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 *
IBELE ERIN C
   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)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP-Admin. & Corp. Secy.
(Last)
(First)
(Middle)
ONE SEAGATE, SUITE 1500		 3. Date of Earliest Transaction (Month/Day/Year)
02/16/2006
(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 02/16/2006   M   7,000 A $ 16.81 53,481 D  
Common Stock 02/16/2006   M   7,000 A $ 24.42 60,481 D  
Common Stock 02/16/2006   S   14,000 D $ 36.205 46,481 D  

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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) $ 16.81 02/16/2006   M     7,000 12/15/2005(1) 10/17/2010 Common 7,000 (1) $ 0 (2) 0 D  
Option (Right to Buy) $ 24.42 02/16/2006   M     7,000 12/15/2005(3) 12/12/2011 Common 14,000 (3) $ 0 (2) 7,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
IBELE ERIN C
ONE SEAGATE
SUITE 1500
TOLEDO, OH 43604		       VP-Admin. & Corp. Secy.  

Signatures

 Erin C. Ibele   02/17/2006
**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) Options for the purchase of 35,000 shares of common stock at $16.81 per share were granted to Ms. Ibele on October 17, 2000, which grant has previously been reported. The partial exercise of these options for the purchase of 28,000 shares has previously been reported. Of the remaining options, options for the purchase of 7,000 shares vested on December 15, 2005.
(2) The options were granted under the Health Care REIT, Inc. 1995 Stock Incentive Plan and had no acquisition price.
(3) Options for the purchase of 35,000 shares of common stock at $24.42 per share were granted to Ms. Ibele on December 12, 2001, which grant has previously been reported. The partial exercise of these options for the purchase of 21,000 shares has previously been reported. Of the remaining options, options for the purchase of 7,000 shares vested on December 15, 2005 and options for the purchase of 7,000 shares will vest on December 15, 2006.

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