.6 million of net equity proceeds during 3Q09 through our September offering, equity shelf program and dividend reinvestment program

Raised $132.5 million of Freddie Mac mortgage loans during 3Q09 with an average rate of 5.9%

Prepaid $58.8 million of secured debt in September with a blended rate of 7.2%

Repurchased $161.4 million of outstanding 8.0% unsecured 2012 senior notes in September

Key Performance Indicators.

                                                                           3Q09    3Q08    Change   2009    2008    Change 
 Net income attributable to common stockholders (NICS)per diluted share    $0.17   $0.55   -69%     $1.25   $2.61   -52%   
 Normalized FFO per diluted share                                          $0.77   $0.86   -10%     $2.38   $2.51   -5%    
 Normalized FAD per diluted share                                          $0.72   $0.82   -12%     $2.24   $2.39   -6%    
 Dividends per common share                                                $0.68   $0.68   0%       $2.04   $2.02   1%     
 Normalized FFO Payout Ratio                                               88%     79%              86%     80%            
 Normalized FAD Payout Ratio                                               94%     83%              91%     85%            
                                                                                                                           


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3Q09 Earnings. The following table summarizes certain items impacting NICS, FFO and FAD:

                                                 NICS                        FFO                         FAD                       
                                                 3Q09      3Q08     Change   3Q09      3Q08     Change   3Q09      3Q08     Change 
 Per diluted share                               $0.17     $0.55    -69%     $0.53     $0.85    -38%     $0.55     $0.86    -36%   
 Includes impact of:                                                                                                               
 Gain (loss) on sales of real property ((1))     ($0.01)   $0.13                                                                   
 Other items, net ((2))                          ($0.25)   ($0.01)           ($0.25)   ($0.01)           ($0.25)   ($0.01)         
 Prepaid/straight-line rent cash receipts ((3))                                                          $0.07     $0.05           
 Per diluted share - normalized (a)                                          $0.77     $0.86    -10%     $0.72     $0.82    -12%   


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 (a)   Amounts may not sum due to rounding                                               
       (1)   $806,000 of losses and $12,619,000 of gains in 3Q09 and 3Q08, respectively. 
       (2)   See FFO and FAD reconciliation exhibits for other items.                    
       (3)   $8,319,000 and $4,781,000 of receipts in 3Q09 and 3Q08, respectively.       
                                                                                         


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2009 Year-To-Date Earnings. The following table summarizes certain items impacting NICS, FFO and FAD:

                                                 NICS                        FFO                         FAD                       
                                                 2009      2008     Change   2009      2008     Change   2009      2008     Change 
 Per diluted share                               $1.25     $2.61    -52%     $2.11     $2.50    -16%     $2.17     $2.55    -15%   
 Includes impact of:                                                                                                               
 Gain on sales of real property ((1))            $0.24     $1.44                                                                   
 Other items, net ((2))                          ($0.27)   ($0.01)           ($0.27)   ($0.01)           ($0.27)   ($0.01)         
 Prepaid/straight-line rent cash receipts ((3))                                                          $0.21     $0.17           
 Per diluted share - normalized (a)                                          $2.38     $2.51    -5%      $2.24     $2.39    -6%    


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 (a)   Amounts may not sum due to rounding                                           
       (1)   $26,907,000 and $130,813,000 of gains in 2009 and 2008, respectively.   
       (2)   See FFO and FAD reconciliation exhibits for other items.                
       (3)   $23,463,000 and $15,679,000 of receipts in 2009 and 2008, respectively. 
                                                                                     


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Non-recurring Third Quarter 2009 Items. The following items impacted 2009 earnings:

$20.9 million of loss on extinguishment of debt ($0.18 per diluted share) was recognized in connection with the company's repurchase of $161.4 million of outstanding 8.0% unsecured senior notes due 2012.

$5.4 million of loss on extinguishment of debt ($0.05 per diluted share) was recognized in connection with the company's prepayment of $58.8 million of secured debt with a blended interest rate of 7.2%.

$1.9 million of impairment charges ($0.02 per diluted share) were recognized in connection with the four remaining medical office buildings classified as held-for-sale to adjust for current sales price expectations.

$0.8 million of losses ($0.01 per diluted share) were recognized in connection with the sales of ten medical office buildings previously classified as held-for-sale.

Dividends for Third Quarter 2009. As previously announced, the Board of Directors declared a cash dividend for the quarter ended September 30, 2009 of $0.68 per share, as compared to $0.68 per share for the same period in 2008. The cash dividend will be paid on November 20, 2009 and will be the company's 154th consecutive quarterly dividend payment.

Outlook for 2009. The company is revising its 2009 guidance to reflect current expectations for the remainder of the year.

Investments: There are no acquisitions in our current assumptions. Funded new development expectations have been decreased to $550 million from $600 million and dispositions have been revised to $250 million from a range of $200 to $300 million. As a result, net investment guidance has been revised to $300 million from a range of $300 to $400 million.

Capital: During the third quarter of 2009, the company issued $434.6 million of new equity, raised $132.5 million of new secured debt, prepaid $58.8 million of outstanding secured debt and repurchased $161.4 million of outstanding unsecured senior notes. In addition to this activity, the company does not anticipate raising any additional secured debt in 2009.

Earnings: The company is narrowing its normalized FFO and FAD guidance to reflect actual year-to-date results as well as revised investment and capital expectations described above. Normalized FFO has been revised to a range of $3.10 to $3.12 per diluted share from $3.07 to $3.14 per diluted share. Normalized FAD has been revised to a range of $2.92 to $2.94 per diluted share from $2.91 to $2.98 per diluted share. Net income attributable to common stockholders has been decreased to a range of $1.61 to $1.63 per diluted share from $1.75 to $1.82 per diluted share. The prior net income guidance included $5 million of debt extinguishment charges for the secured debt prepayments. The decrease in net income guidance is primarily due to the additional $20.9 million debt extinguishment charge recognized in the third quarter in connection with the company's unsecured senior notes tender offer.

The company's guidance excludes any additional capital transactions, impairments, unanticipated additions to the loan loss reserve or other additional one-time items, including any additional cash payments other than normal monthly rental payments. Please see the exhibits for a reconciliation of the outlook for net income available to common stockholders to normalized FFO and FAD.

Conference Call Information. The company has scheduled a conference call on Thursday, November 5, 2009 at 10:00 a.m. Eastern Time to discuss its third quarter 2009 results, industry trends, portfolio performance and outlook for 2009. Telephone access will be available by dialing 888-346-2469 or 706-758-4923 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through November 19, 2009. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 34821337. To participate in the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same websites. This earnings release is posted on the company's website under the heading News & Events.

Supplemental Reporting Measures. The company believes that net income attributable to common stockholders (NICS), as defined by U.S. generally accepted accounting principles (U.S. GAAP), is the most appropriate earnings measurement. However, the company considers funds from operations (FFO) and funds available for distribution (FAD) to be useful supplemental measures of its operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means net income, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Normalized FFO represents FFO adjusted for unusual and non-recurring items. FAD represents FFO excluding net straight-line rental adjustments, amortization related to above/below market leases and amortization of non-cash interest expenses and less cash used to fund capital expenditures, tenant improvements and lease commissions at medical office buildings. Normalized FAD represents FAD excluding prepaid/straight-line rent cash receipts and adjusted for unusual and non-recurring items.

The company's supplemental reporting measures and similarly entitled financial measures are widely used by investors and equity analysts in the valuation, comparison and investment recommendations of companies. The company's management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by the company, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see the exhibits for reconciliations of the supplemental reporting measures.

About Health Care REIT. Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2009, the company's broadly diversified portfolio consisted of 608 properties in 39 states. More information is available on the company's website at www.hcreit.com.

This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995.