HEALTH CARE REIT, INC. UNDERWRITING AGREEMENT

Exhibit 1.1

Execution Copy

HEALTH CARE REIT, INC.

$400,000,000

4.75% Convertible Senior Notes Due 2027

UNDERWRITING AGREEMENT

July 16, 2007

UBS Securities LLC
Banc of America Securities LLC
As Representatives of the Several Underwriters

c/o UBS Securities LLC
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000

Ladies and Gentlemen:

Health Care REIT, Inc., a Delaware corporation (the “Company”), proposes to sell to the underwriters (the “Underwriters”) named in Schedule I hereto for whom you are acting as representatives (the “Representatives”), $400,000,000 aggregate principal amount of the Company’s 4.75% Convertible Senior Notes due 2027 (the “Notes” and, such principal amount, the “Firm Notes”), to be issued pursuant to the provisions of an indenture dated as of November 20, 2006, between the Company and The Bank of New York Trust Company, N.A., as trustee (the “Trustee”), as supplemented by a supplemental indenture thereto, to be dated as of July 20, 2007 (the indenture, as so supplemented, the “Indenture”). In addition, solely for the purpose of covering over-allotments, the Company proposes to grant to the Underwriters the option to purchase from the Company up to $60,000,000 aggregate principal amount of Notes (the “Option Notes”) as set forth below.

The Notes will be convertible into shares of common stock of the Company, $1.00 par value per share (“Common Stock”), in the manner described in the Indenture. The shares of Common Stock into which the Notes may be converted are referred to herein as the “Underlying Securities.”

As the Representatives, you have advised the Company (a) that you are authorized to enter into this Agreement and (b) that the Underwriters are willing to purchase, acting severally and not jointly, the Firm Notes set forth in Schedule I hereto, plus such Option Notes if the Underwriters elect to exercise the over-allotment option in whole or in part for the account of the Underwriters. The Firm Notes and the Option Notes (to the extent such option is exercised) are herein collectively sometimes referred to as the “Notes.”

In consideration of the mutual agreements contained herein and of the interests of the parties in the transactions contemplated hereby, the parties hereto agree as follows:

1. Representations and Warranties of the Company. The Company represents and warrants to the Underwriters as follows:

(i) An “automatic shelf registration statement” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), on Form S-3 (File No. 333-134082) in respect of the Notes and the Underlying Securities, including a form of prospectus (the “Base Prospectus”), has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Securities Act, and the rules and regulations of the Securities and Exchange Commission (the “Commission”) thereunder (the “Rules and Regulations”). The Company and the transactions contemplated by this Agreement meet the requirements and comply with the conditions for the use of Form S-3. Copies of such registration statement, including any amendments thereto, the Base Prospectus, as supplemented by any preliminary prospectus (including any preliminary prospectus supplement) relating to the Notes used prior to the date hereof (a “Preliminary Prospectus”), and including the documents incorporated in the Base Prospectus by reference, and the exhibits, financial statements and schedules to such registration statement, in each case as finally amended and revised, have heretofore been delivered by the Company to the Representatives. Such registration statement is herein referred to as the “Registration Statement,” which shall be deemed to include all information omitted therefrom in reliance upon Rules 430A, 430B or 430C under the Securities Act and contained in the Prospectus referred to below, has become effective under the Securities Act and no post-effective amendment to the Registration Statement has been filed as of the date of this Agreement. “Prospectus” means the form of prospectus relating to the Notes first filed with the Commission pursuant to and within the time limits described in Rule 424(b) under the Securities Act and in accordance with Section 4(i) hereof. Any reference herein to the Registration Statement, any Preliminary Prospectus or to the Prospectus or to any amendment or supplement to any of the foregoing documents shall be deemed to refer to and include any documents incorporated by reference therein, and, in the case of any reference herein to the Prospectus, also shall be deemed to include any documents incorporated by reference therein, and any supplements or amendments thereto, filed with the Commission after the date of filing of the Prospectus under Rule 424(b) under the Securities Act, and prior to the termination of the offering of the Notes by the Underwriters.

(ii) As of the Applicable Time (as defined below), at all times during the period that begins at the Applicable Time and ends as of the Closing Date, and as of the Closing Date or the Option Closing Date, as the case may be, neither (i) the General Use Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time, and the Statutory Prospectus (as defined below), all considered together (collectively, the “General Disclosure Package”), nor (ii) any individual Limited Use Free Writing Prospectus (as defined below), when considered together with the General Disclosure Package, included or will include any untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading provided, however, that the Company makes no representations or warranties as to information contained in or omitted from any Issuer Free Writing Prospectus, in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Underwriter through the Representatives, specifically for use therein, it being understood and agreed that the only such information is that described in Section 13 herein. As used in this subsection and elsewhere in this Agreement:

“Applicable Time” means 9:00 a.m. (New York time) on July 17, 2007 or such other time as agreed to by the Company and the Representatives.

“Statutory Prospectus” means the Base Prospectus, as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof.

“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act, relating to the Notes in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act.

“General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is identified on Schedule II to this Agreement.

“Limited Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus.

(iii) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus; the Company is duly qualified to transact business in all jurisdictions in which the conduct of its business requires such qualification, and in which the failure to qualify would (a) have a materially adverse effect upon the business of the Company and its Subsidiaries (as defined below), taken as a whole, (b) adversely affect the issuance, validity or enforceability of the Notes or the enforceability of the Indenture or (c) adversely affect the consummation of the transactions contemplated by this Agreement (each of (a), (b) and (c) above, a “Material Adverse Effect”). All of the Company’s subsidiaries are listed in Schedule III hereto (the “Subsidiaries”).

(iv) The Notes have been duly authorized and, when issued, authenticated and delivered pursuant to this Agreement and the Indenture, will be (a) duly and validly executed, authenticated, issued and delivered and will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except to the extent that enforcement thereof may be limited by (x) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally and (y) general principles of equity and the limits of specific performance and injunctive relief (regardless of whether enforceability is considered in a proceeding at law or in equity), (b) entitled to the benefits provided by the Indenture, and (c) convertible into Common Stock in accordance with the Indenture; the Indenture has been duly authorized and qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and constitutes a valid and binding instrument of the Company enforceable against the Company in accordance with its terms, except to the extent that enforcement thereof may be limited by (x) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally and (y) general principles of equity and the limits of specific performance and injunctive relief (regardless of whether enforceability is considered in a proceeding at law or in equity); the Notes and the Indenture will conform to the statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus; and the Underlying Securities issuable upon conversion of the Notes in accordance with the Indenture and the Notes have been duly authorized and reserved for issuance, and when issued and delivered upon conversion of the Notes in accordance with the Indenture, will be duly and validly issued, fully paid and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights.

(v) The information contained in the section captioned “Capitalization” in the Registration Statement and the Prospectus (and any similar section or information contained in the General Disclosure Package) sets forth the authorized, issued and outstanding capitalization of the Company at the indicated date; all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable; and the shares of Common Stock of the Company are duly listed on the New York Stock Exchange.

(vi) The shares of authorized capital stock of the Company, including the Underlying Securities, conform with the statements concerning them in the Registration Statement, the General Disclosure Package and the Prospectus.

(vii) The Commission has not issued an order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus relating to the proposed offering of the Notes, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted or, to the Company’s knowledge, threatened by the Commission. The Registration Statement contains, and the Prospectus and any amendments or supplements thereto will contain, all statements which are required to be stated therein by, and will conform to, the requirements of the Securities Act, the Trust Indenture Act and the rules and regulations of the Commission thereunder. The documents incorporated, or to be incorporated, by reference in the Prospectus, at the time filed with the Commission conformed or will conform, in all material respects to the requirements of the Securities Exchange Act of 1934 (“Exchange Act”) or the Securities Act, as applicable, and the rules and regulations of the Commission thereunder. The Registration Statement and any amendment thereto do not contain, and will not contain, any untrue statement of a material fact and do not omit, and will not omit, to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendments and supplements thereto do not contain, and will not contain, any untrue statement of a material fact; and do not omit, and will not omit, to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to information contained in or omitted from the Registration Statement or the Prospectus, or any such amendment or supplement, in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Underwriter through the Representatives, specifically for use therein, it being understood and agreed that the only such information is that described in Section 13 herein.

(viii) Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Notes or until any earlier date that the Company notified or notifies the Representatives as described in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference and any prospectus supplement deemed to be a part thereof that has not been superseded or modified.

(ix) The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the offering and sale of the Notes other than any Preliminary Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 4(ii) below. The Company will file with the Commission all Issuer Free Writing Prospectuses in the time and manner required under Rules 163(b)(2) and 433(d) under the Securities Act.

(x) (a) At the time of filing the Registration Statement, (b) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) under the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (c) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Notes in reliance on the exemption of Rule 163 under the Securities Act and (d) at the date hereof, the Company is a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act. The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) under the Securities Act objecting to the use of the automatic shelf registration form.

(xi) (a) At the earliest time after the filing the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Notes and (b) as of the date hereof (with such date being used as the determination date for purposes of this clause(b)), the Company was not and is not an “ineligible issuer” (as defined in Rule 405 under the Securities Act, without taking into account any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an ineligible issuer), including, without limitation, for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of the Notes as contemplated by the Registration Statement.

(xii) The financial statements of the Company, together with related notes and schedules, as set forth or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, present fairly the financial position and the results of operations of the Company and its Subsidiaries at the indicated dates and for the indicated periods. Such financial statements and the related notes and schedules have been prepared in accordance with generally accepted accounting principles, consistently applied throughout the periods involved, and all adjustments necessary for a fair presentation of results for such periods have been made. The summary financial and statistical data included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein. All disclosures contained in the Registration Statement, the General Disclosure Package and the Prospectus, including the documents incorporated by reference therein, regarding “non-GAAP financial measures” (as such term is defined by the Rules and Regulations) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable.

(xiii) There is no action or proceeding pending or, to the knowledge of the Company, threatened (a) against the Company or its Subsidiaries or (b) involving any property of the Company or its Subsidiaries before any court or administrative agency which, if determined adversely to the Company or its Subsidiaries, might reasonably be expected to result in any Material Adverse Effect, except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus.

(xiv) The Company, together with its Subsidiaries, has good and marketable title to all of the properties and assets reflected in the financial statements hereinabove described (or as described in the Registration Statement, the General Disclosure Package and the Prospectus as owned by it), subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those reflected in such financial statements (or as described in the Registration Statement, the General Disclosure Package and the Prospectus) or which are not material in amount or which do

not interfere with the use made or proposed to be made of the property. The leases, agreements to purchase and mortgages to which the Company or any of its Subsidiaries is a party, and the guaranties of third parties (a) are the legal, valid and binding obligations of the Company, its Subsidiaries and, to the knowledge of the Company, of all other parties thereto, and the Company knows of no default or defenses currently existing with respect thereto which might reasonably be expected to result in any Material Adverse Effect, and (b) conform to the descriptions thereof set forth in the Registration Statement, the General Disclosure Package and the Prospectus. Each mortgage which the Company or any of its Subsidiaries holds on the properties described in the Registration Statement, the General Disclosure Package and the Prospectus constitutes a valid mortgage lien for the benefit of the Company or its Subsidiary, as the case may be, on such property.

(xv) The Company has filed all Federal, state and foreign income tax returns which have been required to be filed and has paid all taxes indicated by said returns and all assessments received by it to the extent that such taxes have become due and are not being contested in good faith. All tax liabilities have been adequately provided for in the financial statements of the Company.

(xvi) Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, as each may be amended or supplemented, there has not been any material adverse change or any development involving a prospective material adverse change in or affecting the condition, financial or otherwise, of the Company or the earnings, capital stock (except that Common Stock of the Company has increased due to option exercises, issuances under the Company’s Second Amended and Restated Dividend Reinvestment and Stock Purchase Plan and conversions of preferred stock), business affairs, management, or business prospects of the Company, whether or not occurring in the ordinary course of business, and the Company has not incurred any material liabilities or obligations and there has not been any material transaction entered into by the Company, other than transactions in the ordinary course of business and transactions described in the Registration Statement, the General Disclosure Package and the Prospectus, as each may be amended or supplemented. The Company has no material contingent obligations which are not disclosed in the Registration Statement, the General Disclosure Package and the Prospectus.

(xvii) The Company is not in violation of its charter or by-laws. No Subsidiary is in violation of its charter or by-laws, which violation will have, or after any required notice and passage of any applicable grace period would have, a Material Adverse Effect. Neither the Company nor any of its Subsidiaries are (a) in default under any agreement, lease, contract, indenture or other instrument or obligation to which it is a party or by which it or any of its properties is bound, (b) in violation of any statute, or (c) in violation of any order, rule or regulation applicable to the Company, its Subsidiaries or its properties, of any court or of any regulatory body, administrative agency or other governmental body, any of which defaults or violations described in clauses (a) through (c) will have, or after any required notice and passage of any applicable grace period would have, a Material Adverse Effect. The issue and sale of the Notes and the performance by the Company of all of its obligations under the Notes, the Indenture and this Agreement and the consummation of the transactions herein and therein contemplated and the fulfillment of the terms hereof and thereof will not after any required notice and passage of any applicable grace period conflict with or constitute a violation of any statute or conflict with or result in a breach of any of the terms or provisions of, constitute a default under or result in the imposition of any lien pursuant to, any indenture, mortgage, deed of trust or other agreement or instrument to which the Company, or any of its Subsidiaries, is a party or by which it or any of its properties may be bound, or a violation of its charter or by-laws or any order, rule

or regulation applicable to the Company, its Subsidiaries or its properties of any court or of any regulatory body, administrative agency or other governmental body.

(xviii) Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental body necessary in connection with the execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated by this Agreement and the Indenture (except such additional steps as may be required by the Commission, the National Association of Securities Dealers, Inc. (the “NASD”) or may be necessary to qualify the Notes for public offering by the Underwriters under state securities or Blue Sky laws) has been obtained or made by the Company, and is in full force and effect.

(xix) The Company and its Subsidiaries hold all material licenses, certificates and permits from governmental authorities which are necessary to the conduct of their businesses and neither the Company nor any of its Subsidiaries have received any notice of infringement or of conflict with asserted rights of others with respect to any patents, patent rights, trade names, trademarks or copyrights, which infringement is material to the business of the Company and its Subsidiaries.

(xx) The Company qualifies as a real estate investment trust pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, has so qualified for the taxable years ended December 31, 1984 through December 31, 2006 and no transaction or other event has occurred or is contemplated which would prevent the Company from so qualifying for its current taxable year.

(xxi) To the best of the Company’s knowledge, Ernst & Young LLP, who have certified certain of the financial statements and related schedules filed with the Commission as part of, or incorporated by reference in, the Registration Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Company as required by the Securities Act and the Rules and Regulations and the Public Company Accounting Oversight Board (the “PCAOB”).

(xxii) The Company and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or specific authorization; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (c) access to assets is permitted only in accordance with management’s general or specific authorization; and (d) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

(xxiii) The Company has established and maintains disclosure controls and procedures (as such term is defined in Rules 13a-14 and 15d-14 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company, including its Subsidiaries, is made known to the Company’s Chief Executive Officer and its Chief Financial Officer by others within those entities, and such disclosure controls and procedures are effective to perform the functions for which they were established; the Company’s auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (a) any significant deficiencies in the design or operation of internal controls which could adversely affect the Company’s ability to record, process, summarize, and report financial data; and (b) any fraud, whether or not material, that involves management or other employees who have a role in

the Company’s internal controls; any material weaknesses in internal controls have been identified for the Company’s auditors; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses.

(xxiv) Since July 30, 2002, the Company has not, directly or indirectly, including through any subsidiary: (a) extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company, or to or for any family member or affiliate of any director or executive officer of the Company; or (b) made any material modification, including any renewal thereof, to any term of any personal loan to any director or executive officer of the Company, or any family member or affiliate of any director or executive officer, which loan was outstanding on July 30, 2002.

(xxv) To the knowledge of the Company, after inquiry of its officers and directors, there are no affiliations with any NASD member firm among the Company’s officers, directors, or principal stockholders, except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, or as otherwise disclosed in writing to the Underwriters.

(xxvi) This Agreement and the Indenture have been duly authorized, executed and delivered by the Company.

(xxvii) Neither the Company nor any of its officers or directors has taken nor will any of them take, directly or indirectly, any action resulting in a violation of Regulation M promulgated under the Exchange Act, or designed to cause or result in, or which has constituted or which reasonably might be expected to constitute, the stabilization or manipulation of the price of the Notes or the Underlying Securities. The Company acknowledges that the Underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the Notes or the Underlying Securities, including stabilizing bids, syndicate covering transactions and the imposition of penalty bids.

(xxviii) The Underlying Securities have been, or as of the Closing Date will be, approved for listing upon official notice of issuance on the New York Stock Exchange.

(xxix) The Company is not, and immediately after the sale of the Notes pursuant to the terms and conditions of this Agreement will not be, an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940.

2. Purchase, Sale and Delivery of the Notes. On the basis of the representations, warranties and covenants herein contained, and subject to the conditions herein set forth, the Company agrees to sell to each Underwriter, and each Underwriter, severally and not jointly, agrees to purchase from the Company, the principal amount of Firm Notes set forth opposite the name of such Underwriter in Schedule I hereto (plus any additional principal amount of Notes which such Underwriter may become obligated to purchase pursuant to the provisions of Section 11 hereof) at a purchase price of 97.50% of the principal amount thereof, plus accrued interest (if any) to the Closing Date (as defined below).

Payment of the purchase price for, and delivery of certificate(s) for, the Firm Notes shall be made at the offices of UBS Securities LLC, 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, at 10:00 a.m. New York time, on July 20, 2007 or at such other time and date thereafter as the Representatives and the Company shall agree upon, such time and date being herein referred to as the “Closing Date.” (As used

herein, “business day” means a day on which the New York Stock Exchange is open for trading and on which banks in New York are open for business and not permitted by law or executive order to be closed). Payment for the Firm Notes to be sold hereunder is to be made by Federal Funds wire transfer to an account designated by the Company, against delivery of the Firm Notes to the Underwriters. The Firm Notes will be evidenced by a single definitive global certificate in book entry form, fully registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), or registered in such other names and in such denominations as the Representatives request in writing not later than the second full business day prior to the Closing Date. The single global certificate will be made available for inspection by the Representatives at least one business day prior to the Closing Date at such place as the Representatives, DTC and the Company shall agree.

In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters to purchase severally the Option Notes at the purchase price as set forth in the first paragraph of this Section 2. The option granted hereby may be exercised in whole or in part by giving notice (i) at any time before the Closing Date and (ii) only once thereafter within 30 days after the date of this Agreement, by the Representatives to the Company setting forth the principal amount of Option Notes as to which the several Underwriters are exercising the option and the time and date at which such Option Notes are to be delivered. The time and date at which the Option Notes are to be delivered shall be determined by the Representatives but shall not be earlier than three nor later than 10 full business days after the exercise of such option, nor in any event prior to the Closing Date (such time and date being herein referred to as the “Option Closing Date”). If the date of exercise of the option is three or more days before the Closing Date, the notice of exercise shall set the Closing Date as the Option Closing Date. The option with respect to the Option Notes granted hereunder may be exercised only to cover over-allotments in the sale of the Firm Notes by the Underwriters. The Representatives may cancel such option at any time prior to its expiration by giving written notice of such cancellation to the Company. To the extent, if any, that the option is exercised, payment for the Option Notes shall be made by Federal Funds wire transfer to an account designated by the Company, against delivery of the Option Notes to the Underwriters. Such payment and delivery are to be made at the offices of UBS Securities LLC, 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, at 10:00 a.m. New York time, on the Option Closing Date. To the extent, if any, that the option is exercised, the Option Notes will be evidenced by a single definitive global certificate in book entry form, fully registered in the name of Cede & Co., as nominee for DTC, or registered in such other names and in such denominations as the Representatives request in writing not later than the second full business day prior to the Option Closing Date. The single global certificate will be made available for inspection by the Representatives at least one business day prior to the Option Closing Date at such place as the Representatives, DTC and the Company shall agree.

3. Offering by the Underwriters. It is understood that the several Underwriters are to make a public offering of the Notes as soon as the Representatives deem it advisable to do so. The Notes are to be initially offered to the public at the price and upon the terms set forth in the Prospectus. The Representatives may from time to time thereafter change the public offering price and other selling terms.

4. Covenants of the Company. The Company covenants and agrees with the Underwriters that:

(i) The Company will (a) prepare and timely file with the Commission under Rule 424(b) (without reliance on Rule 424(b)(8)) under the Securities Act a Prospectus in a form approved by the Representatives containing information previously omitted at the time of effectiveness of the Registration Statement in reliance on Rules 430A, 430B or 430C under the Securities Act, (b) not file any amendment to the Registration Statement or distribute an amendment or supplement to the General Disclosure Package or the Prospectus or document

incorporated by reference therein of which the Representatives shall not previously have been advised and furnished with a copy or to which the Representatives shall have reasonably objected in writing or which is not in compliance with the Rules and Regulations for so long as the Representatives may deem necessary to in order to complete the distribution of the Notes and (c) file on a timely basis all reports and any definitive proxy or information statements required to be filed by the Company with the Commission subsequent to the date of the Prospectus and prior to the termination of the offering of the Notes by the Underwriters; provided, however, that for each such report or preliminary or definitive proxy or information statement, the Company will not file any such report or preliminary or definitive proxy or information statement, or amendment thereto, of which the Representatives shall not previously have been advised and furnished with a copy or to which the Representatives shall have reasonably objected in writing or which is not in compliance with the Exchange Act.

(ii) The Company will (a) not make any offer relating to the Notes that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission under Rule 433 under the Securities Act unless the Representatives approve its use in writing prior to first use (each, a “Permitted Free Writing Prospectus”); provided that the prior written consent of the Representatives hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectus(es) included in Schedule II hereto, (b) treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, (c) comply with the requirements of Rules 163, 164 and 433 under the Securities Act applicable to any Issuer Free Writing Prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping and (d) not take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder.

(iii) The Company will prepare a final term sheet (the “Final Term Sheet”) reflecting the final terms of the Notes, in form and substance satisfactory to the Representatives, and shall file such Final Term Sheet as an Issuer Free Writing Prospectus pursuant to Rule 433 under the Securities Act prior to the close of business two business days after the date hereof; provided that the Company shall provide the Representatives with copies of any such Final Term Sheet a reasonable amount of time prior to such proposed filing and will not use or file any such document to which the Representatives or counsel to the Underwriters shall reasonably object.

(iv) The Company will advise the Representatives promptly (a) when any post-effective amendment to the Registration Statement or new registration statement relating to the Notes shall have become effective, or any supplement to the Prospectus shall have been filed, (b) of the receipt of any comments from the Commission, (c) of any request of the Commission for amendment of the Registration Statement or the filing of a new registration statement or any amendment or supplement to the General Disclosure Package or the Prospectus or any document incorporated by reference therein or otherwise deemed to be a part thereof or for any additional information, and (d) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or such new registration statement or any order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or of the institution of any proceedings for that purpose for so long as the Representatives may deem necessary in order to complete the distribution of the Notes, or of the suspension of the qualification of the Notes for offering or sale in any jurisdiction, and the Company will use its best efforts to prevent (x) the issuance of any such stop order suspending the effectiveness of the Registration Statement or such new registration statement or any order

preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or (y) any such suspension of the qualification of the Notes for offering or sale in any jurisdiction, and to obtain as soon as possible the lifting of any such order, if issued, or such suspension of qualification.

(v) The Company will pay the fees applicable to the Registration Statement in connection with the offering of the Notes within the time required by Rule 456(b)(1)(i) under the Securities Act (without reliance on the proviso to Rule 456(b)(1)(i) under the Securities Act) and in compliance with Rule 456(b) and Rule 457(r) under the Securities Act.

(vi) If at any time when Notes remain unsold by the Underwriters the Company receives from the Commission a notice pursuant to Rule 401(g)(2) under the Securities Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a) promptly notify the Representatives, (b) promptly file a new registration statement or post-effective amendment on the proper form relating to the Notes and the Underlying Securities, in a form satisfactory to the Representatives, (c) use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule 462 under the Securities Act), and (d) promptly notify the Representatives of such effectiveness. The Company will take all other action necessary or appropriate to permit the public offering and sale of the Notes to continue as contemplated in the Registration Statement that was the subject of the notice under Rule 401(g)(2) under the Securities Act or for which the Company has otherwise become ineligible. References herein to the Registration Statement relating to the Notes and the Underlying Securities shall include such new registration statement or post-effective amendment, as the case may be.

(vii) If immediately prior to the third anniversary (the “Renewal Deadline”) of the initial effective date of the Registration Statement, any of the Notes remain unsold by the Underwriters, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Notes and the Underlying Securities, in a form satisfactory to the Representatives. If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Notes, in a form satisfactory to the Representatives, and will use its best efforts to cause such registration statement to be declared effective within 180 days after the Renewal Deadline. The Company will take all other action necessary or appropriate to permit the public offering and sale of the Notes to continue as contemplated in the expired registration statement. References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.

(viii) The Company will deliver to, or upon the order of, the Representatives, from time to time, as many copies of any Preliminary Prospectus or any Issuer Free Writing Prospectus as the Representatives may reasonably request. The Company will deliver to, or upon the order of, the Representatives during the period when delivery of a Prospectus (or, in lieu thereof, the notice referred to under Rule 173(a) under the Securities Act) is required under the Securities Act, as many copies of the Prospectus in final form, or as thereafter amended or supplemented, as the Representatives may reasonably request. The Company will deliver to the Representatives at or before the Closing Date, one signed copy of the Registration Statement and all amendments thereto including all exhibits filed therewith, and will deliver to the Representatives such number of copies of the Registration Statement, including documents incorporated by reference therein,

but without exhibits, and of all amendments thereto, as the Representatives may reasonably request.

(ix) The Company will comply with the Securities Act and the Rules and Regulations and the Exchange Act, and the rules and regulations of the Commission thereunder, so as to permit the completion of the distribution of the Notes as contemplated in this Agreement and the Prospectus. Subject to the provisions of Section 4(i) above, if during the period in which a prospectus (or, in lieu thereof, the notice referred to under Rule 173(a) under the Securities Act) is required by law to be delivered by an Underwriter or a dealer any event shall occur as a result of which, in the judgment of the Company or in the opinion of counsel for the Underwriters, it becomes necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances existing at the time the Prospectus is delivered to a purchaser, not misleading, or, if it is necessary at any time to amend or supplement the Prospectus to comply with any law, the Company promptly will either (a) prepare and file with the Commission an appropriate amendment to the Registration Statement or supplement to the Prospectus or (b) prepare and file with the Commission an appropriate filing under the Exchange Act which shall be incorporated by reference in the Prospectus so that the Prospectus as so amended or supplemented will not, in the light of the circumstances when it is so delivered, be misleading, or so that the Prospectus will comply with law.

(x) If the General Disclosure Package is being used to solicit offers to buy the Notes at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the General Disclosure Package in order to make the statements therein, in the light of the circumstances, not misleading, or to make the statements therein not conflict with the information contained in the Registration Statement then on file, or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, the Company promptly will either (a) prepare, file with the Commission (if required) and furnish to the Underwriters and any dealers an appropriate amendment or supplement to the General Disclosure Package or (b) prepare and file with the Commission an appropriate filing under the Exchange Act which shall be incorporated by reference in the General Disclosure Package so that the General Disclosure Package as so amended or supplemented will not, in the light of the circumstances, be misleading or conflict with the Registration Statement then on file, or so that the General Disclosure Package will comply with law.

(xi) The Company will make generally available to its security holders, as soon as it is practicable to do so, but in any event not later than 15 months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings statement (which need not be audited) in reasonable detail, covering a period of twelve consecutive months beginning after the effective date of the Registration Statement, which earnings statement shall satisfy the requirements of Section 11(a) of the Securities Act and Rule 158 under the Securities Act.

(xii) The Company will, for a period of five years from the Closing Date, deliver to the Representatives copies of annual reports and copies of all other documents, reports and information furnished by the Company to its stockholders or filed with any securities exchange pursuant to the requirements of such exchange or with the Commission pursuant to the Securities Act or the Exchange Act. The Company will deliver to the Representatives similar reports with respect to significant subsidiaries, as that term is defined in the Rules and Regulations, which are not consolidated in the Company’s financial statements.

(xiii) The Company will use the net proceeds from the sale of the Notes pursuant to this Agreement in the manner specified under the heading “Use of Proceeds” in the Prospectus.

(xiv) No offering, sale or other disposition of any Notes, Common Stock or any securities of the Company that are substantially similar to the Notes or the Common Stock will be made for a period of 90 days after the date of this Agreement, directly or indirectly, by the Company otherwise than hereunder or with the prior written consent of UBS Securities LLC, except that the Company may, without such consent, (a) issue securities under the Company’s equity compensation plans for officers, employees, and non-employee directors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, as amended by Amendment No. 1 to Annual Report on Form 10-K/A filed with the Commission on March 12, 2007; (b) issue shares upon the exercise of options or other stock rights issued pursuant to the Company’s equity compensation plans for officers, employees, and non-employee directors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, as amended by Amendment No. 1 to Annual Report on Form 10-K/A filed with the Commission on March 12, 2007 and the Windrose Medical Properties Trust 2002 Stock Incentive Plan; (c) sell shares of Common Stock pursuant to the Second Amended and Restated Dividend Reinvestment and Stock Purchase Plan filed with the Commission on May 15, 2007; (d) issue shares of Common Stock upon conversion of any shares of 6% Series E Cumulative Convertible and Redeemable Preferred Stock or 7.5% Series G Cumulative Convertible Preferred Stock outstanding as of the date hereof; or (e) issue shares of Common Stock upon conversion of any 4.75% Convertible Senior Notes due 2026 outstanding as of the date hereof.

(xv) Between the date of this Agreement and the Closing Date, the Company will not take any action or authorize any action that would result in an adjustment of the conversion price of the Notes if the Notes had been issued on the date hereof; and

(xvi) The Company will reserve and keep available at all times, free of preemptive rights, shares of Common Stock for the purpose of enabling the Company to satisfy any obligations to issue its Common Stock upon conversion of the Notes.

5. Costs and Expenses. The Company will pay all costs, expenses and fees incident to the performance of its obligations under this Agreement and the Indenture, including, without limiting the generality of the foregoing, the following: the fees incident to the preparation, issuance, execution, authentication and delivery of the Notes, including any expenses of the Trustee; the fees payable to rating agencies in connection with the rating of the Notes; accounting fees of the Company; the fees and disbursements of counsel for the Company; the cost of printing and delivering to, or as requested by, the Underwriters, copies of the Registration Statement, the Preliminary Prospectuses, the Issuer Free Writing Prospectuses, the Prospectus, this Agreement, the Indenture and any amendments or supplements thereto; the fees incident to the listing of the Notes on any securities exchange; the filing fees of the Commission; the filing fees and expenses (including legal fees and disbursements) incident to securing any required review by the NASD of the terms of the sale of the Notes; and the fees incident to the listing of the Underlying Securities on the New York Stock Exchange and the applicable listing agreement with the New York Stock Exchange. Any transfer taxes imposed on the sale of the Notes to the several Underwriters will be paid by the Company. The Company shall not, however, be required to pay for any of the Underwriters’ expenses except that, if this Agreement shall not be consummated because the conditions in Section 7 hereof are not satisfied, or because this Agreement is terminated by the Representatives pursuant to Section 6 hereof, or this Agreement is terminated pursuant to Section 10(i)(a) or Section 10(i)(h) hereof, or by reason of any failure, refusal or inability on the part of the Company to perform any undertaking or satisfy any condition of this Agreement or to comply with any of the terms hereof on its part to be performed, unless such failure to satisfy said condition or to comply with said

terms be due to the default or omission of any Underwriter, then the Company shall reimburse the several Underwriters for reasonable out-of-pocket expenses, including fees and disbursements of counsel, reasonably incurred in connection with investigating, marketing and proposing to market the Notes or in contemplation of performing their obligations hereunder, but the Company shall not in any event be liable to any of the several Underwriters for damages on account of loss of anticipated profits from the sale by any of them of the Notes.

6. Conditions of Obligations of the Underwriters. The several obligations of the Underwriters to purchase the Firm Notes on the Closing Date and the Option Notes, if any, on the Option Closing Date are subject to the accuracy, as of the Closing Date or the Option Closing Date, as the case may be, of the representations and warranties of the Company contained herein, and to the performance by the Company of its covenants and obligations hereunder and to the following additional conditions:

(i) No stop order suspending the effectiveness of the Registration Statement, as amended from time to time, shall have been issued and no proceedings for that purpose shall have been taken or, to the knowledge of the Company, shall be contemplated or threatened by the Commission. The Prospectus and each Issuer Free Writing Prospectus required shall have been filed as required by Rules 424, 430A, 430B, 430C or 433 under the Securities Act, as applicable, within the time period prescribed by, and in compliance with, the Rules and Regulations, and any request by the Commission for additional information (to be included in the Registration Statement or otherwise) shall have been disclosed to the Representatives and complied with to their reasonable satisfaction.

(ii) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date, there shall not have occurred any downgrading, nor shall any notice have been given of (a) any intended or potential downgrading or (b) any review or possible change that does not indicate an affirmation or improvement in the rating, if any, accorded any securities of or guaranteed by the Company by any “nationally recognized statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act.

(iii) The Representatives shall have received on the Closing Date and the Option Closing Date, if any, the opinion of Xxxxxxxx, Loop & Xxxxxxxx, LLP, counsel for the Company, dated the Closing Date or the Option Closing Date, as the case may be, and addressed to the Representatives, as representatives of the several Underwriters, to the effect that:

(a) The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus.

(b) The Company is duly qualified to transact business in all jurisdictions in which the conduct of its business requires such qualification, and in which the failure to qualify would have a Material Adverse Effect.

(c) The information contained in the section captioned “Capitalization” in the Registration Statement and the Prospectus (and any similar section or information contained in the General Disclosure Package) sets forth the authorized, issued and outstanding capital stock of the Company at the indicated date; the authorized shares of capital stock of the Company have been duly authorized; the issued and outstanding shares of the capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable; the Notes are free of statutory and contractual

preemptive rights and similar rights; the certificates for the Notes are in due and proper form.

(d) The Registration Statement has become effective under the Securities Act and, to such counsel’s knowledge no stop order proceedings with respect thereto have been instituted or are pending or threatened under the Securities Act.

(e) The Registration Statement, the Prospectus and each amendment or supplement thereto and documents incorporated by reference therein comply as to form in all material respects with the requirements of the Securities Act, the Exchange Act or the Trust Indenture Act, as applicable, and the applicable rules and regulations thereunder (except that such counsel need express no opinion as to the financial statements, schedules and other financial or statistical information included or incorporated by reference therein).

(f) The statements under the captions “Description of Notes,” “Description of Debt Securities” and “Description of Our Common Stock” in the General Disclosure Package and the Prospectus, insofar as such statements constitute a summary of documents referred to therein or matters of law, are accurate summaries and fairly and correctly present in all material respects the information called for with respect to such documents and matters.

(g) The statements under the caption “Certain Government Regulations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, as amended by Amendment No. 1 to Annual Report on Form 10-K/A filed with the Commission on March 12, 2007, and any amendments thereto, as to matters of law stated therein, have been reviewed by such counsel and constitute fair summaries of the matters described therein which are material to the business or condition (financial or otherwise) of the Company.

(h) Such counsel does not know of any contracts or documents required to be filed as exhibits to or incorporated by reference in the Registration Statement or described in the Registration Statement or the Prospectus or any amendment or supplement thereto which are not so filed, incorporated by reference or described as required, and such contracts and documents as are summarized in the Registration Statement or the Prospectus or any amendment or supplement thereto are fairly summarized in all material respects.

(i) Such counsel knows of no material legal proceedings pending or threatened against the Company, except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus.

(j) The execution and delivery of this Agreement and the Indenture and the consummation of the transactions contemplated in this Agreement and the Indenture, including the issuance and sale of the Notes, the issuance of the Underlying Securities upon conversion of the Notes and the performance by the Company of its obligations under the Notes, the Indenture and this Agreement, do not and will not after any required notice and passage of any applicable grace period conflict with or constitute a violation of any statute or conflict with or result in a breach of any of the terms or provisions of, constitute a default under or result in the imposition of any lien pursuant to, the charter or by-laws of the Company, any material agreement or instrument known to such counsel to

which the Company is a party or by which the Company or the Company’s properties may be bound or any order known to such counsel or rule or regulation applicable to the Company or the Company’s properties of any court or governmental agency or body.

(k) This Agreement has been duly authorized, executed and delivered by the Company.

(l) The Indenture has been duly authorized, executed and delivered by the Company and constitutes a valid and binding instrument of the Company enforceable against the Company in accordance with its terms, except to the extent that enforcement thereof may be limited by (A) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally and (B) general principles of equity and the limits of specific performance and injunctive relief (regardless of whether enforceability is considered in a proceeding at law or in equity); and the Indenture has been duly qualified under the Trust Indenture Act.

(m) The Notes have been duly authorized and executed by the Company and when authenticated in accordance with the terms of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of the Agreement, will constitute a valid and binding obligation of the Company entitled to the benefits provided by the Indenture, enforceable against the Company in accordance with their terms, except to the extent that enforcement thereof may be limited by (A) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally and (B) general principles of equity and the limits of specific performance and injunctive relief (regardless of whether enforceability is considered in a proceeding at law or in equity).

(n) The Underlying Securities issuable upon conversion of the Notes pursuant to the Indenture have been duly authorized by all necessary corporate action and, when issued upon conversion of the Notes in accordance with the terms of the Indenture, will be validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights and similar rights. The resolutions of the Board of Directors of the Company approving the issuance of the Notes state that they have reserved the Underlying Securities for issuance.

(o) The Indenture, the Notes and the Underlying Securities conform in all material respects to the descriptions thereof contained in the Registration Statement, the General Disclosure Package and the Prospectus.

(p) No approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental body is necessary in connection with the execution and delivery of this Agreement or the Indenture and the consummation of the transactions contemplated in this Agreement and the Indenture (other than as may be required by the Commission or the NASD or as required by state securities and Blue Sky laws as to which such counsel need express no opinion) except such as have been obtained or made by the Company, specifying the same.

(q) The Company is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940.

(r) Any required filing of each Issuer Free Writing Prospectus pursuant to Rule 433 under the Securities Act has been made within the time period required by Rule 433(d) under the Securities Act.

In addition, either such counsel or Xxxxxx & Xxxxxx LLP, special tax counsel to the Company, will provide an opinion, based on such counsel’s own review of the Company’s certificate of incorporation, stating that the Company was organized and continues to be organized in conformity with the requirements for qualification as a real estate investment trust under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and, based on such counsel’s review of the Company’s federal income tax returns and discussions with management and independent public accountants for the Company, that the Company, taking into account operations for its taxable and fiscal years ended December 31, 2002 through December 31, 2006, satisfied the requirements for qualification and taxation as a real estate investment trust under the Code for such years and that its proposed method of operation will enable it to meet the requirements for qualification and taxation as a real estate investment trust under the Code for its taxable and fiscal year ending December 31, 2007. Furthermore, such counsel shall opine that the statements contained under the headings “Certain Federal Income Tax Considerations” and “U.S. Federal Income Tax Considerations” in the Registration Statement, the General Disclosure Package and the Prospectus and under the heading “Taxation” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, as amended by Amendment No. 1 to Annual Report on Form 10-K/A filed with the Commission on March 12, 2007, and any amendments thereto (and any similar sections or information contained in the General Disclosure Package) are correct and accurate in all material respects and present fairly and accurately the material aspects of the federal income tax treatment of the Company and of its stockholders.

In rendering such opinion, such counsel may rely as to matters governed by the laws of states other than the laws of the State of Ohio, the corporate laws of the State of Delaware or Federal laws on local counsel in such jurisdictions, provided that in such case such counsel shall state that they believe that they and the Underwriters are justified in relying on such other counsel and such other counsel shall indicate that the Underwriters may rely on such opinion. As to matters of fact, to the extent they deem proper, such counsel may rely on certificates of officers of the Company and public officials so long as such counsel states that they have no reason to believe that either the Underwriters or they are not justified in relying on such certificates. In addition to the matters set forth above, the opinion of Xxxxxxxx, Loop & Xxxxxxxx, LLP shall also include a statement to the effect that nothing has come to the attention of such counsel which leads them to believe that (a) the Registration Statement, as of the time of its effectiveness for purposes of Section 11 of the Securities Act and as of the Applicable Time, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (b) the General Disclosure Package, as of the Applicable Time, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and (c) the Prospectus, or any supplement thereto, on the date it was filed pursuant to the Rules and Regulations and as of the Closing Date or the Option Closing Date, as the case may be, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (except that such counsel need express no view as to financial statements, schedules and other financial information included therein). With respect to such statement, Xxxxxxxx,

Loop & Xxxxxxxx, LLP may state that this statement is based upon the procedures set forth or incorporated by reference therein, but is without independent check and verification.

(iv) The Representatives shall have received, on the Closing Date and the Option Closing Date, if any, from (a) Xxxxxx, Halter & Xxxxxxxx LLP, counsel for the Underwriters, an opinion dated the Closing Date or the Option Closing Date, as the case may be, with respect to the organization of the Company, the validity of the Indenture and the Notes, the Registration Statement, the General Disclosure Package and the Prospectus, and other related matters as the Representatives reasonably may request and (b) Xxxxx Xxxxxxxxxx LLP, counsel for the Underwriters, an opinion dated the Closing Date or the Option Closing Date, as the case may be, with respect to the validity of the Indenture and the Notes, and other related matters as the Representatives reasonably may request, and each such counsel shall have received such papers and information as they reasonably request to enable them to pass upon such matters.

(v) At the time of execution of this Agreement, the Representatives shall have received from Ernst & Young LLP a signed letter, in form and substance satisfactory to the Representatives, dated the date hereof (a) confirming that they are an independent registered public accounting firm with respect to the Company and its Subsidiaries within the meaning of the Securities Act, the Rules and Regulations and the PCAOB and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission and (b) stating the conclusions and findings of such firm with respect to the financial information examined by them and included or incorporated by reference in the Registration Statement and the General Disclosure Package and containing such other statements and information as is ordinarily included in accountants’ “comfort letters” to underwriters in connection with registered public offerings.

(vi) With respect to the letter of Ernst & Young LLP referred to in the preceding paragraph and delivered to the Representatives concurrently with the execution of this Agreement (the “initial letter”), the Company shall have furnished to the Representatives a letter, in form and substance satisfactory to the Representatives (the “bring-down letter”), of such accountants, dated the Closing Date and the Option Closing Date, if any, (a) confirming that they are an independent registered public accounting firm with respect to the Company and its Subsidiaries within the meaning of the Securities Act, the Rules and Regulations and the PCAOB and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (b) stating the conclusions and findings of such firm with respect to the financial information and other matters covered by the initial letter and the financial information examined by them and included in the Prospectus and (c) confirming in all material respects the conclusions and findings set forth in the initial letter.

(vii) The Representatives shall have received on the Closing Date and the Option Closing Date, if any, a certificate or certificates of the Chairman of the Board and Chief Executive Officer and the Senior Vice President and Chief Financial Officer of the Company to the effect that on and as of the Closing Date or the Option Closing Date, as the case may be, each of them severally represents as follows:

(a) The Registration Statement has become effective under the Securities Act and no stop order suspending the effectiveness of the Registration Statement or no order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus has been issued, and no proceedings for such purpose have been taken or are, to his knowledge, contemplated by the Commission.

(b) Subsequent to the delivery of this Agreement and prior to the Closing Date or the Option Closing Date, as the case may be, there shall not have occurred any downgrading, nor shall any notice have been given of (A) any intended or potential downgrading or (B) any review or possible change that does not indicate an affirmation or improvement in the rating, if any, accorded any securities of or guaranteed by the Company by any “nationally recognized statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2) of the Securities Act.

(c) He does not know of any litigation instituted or threatened against the Company of a character required to be disclosed in the Registration Statement, the General Disclosure Package and the Prospectus which is not so disclosed therein or in a document incorporated by reference therein; he does not know of any material contract required to be filed as an exhibit to the Registration Statement which is not so filed therein or in a document incorporated by reference therein.

(d) He has carefully examined the General Disclosure Package and any individual Limited Use Free Writing Prospectus and, in his opinion, as of the Applicable Time, the statements contained in the General Disclosure Package and any individual Limited Use Free Writing Prospectus did not contain any untrue statement of a material fact, and such General Disclosure Package and any individual Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(e) He has carefully examined the Registration Statement and the Prospectus and in his opinion, as of the effective date of the Registration Statement, the statements contained in the Registration Statement, including any document incorporated by reference therein, were true and correct, and such Registration Statement and Prospectus, or any document incorporated by reference therein, did not omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and, in his opinion, since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement to or an amendment of the Prospectus which has not been so set forth in such supplement or amendment.

(f) The representations and warranties of the Company as set forth in this Agreement are true and correct as of the Closing Date or the Option Closing Date, as the case may be, as if made on such date. The Company has performed all of its obligations under this Agreement as are to be performed at or before the Closing Date or the Option Closing Date, as the case may be. The representations and warranties made in this clause (f) shall be deemed made by the Company.

(viii) The Representatives shall have received at or prior to the Closing Date, an agreement, in form and substance satisfactory to the Representatives, signed by the executive officers of the Company to the effect that they will not, prior to the expiration of 90 days from the date of this Agreement, offer, sell or otherwise dispose of any Notes, shares of Common Stock, securities of the Company substantially similar to the Notes or the Common Stock, or any securities that the executive officers have, or will have, the right to acquire through the exercise of options, warrants, subscription or other rights, without the prior written consent of UBS Securities LLC, except (a) pursuant to bona fide gifts, provided that the Company shall have delivered to UBS Securities LLC written consent to such gift, but in no event shall the gifts under this subsection (a) of the executive officers exceed 75,000 shares of Common Stock in the

aggregate, (b) pursuant to routine dispositions under Rule 10b5-1 Sales Plans entered into by certain executive officers of the Company prior to or after the date hereof, but in no event shall the dispositions under this subsection (b) of the executive officers of the Company exceed 300,000 shares of Common Stock in the aggregate, and (c) shares obtained pursuant to the Company’s equity compensation plans for officers, employees, and non-employee directors, provided that the Company shall have delivered to UBS Securities LLC written consent to such sale, but in no event shall the sales under this subsection (c) of the executive officers exceed 500,000 shares of Common Stock in the aggregate.

(ix) The Common Stock issuable upon conversion of the Notes to be sold by the Company as of the Closing Date or the Option Closing Date, as the case may be, shall have been duly listed, subject to notice of issuance, on the New York Stock Exchange.

The opinions and certificates mentioned in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in all material respects reasonably satisfactory to the Representatives and to Xxxxxx, Halter & Xxxxxxxx LLP, counsel for the Underwriters.

If any of the conditions hereinabove provided for in this Section 6 shall not have been fulfilled when and as required by this Agreement to be fulfilled, the obligations of the Underwriters hereunder may be terminated by the Representatives by notifying the Company of such termination in writing or by telecopy at or prior to the Closing Date. In such event, the Company and the Underwriters shall not be under any obligation to each other (except to the extent provided in Sections 5 and 8 hereof).

7. Conditions of the Obligations of the Company. The obligations of the Company to sell and deliver the portion of the Notes required to be delivered as and when specified in this Agreement are subject to the conditions that at the Closing Date or the Option Closing Date, as the case may be, no stop order suspending the effectiveness of the Registration Statement shall have been issued and in effect or proceedings therefor initiated or threatened.

8. Indemnification.

(i) The Company agrees to indemnify and hold harmless each Underwriter, its officers and directors, and each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which such Underwriter or such controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of any material fact contained or incorporated by reference in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus or any amendment or supplement thereto, (b) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in the case of the Registration Statement or any amendment thereto, or in the case of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto, in light of the circumstances under which they were made, or (c) any act or failure to act, or any alleged act or failure to act by any Underwriter in connection with, or relating in any manner to, the Notes or the offering contemplated hereby, and will reimburse each such Underwriter and each such controlling person for any legal or other expenses reasonably incurred by such Underwriter or such controlling person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue

statement, or omission or alleged omission made or incorporated by reference in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or through the Representatives specifically for use in the preparation thereof. This indemnity agreement will be in addition to any liability which the Company may otherwise have.

(ii) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages or liabilities to which the Company or any such director, officer or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained or incorporated by reference in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in the case of the Registration Statement or any amendment thereto, or in the case of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or any amendment or supplement thereto, in the light of the circumstances under which they were made; and will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer or controlling person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that each Underwriter will be liable in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission has been made or incorporated by reference in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or through the Representatives specifically for use in the preparation thereof. This indemnity agreement will be in addition to any liability which such Underwriter may otherwise have.

(iii) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to this Section 8, such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing; provided that the failure to so notify will not relieve the indemnifying party from any liability that the indemnifying party may have on account of the provisions of Sections 8(i) or (ii) or otherwise, except to the extent that the indemnifying party shall not have otherwise learned of such proceeding and such failure is materially prejudicial to the indemnifying party. In case any such proceeding shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party and shall pay as incurred the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the indemnifying party shall pay as incurred the fees and expenses of the counsel retained by the indemnified party in the event (a) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (b) the named parties to any such proceeding (including any impleaded parties) include both the

indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, in which case the indemnifying party shall not be entitled to assume the defense of such suit notwithstanding its obligation to bear the fees and expenses of such counsel. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm for all such indemnified parties and one local counsel. Such firm shall be designated in writing by the Representatives in the case of parties indemnified pursuant to Section 8(i) and by the Company in the case of parties indemnified pursuant to Section 8(ii). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the fifth sentence of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent to which the indemnification obligations of the Company hereunder are applicable if (a) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request and (b) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.

(iv) If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless to the extent required therein an indemnified party under Sections 8(i) or (ii) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Underwriters from the offering of the Notes. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under Section 8(iii) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company and the Underwriters bear to the total proceeds of the offering (the proceeds received by the Underwriters being equal to the total underwriting discounts and commissions received by the Underwriters), in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 8(iv) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 8(iv). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to

above in this Section 8(iv) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8(iv), (a) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions applicable to the Notes purchased by such Underwriter and (b) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations under this Section 8(iv) to contribute are several in proportion to their respective underwriting obligations and not joint.

(v) In any proceeding relating to the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, or any supplement or amendment thereto, each party against whom contribution may be sought under this Section 8 hereby consents to the jurisdiction over any other contributing party, agrees that process issuing from such court may be served upon him or it by any other contributing party and consents to the service of such process and agrees that any other contributing party may join him or it as an additional defendant in any such proceeding in which such other contributing party is a party.

9. Notices. All communications hereunder shall be in writing and, except as otherwise provided herein, will be mailed, delivered or telecopied and confirmed as follows: if to the Underwriters, to UBS Securities LLC, 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, or via fax at (000) 000-0000, Attention: Equity Capital Markets, with a copy to the General Counsel via fax at (000) 000-0000; if to the Company, to Health Care REIT, Inc., Xxx XxxXxxx, Xxxxx 0000, Xxxxxx, Xxxx 00000-0000, or via fax at (000) 000-0000, Attention: Xxxxxx X. Xxxxxxx, Chairman of the Board and Chief Executive Officer.

10. Termination. This Agreement may be terminated by the Representatives by notice to the Company as follows:

(i) at any time prior to the Closing Date or any Option Closing Date (if different from the Closing Date and then only as to the Option Notes) if any of the following has occurred: (a) since the date hereof, any adverse change or any development involving a prospective adverse change in or affecting the condition, financial or otherwise, of the Company or the earnings, business affairs, management or business prospects of the Company, whether or not arising in the ordinary course of business, that, in your judgment, is material so as to make the offering or delivery of the Notes impracticable or inadvisable, (b) any outbreak or escalation of hostilities or declaration of war or national emergency after the date hereof or other national or international calamity or crisis or change in economic or political conditions if the effect of such outbreak, escalation, declaration, emergency, calamity, crisis or change on the financial markets of the United States would, in your judgment, make the offering or delivery of the Notes impracticable or inadvisable, (c) trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the NASDAQ, or in the Company’s securities on the New York Stock Exchange, shall have been suspended or materially limited (other than limitations on hours or numbers of days of trading) or minimum prices shall have been established for securities on any such exchange, (d) the enactment, publication, decree or other promulgation of any federal or state statute, regulation, rule or order of any court or other governmental authority which in your reasonable opinion materially and adversely affects or will materially or adversely affect the business or operations of the Company, (e) declaration of a banking moratorium by either federal or New York State authorities or material disruption in securities settlement or clearance services in the United States, (f) the taking of any action by any federal, state or local government or agency in respect of its monetary or fiscal affairs which in your reasonable opinion has a material adverse effect on the securities markets in the United States, (g) any litigation or proceeding is

pending or threatened against any Underwriter which seeks to enjoin or otherwise restrain, or seeks damages in connection with, or questions the legality or validity of this Agreement or the transactions contemplated hereby, or (h) any downgrading, or the giving of any notice of (1) any intended or potential downgrading or (2) any review or possible change that does not indicate an affirmation or improvement in the rating, if any, accorded to any securities of or guaranteed by the Company by any “nationally recognized statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act; or

(ii) as provided in Sections 6 and 11 of this Agreement.

11. Default by Underwriters. If, on the Closing Date or the Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Notes that it has or they have agreed to purchase hereunder on such date (except in the event of a default on the part of the Company), and the aggregate principal amount of Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is ten percent or less of the aggregate principal amount of Notes to be purchased on such date, the other Underwriters may make arrangements satisfactory to the Representatives for the purchase of such Notes by other persons (who may include one or more of the non-defaulting Underwriters, including the Representatives), but if no such arrangements are made by the Closing Date or the Option Closing Date, as the case may be, the other Underwriters shall be obligated severally in the proportions that the principal amount of Notes set forth opposite their respective names in Schedule I hereto bears to the aggregate principal amount of Notes set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the Closing Date or the Option Closing Date, as the case may be, any Underwriter or Underwriters shall fail or refuse to purchase Notes and the aggregate principal amount of Notes with respect to which such default (except in the event of a default on the part of the Company) occurs is more than ten percent of the aggregate principal amount of Notes to be purchased, and arrangements satisfactory to the Representatives and the Company for the purchase of such Notes are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case either the Representatives or the Company shall have the right to postpone the Closing or the Option Closing, as the case may be, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements may be effected. As used in this Agreement, the term “Underwriter” includes any person substituted for an Underwriter under this Section 11. Any action taken under this Section 11 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

12. Successors. This Agreement has been and is made solely for the benefit of the Underwriters and the Company and their respective successors, executors, administrators, heirs and assigns, and the officers, directors and controlling persons referred to herein, and no other person will have any right or obligation hereunder. The term “successors” shall not include any purchaser of the Notes merely because of such purchase.

13. Information Provided by Underwriters. The Company and the Underwriters acknowledge and agree that the only information furnished or to be furnished by the Underwriters to the Company for inclusion in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus consists of the information set forth in the third and tenth through sixteenth paragraphs (provided that, with respect to such sixteenth paragraph, only the Underwriter that maintains a website through which information relating to the sale of the Notes is provided shall be deemed to have provided information through such website for purposes of this Section 13 and the

information so provided shall be deemed to include only the information contained in such website other than the Prospectus) under the caption “Underwriting” in the Prospectus.

14. Miscellaneous. The reimbursement, indemnification and contribution agreements contained in this Agreement and the representations, warranties and covenants in this Agreement shall remain in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter or controlling person thereof, or by or on behalf of the Company or its directors or officers and (iii) delivery of and payment for the Notes under this Agreement.

The Company hereby acknowledges that each of the Underwriters is acting solely as an underwriter in connection with the purchase and sale of the Company’s securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm’s length basis and in no event do the parties intend that any Underwriter act or be responsible as a fiduciary to the Company, its management, stockholders, creditors or any other person in connection with any activity that any Underwriter may undertake or has undertaken in furtherance of the purchase and sale of the Company’s securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company’s securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. The Company and the Underwriters each submits to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York and the United States District Court for the Southern District of New York with respect to any action or dispute in any way arising out of or relating to this Agreement. Each of the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Underwriters waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.

[The remainder of this page is intentionally left blank.]

If the foregoing letter is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicates hereof, whereupon it will become a binding agreement among the Company and the Underwriters in accordance with its terms.


Very truly yours, HEALTH CARE REIT, INC.

By:	/s/ Xxxxxxx X. Xxxxxxxx
	Name:	Xxxxxxx X. Xxxxxxxx
	Title:	Vice President and Treasurer


The foregoing Underwriting Agreement is hereby confirmed and accepted as of the date first above written. UBS SECURITIES LLC BANC OF AMERICA SECURITIES LLC As Representatives of the Underwriters listed on Schedule I
By:	UBS SECURITIES LLC


	By:	/s/ Xxxxx X. Xxxxxxxx
		Name:	Xxxxx X. Xxxxxxxx
		Title:	Executive Director


	By:	/s/ Xxxx Xxxxxxx
		Name:	Xxxx Xxxxxxx
		Title:	Director


By:	BANC OF AMERICA SECURITIES LLC


	By:	/s/ Xxx Xxxxxxxx
		Name:	Xxx Xxxxxxxx
		Title:	Managing Director

SCHEDULE I

Schedule of Underwriters


	Amount of Notes to
Underwriter	be Purchased

UBS Securities LLC	$	300,000,000
Banc of America Securities LLC		100,000,000
Total	$	400,000,000

SCHEDULE II

1. Indicative Pricing Term Sheet, dated July 16, 2007, as attached.

2. Pricing Term Sheet, dated July 16, 2007, as attached.

Issuer Free Writing Prospectus dated July 16, 2007
Relating to Preliminary Prospectus Supplement
dated July 16, 2007
(Supplementing Base Prospectus in Registration Statement No. 333-134082)

The information herein is qualified in its entirety by reference to the Preliminary Prospectus Supplement and related Prospectus relating to the security



Offering Notification —Health Care REIT, Inc.
$350 million Convertible Senior Notes due 2027
Preliminary indicative terms and conditions		July 16, 2007


Offering Size:		$350,000,000

Over-allotment Option:		$52,500,000 (15%)


The Security:		Senior Unsecured Convertible Notes due 2027 (“Registered”)

Issuer:		Health Care REIT, Inc. (NYSE: HCN)

Joint Bookrunners:		UBS Investment Bank (Stabilization Agent), Banc of America Securities LLC

Denomination:		$1,000 and integral multiples thereof

Coupon:		4.750% coupon, payable semi-annually in arrears on January 15 and July 15 each year, beginning on January 15, 2008


Conversion Premium:		22.50%

Re-Offer Price:		[98.25 — 98.50%]


Maturity:		July 15, 2027 (20 years)

Convertible into:		Cash and common stock of Health Care REIT, Inc (see “Payment upon Conversion” below)

Call Protection:		Callable on or after July 15, 2012 (5 years) at par plus accrued and unpaid interest, payable in cash

Investor Put Options:		Puts on July 15, 2012 (5 years), July 15, 2017 (10 years), July 15, 2022 (15 years) at par plus accrued and unpaid interest, payable in cash

Conversion Rights:		(i) Prior to maturity or earlier redemption or repurchase, holders may surrender their notes for conversion during any calendar quarter after the calendar quarter ending September 30, 2007, if the closing sale price of HCN common stock for each of 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 120% of the conversion price in effect on the last trading day of the immediately preceding calendar quarter.

		(ii) Prior to maturity or earlier redemption or repurchase, during the five consecutive business days immediately after any five consecutive trading day period (the “note measurement period”) in which the average trading price per $1,000 principal amount of notes was equal to or less than 97% of the average conversion value of the notes during the note measurement period.

		(iii) Prior to maturity, if Health Care REIT, Inc. calls the notes for redemption

		(iv) Prior to maturity, upon occurrence of certain corporate transactions

		(v) The notes may be surrendered for conversion at any time from, and including, June 15, 2012 to, and including, July 15, 2012 and at any time from, and including, June 15, 2027 until the close of business on the business day immediately preceding July 15, 2027 or earlier redemption or repurchase.

Payment Upon Conversion:		Upon conversion, holders will receive, per $1,000 principal amount being converted, a “settlement amount” that is equal to the sum of the “daily settlement amounts” for each of the 20 trading days during the “cash settlement averaging period”. The “cash settlement averaging period” with respect to any note means (i) for any note converted at any time on or after the 23^rd scheduled trading day prior to the maturity date, the 20 consecutive trading days beginning on, and including the 20^th scheduled trading day prior to maturity and (ii) in all other instances, the 20 consecutive trading days beginning on, and including, the third trading day following the conversion date.

		The “daily settlement amount” for each of the 20 trading days during the cash settlement averaging period consists of (a) cash equal to the lesser of $50 and the “daily conversion value”; and (b) to the extent the daily conversion value exceeds $50, a number of shares equal to the excess of the daily conversion value over $50 divided by the volume-weighted average price (as defined) (“vwap”) of HCN common stock on that trading day.

		The “daily conversion value” on a given trading day means 1/20 of the product of the applicable conversion rate and the vwap of HCN common stock on that trading day.

Dividend Protection and Anti-Dilution Adjustments:		Dividend protection—Adjustment upon quarterly cash distributions in excess of $0.66 per share to holders of HCN common stock. Anti-dilution protection also covers stock dividends, subdivisions, combinations and reclassifications of common stock, distributions of certain rights and warrants, distributions in kind and certain tender and exchange offers, all as described in the preliminary prospectus supplement.

Conversion Rate Adjustment Upon a Make-Whole Fundamental Change:		If a make-whole fundamental change (as defined) occurs prior to July 15, 2012 and a holder elects to convert its Notes in connection with such a make-whole fundamental change, Health Care REIT will increase the applicable conversion rate for the Notes surrendered for conversion by a number of additional shares of HCN common stock. If the transaction provides the holders of HCN common stock with the right to receive more than a single type of consideration determined based in part upon any form of stockholder election, the holders of the Notes, treated as a single class, will be given a reasonable opportunity to elect the form of such consideration.

Put Upon a Fundamental Change:		If a fundamental change (as defined) occurs, each holder will have the right, at its option, to require HCN to repurchase for cash all or any portion of the holder’s notes at a price equal to 100% of the principal amount of the notes, plus any accrued and unpaid interest.

Ranking:		Senior Unsecured

Form:		Registered

Use of Proceeds:		HCN intends to use the net proceeds from this offering to invest in additional properties. Pending such use, the net proceeds may be used to repay borrowings under HCN’s unsecured lines of credit arrangements and other outstanding indebtedness.

Expected Pricing Date:		Tuesday, July 17, before market open

The issuer has filed a registration statement (including a base prospectus) and a related preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the base prospectus included in the registration statement, the related preliminary prospectus supplement and the other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting XXXXX on the SEC website at xxx.xxx.xxx. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement and accompanying base prospectus if you request it by calling (000) 000-0000, extension 19423-2626 or through your usual contact at UBS Securities LLC.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

Final Term Sheet Relating to
Preliminary Prospectus Supplement
dated July 16, 2007 and
Registration Statement No. 333-134082
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433

The information herein is qualified in its entirety by reference to the Preliminary Prospectus Supplement and related Prospectus relating to the security



Health Care REIT, Inc.
$400 million 4.75% Convertible Senior Notes due 2027
Final terms and conditions		July 16, 2007


Offering Size:		$400,000,000

Over-allotment Option:		$60,000,000 (15%)


The Security:		4.75% Convertible Senior Notes due 2027

Denomination:		$1,000 and integral multiples thereof

Issuer:		Health Care REIT, Inc. (NYSE: HCN)

Joint Bookrunners:		UBS Investment Bank (Stabilization Agent), Banc of America Securities LLC

Coupon:		4.750% coupon, payable semi-annually in arrears on January 15 and July 15 each year, beginning on January 15, 2008


Conversion Premium:		23.76%

Initial Conversion Rate:		20.0000


Initial Conversion Price:		$50.00, priced off the closing price of $40.40 on July 16, 2007

Maturity:		July 15, 2027 (20 years)

Convertible into:		Cash and common stock of Health Care REIT, Inc. (see “Payment upon Conversion” below)

Call Protection:		Callable on or after July 15, 2012 (5 years) at par plus accrued and unpaid interest, payable in cash

Investor Put Options:		Puts on July 15, 2012 (5 years), July 15, 2017 (10 years), July 15, 2022 (15 years) at par plus accrued and unpaid interest, payable in cash

Conversion Rights:		(vi) Prior to maturity or earlier redemption or repurchase, holders may surrender their notes for conversion during any calendar quarter after the calendar quarter ending September 30, 2007, if the closing sale price of HCN common stock for each of 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 120% of the conversion price in effect on the last trading day of the immediately preceding calendar quarter.

		(vii) Prior to maturity or earlier redemption or repurchase, during the five consecutive business days immediately after any five consecutive trading day period (the “note measurement period”) in which the average trading price per $1,000 principal amount of notes was equal to or less than 97% of the average conversion value of the notes during the note measurement period.

		(viii) Prior to maturity, if Health Care REIT, Inc. calls the notes for redemption

		(ix) Prior to maturity, upon occurrence of certain corporate transactions

		(x) The notes may be surrendered for conversion at any time from, and including, June 15, 2012 to, and including, July 15, 2012 and at any time from, and including, June 15, 2027 until the close of business on the business day immediately preceding July 15, 2027 or earlier redemption or repurchase.

Payment Upon Conversion:		Upon conversion, holders will receive, per $1,000 principal amount being converted, a “settlement amount” that is equal to the sum of the “daily settlement amounts” for each of the 20 trading days during the “cash settlement averaging period”. The “cash settlement averaging period” with respect to any note means (i) for any note converted at any time on or after the 23^rd scheduled trading day prior to the maturity date, the 20 consecutive trading days beginning on, and including the 20^th scheduled trading day prior to maturity and (ii) in all other instances, the 20 consecutive trading days beginning on, and including, the third trading day following the conversion date.

		The “daily settlement amount” for each of the 20 trading days during the cash settlement averaging period consists of (a) cash equal to the lesser of $50 and the “daily conversion value”; and (b) to the extent the daily conversion value exceeds $50, a number of shares equal to the excess of the daily conversion value over $50 divided by the volume-weighted average price (as defined) (“vwap”) per share of HCN common stock on that trading day.

		The “daily conversion value” on a given trading day means 1/20 of the product of the applicable conversion rate and the vwap per share of HCN common stock on that trading day.

Dividend Protection and Anti-Dilution Adjustments:		Dividend protection—Adjustment upon quarterly cash distributions in excess of $0.66 per share to holders of HCN common stock. Anti-dilution protection also covers stock dividends, subdivisions, combinations and reclassifications of common stock, distributions of certain rights and warrants, distributions in kind and certain tender and exchange offers, all as described in the preliminary prospectus supplement.

Conversion Rate Adjustment Upon a Make-Whole Fundamental Change:		If a make-whole fundamental change (as defined) occurs prior to July 15, 2012 and a holder elects to convert its Notes in connection with such a make-whole fundamental change, Health Care REIT will increase the applicable conversion rate for the Notes surrendered for conversion by a number of additional shares of HCN common stock. If the transaction provides the holders of HCN common stock with the right to receive more than a single type of consideration determined based in part upon any form of stockholder election, the holders of the Notes, treated as a single class, will be given a reasonable opportunity to elect the form of such consideration.

Make-Whole Table

The following table sets forth the number of additional shares per $1,000 principal amount of Notes that will be added to the conversion rate applicable to Notes that are converted during the make-whole conversion period. The Applicable Prices set forth in the first column of the table below, and the number of additional shares, are subject to adjustment as described in the preliminary prospectus supplement for the Notes.


Number of additional shares (per $1,000 principal amount of notes)

	Effective Date
Applicable Price	July 20, 2007		July 15, 2008		July 15, 2009		July 15, 2010		July 15, 2011		July 15, 2012

$40.40		4.7525		4.7525		4.7525		4.7525		4.7525		4.7525
$45.00		2.9244		2.9058		2.8178		2.6958		2.4877		2.2222
$50.00		1.7354		1.6869		1.5717		1.4049		1.1103		0.0000
$55.00		0.9790		0.9249		0.8160		0.6620		0.4106		0.0000
$60.00		0.5133		0.4680		0.3832		0.2714		0.1180		0.0000
$65.00		0.2398		0.2096		0.1544		0.0901		0.0340		0.0000
$70.00		0.0915		0.0772		0.0503		0.0310		0.0257		0.0000
$75.00		0.0287		0.0287		0.0243		0.0239		0.0237		0.0000
$80.00		0.0222		0.0222		0.0221		0.0220		0.0220		0.0000
$85.00		0.0206		0.0206		0.0206		0.0206		0.0206		0.0000
$90.00		0.0193		0.0193		0.0193		0.0193		0.0193		0.0000
$95.00		0.0181		0.0181		0.0181		0.0181		0.0181		0.0000
$100.00		0.0171		0.0171		0.0171		0.0171		0.0171		0.0000
$105.00		0.0162		0.0162		0.0162		0.0162		0.0162		0.0000
$110.00		0.0153		0.0153		0.0153		0.0153		0.0153		0.0000
$115.00		0.0145		0.0145		0.0145		0.0145		0.0145		0.0000
$120.00		0.0138		0.0138		0.0138		0.0138		0.0138		0.0000

If the Applicable Price is between two Applicable Prices in the table or the Effective Date is between two Effective Dates in the table, the number of additional shares will be determined by a straight-line interpolation between the number of additional shares set forth for the two Applicable Prices, or for the two Effective Dates based on a 365-day year, as applicable. In addition, if the actual Applicable Price is greater than $120.00 per share (subject to adjustment), the conversion rate will not be increased in connection with that make-whole fundamental change. If the actual Applicable Price is less than $40.40 per share (subject to adjustment), the conversion rate will not be increased in connection with that make-whole fundamental change. Issuer will not increase the conversion rate pursuant to the Make-Whole Table set forth above to the extent that the increase will cause the conversion rate to exceed 24.7525 shares per $1,000 principal amount of Notes. Issuer will adjust this maximum conversion rate in the same manner in which, and for the same events for which, Issuer adjusts the conversion rate.


Put Upon a Fundamental Change:		If a fundamental change (as defined) occurs, each holder will have the right, at its option, to require HCN to repurchase for cash all or any portion of the holder’s notes at a price equal to 100% of the principal amount of the notes, plus any accrued and unpaid interest.

Use of Proceeds:		Net proceeds to the issuer from this offering are expected to be approximately $389.50 million (or approximately $448.00 million if the underwriters exercise in full their option to purchase additional Notes). HCN intends to use the net proceeds from this offering to invest in additional properties. Pending such use, the net proceeds may be used to repay borrowings under HCN’s unsecured lines of credit arrangements and other outstanding indebtedness.

Ranking:		Senior Unsecured

Listing:		The Notes will not be listed on any securities exchange or quoted in any automated quotation system.

Form:		Registered Global Securities

Denomination:		$1,000 and integral multiples thereof

Settlement:		DTC

Pricing Date:		July 16, 2007, after market close

Trade Date:		July 17, 2007

Settlement Date:		July 20, 2007

Security Code:		CUSIP: 42217K AQ9 ISIN: US 42217KAQ94

The issuer has filed a registration statement (including a base prospectus) and a related preliminary prospectus supplement dated July 16, 2007 with the SEC for the offering to which this communication relates. Before you invest, you should read the base prospectus included in the registration statement, the related preliminary prospectus supplement and the other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting XXXXX on the SEC website at xxx.xxx.xxx. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement and accompanying base prospectus if you request it by calling (000) 000-0000, extension 19423-2626 or through your usual contact at UBS Securities LLC.

SCHEDULE III

Schedule of Subsidiaries


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
HCRI Pennsylvania Properties, Inc.	Pennsylvania corporation	November 1, 1993
HCRI Overlook Green, Inc.	Pennsylvania corporation	July 9, 0000
XXXX Xxxxx Properties, Inc.	Delaware corporation	December 27, 0000
XXXX Xxxxx Properties, Ltd.	Texas limited partnership	December 30, 1996
Health Care REIT International, Inc.	Delaware corporation	February 11, 1998
HCN Atlantic GP, Inc.	Delaware corporation	February 20, 1998
HCN Atlantic LP, Inc.	Delaware corporation	February 20, 1998
HCRI Nevada Properties, Inc.	Nevada corporation	March 27, 1998
HCRI Southern Investments I, Inc.	Delaware corporation	June 11, 0000
XXXX Xxxxxxxxx Properties, L.P.	Delaware limited partnership	June 11, 1998
HCN BCC Holdings, Inc.	Delaware corporation	September 25, 0000
XXXX Xxxxxxxxx Properties, Inc.	Delaware corporation	September 25, 1998
HCRI Limited Holdings, Inc.	Delaware corporation	September 25, 1998
Pennsylvania BCC Properties, Inc.	Pennsylvania corporation	September 25, 1998
HCRI North Carolina Properties, LLC	Delaware limited liability company	December 10, 0000
XXXX Xxxxxxxxxxxxx Properties, Inc.	Delaware corporation	March 17, 2000
HCRI Massachusetts Properties Trust	Massachusetts trust	March 30, 0000
XXXX Xxxxxxx Properties, Inc.	Delaware corporation	June 15, 0000
XXXX Xxxxxxx Properties, LLC	Indiana limited liability company	June 16, 0000
XXXX Xxxxxxxx Xxxxx	Xxxxxxxxxxxxx trust	September 11, 0000
XXXX Xxxxxxxx Properties, LLC	Maryland limited liability company	July 19, 0000
XXXX Xxxxxxxxxxxxx Properties Trust II	Massachusetts trust	September 26, 2001
HCRI Beachwood, Inc.	Ohio corporation	October 11, 0000
XXXX Xxxxxxxxx, Inc.	Ohio corporation	October 11, 2001


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
HCRI Westlake, Inc.	Ohio corporation	October 11, 2001
HCRI Xxxxxxxxxxxx, Inc.	Delaware corporation	October 16, 0000
XXXX Xxxxxxxxx Properties, LLC	Wisconsin limited liability company	December 11, 2001
HCRI North Carolina Properties I, Inc.	North Carolina corporation	January 1, 2002
HCRI North Carolina Properties II, Inc.	North Carolina corporation	January 1, 2002
HCRI North Carolina Properties III, Limited Partnership	North Carolina limited partnership	January 1, 2002
HCRI Kentucky Properties, LLC	Kentucky limited liability company	January 7, 2002
HCRI Mississippi Properties, Inc.	Mississippi corporation	March 28, 0000
XXXX Xxxxxxxx Properties, LLC	Delaware limited liability company	August 21, 2002
HCRI Missouri Properties, LLC	Delaware limited liability company	August 21, 2002
HCRI Surgical Properties, LLC	Ohio limited liability company	September 30, 0000
XXXX Xxxxxx Properties, Inc.	Delaware corporation	November 14, 2002
HCRI Stonecreek Properties, LLC	Delaware limited liability company	June 25, 2003
HCRI Cold Spring Properties, LLC	Delaware limited liability company	June 25, 2003
HCRI Xxxx Xxxx Properties Trust	Massachusetts trust	June 26, 2003
HCRI Investments, Inc.	Delaware corporation	July 30, 0000
XXXX Xxxxxx Xxxx Holdings, Inc.	North Carolina corporation	August 19, 2003
HCRI Asheboro Holdings, Inc.	North Carolina corporation	August 19, 2003
HCRI Smithfield Holdings, Inc.	North Carolina corporation	August 19, 2003
HCRI Greenville Holdings, Inc.	North Carolina corporation	August 19, 0000
XXXX Xxxxxx Xxxx Properties, LP	North Carolina limited partnership	August 19, 2003
HCRI Asheboro Properties, LP	North Carolina limited partnership	August 19, 2003
HCRI Smithfield Properties, LP	North Carolina limited partnership	August 19, 2003
HCRI Greenville Properties, LP	North Carolina limited partnership	August 19, 2003
HCRI Xxxxxxxx Properties, LLC	Delaware limited liability company	August 22, 2003


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
HCRI Ridgeland Pointe Properties, LLC	Delaware limited liability company	August 22, 2003
HCRI Drum Hill Properties, LLC	Delaware limited liability company	August 22, 2003
HCRI Fairmont Properties, LLC	Delaware limited liability company	August 22, 2003
HCRI Abingdon Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Xxxxxx Place Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Xxxxxx Manor Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Eden Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Weddington Park Holdings, Inc.	North Carolina corporation	September 10, 0000
XXXX Xxxxx Xxxx Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Concord Place Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Salisbury Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Burlington Manor Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Skeet Club Manor Holdings, Inc.	North Carolina corporation	September 10, 0000
XXXX Xxxx Xxxxx Manor Holdings, Inc.	North Carolina corporation	September 10, 2003
HCRI Hickory Manor Holdings, Inc.	North Carolina corporation	September 10, 0000
XXXX Xxxxxxxxxxx Place Holdings I, Inc.	North Carolina corporation	September 10, 0000
XXXX Xxxxxxxxxxx Place Holdings II, Inc.	North Carolina corporation	September 10, 2003
HCRI Abingdon Properties, LP	North Carolina limited partnership	September 10, 2003
HCRI Gaston Place Properties, LP	North Carolina limited partnership	September 10, 2003
HCRI Xxxxxx Manor Properties, LP	North Carolina limited partnership	September 10, 2003
HCRI Eden Properties, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxxxxxxxx Xxxx Properties, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxxx Xxxx Properties, LP	North Carolina limited partnership	September 10, 2003
HCRI Concord Place Properties, LP	North Carolina limited partnership	September 10, 2003
HCRI Salisbury Properties, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxxxxxxxx Manor Properties, LP	North Carolina limited partnership	September 10, 2003


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
HCRI Skeet Club Manor Properties, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxx Xxxxx Manor Properties, LP	North Carolina limited partnership	September 10, 2003
HCRI Hickory Manor Properties, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxxxxxxxxx Place Properties I, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxxxxxxxxx Place Properties II, LP	North Carolina limited partnership	September 10, 0000
XXXX Xxxxxxx Properties, Inc.	Delaware corporation	November 18, 2003
HCRI General Properties, Inc.	Delaware corporation	August 5, 2004
HCRI Kansas Properties, LLC	Delaware limited liability company	September 3, 2004
HCRI Hunters Xxxx Properties, LLC	Delaware limited liability company	September 21, 2004
HCRI Xxxxxxx Gardens Properties, LLC	Delaware limited liability company	September 21, 2004
HCRI Xxxxxx Place Properties Trust	Massachusetts trust	September 24, 0000
XXXX Xxxxxx Xxxxx Properties Trust	Massachusetts trust	September 24, 0000
XXXX Xxxxxxxxx Properties, LLC	Delaware limited liability company	November 12, 2004
HH Florida, LLC	Delaware limited liability company	November 23, 2004
HCRI New Hampshire Properties, LLC	Delaware limited liability company	May 24, 2005
HCRI Dayton Place — Denver Properties, LLC	Delaware limited liability company	May 24, 2005
HCRI Provider Properties, LLC	Delaware limited liability company	November 10, 2005
1920 Cleveland Road West, LLC	Delaware limited liability company	December 15, 2005
000 Xxxxxxx Xxxxxx, LLC	Delaware limited liability company	December 15, 2005
111 Xxxxxxx Road East, LLC	Delaware limited liability company	December 15, 2005
0000 Xxxxxxx Xxxxx SE, LLC	Delaware limited liability company	December 15, 2005
1425 Yorkland Road, LLC	Delaware limited liability company	December 15, 2005
000 Xxxx Xxxxx Xxxxxx — Jefferson, L.L.C.	Delaware limited liability company	December 16, 2005
130 Buena Vista Street, LLC	Delaware limited liability company	December 19, 2005
1850 Crown Park Court, LLC	Delaware limited liability company	December 19, 2005
0000 Xxxxxxxx Xxxxxx, LLC	Delaware limited liability company	December 19, 2005


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
0000 Xxxx Xxxx, LLC	Delaware limited liability company	December 19, 2005
HCRI Senior Housing Properties, Inc.	Delaware corporation	March 24, 2006
209 Xxxxxxxx Road, L.L.C.	Delaware limited liability company	May 10, 2006
HCRI Financing, Inc.	Delaware corporation	June 26, 2006
Warrior LP Holdco, LLC	Delaware limited liability company	September 12, 2006
Heat Merger Sub, LLC	Delaware limited liability company	September 12, 2006
Heat OP TRS, Inc.	Delaware limited liability company	December 14, 2006
Anchor HCN Properties, LLC	Delaware limited liability company	December 21, 2006
HCRI Logistics, Inc.	Delaware corporation	December 28, 2006
HCRI TRS Holdco, Inc.	Delaware corporation	April 24, 2007
HCN Access Holdings, LLC	Delaware limited liability company	May 23, 2007
HCN Access Las Vegas I, LLC	Delaware limited liability company	May 23, 2007
WINDROSE ENTITIES Hospital Affiliates Development Corporation	Indiana corporation	December 22, 0000
Xxxxxxxx Xxxxxxxxx Properties, Ltd.	Florida limited partnership	June 18, 0000
Xxxxxxxx Xxxxxxxxx Properties, Ltd.	Florida limited partnership	June 21, 1993
Windrose Wellington Properties, Ltd.	Florida limited partnership	June 29, 1998
Lake Xxxx Medical Investors Limited Partnership	Florida limited partnership	July 24, 0000
Xxxxxxxx Xxxxxxxx Properties, Ltd.	Florida limited partnership	December 17, 0000
XXX-XXXX XXXXX, limited partnership	Florida limited partnership	December 17, 0000
Xxxxxxxx Xxxxx Xxxx III Properties, Ltd.	Florida limited partnership	December 17, 0000
Xxxxxxxx Xxxxx Xxxx IV Properties, Ltd.	Florida limited partnership	December 17, 0000
Xxxxxxxx Xxxxx Xxxx V Properties, Ltd.	Florida limited partnership	December 17, 1999


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
Windrose West Boca Properties, Ltd.	Florida limited partnership	December 17, 1999
CAL-LAK Limited Partnership	Florida limited partnership	December 20, 1999
CAL-GAT Limited Partnership	Florida limited partnership	December 20, 1999
Windrose Sierra Properties, Ltd.	Florida limited partnership	December 20, 1999
Windrose West Tower Properties, Ltd.	Florida limited partnership	December 20, 1999
Brierbrook Partners, L.L.C.	Tennessee limited liability company	June 2, 2000
Med Properties Asset Group, L.L.C.	Indiana limited liability company	May 24, 2001
Windrose Medical Properties, L.P.	Virginia limited partnership	May 23, 2002
WMPT Bellaire Properties, L.L.C.	Virginia limited liability company	January 16, 2003
WMPT Bellaire L.P.	Virginia limited partnership	January 16, 2003
Windrose Ocala Urology Properties, L.L.C.	Virginia limited liability company	February 28, 0000
Xxxxxxxx Xxxx Xxx Properties, L.L.C.	Virginia limited liability company	February 28, 2003
Windrose Morningside Properties, L.L.C.	Virginia limited liability company	February 28, 2003
WMPT Gateway Properties, L.L.C.	Virginia limited liability company	February 28, 0000
XXXX Xxxxxxx, X.X.	Xxxxxxxx limited partnership	February 28, 2003
Windrose Mount Xxxxxx Properties, L.L.C.	Virginia limited liability company	February 28, 2003
WMPT Pearland Properties, L.L.C.	Virginia limited liability company	February 28, 2003
WMPT Pearland, L.P.	Virginia limited partnership	February 28, 2003
WMPT Stone Oak Properties, L.L.C.	Virginia limited liability company	February 28, 2003
WMPT Stone Oak, L.P.	Virginia limited partnership	February 28, 2003
WMPT Tomball Properties, L.L.C.	Virginia limited liability company	February 28, 2003
WMPT Tomball, L.P.	Virginia limited partnership	February 28, 2003
Windrose 310 Properties, L.L.C.	Tennessee limited liability company	March 4, 2003
Windrose Xxxxxx Properties, L.L.C.	Virginia limited liability company	March 13, 2003
Windrose 4475 Sierra Properties, L.L.C.	Delaware limited liability company	April 23, 2003


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
Windrose Medical Properties Management, L.L.C.	Virginia limited liability company	May 7, 2003
Windrose SPE Mount Xxxxxx Properties, Inc.	Georgia corporation	May 12, 0000
Xxxxxxxx Xxxx Medical Properties, L.L.C.	Virginia limited liability company	September 1, 2003
Windrose Partell Medical Center, L.L.C.	Virginia limited liability company	September 1, 2003
Windrose Aberdeen I Properties, L.L.C.	Florida limited liability company	September 12, 2003
Xxxxxx Holding, L.L.C.	Florida limited liability company	September 12, 2003
Xxxxxx, L.L.C.	Delaware limited liability company	September 19, 2003
WMPT Sacramento Properties, L.L.C.	Virginia limited liability company	September 25, 0000
Xxxxxxxx Xxxxx Xxxxxxx Properties, L.L.C.	Virginia limited liability company	October 15, 0000
Xxxxxxxx Xx. Mary’s Medical Professional Building, L.L.C.	Virginia limited liability company	November 6, 2003
WMPT Bellaire POB Properties, L.L.C.	Virginia limited liability company	November 6, 2003
WMPT Bellaire POB, L.P.	Virginia limited partnership	November 6, 2003
WMPT Trinity Properties, L.L.C.	Virginia limited liability company	November 6, 2003
Windrose Central Medical II Properties, L.L.C.	Virginia limited liability company	December 2, 2003
WMPT Bellaire HP, L.P.	Virginia limited partnership	March 10, 2004
WMPT Bellaire HP Properties, L.L.C.	Virginia limited liability company	March 16, 0000
Xxxxxxxx Xxxx Xxxx Properties, L.L.C.	Virginia limited liability company	April 23, 0000
Xxxxxxxx Xxxxxxxx I Properties, L.L.C.	Virginia limited liability company	April 23, 2004
Windrose Biltmore Properties, L.L.C.	Virginia limited liability company	May 17, 2004
WMPT Pearland II Properties, L.L.C.	Virginia limited liability company	May 17, 2004
Windrose Lake Xxxx Properties, L.L.C.	Virginia limited liability company	May 18, 2004
WMPT Pearland II, L.P.	Virginia limited partnership	May 18, 2004
WMPT Gwinnett II Properties, L.L.C.	Delaware limited liability company	June 21, 2004
West Boynton Investors, LLLP	Florida limited liability limited partnership	August 11, 2004


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
Windrose Central Medical Properties, L.L.C.	Delaware limited liability company	October 19, 2004
Windrose Central Medical III Properties, L.L.C.	Virginia limited liability company	October 20, 0000
Xxxxxxxx Xxxxx Xxxxx I Properties, L.L.C.	Delaware limited liability company	December 1, 0000
Xxxxxxxx Xxxxx Xxxxx II Properties, L.L.C.	Virginia limited liability company	December 2, 0000
Xxxxxxxx Xxxxx Xxxxx III Properties, L.L.C.	Virginia limited liability company	December 2, 2004
Windrose Lakewood Properties, L.L.C.	Virginia limited liability company	April 7, 2005
Windrose Los Gatos Properties, L.L.C.	Virginia limited liability company	April 7, 0000
Xxxxxxxx Xxxx Xxxxx Properties, L.L.C.	Virginia limited liability company	April 7, 0000
Xxxxxxxx Xxx Xxxxxx Properties, L.L.C.	Virginia limited liability company	April 19, 0000
Xxxxxxxx Xxxxxxxxx Properties, L.L.C.	Virginia limited liability company	April 19, 0000
Xxxxxxxx Xxxxx Xxxx Properties, L.L.C.	Virginia limited liability company	May 19, 0000
Xxxxxxxx Xxxxx Xxxx II Properties, L.L.C.	Tennessee limited liability company	July 5, 2005
Windrose Fayetteville Properties, L.L.C.	Delaware limited liability company	August 2, 2005
WMPT Aberdeen II Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Aberdeen I Management, L.L.C.	Delaware limited liability company	September 21, 2005
Windrose Aberdeen II Properties, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Atrium Management, L.L.C.	Delaware limited liability company	September 21, 2005
Windrose Atrium Properties, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Columbia Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Congress I Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Congress II Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Desert Springs Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Edinburg Management, L.L.C.	Delaware limited liability company	September 21, 2005
Windrose Edinburg Properties, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Northside Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Osler Management, L.L.C.	Delaware limited liability company	September 21, 2005


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
Windrose Osler Properties, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Palms West III Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Palms West IV Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Palms West V Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Santa Xxxxx Management, L.L.C.	Delaware limited liability company	September 21, 2005
Windrose Santa Xxxxx Properties, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Sierra Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Southpointe Management, L.L.C.	Delaware limited liability company	September 21, 2005
Windrose Southpointe Properties, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Southside Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT Wellington Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT West Boca Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT West Tower Management, L.L.C.	Delaware limited liability company	September 21, 2005
WMPT WPC Management, L.L.C	Delaware limited liability company	September 21, 2005
WMPT Tempe Management, L.L.C.	Delaware limited liability company	September 21, 2005
Windrose Congress I Properties, L.P.	Delaware limited partnership	September 26, 2006
Windrose Congress II Properties, L.P.	Delaware limited partnership	September 26, 0000
Xxxxxxxx Xxxxxx Xxxxxxx Properties, L.P.	Delaware limited partnership	September 26, 2005
Windrose Tempe Properties, L.P.	Delaware limited partnership	September 26, 2005
WMPT Xxxxxxx Management, L.L.C.	Delaware limited liability company	March 1, 2006
Windrose Xxxxxxx Properties, L.P.	Delaware limited partnership	March 1, 2006
Windrose WPC Properties, L.P.	Delaware limited partnership	March 1, 2006
WMPT Genesis Park Management, L.L.C.	Delaware limited liability company	March 1, 2006
WMPT Pecan Valley Management, L.L.C.	Delaware limited liability company	March 1, 2006
Windrose Pecan Valley, L.P.	Delaware limited partnership	March 1, 2006
Windrose Genesis Park, L.P.	Delaware limited partnership	Xxxxx 0, 0000


	Xxxxx of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
Windrose Presbyterian Properties, L.L.C.	Delaware limited liability company	March 9, 2006
Windrose Capital Trust I	Delaware trust	March 20, 2006
Windrose Orange Properties, L.L.C.	Delaware limited liability company	April 4, 2006
WMPT 119 Management L.L.C.	Delaware limited liability company	April 4, 2006
Windrose 119 Properties, L.L.C.	Delaware limited liability company	April 4, 2006
WMPT Princeton Management, L.L.C.	Delaware limited liability company	April 4, 2006
Windrose Princeton Properties, L.L.C.	Delaware limited liability company	April 4, 2006
WMPT Trussville Management, L.L.C.	Delaware limited liability company	April 4, 2006
Windrose Trussville Properties, L.L.C.	Delaware limited liability company	April 4, 2006
WMPT Lafayette Management, L.L.C.	Delaware limited liability company	June 9, 2006
Windrose Lafayette Properties, L.L.C.	Delaware limited liability company	June 9, 2006
WMPT Tulsa Management, L.L.C.	Delaware limited liability company	June 9, 2006
Windrose Tulsa Properties, L.L.C.	Delaware limited liability company	June 9, 2006
WMPT Sacramento, L.P.	Virginia limited partnership	October 20, 2006
WMPT Trinity, L.P.	Virginia limited partnership	October 20, 2006
WMPT Orange Centre Management, LLC	Delaware limited liability company	November 13, 2006
Windrose Orange Centre Properties, LLC	Delaware limited liability company	November 13, 2006
WMPT Xxxxxxxx Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Xxxxxxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Boynton East Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxxxxxx Xxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Boynton West Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxxxxxx Xxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Chula Vista Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxxxx Xxxxx Properties, LLC	Delaware limited liability company	January 9, 2007


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
WMPT Claremore Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Claremore Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Xxxxxx Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxxxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Frisco I Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Frisco I Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Frisco II Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Frisco II Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Glendale Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Glendale Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Las Vegas Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxx Xxxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Los Alamitos Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Los Alamitos Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Okatie I Management, LLC	Delaware limited liability company	January 9, 2007
Windrose Okatie I Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Xxxxxx Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxxxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT St. Louis I Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xx. Louis I Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT AZ-Tempe Management, LLC	Delaware limited liability company	January 9, 2007
Windrose AZ-Tempe Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT Tucson Management, LLC	Delaware limited liability company	January 9, 0000
Xxxxxxxx Xxxxxx Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT WRMC II Management, LLC	Delaware limited liability company	January 9, 2007


	State of Organization	Date of
Name of Subsidiary	and Type of Entity	Organization
Windrose WRMC II Properties, LLC	Delaware limited liability company	January 9, 2007
WMPT WPC Jupiter Management, LLC	Delaware limited liability company	January 10, 2007
Windrose WPC Jupiter Properties, LLC	Delaware limited liability company	January 10, 2007
WMP Physicians Plaza Management, LLC	Delaware limited liability company	March 6, 2007
Windrose Physicians Plaza Properties, LLC	Delaware limited liability company	March 6, 2007
WMP West Seneca Management, LLC	Delaware limited liability company	March 6, 2007
Windrose West Seneca Properties, LLC	Delaware limited liability company	March 6, 0000
XXX Xxxxxxx Xxxxx Management, LLC	Delaware limited liability company	March 6, 0000
Xxxxxxxx Xxxxxxx Xxxxx Properties, LLC	Delaware limited liability company	March 6, 2007
WMP AWPC II Management, LLC	Delaware limited liability company	April 24, 2007
Windrose AWPC II Properties, LLC	Delaware limited liability company	April 24, 2007
WMP Wellington Management, LLC	Delaware limited liability company	April 24, 2007
Windrose Wellington Properties, LLC	Delaware limited liability company	April 24, 2007
WMP Bethesda Management, LLC	Delaware limited liability company	April 24, 2007
Windrose Bethesda Properties, LLC	Delaware limited liability company	April 24, 2007
WMP Boynton Beach Management, LLC	Delaware limited liability company	April 24, 2007

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HEALTH CARE REIT, INC. UNDERWRITING AGREEMENT

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