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                                                                    EXHIBIT 99.5

FOR IMMEDIATE RELEASE

                                                  February 27, 2001
                                                  For more information contact:
                                                  Raymond Braun - (419) 247-2800
                                                  Mike Crabtree - (419) 247-2800

             HEALTH CARE REIT, INC. REPORTS STATUS OF PORTFOLIO WITH
                         ALTERRA HEALTHCARE CORPORATION

Toledo, Ohio, February 27, 2001... HEALTH CARE REIT, INC. (NYSE/HCN), today
provided details of its investments with Alterra Healthcare Corporation in
response to Alterra's recent press release regarding the restructuring of its
debt and lease obligations.

Health Care REIT owns 38 assisted living facilities with 1,443 units and an
investment balance of $86 million that are leased to Alterra and represent
approximately 8 percent of the company's portfolio at December 31, 2000. These
facilities are located in Oklahoma (17), Texas (6), Ohio (4), Florida (2), North
Carolina (2), Tennessee (2), Minnesota (1), Oregon (1), Pennsylvania (1), South
Carolina (1), and Washington (1). Thirty-two of the facilities are stabilized
properties with an average occupancy for the fourth quarter 2000 of 95 percent
and payment coverage of 1.62 before management fees and 1.40 after management
fees. Six properties are in fill-up with an average occupancy for the fourth
quarter 2000 of 70 percent and payment coverage before management fees of .33
and .20 after management fees. Overall, the portfolio had occupancy at 91
percent and payment coverage of 1.24 before management fees and 1.05 after
management fees for the fourth quarter 2000. Alterra is current on its rent
obligations with the company.

Further reports will be made once the final terms of Alterra's restructuring
plan have been determined.

Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate
investment trust that invests in health care facilities, primarily nursing homes
and assisted living facilities. At December 31, 2000, the company had
investments in 205 health care facilities in 34 states and had total assets of
approximately $1.16 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.

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, general economic conditions, the
availability of capital, competition within the financial services and real
estate markets, the performance of operators within Health Care REIT's
portfolio, and regulatory and other changes in the health care sector, as
described in the company's filings with the Securities and Exchange Commission.

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