1
                                                               Exhibit 12.1

HEALTH CARE REIT, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES




                                          Year Ended December 31
                              ----------------------------------------------        
                               1997       1996      1995      1994     1993            
                               ----       ----      ----      ----     ----            
                                                         (in thousands)                
                                                                     
CONSOLIDATED EARNINGS:                                                                 
Net income                     46,477    30,676    13,635    24,953    20,055          
                                                                                       
                                                                                       
Add:                                                                                   
Interest Expense               15,366    14,635    12,752     9,684    10,817          
Amortization of                                                                        
  Loan Expenses                   720       808       752       638       328          
                                                                                       
                               ------    ------    ------    ------    ------          
Consolidated Earnings          62,563    46,119    27,139    35,275    31,200          
                                                                                       
CONSOLIDATED FIXED CHARGES:                                                            
Interest Expense               15,366    14,635    12,752     9,684    10,817          
Capitalized Interest            2,305       287                                        
Amortization of                                                                        
  Loan Expenses                             808       752       638       328          
                               ------    ------    ------    ------    ------          
Consolidated Fixed Charges     18,391    15,730    13,504    10,322    11,145          
                               ======    ======    ======    ======    ======          
                                                                                       
Ratio                            3.40      2.93      2.01      3.42      2.80