Welltower (WELL) 8-K Health Care REIT, Inc. Reports Second Quarter Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

August 7, 2007
For more information contact:
Scott Estes — (419) 247-2800
Mike Crabtree — (419) 247-2800

Health Care REIT, Inc.
Reports Second Quarter Results

Toledo, Ohio, August 7, 2007........Health Care REIT, Inc. (NYSE:HCN)announced today operating results for its second quarter ended June 30, 2007.

Recent Highlights.

• Completed net new investments year-to-date totaling $610 million

• Acquired 17 medical office buildings and Paramount Real Estate Services for approximately $292 million during the second quarter

• Reported 2Q07 normalized FFO growth of 5%

• Issued $400 million of 4.75% convertible senior unsecured notes in July

• Received debt upgrade to BBB from Fitch Ratings

• Expanded and extended existing unsecured lines of credit to $1.15 billion

Key Performance Indicators.

	2Q07			2Q06			Change			2007			2006			Change
Net income available to common stockholders (NICS) per diluted share	$	0.32		$	0.37			-14	%	$	0.64		$	0.70			-9	%
Normalized FFO per diluted share	$	0.78		$	0.74			5	%	$	1.54		$	1.45			6	%
Normalized FAD per diluted share	$	0.73		$	0.72			1	%	$	1.43		$	1.40			2	%
Dividends per common share	$	0.66		$	0.64			3	%	$	1.30		$	1.26			3	%
Normalized FFO Payout Ratio		85	%		86	%					84	%		87	%
Normalized FAD Payout Ratio		90	%		89	%					91	%		90	%

2Q07 Earnings.The following table summarizes certain items impacting NICS, FFO and FAD:

	NICS								FFO								FAD
	2Q07			2Q06		Change			2Q07			2Q06		Change			2Q07			2Q06		Change
Per diluted share	$	0.32		$	0.37		-14	%	$	0.75		$	0.74		1	%	$	0.74		$	0.76		-3	%
Includes impact of:
Gain (loss) on sales of real property(1)	$	0.01		$	0.02		-50	%
One-time acquisition finders’ fees(2)	($	0.02	)						($	0.02	)						($	0.02	)
Cash receipts — prepaid/straight-line rent(3)																	$	0.04		$	0.04		0	%
Per diluted share — normalized (a)									$	0.78		$	0.74		5	%	$	0.73		$	0.72		1	%

(a)	Amounts may not sum due to rounding
(1)	$1,033,000 and $929,000 of gains for 2Q07 and 2Q06, respectively.
(2)	$1,750,000 of one-time acquisition finders’ fees for 2Q07.
(3)	$2,832,000 and $2,710,000 of receipts for 2Q07 and 2Q06, respectively.

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2Q07 Earnings Release August 7, 2007

2007 Year-To-Date Earnings.The following table summarizes certain items impacting NICS, FFO and FAD:

	NICS								FFO								FAD
	2007			2006		Change			2007			2006		Change			2007			2006		Change
Per diluted share	$	0.64		$	0.70		-9	%	$	1.51		$	1.45		4	%	$	1.47		$	1.61		-9	%
Includes impact of:
Gain (loss) on sales of real property(1)	$	0.03		$	0.04		-25	%
One-time acquisition finders’ fees(2)	($	0.02	)						($	0.02	)						($	0.02	)
Cash receipts — prepaid/straight-line rent(3)																	$	0.06		$	0.22		-73	%
Per diluted share — normalized (a)									$	1.54		$	1.45		6	%	$	1.43		$	1.40		2	%

(a)	Amounts may not sum due to rounding
(1)	$2,010,000 and $2,482,000 of gains for 2007 and 2006, respectively.
(2)	$1,750,000 of one-time acquisition finders’ fees for 2007.
(3)	$4,910,000 and $13,020,000 of receipts for 2007 and 2006, respectively.

Dividends for Second Quarter 2007.As previously announced, the Board of Directors declared a dividend for the quarter ended June 30, 2007 of $0.66 per share, as compared to $0.64 per share for the same period in 2006. The dividend will be payable August 20, 2007 to stockholders of record on August 3, 2007 and will be the company’s 145^th consecutive dividend payment.

Outlook for 2007.The company is affirming its investment guidance of $1.0 billion to $1.2 billion for 2007. Acquisition guidance has been increased to a range of $750 to $950 million from $700 to $800 million, while development funding is now projected to be approximately $250 million versus the prior range of $300 to $400 million. The decline in funded development projection is due to estimated timing of fundings as the company’s overall development pipeline remains strong. In addition, the company expects $100 to $200 million of dispositions, resulting in net investments of $800 million to $1.1 billion.

The company is adjusting its 2007 guidance for net income available to common stockholders to a range of $1.27 to $1.33 per diluted share from $1.18 to $1.26 per diluted share primarily due to the increase in acquisition guidance, expected interest savings from the $400 million convertible debt offering completed in July 2007, a reduction in projected depreciation and amortization to $146 million from $151 million and $1.0 million in gains on sales of real property in the second quarter. The company is increasing its 2007 normalized FFO guidance to a range of $3.09 to $3.15 per diluted share, from $3.06 to $3.14 per diluted share primarily due to the increase in acquisition guidance and the interest savings noted above. The company is increasing its 2007 FAD guidance to a range of $2.91 to $2.97 per diluted share, from $2.82 to $2.90 per diluted share primarily due to the increase in acquisition guidance, the interest savings noted above, cash receipts during the second quarter of $2.8 million and a reduction in expected capital expenditures, tenant improvements and lease commissions totaling $6 million from $7 million, offset in part by the $1.75 million in one-time acquisition finders' fees paid during the second quarter.

FFO and FAD for the quarter ended June 30, 2007 have been adjusted for $1.75 million of one-time acquisition finders’ fees paid to former Windrose management in connection with the closing of the Rendina/Paramount transaction. These fees relate to services rendered prior to the completion of the Windrose merger in December 2006. Due to the recipients’ current employment status with the company, the fees have been expensed as compensation rather than included in the purchase price of the acquisition, as is typical with such fees. These fees are excluded from the company’s normalized FFO guidance for 2007.

The company’s guidance excludes any 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 Exhibit 16 for a reconciliation of the outlook for net income available to common stockholders to FFO and FAD.

Conference Call Information.The company has scheduled a conference call on Wednesday, August 8, 2007 at 9:00 a.m. Eastern Time to discuss its second quarter results, industry trends, portfolio performance and outlook for 2007. Telephone access will be available by dialing 800-811-8845 or 913-981-4905

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2Q07 Earnings Release August 7, 2007

(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 August 22, 2007. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 2934492. 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 Web sites. This earnings release is posted on the company’s Web site under the heading News & Events.

Supplemental Reporting Measures.The company believes that net income available 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 the net straight-line rental adjustments, rental income related to above/below market leases and amortization of deferred loan expenses and less cash used to fund capital expenditures, tenant improvements and lease commissions. Normalized FAD represents FAD excluding prepaid/straight-line rent cash receipts and adjusted for unusual and non-recurring items.

EBITDA stands for earnings before interest, taxes, depreciation and amortization. The company believes that EBITDA, along with net income and cash flow provided from operating activities, is an important supplemental measure because it provides additional information to assess and evaluate the performance of its operations. Additionally, restrictive covenants in the company’s long-term debt arrangements contain financial ratios based on EBITDA. Adjusted EBITDA represents EBITDA as adjusted for stock-based compensation expenses and the provision for loan losses pursuant to covenant provisions of our unsecured lines of credit arrangements. The company primarily utilizes EBITDA to measure its interest coverage ratio, which represents EBITDA divided by total interest, and its fixed charge coverage ratio, which represents EBITDA divided by fixed charges. Fixed charges include total interest, secured debt principal amortization and preferred stock dividends.

Net operating income (NOI) is used to evaluate the operating performance of certain real estate properties such as medical office buildings. The company defines NOI as total revenues, including tenant reimbursements and discontinued operations, less property operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. The company believes NOI provides investors relevant and useful information because it measures the operating performance of our medical office buildings at the property level on an unleveraged basis. The company uses NOI to make decisions about resource allocations and to assess the property level performance of our medical office buildings.

The company’s supplemental reporting measures are financial measures that are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating 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

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2Q07 Earnings Release August 7, 2007

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., with headquarters in Toledo, Ohio, is a self-administered, equity real estate investment trust that invests across the full spectrum of senior housing and health care real estate, including independent living/continuing care retirement communities, assisted living facilities, skilled nursing facilities, hospitals, long-term acute care hospitals and medical office buildings. Founded in 1970, the company was the first real estate investment trust to invest exclusively in health care facilities. As of June 30, 2007, the company’s broadly diversified portfolio consisted of 617 properties in 38 states. The company also offers a full array of property management and development services. 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 occupancy rates; its ability to acquire or develop properties; its ability to manage properties; its ability to enter into agreements with new viable tenants for vacant space or 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; its critical accounting policies; 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; operators’ and tenants’ difficulty in cost-effectively 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 or tenants, 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 timely reinvest sale proceeds at similar rates to assets sold; the company’s ability to re-lease space at similar rates as vacancies occur; operator or tenant bankruptcies or insolvencies; government regulations affecting Medicare and Medicaid reimbursement rates; liability or contract claims by or against operators and tenants; unanticipated difficulties and/or expenditures relating to future acquisitions and the integration of multi-property acquisitions; environmental laws affecting the company’s properties; changes in rules or practices governing the company’s financial reporting; and legal and operational matters, including real estate investment trust qualification and key management personnel recruitment and retention. 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.

FINANCIAL SCHEDULES FOLLOW

#####

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2Q07 Earnings Release August 7, 2007

HEALTH CARE REIT, INC.
Financial Supplement

CONSOLIDATED BALANCE SHEETS (unaudited)

(In thousands)

	June 30,
	2007			2006
Assets
Real estate investments:
Real property owned
Land and land improvements	$	403,460		$	270,810
Buildings and building improvements		4,086,599			2,758,358
Acquired lease intangibles		136,589			0
Real property held for sale, net of accumulated depreciation		24,520			0
Construction in progress		173,408			75,822
		4,824,576			3,104,990
Less accumulated depreciation and intangible amortization		(414,628	)		(317,869	)
Total real property owned		4,409,948			2,787,121
Loans receivable		250,238			178,282
Less allowance for losses on loans receivable		(7,406	)		(6,961	)
		242,832			171,321
Net real estate investments		4,652,780			2,958,442
Other assets:
Equity investments		4,700			5,070
Deferred loan expenses		19,036			11,523
Cash and cash equivalents		38,472			15,200
Receivables and other assets		109,816			71,877
		172,024			103,670
Total assets	$	4,824,804		$	3,062,112
Liabilities and stockholders’ equity
Liabilities:
Borrowings under unsecured lines of credit arrangements	$	364,400		$	146,000
Senior unsecured notes		1,539,155			1,193,355
Secured debt		500,811			131,178
Liability to subsidiary trust issuing preferred securities		52,195			0
Accrued expenses and other liabilities		98,545			45,641
Total liabilities		2,555,106			1,516,174
Minority interests		2,294			0
Stockholders’ equity:
Preferred stock		338,993			276,875
Common stock		80,752			62,446
Capital in excess of par value		2,181,830			1,450,531
Treasury stock		(3,941	)		(2,714	)
Cumulative net income		994,463			883,082
Cumulative dividends		(1,327,018	)		(1,125,810	)
Accumulated other comprehensive income		(135	)		0
Other equity		2,460			1,528
Total stockholders’ equity		2,267,404			1,545,938
Total liabilities and stockholders’ equity	$	4,824,804		$	3,062,112

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2Q07 Earnings Release August 7, 2007

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except per share data)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2007			2006		2007			2006
Revenues:
Rental income	$	111,532		$	71,757	$	216,670		$	142,396
Interest income		6,576			4,480		11,725			8,742
Other income		1,144			1,665		2,737			2,030
Gross revenues		119,252			77,902		231,132			153,168
Expenses:
Interest expense		33,457			22,325		65,138			45,597
Property operating expenses		8,657			0		15,825			0
Depreciation and amortization		35,341			22,788		68,995			44,407
General and administrative expenses		9,888			4,798		19,680			10,773
Loan expense		1,236			707		2,503			1,418
Provision for loan losses		0			250		0			500
Total expenses		88,579			50,868		172,141			102,695
Income from continuing operations before minority interests		30,673			27,034		58,991			50,473
Minority interests		(161	)		0		(286	)		0
Income from continuing operations		30,512			27,034		58,705			50,473
Discontinued operations:
Gain (loss) on sales of properties		1,033			929		2,010			2,482
Income (loss) from discontinued operations, net		392			38		895			24
		1,425			967		2,905			2,506
Net income		31,937			28,001		61,610			52,979
Preferred dividends		6,317			5,333		12,634			10,666
Net income available to common stockholders	$	25,620		$	22,668	$	48,976		$	42,313
Average number of common shares outstanding:
Basic		79,060			61,548		76,159			59,871
Diluted		79,546			61,868		76,714			60,201
Net income available to common stockholders per share:
Basic	$	0.32		$	0.37	$	0.64		$	0.71
Diluted		0.32			0.37		0.64			0.70
Common dividends per share	$	0.66		$	0.64	$	0.9591		$	1.26

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2Q07 Earnings Release August 7, 2007

HEALTH CARE REIT, INC.
Financial Supplement — June 30, 2007

Exhibit 1

Portfolio Composition
($000’s except Investment per Bed/Unit/Sq. Ft.)

	# Properties		Balance		% Balance
Balance Sheet Data
Real Property		585	$	4,409,948		95	%
Loans Receivable (1)		32		250,238		5	%
Totals		617	$	4,660,186		100	%

	# Properties		Investment (2)		% Investment
Investment Balances
Independent/CCRCs		50	$	588,241		13	%
Assisted Living Facilities		206		1,032,430		22	%
Skilled Nursing Facilities		232		1,535,795		33	%
Medical Office Buildings		109		1,202,284		26	%
Specialty Care Facilities		20		303,886		6	%
Totals		617	$	4,662,636		100	%

			# Beds/Units	Committed		Investment
	# Properties		or Sq. Ft.	Balance (3)		per metric
Committed Investments
Independent/CCRCs		50	6,037 units	$	876,957	$145,264 unit
Assisted Living Facilities		206	12,516 units		1,132,955	90,521 unit
Skilled Nursing Facilities		232	31,446 beds		1,542,352	49,048 bed
Medical Office Buildings		109	4,275,776 sq. ft.		1,202,284	281 sq. ft.
Specialty Care Facilities		20	1,508 beds		339,200	224,934 bed
Totals		617	-na-	$	5,093,748	-na-

Notes: (1) Includes $799,000 of loans on non-accrual.

(2) Real Estate Investments include gross real estate investments and credit enhancements which amounted to $4,660,186,000 and $2,450,000, respectively.

(3) Committed Balance includes gross real estate investments, credit enhancements and unfunded construction commitments for which initial funding had commenced.

Exhibit 2

Selected Facility Data

													Coverage Data
				% Payor Mix - Revenues									Before		After
	Census			Private			Medicare			Medicaid			Mgt. Fees		Mgt. Fees
Independent/CCRCs		92	%		96	%		3	%		1	%		1.42x		1.22x
Assisted Living Facilities		88	%		85	%		0	%		15	%		1.59x		1.38x
Skilled Nursing Facilities		85	%		19	%		30	%		51	%		2.20x		1.58x
Medical Office Buildings		91	%		100	%		0	%		0	%	-na-		-na-
Specialty Care Facilities		60	%		21	%		61	%		18	%		2.64x		2.09x
Weighted Averages														1.96x		1.52x

Notes: Data as of March 31, 2007. Payor mix represents percentage of facility/operator revenues.

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2Q07 Earnings Release August 7, 2007

Exhibit 3

Investment Concentrations ($000’s)

	# Properties		Investment		% Investment
Concentration by Customer
Emeritus Corporation		50	$	350,273		8	%
Brookdale Senior Living Inc.		87		279,699		6	%
Life Care Centers of America, Inc.		26		252,144		5	%
Home Quality Management, Inc.		35		229,039		5	%
Merrill Gardens L.L.C.		13		180,490		4	%
Remaining portfolio		406		3,370,991		72	%
Totals		617	$	4,662,636		100	%

	# Properties		Investment		% Investment
Concentration by Region
South		378	$	2,506,404		54	%
West		87		886,444		19	%
Midwest		81		704,372		15	%
Northeast		71		565,416		12	%
Totals		617	$	4,662,636		100	%

	# Properties		Investment		% Investment
Concentration by State
Florida		90	$	733,707		16	%
Texas		79		614,743		13	%
California		24		344,779		7	%
Massachusetts		37		326,399		7	%
Ohio		31		272,884		6	%
Remaining portfolio		356		2,370,124		51	%
Totals		617	$	4,662,636		100	%

Exhibit 4

NOI Reconciliation ($000’s)

	Gross				Property Operating				Net Operating
	Revenues (1)				Expenses				Income
Current Quarter
Independent/CCRCs	$	10,914	9	%					$	10,914	10	%
Assisted Living Facilities		26,287	22	%						26,287	24	%
Skilled Nursing Facilities		47,964	40	%						47,964	43	%
Medical Office Buildings		26,289	22	%	$	8,597	99	%		17,692	16	%
Specialty Care Facilities		7,419	6	%		60	1	%		7,359	7	%
Other income		1,144	1	%						1,144	0	%
Totals	$	120,017	100	%	$	8,657	100	%	$	111,360	100	%
Year-To-Date
Independent/CCRCs	$	21,137	9	%					$	21,137	10	%
Assisted Living Facilities		52,815	23	%						52,815	24	%
Skilled Nursing Facilities		91,458	39	%						91,458	42	%
Medical Office Buildings		50,076	21	%	$	15,748	100	%		34,328	16	%
Specialty Care Facilities		14,703	6	%		77	0	%		14,626	7	%
Other income		2,737	2	%						2,737	1	%
Totals	$	232,926	100	%	$	15,825	100	%	$	217,101	100	%

Notes: (1) Revenues include gross revenues and revenues from discontinued operations.

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2Q07 Earnings Release August 7, 2007

Exhibit 5

Revenue Maturities ($000’s)

	Investment Properties		Operating Properties		Interest		Total
Year	Rental Income (1)		Rental Income (1)		Income (1)		Revenues		% of Total
2007	$	2,525	$	5,543	$	2,364	$	10,432		2	%
2008		367		11,738		2,272		14,377		3	%
2009		939		7,475		2,435		10,849		2	%
2010		578		7,833		3,744		12,155		3	%
2011		7,251		7,098		400		14,749		3	%
Thereafter		318,630		50,273		11,136		380,039		87	%
Totals	$	330,290	$	89,960	$	22,351	$	442,601		100	%

Notes: (1) Revenue impact by year, annualized.

Exhibit 6

Debt Maturities and Principal Payments ($000’s)

							Trust
							Preferred
Year	Lines of Credit (1)		Senior Notes (2)		Secured Debt (2)		Liability (2)		Total
2007	$	0	$	52,500	$	4,070	$	0	$	56,570
2008		14,400		42,330		27,456		0		84,186
2009		350,000		0		53,260		0		403,260
2010		0		0		14,933		0		14,933
2011		0		0		52,056		0		52,056
2012		0		250,000		23,478		0		273,478
2013		0		300,000		51,884		0		351,884
Thereafter		0		895,000		273,298		51,000		1,219,298
Totals	$	364,400	$	1,539,830	$	500,435	$	51,000	$	2,455,665

Notes: (1) Subsequent to June 30, 2007, the lines of credit have been combined and the maturity extended to 2011.

(2) Amounts above represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

Exhibit 7

Fill-Up Concentrations ($000’s)

					Investment
	# Properties		# Beds/Units		Balance		% Investment
Facility Type
Independent/CCRCs		8		1,549	$	192,183		4	%
Assisted Living Facilities		18		1,040		153,728		3	%
Skilled Nursing Facilities		11		1,229		82,848		2	%
Specialty Care Facilities		1		62		13,266		0	%
Totals		38		3,880	$	442,025		9	%

			Average Months
	# Properties		in Operation		Revenues (1)		% Revenues
Occupancy
0% - 50%		12		4	$	2,376		1	%
50% - 70%		3		7		1,561		1	%
70% +		23		13		12,992		6	%
Totals		38		9	$	16,929		7	%

Notes: (1) Revenues include gross revenues and revenues from discontinued operations for the six months ended June 30, 2007.

Page 9 of 15

2Q07 Earnings Release August 7, 2007

Exhibit 8

Investment Activity ($000’s)

	Three Months Ended				Six Months Ended
	June 30, 2007				June 30, 2007
Funding by Investment Type
Real Property	$	407,169	97	%	$	570,399	86	%
Loans Receivable		10,964	3	%		91,391	14	%
Totals	$	418,133	100	%	$	661,790	100	%
Funding by Facility Type
Independent/CCRCs	$	40,036	10	%	$	72,841	11	%
Assisted Living Facilities		15,042	4	%		57,393	9	%
Skilled Nursing Facilities		14,294	3	%		160,463	24	%
Medical Office Buildings		312,304	75	%		320,302	48	%
Specialty Care Facilities		36,457	8	%		50,791	8	%
Totals	$	418,133	100	%	$	661,790	100	%

Exhibit 9

Development Activity ($000’s)

	Balance at		2007 YTD		2007 YTD			Balance at		Committed
Facility Type	December 31, 2006		Fundings		Conversions			June 30, 2007		Balances
Independent/CCRCs	$	61,709	$	47,125	$	(23,857	)	$	84,977	$	373,693
Assisted Living Facilities		55,197		27,061		(42,454	)		39,804		140,329
Skilled Nursing Facilities		14,852		7,849		(7,910	)		14,791		21,348
Specialty Care Facilities		6,464		27,372		0			33,836		69,150
Totals	$	138,222	$	109,407	$	(74,221	)	$	173,408	$	604,520

Development Funding Projections for Existing Projects ($000’s)

					Projected Future Fundings
					2007		Fundings		Unfunded
Facility Type	Projects		# Beds/Units		Fundings		Thereafter		Commitments
Independent/CCRCs		9		1,343	$	54,742	$	233,974	$	288,716
Assisted Living Facilities		8		869		17,023		83,502		100,525
Skilled Nursing Facilities		2		175		5,643		914		6,557
Specialty Care Facilities		4		212		25,159		10,155		35,314
Totals		23		2,599	$	102,567	$	328,545	$	431,112

Project Conversion Projections ($000’s)

2007 Quarterly Conversions						Annual Projections
			Projected Average						Projected Average
Quarter	Amount		Initial Yields (1)			Year	Amount		Initial Yields (1)
1Q07 actual	$	6,921		9.06	%	2007 projected	$	163,936		9.31	%
2Q07 actual		67,300		9.35	%	2008 projected		232,336		9.39	%
3Q07 projected		16,630		9.63	%	2009 projected		111,319		10.00	%
4Q07 projected		73,085		9.23	%	2010 projected		171,150		9.77	%
Totals	$	163,936		9.31	%	Totals	$	678,741		9.57	%

Notes: All amounts include both cash advances and non-cash additions such as capitalized interest.

(1) Actual initial yields may be higher if the underlying market rates increase.

Page 10 of 15

2Q07 Earnings Release August 7, 2007

Exhibit 10

Disposition Activity ($000’s)

	Three Months Ended				Six Months Ended
	June 30, 2007				June 30, 2007
Dispositions by Investment Type
Real Property	$	11,613	43	%	$	22,173	43	%
Loans Receivable		15,683	57	%		29,865	57	%
Totals	$	27,296	100	%	$	52,038	100	%
Dispositions by Facility Type
Assisted Living Facilities	$	5,140	19	%	$	27,475	53	%
Skilled Nursing Facilities		7,377	27	%		7,377	14	%
Independent/CCRCs		14,779	54	%		17,186	33	%
Totals	$	27,296	100	%	$	52,038	100	%

Exhibit 11

Discontinued Operations ($000’s)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Revenues
Rental income	$	765	$	2,434	$	1,794	$	5,255
Expenses
Interest expense		167		762		486		1,728
Depreciation and amortization		206		1,343		413		2,985
General and administrative		0		291		0		518
Income (loss) from discontinued operations, net	$	392	$	38	$	895	$	24

Exhibit 12

Current Capitalization ($000’s except share price)						Leverage & Performance Ratios
	Balance		% Balance
Borrowings Under Bank Lines	$	364,400		8	%	Debt/Total Book Cap		52	%
Long-Term Debt Obligations		2,039,966		43	%
Trust Preferred Liability		52,195		1	%	Debt/Undepreciated Book Cap		48	%
Stockholders’ Equity		2,267,404		48	%
Total Book Capitalization	$	4,723,965		100	%	Debt/Total Market Cap		41	%
Common Shares Outstanding (000’s)		80,882				Interest Coverage	2.83x 2nd Qtr.
Period-End Share Price	$	40.36					2.82x YTD
Common Stock Market Value	$	3,264,398		54	%	Interest Coverage	2.86x 2nd Qtr.
Preferred Stock		338,993		5	%	- adjusted	2.89x YTD
Borrowings Under Bank Lines		364,400		6	%	Fixed Charge Coverage	2.30x 2nd Qtr.
Trust Preferred Liability		52,195		1	%		2.29x YTD
Long-Term Debt Obligations		2,039,966		34	%	Fixed Charge Coverage	2.33x 2nd Qtr.
Total Market Capitalization	$	6,059,952		100	%	- adjusted	2.34x YTD

Page 11 of 15

2Q07 Earnings Release August 7, 2007

Exhibit 13

EBITDA Reconciliation ($000’s)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income	$	31,937		$	28,001		$	61,610		$	52,979
Interest expense (1)		33,624			23,087			65,624			47,325
Tax expense (benefit)		(69	)		12			(58	)		12
Depreciation and amortization (1)		35,547			24,131			69,408			47,392
Amortization of deferred loan expenses		1,236			707			2,503			1,418
EBITDA		102,275			75,938			199,087			149,126
Stock-based compensation expense		1,276			838			4,453			3,351
Provision for loan losses		0			250			0			500
EBITDA — adjusted	$	103,551		$	77,026		$	203,540		$	152,977
Interest Coverage Ratio
Interest expense (1)	$	33,624		$	23,087		$	65,624		$	47,325
Capitalized interest		2,570			909			4,896			1,111
Total interest		36,194			23,996			70,520			48,436
EBITDA	$	102,275		$	75,938		$	199,087		$	149,126
Interest coverage ratio		2.83	x		3.16	x		2.82	x		3.08	x
EBITDA — adjusted	$	103,551		$	77,026		$	203,540		$	152,977
Interest coverage ratio — adjusted		2.86	x		3.21	x		2.89	x		3.16	x
Fixed Charge Coverage Ratio
Total interest (1)	$	36,194		$	23,996		$	70,520		$	48,436
Secured debt principal amortization		1,894			768			3,788			1,411
Preferred dividends		6,317			5,333			12,634			10,666
Total fixed charges		44,405			30,097			86,942			60,513
EBITDA	$	102,275		$	75,938		$	199,087		$	149,126
Fixed charge coverage ratio		2.30	x		2.52	x		2.29	x		2.46	x
EBITDA — adjusted	$	103,551		$	77,026		$	203,540		$	152,977
Fixed charge coverage ratio — adjusted		2.33	x		2.56	x		2.34	x		2.53	x

Notes: (1) Depreciation and amortization and interest expense include depreciation and amortization and interest expense from discontinued operations.

Page 12 of 15

2Q07 Earnings Release August 7, 2007

Exhibit 14

Funds Available For Distribution Reconciliation

(Amounts in 000’s except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income available to common stockholders	$	25,620		$	22,668		$	48,976		$	42,313
Depreciation and amortization (1)		35,547			24,131			69,408			47,392
Loss (gain) on sales of properties		(1,033	)		(929	)		(2,010	)		(2,482	)
Minority interests		(82	)		0			(87	)		0
Gross straight-line rental income		(3,878	)		(2,216	)		(8,109	)		(4,616	)
Prepaid/straight-line rent receipts		2,832			2,710			4,910			13,020
Rental income related to above/(below) market leases, net		(464	)		0			(924	)		0
Amortization of deferred loan expenses		1,236			707			2,503			1,418
Cap Ex, tenant improvements, lease commissions		(762	)		0			(1,825	)		0
Funds available for distribution		59,016			47,071			112,842			97,045
One-time acquisition finder’s fees		1,750			0			1,750			0
Prepaid/straight-line rent receipts		(2,832	)		(2,710	)		(4,910	)		(13,020	)
Funds available for distribution — normalized	$	57,934		$	44,361		$	109,682		$	84,025
Average common shares outstanding:
Basic		79,060			61,548			76,159			59,871
Diluted		79,546			61,868			76,714			60,201
Per share data:
Net income available to common stockholders
Basic	$	0.32		$	0.37		$	0.64		$	0.71
Diluted		0.32			0.37			0.64			0.70
Funds available for distribution
Basic	$	0.75		$	0.76		$	1.48		$	1.62
Diluted		0.74			0.76			1.47			1.61
Funds available for distribution — normalized
Basic	$	0.73		$	0.72		$	1.44		$	1.40
Diluted		0.73			0.72			1.43			1.40
FAD Payout Ratio
Dividends per common share (2)	$	0.66		$	0.64		$	1.30		$	1.26
FAD per diluted share	$	0.74		$	0.76		$	1.47		$	1.61
FAD payout ratio		89	%		84	%		88	%		78	%
FAD Payout Ratio — Normalized
Dividends per common share (2)	$	0.66		$	0.64		$	1.30		$	1.26
FAD per diluted share — normalized	$	0.73		$	0.72		$	1.43		$	1.40
FAD payout ratio — normalized		90	%		89	%		91	%		90	%

Notes: (1)	Depreciation and amortization includes depreciation and amortization from discontinued operations.
(2)	Includes $0.3409 prorated dividend paid on December 28, 2006 in connection with the Windrose merger.

Page 13 of 15

2Q07 Earnings Release August 7, 2007

Exhibit 15

Funds From Operations Reconciliation
(Amounts in 000’s except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income available to common stockholders	$	25,620		$	22,668		$	48,976		$	42,313
Depreciation and amortization (1)		35,547			24,131			69,408			47,392
Loss (gain) on sales of properties		(1,033	)		(929	)		(2,010	)		(2,482	)
Minority interests		(155	)		0			(187	)		0
Funds from operations	$	59,979		$	45,870		$	116,187		$	87,223
One-time acquisition finder’s fees		1,750			0			1,750			0
Funds from operations — normalized	$	61,729		$	45,870		$	117,937		$	87,223
Average common shares outstanding:
Basic		79,060			61,548			76,159			59,871
Diluted		79,546			61,868			76,714			60,201
Per share data:
Net income available to common stockholders
Basic	$	0.32		$	0.37		$	0.64		$	0.71
Diluted		0.32			0.37			0.64			0.70
Funds from operations
Basic	$	0.76		$	0.75		$	1.53		$	1.46
Diluted		0.75			0.74			1.51			1.45
Funds from operations — normalized
Basic	$	0.78		$	0.75		$	1.55		$	1.46
Diluted		0.78			0.74			1.54			1.45
FFO Payout Ratio
Dividends per common share (2)	$	0.66		$	0.64		$	1.30		$	1.26
FFO per diluted share	$	0.75		$	0.74		$	1.51		$	1.45
FFO payout ratio		88	%		86	%		86	%		87	%
FFO Payout Ratio — Normalized
Dividends per share (2)	$	0.66		$	0.64		$	1.30		$	1.26
FFO per diluted share — normalized	$	0.78		$	0.74		$	1.54		$	1.45
FFO payout ratio — normalized		85	%		86	%		84	%		87	%

Notes: (1)	Depreciation and amortization includes depreciation and amortization from discontinued operations.
(2)	Includes $0.3409 prorated dividend paid on December 28, 2006 in connection with the Windrose merger.

Page 14 of 15

2Q07 Earnings Release August 7, 2007

Exhibit 16

Outlook Reconciliations
(Amounts in 000’s except per share data)

	Previous Outlook						Current Outlook
	Year Ended						Year Ended
	December 31, 2007						December 31, 2007
	Low			High			Low			High
FFO Reconciliation:
Net income available to common stockholders	$	94,777		$	101,177		$	101,610		$	106,410
Loss (gain) on sales of properties		(977	)		(977	)		(2,010	)		(2,010	)
Depreciation and amortization (1)		151,000			151,000			146,000			146,000
Funds from operations		244,800			251,200			245,600			250,400
One-time acquisition finders’ fees								1,750			1,750
Funds from operations — normalized	$	244,800		$	251,200		$	247,350		$	252,150
Average common shares outstanding (diluted)		80,000			80,000			80,000			80,000
Per share data (diluted):
Net income available to common stockholders	$	1.18		$	1.26		$	1.27		$	1.33
Funds from operations		3.06			3.14			3.07			3.13
Funds from operations — normalized		3.06			3.14			3.09			3.15
FAD Reconciliation:
Net income available to common stockholders	$	94,777		$	101,177		$	101,610		$	106,410
Loss (gain) on sales of properties		(977	)		(977	)		(2,010	)		(2,010	)
Depreciation and amortization (1)		151,000			151,000			146,000			146,000
Gross straight-line rental income		(16,000	)		(16,000	)		(16,000	)		(16,000	)
Prepaid/straight-line rent receipts		2,078			2,078			4,910			4,910
Rental income related to above/below market leases		(2,000	)		(2,000	)		(2,000	)		(2,000	)
Amortization of deferred loan expenses		4,000			4,000			6,000			6,000
Cap Ex, tenant improvements, lease commissions		(7,000	)		(7,000	)		(6,000	)		(6,000	)
Funds available for distribution		225,878			232,278			232,510			237,310
One-time acquisition finders’ fees								1,750			1,750
Prepaid/straight-line rent receipts		(2,078	)		(2,078	)		(4,910	)		(4,910	)
Funds available for distribution — normalized	$	223,800		$	230,200		$	229,350		$	234,150
Average common shares outstanding (diluted)		80,000			80,000			80,000			80,000
Per share data (diluted):
Net income available to common stockholders	$	1.18		$	1.26		$	1.27		$	1.33
Funds available for distribution		2.82			2.90			2.91			2.97
Funds available for distribution — normalized		2.80			2.88			2.87			2.93

Notes: (1) Depreciation and amortization includes depreciation and amortization from discontinued operations.

Page 15 of 15