EXHIBIT 99.1

          Health Care Property Investors, Inc. to Sell $250 Million of
                          6.45% Senior Notes Due 2012

NEWPORT BEACH, CA., June 20, 2002 - Health Care Property Investors, Inc.
(NYSE: HCP) announced the execution of an agreement for the issuance and sale by
the Company of $250 million of 6.45% senior unsecured notes due June 25, 2012
priced at 99.702%. Net proceeds from the offering will be used to repay a
portion of the borrowings under the Company's revolving lines of credit. These
securities have been rated BBB+ by Standard & Poor's, BBB+ by Fitch Ratings, and
Baa2 by Moody's Investors Service.

The offering was underwritten by Merrill Lynch & Co. and Credit Suisse First
Boston, as lead managers, and Deutsche Bank Securities, Banc of America
Securities LLC, BNY Capital Markets, Inc., Goldman, Sachs & Co. and Wachovia
Securities, as co-managers. A copy of the final prospectus relating to the
offering may be obtained from Merrill Lynch & Co., World Financial Center, North
Tower, 10th Floor, New York, New York 10281 or Credit Suisse First Boston, 11
Madison Avenue, New York, New York 10010.

Health Care Property Investors, Inc. (NYSE:HCP) is a self-administered equity
real estate investment trust (REIT) that invests directly or through joint
ventures in health care facilities. The Company's investment portfolio, as of
March 31, 2002, consists of 425 facilities in 42 states. The Company's
investments include 172 long-term care facilities, 90 assisted living
facilities, 85 medical office buildings, 21 acute-care hospitals, 37 physician
group practice clinics, nine freestanding rehabilitation facilities, six health
care laboratory and biotech research facilities and five retirement living
communities. For more information on Health Care Property Investors, Inc.,
visit the Company's web site at www.hcpi.com.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor will there be any sale of the notes in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.