Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CHAPMAN GEORGE L
   2. Issuer Name and Ticker or Trading Symbol
HEALTH CARE REIT INC /DE/ [HCN] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman and CEO
(Last)
(First)
(Middle)
ONE SEAGATE, SUITE 1500		 3. Date of Earliest Transaction (Month/Day/Year)
03/15/2005
(Street)

TOLEDO, OH 43604		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/15/2005   M   12,500 A $ 19.875 229,785.6439 D  
Common Stock 03/15/2005   S(1)   12,500 D $ 34 217,285.6439 D  
Common Stock               9,152.0092 I IRA (2)
Common Stock               2,968.3181 I Account for Son (3)
Common Stock               2,968.9829 I Account for Son (3)
Common Stock               2,968.3181 I Account for Son (3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) $ 19.875 03/15/2005   M     12,500 12/15/2004(4) 09/29/2009 Common 25,000 (4) $ 0 (5) 12,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CHAPMAN GEORGE L
ONE SEAGATE
SUITE 1500
TOLEDO, OH 43604		   X     Chairman and CEO  

Signatures

 By: Erin C. Ibele Attorney-in-Fact For: George L. Chapman   03/17/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The sale transaction was pursuant to Mr. Chapman's 10b5-1 trading plan.
(2) George L. Chapman III SSB IRA Rollover Custodian.
(3) Account for son of George L. Chapman.
(4) Options for the purchase of 125,000 shares of common stock at $19.875 per share were granted to Mr. Chapman on September 29, 1999, which grant has previously been reported. The partial exercise of these options for the purchase of 100,000 shares has previously been reported. Of the remaining options, options for the purchase of 25,000 shares vested on December 15, 2004.
(5) The options were granted under the Health Care REIT, Inc. 1995 Stock Incentive Plan and had no acquisition price.

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