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  EXHIBIT 4.15    
    


[FORM
OF FLOATING RATE GLOBAL MEDIUM-TERM NOTE] 


        [The
following legend is for inclusion only in Book-Entry Securities for which The Depository Trust Company serves as Depositary—Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Company or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC, any transfer, pledge or other use hereof for value or otherwise by or
to any Person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 


        [The
following legend is for inclusion only in Book-Entry Securities—UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 



					
	REGISTERED No. FLR           	 	CUSIP No.           	 	PRINCIPAL AMOUNT $          





HEALTH
CARE PROPERTY INVESTORS, INC.

MEDIUM-TERM NOTE, SERIES E

(Floating Rate) 





					
	INTEREST RATE BASIS:	 	ORIGINAL ISSUE DATE:	 	STATED MATURITY DATE:
	    	 	 	 	 
	
 If LIBOR (check one)

        LIBOR Reuters [      ]

        LIBOR Telerate [      ]	
 	

 	
 	

 
	    	 	 	 	 
	
 INDEX MATURITY:	
 	
INITIAL INTEREST RATE:	
 	
INTEREST PAYMENT PERIOD:
	    	 	 	 	 
	
 REGULAR RECORD DATES:	
 	
 	
 	
 
	    	 	 	 	 
	
 SPREAD:	
 	
INITIAL INTEREST RESET DATE:	
 	
INTEREST PAYMENT DATES:
	    	 	 	 	 
	
 SPREAD MULTIPLIER:	
 	
INTEREST RATE RESET PERIOD:	
 	
INTEREST RESET DATES:
	    	 	 	 	 
	
 MAXIMUM INTEREST RATE:	
 	
MINIMUM INTEREST RATE:	
 	
INITIAL REDEMPTION DATE:
	    	 	 	 	 
	
 INITIAL REDEMPTION PERCENTAGE:	
 	
ANNUAL REDEMPTION PERCENTAGE REDUCTION:	
 	
OPTIONAL REPAYMENT DATE(S):











 





			
	CALCULATION AGENT:	 	 
	    	 	 
	INTEREST CALCULATION

[      ] Regular Floating Rate Note

[      ] Floating Rate/Fixed Rate

          Fixed Rate Commencement Date:

          Fixed Interest Rate:

[      ] Inverse Floating Rate Note

          Fixed Interest Rate:	 	DAY COUNT CONVENTION

[      ] Actual/360 for the period

          from            to

[      ] Actual/Actual to the period

          from            to
	    	 	 
	
 ADDENDUM ATTACHED:

[      ] Yes

[      ] No	
 	
ORIGINAL ISSUE DISCOUNT:

[      ] Yes

[      ] No

Total Amount of OID:

Yield to Maturity:

Initial Accrual Period:
	    	 	 
	
 OTHER PROVISIONS:	
 	

 





        HEALTH
CARE PROPERTY INVESTORS, INC., a Maryland corporation ("Issuer" or the "Company," which terms include any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay
to                                    , or registered assigns, the
Principal Amount specified above on the Stated Maturity Date specified above (except to the extent
redeemed or repaid prior to the Stated Maturity Date), and to pay interest thereon, at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date
specified above and thereafter at a rate per annum determined in accordance with the provisions hereof and any Addendum relating hereto, depending upon the Interest Rate Basis or Bases, if any, and
such other terms specified above, until such Principal Amount is paid or duly made available for payment. Reference herein to "this Note," "hereof," "herein" and comparable terms shall include an
Addendum hereto if an Addendum is specified above. 


        The
Company will pay interest monthly, quarterly, semiannually, annually or such other period as specified above under "Interest Payment Period," on each Interest Payment Date specified
above, commencing on the first Interest Payment Date specified above next succeeding the Original Issue Date specified above, and on the Stated Maturity Date or any Redemption Date or Optional
Repayment Date (the date of each such Stated Maturity Date, Redemption Date and Optional Repayment Date and the date on which principal or an installment of principal is due and payable by declaration
of acceleration pursuant to the Indenture being referred to hereinafter as a "Maturity" with respect to principal payable on such date); provided,  however,
that if the Original Issue Date is between a record date (as defined below) and the next succeeding Interest Payment Date, interest payments
will commence on the Interest Payment Date immediately following the next succeeding record date; and provided,  further, that if an Interest Payment Date
(other than an Interest Payment Date at Maturity) would fall on a day that is not a Business Day (as defined
below), such Interest Payment Date shall be the following day that is a Business Day, except that in the case the Interest Rate Basis is LIBOR, as indicated above, if such next Business Day falls in
the next calendar month, such Interest Payment Date shall be the next preceding day that is a Business Day. 


        Except
as provided above, interest payments will be made on the Interest Payment Dates shown above. Unless otherwise specified above, the "record date" shall be the date 15 calendar days
(whether or not a Business Day) prior to the applicable Interest Payment Date. Interest on this Note will accrue from and including the Original Issue Date specified above, at the rates determined
from time to time as specified herein, until the principal hereof has been paid or made available for payment. If the Maturity falls on a day which is not a Business Day as defined below, the payment
due on such Maturity will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity and no interest shall accrue with respect to such payment for the
period from and 










after
such Maturity. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name this Note is
registered at the close of business on the record date for such Interest Payment Date. Any such interest which is payable, but not punctually paid or duly provided for on any Interest Payment Date
(herein called "Defaulted Interest"), shall forthwith cease to be payable to the registered Holder on such record date, and may be paid to the Person in whose name this Note is registered at the close
of business on a Special Record Date (which shall be not more than 15 nor less than ten days prior to the date of payment of such Defaulted Interest) established by notice given by mail by or on
behalf of the Company to the Holder of this Note not less than ten days preceding such Special Record Date, all as more fully provided in the Indenture. 


        Payment
of interest on this Note will be made at the office or agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,  however, that
at the option of the Company, payment of interest due other than at Maturity may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the registry books of the Company; and provided,  further, that the payment of the principal of and
interest on this Note on any Optional Repayment Date(s), if any, indicated above shall be made upon
satisfaction of the provisions herein; and provided, further, that AT THE OPTION OF THE COMPANY, the
Holder of Notes with an aggregate principal amount of $10,000,000 or more will be entitled to receive payments of interest on this Note (other than at Maturity) by wire transfer of immediately
available funds if appropriate wire transfer instructions have been received in writing by the Trustee (as defined below) not less than 15 days prior to the applicable Interest Payment Date.
Such wire instructions, upon receipt by the Trustee, shall remain in effect until revoked by such Holder. 


        Payment
of principal or premium, if any, at the Maturity of this Note will be made in immediately available funds upon presentation of this Note at the office or agency of the Company
maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, or at such other place as the Company may designate. Payment of interest due at Maturity will be made to
the person to whom payment of the principal of this Note shall be made. 


        Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture, by the manual signature of one of its authorized signatories, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. This Note is one
of a duly authorized series of Securities (hereinafter called the "Securities") of the Company designated as its Medium-Term Notes, Series E (the "Notes"). The Notes are issued and
to be issued under an Indenture dated as of September 1, 1993 (herein called the "Indenture") between the Company and The Bank of New York, a corporation incorporated under the laws of the
State of New York, as trustee (the "Trustee," which term includes any successor trustee with respect to the Notes under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, duties and obligations thereunder of the Company, the Trustee and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. The terms of individual Notes may vary with respect to interest rates or interest rate formulas, issue dates, maturity, redemption, repayment and otherwise. The Notes
may be issued from time to time in an aggregate initial offering price up to $100,000,000, which amount may be increased if duly authorized by the Company. 



        Except
as otherwise provided in the Indenture, this Note will be issued in global form only registered in the name of the Depositary or its nominee. This Note will not be issued in
definitive form, except as otherwise provided in the Indenture, and ownership of this Note shall be maintained in book-entry form by the Depositary for the accounts of participating
organizations of the Depositary. 


        Unless
otherwise provided above and in accordance with the provisions herein, this Note is not subject to any sinking fund and is not redeemable or repayable prior to the Stated Maturity
Date. 









        If
so provided above, this Note may be redeemed by the Company on any date on and after the Initial Redemption Date, if any, specified above. If no Initial Redemption Date is set forth
above, this Note may not be redeemed prior to the Stated Maturity Date. On and after the Initial Redemption Date, if any, this Note may be redeemed at any time in whole or from time to time in part in
increments of $1,000 (provided that any remaining principal hereof shall be at least $1,000) at the option of the Company at the applicable Redemption Price (as defined below), together with accrued
interest hereon at the applicable rate payable to the date of redemption (each such date, a "Redemption Date"), on written notice to the Holder hereof given not more than 60 nor less than
30 days prior to the Redemption Date and in accordance with the provisions of the Indenture. In the event of redemption of this Note in part only, a new Note for the unredeemed portion hereof
shall be issued in the name of the Holder hereof upon the surrender hereof. 


        Unless
otherwise specified above, the "Redemption Price" shall initially be the Initial Redemption Percentage, specified above, of the principal amount of this Note to be redeemed and
shall decline at each anniversary of the Initial Redemption Date, shown above, by the Annual Redemption Percentage Reduction, if any, specified above, of the principal amount to be redeemed until the
Redemption Price is 100% of such principal amount. 


        This
Note may be subject to repayment at the option of the Holder on any Optional Repayment Date(s), if any, indicated above. If no Optional Repayment Date(s) are set forth above, this
Note may not be so repaid at the option of the Holder hereof prior to the Stated Maturity Date. On any Optional Repayment Date, this Note shall be repayable in whole or in part in increments of $1,000
(provided that any remaining principal hereof shall be at least $1,000) at the option of the Holder hereof at a repayment price, unless otherwise specified above, equal to 100% of the principal amount
to be repaid, together with interest thereon payable to the date of repayment. For this Note to be repaid in whole or in part at the option of the Holder hereof, this Note must be received, with the
form entitled "Option to Elect Repayment" below duly completed, by the Trustee at its Corporate Trust Office, or such other address of which the Company shall from time to time notify the Holders of
the Notes, not more than 60 nor less than 30 days prior to the related Optional Repayment Date. Exercise of such repayment option by the Holder hereof shall be irrevocable. With respect to
Notes represented by global securities, any option for repayment may be exercised by the Depositary, on behalf of the owners of the beneficial interest in the Notes represented by such global
securities, by delivering a written notice substantially similar to the above-referenced form, duly completed, to the Trustee at the place and within the time period described above. All such notices
shall be irrevocable. 


        The
interest rate borne by this Note shall be determined as follows: 



        1.     If
this Note is designated as a Regular Floating Rate Note above, then, except as described below, this Note shall bear interest at the rate determined by reference to
the applicable Interest Rate Basis shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied
in the manner described above. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified above;  provided,
however, that (i) the interest rate in effect for the period from the Original Issue
Date to the Initial Interest Reset Date will be the Initial Interest Rate, and (ii) unless otherwise specified above, the interest rate in effect hereon for the ten days immediately prior to
Maturity shall be that in effect on the tenth day preceding such Maturity. 


        2.     If
this Note is designated as a Floating Rate/Fixed Rate Note above, then, except as described below, this Note shall bear interest at the rate determined by reference to
the applicable Interest Rate Basis shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied
in the manner described above. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified above;  provided,
however, that (i) the interest rate in effect for the period from the Original Issue
Date to the Initial Interest Reset Date shall be the Initial Interest Rate, (ii) unless otherwise specified above, the interest rate 












in
effect hereon for the ten days immediately prior to the Fixed Rate Commencement Date shall be that in effect on the tenth day preceding the Fixed Rate Commencement Date, and (iii) the
interest rate in effect commencing on, and including, the Fixed Rate Commencement Date to Maturity shall be the Fixed Interest Rate, if such a rate is specified above, or if no such Fixed Interest
Rate is so
specified, the interest rate in effect hereon on the day immediately preceding the Fixed Rate Commencement Date. 



        3.     If
this Note is designated as an Inverse Floating Rate Note above, then, except as described below, this Note will bear interest equal to the Fixed Interest Rate
indicated above minus the rate determined by reference to the Interest Rate Basis shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable
Spread Multiplier, if any, specified and applied in the manner described above; provided, however, that
interest on an Inverse Floating Rate Note will not be less than zero. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each
Interest Reset Date specified above; provided, however, that (i) the interest rate in effect for
the period from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate, and (ii) unless otherwise specified above, the interest rate in effect hereon for
the ten days immediately prior to Maturity shall be that in effect on the tenth day preceding such Maturity. 


        4.     Notwithstanding
the foregoing, if this Note is designated above as having an Addendum attached, the Note shall bear interest in accordance with the terms described in
such Addendum. 




        Except
as provided above, the interest rate in effect on each day shall be (a) if such day is an Interest Reset Date, the interest rate determined as of the Interest Determination
Date (as defined below) immediately preceding such Interest Reset Date or (b) if such day is not an Interest Reset Date, the interest rate determined as of the Interest Determination Date
immediately preceding the next preceding Interest Reset Date. The interest rate with respect to each Interest Rate Basis shall be determined in accordance with the applicable provision below. If any
Interest Reset Date (which term includes the term Initial Interest Reset Date unless the context otherwise requires) would otherwise be a day that is not a Business Day, such Interest Reset Date shall
be postponed to the next succeeding day that is a Business Day, except that if an Interest Rate Basis specified on the face hereof is LIBOR and such next Business Day falls in the next succeeding
calendar month, such Interest Reset Date shall be the next preceding Business Day. 


        Unless
otherwise specified above, interest payable on this Note on any Interest Payment Date shall be the amount of interest accrued from and including the next preceding Interest
Payment Date in respect of which interest has been paid (or from and including the Original Issue Date specified above, if no interest has been paid), to but excluding the related Interest Payment
Date; provided, however, that if the Interest Rate Reset Period with respect to this Note is daily or
weekly, interest payable on any Interest Payment Date will include interest accrued from and including the Original Issue Date, if no interest has been paid, or from but excluding the last record date
to which interest has been paid, as the case may be, through and including the record date next preceding such Interest Payment Date; and provided, further, that the interest payments on Maturity will
include interest accrued to but excluding the date of Maturity. Unless otherwise specified above, accrued interest hereon for any period shall be the amount calculated by multiplying the face amount
hereof by an accrued interest factor for such period. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the period for which accrued interest is
being calculated. Unless otherwise specified above, the interest factor for each such day shall be computed by dividing the interest rate applicable to such day by 360 if the Interest Rate Basis
specified above is the CD Rate, the Commercial Paper Rate, the Eleventh District Cost of Funds Rate, The Federal Fund Rate, LIBOR or the Prime Rate for the period specified thereunder or by the actual
number of days in the year if the
Interest Rate Basis specified above is the Treasury Rate for the period specified thereunder. The interest factor for Notes for which the interest rate is calculated with reference to two or more
Interest Rate Bases will be calculated in each period in the same manner as if only one of the applicable Interest Rate Bases applied as specified above. 









        Unless
otherwise specified above, the "Interest Determination Date" with respect to the Federal Funds Rate and the Prime Rate will be the Business Day immediately preceding each Interest
Reset Date; the "Interest Determination Date" with respect to the CD Rate and the Commercial Paper Rate will be the second Business Day preceding each Interest Reset Date; the "Interest Determination
Date" with respect to LIBOR shall be the second London Business Day (as defined below) preceding each Interest Reset Date; the "Interest Determination Date" with respect to the Eleventh District Cost
of Funds Rate shall be the last working day of the month immediately preceding each Interest Reset Date on which the Federal Home Loan Bank of San Francisco (the "FHLB of San Francisco") publishes the
Index (as defined below); the "Interest Determination Date" with respect to the Treasury Rate will be the day in the week in which the related Interest Reset Date falls on which day Treasury Bills (as
defined below) normally would be auctioned (Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the
following Tuesday, except that such auction may be held on the preceding Friday); provided, however,
that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the related Interest Determination Date shall be such preceding Friday; and  provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset
Date shall instead be the first Business Day following such auction. If the interest rate of this Note is determined with reference to two or more Interest Rate Bases, the Interest Determination Date
pertaining to this Note will be the latest Business Day which is at least two Business Days prior to such Interest Reset Date on which each Interest Rate Basis shall be determinable. Each Interest
Rate Basis shall be determined on such date, and the applicable interest rate shall take effect on the related Interest Reset Date. 


        Unless
otherwise specified above, the "Calculation Date" pertaining to any Interest Determination Date will be the earlier of (i) the tenth calendar day after such Interest
Determination Date or; if such day is not a Business Day, the next succeeding Business Day or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity, as the case may
be. All calculations on this Note shall be made by the Calculation Agent specified above or such successor thereto as is duly appointed by the Company. 


        All
percentages resulting from any calculation on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all dollar amounts used in or
resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 


        As
used herein, "Business Day" means, unless otherwise specified above, any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law, regulation or executive order to close in The City of New York and, if the Interest Rate Basis shown above is LIBOR, is also a London Business Day. 


        As
used herein, "London Business Day" means any day on which dealings in deposits of United States dollars are transacted in the London interbank market. 


         Determination of CD Rate.    The CD Rate means, with respect to any Interest Determination Date relating to a Note for which the Base Rate
is the CD
Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the CD Rate (a "CD Rate Interest Determination Date"), the rate on such date for
negotiable United States dollar certificates of deposit having the Index Maturity specified above as published by the Board of Governors of the Federal Reserve System in "Statistical Release
H.15(519), Selected Interest Rates" or any successor publication ("H.15(519)") under the caption "CDs (secondary market)", or, if not published by 3:00 P.M., New York City time, on the related
Calculation Date, the rate on such CD Rate Interest Determination Date for negotiable United States dollar certificates of deposit of the Index Maturity specified above as published in the daily
update of H.15(519), available through the world-wide-web site of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or
any successor site or publication ("H.15 Daily Update") or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "CDs (secondary market)." If
such rate is 










not
yet published in either H.15(519) or the H.15 Daily Update by 3:00 P.M., New York City time, on the related Calculation Date, then the CD Rate on such CD Rate Interest Determination
Date will be calculated by the Calculation Agent and will be the arithmetic mean of the secondary market offered rates as of 10:00 A.M., New York City time, on such CD Rate Interest
Determination Date, of three leading non-bank dealers in negotiable United States dollar certificates of deposit in The City of New York selected by the Calculation Agent (after
consultation with the Company) for negotiable United States dollar certificates of deposit of major United States money market banks for negotiable United States certificates of deposit with a
remaining maturity closest to the Index Maturity designated above in an amount that is representative for a single transaction in that market at that time;  provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not quoting as
set forth above, the CD Rate determined as of such CD Rate Interest Determination Date shall be the CD Rate in effect on such CD Rate Interest Determination Date. 


         Determination of Commercial Paper Rate.    The Commercial Paper Rate means, with respect to any Interest Determination Date relating to a
Note for which
the Base Rate is the Commercial Paper Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference
to the Commercial Paper Rate (a "Commercial Paper Rate Interest Determination Date"), the Money Market Yield (as defined below) on such date of the rate for commercial paper having the Index Maturity
specified above as published in H.15(519), under the caption "Commercial Paper-Nonfinancial." In the event such rate is not published by 3:00 P.M., New York City time, on the related
Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield on such Commercial Paper Rate Interest Determination Date of the rate for commercial paper having the Index Maturity
shown above as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate under the caption "Commercial Paper-Nonfinancial" (with
an Index Maturity of one month or three months being deemed to be equivalent to an Index Maturity of 30 days or 90 days, respectively). If by 3:00 P.M., New York City time, on the
related Calculation Date such rate is not yet published in either H.15(519) or H.15 Daily Update, then the Commercial Paper Rate on such Commercial Paper Rate Interest Determination Date shall
be calculated by the Calculation Agent and shall be the Money Market Yield of the arithmetic mean of the offered rates at approximately 11:00 A.M., New York City time, on such Commercial Paper
Rate Interest Determination Date of three leading dealers of United States dollar commercial paper in The City of New York selected by the Calculation Agent (after consultation with the Company) for
commercial paper having the Index Maturity specified above placed for industrial issuers whose bond rating is "Aa," or the equivalent, from a nationally recognized statistical rating organization;  provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence, the Commercial Paper Rate determined on such Commercial Paper Rate Interest Determination Date shall be the Commercial Paper Rate in effect on such Commercial Paper Rate
Interest Determination Date. 


        "Money
Market Yield" shall be a yield (expressed as a percentage) calculated in accordance with the following formula: 



							
	Money Market

Yield	 	=	 	D × 360






  360 - (D × M)	 	× 100






where
"D" refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and "M" refers to the actual number of days in the applicable Interest
Rate Reset Period. 


         Determination of Eleventh District Cost of Funds Rate.    The Eleventh District Cost of Funds Rate means, with respect to any Interest
Determination
Date relating to a Note for which the Base Rate is the Eleventh District Cost of Funds Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to
the Eleventh District Cost of Funds Rate (an "Eleventh District Cost of Funds Rate Interest Determination Date"), the rate equal to the monthly weighted average cost of funds for the calendar month
immediately preceding such Eleventh District Cost of 








Funds
Rate Interest Determination Date as set forth under the caption "11th District" on Moneyline Telerate, or any successor service, on Page 7058 or any other page as may replace the
specified page on that service ("Moneyline Telerate Page 7058"), as of 11:00 A.M., San Francisco time, on such Eleventh District Cost of Funds Rate Interest Determination Date. If such
rate does not appear on Moneyline Telerate Page 7058 on any related Eleventh District Cost of Funds Rate Interest Determination Date, the Eleventh District Cost of Funds Rate for such Eleventh
District Cost of Funds Rate Interest Determination Date shall be the monthly weighted average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District that was most
recently announced (the "Index") by the FHLB of San Francisco as such cost of funds for the calendar month immediately preceding such Eleventh District Cost of Funds Rate Interest Determination Date.
If the FHLB of San Francisco fails to announce the Index on or prior to such Eleventh District Cost of Funds Rate Interest Determination Date for the calendar month next preceding such Eleventh
District Cost of Funds Rate Interest Determination Date, then the Eleventh District Cost of Funds Rate for such Eleventh District Cost of Funds Rate Interest Determination Date shall be the Eleventh
District Cost of Funds Rate in effect on such Eleventh District Cost of Funds Rate Interest Determination Date. 



        Determination of Federal Funds Rate.    The Federal Funds Rate means, with respect to any Interest Determination Date relating to a Note
for which the
Base Rate is the Federal Funds Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Federal Funds Rate (a "Federal Funds Rate Interest
Determination Date"), the rate on that date for United States dollar federal funds as published in H.15(519) under the caption "Federal Funds (Effective)" and displayed on Moneyline Telerate
(or any successor service) on page 120 (or any other page as may replace the specified page on that service) ("Moneyline Telerate Page 120"). In the event such rate does not appear on
Moneyline Telerate Page 120 or is not published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on such Federal Funds Rate Interest Determination Date for
United States dollar federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal
Funds (Effective)." If by 3:00 P.M., New York City time, on the related Calculation Date such rate is not published in H.15 Daily Update, then the Federal Funds Rate on such Federal Funds Rate
Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates for the last transaction in overnight United States dollar federal funds arranged
by three leading brokers of United States dollar federal funds transactions in The City of New York, selected by the Calculation Agent (after consultation with the Company) prior to 9:00 A.M.,
New York City time, on such Federal Funds Rate Interest Determination Date; provided, however, that if
the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence,
the Federal Funds Rate with respect to such Federal Funds Rate Interest Determination Date shall be the Federal Funds Rate in effect on such Federal Funds Rate Interest Determination Date. 


         Determination of LIBOR.    If an Interest Rate Basis for this Note is LIBOR, as indicated above, LIBOR will be determined by the
Calculation Agent on
the applicable Interest Determination Date (a "LIBOR Interest Determination Date"), as follows: 



        (a)   (i)
if "LIBOR Moneyline Telerate" is specified above or if neither "LIBOR Reuters" nor "LIBOR Moneyline Telerate" is specified above, the rate for deposits in the LIBOR
Currency (as defined below) having the Index Maturity specified above, commencing on the Interest Reset Date, that appears on the LIBOR Page as of 11:00 A.M., London time, on such LIBOR
Interest Determination Date, or (ii) if "LIBOR Reuters" is specified above, the arithmetic mean of the offered rates calculated by the Calculation Agent (unless the specified Designated LIBOR
Page (as defined below) by its terms provides only for a single rate, in which case such single rate shall be used) for deposits in the LIBOR Currency having the Index Maturity specified above,
commencing on the Interest Reset Date, that appear or appears on the LIBOR Page specified above as of 11:00 A.M., London time, on that LIBOR Interest Determination Date. If fewer than two
offered rates appear, or no rate appears, as applicable, LIBOR in respect of the related LIBOR Interest Determination Date will be determined as if the parties had specified the rate described in
paragraph (b) below. 









        (b)   With
respect to a LIBOR Interest Determination Date on which fewer than two offered rates appear, or no rate appears, as the case may be, on the LIBOR Interest
Determination Date on the LIBOR Page as specified above, the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market, as
selected by the Calculation Agent (after consultation with the Company), to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the Index
Maturity shown above, commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on such LIBOR Interest Determination Date
and in a principal amount that is representative for a single transaction in the LIBOR Currency in such market at such time. If at least two such quotations are provided, LIBOR determined on such
LIBOR Interest Determination Date shall be the arithmetic mean of such quotations as determined by the Calculation Agent. If fewer than two quotations are provided, LIBOR determined on such LIBOR
Interest Determination Date shall be calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M. in the applicable principal financial center, on
such LIBOR Interest Determination Date by three major banks in that principal financial center selected by the Calculation Agent (after consultation with the Company) for loans in the LIBOR Currency
to leading European banks, having the Index Maturity specified above and in a principal amount that is representative for a single transaction in the LIBOR Currency in such market at such time;  provided,
 however, that if the banks selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence,
LIBOR determined on such LIBOR Interest Determination Date shall be LIBOR in effect on such LIBOR Interest Determination Date. 



        "LIBOR
Currency" means the currency specified above as to which LIBOR shall be calculated or, if no currency is specified above, United States dollars. 


        "LIBOR
Page" means either (a) if "LIBOR Reuters" is specified above, the display on the Reuter Monitor Money Rates Service (or any successor service) on the page specified above
(or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency or (b) if "LIBOR Moneyline Telerate"
is specified above or neither "LIBOR Reuters" nor "LIBOR Moneyline Telerate" is specified above as the method for calculating LIBOR, the display on the Moneyline Telerate (or any successor service) on
the page specified above (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency. 




         Determination of Prime Rate.    The Prime Rate means, with respect to any Interest Determination Date relating to a Note for which the
Base Rate is the
Prime Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Prime Rate (a "Prime Rate Interest Determination Date"), the rate on such date
as such rate is published in H.15(519) under the caption "Bank Prime Loan." If such rate is not published prior to 3:00 P.M., New York City time, on the related Calculation Date, the
rate on the Interest Determination Date as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Bank
Prime Loan". If such rate is not published by 3:00 P.M., New York City time, on the related Calculation Date, then the Prime Rate shall be determined by the Calculation Agent and shall be the
arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME 1 Page (as defined below) as such bank's prime rate or base lending rate as in
effect as of 11:00 A.M., New York City time on that Prime Rate Interest Determination Date. If fewer than four such rates appear on the Reuters Screen US PRIME 1 Page for such Prime Rate
Interest Determination Date, the Prime Rate shall be determined by the Calculation Agent and shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual
number of days in the year divided by a 360-day year as of the close of business on such Prime Rate Interest Determination Date by three major banks in The City of New York selected by the
Calculation Agent (after consultation with the Company); provided, however, that if the banks selected
as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the 








Prime
Rate for such Prime Rate Interest Determination Date will be the Prime Rate in effect on such Prime Rate Interest Determination Date. 



        "Reuters
Screen US PRIME 1 Page" means the display on the Reuter Monitor Money Rates Service (or any successor service) on the "US PRIME 1" page (or such other page as may replace the US
PRIME 1 page on such service) for the purpose of displaying prime rates or base lending rates of major United States banks. 


         Determination of Treasury Rate.    The Treasury Rate means, with respect to any Interest Determination Date relating to a Note for which
the Base Rate
is the Treasury Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Treasury Rate (a "Treasury Rate Interest Determination Date"), the
rate applicable to the auction held on such Treasury Rate Interest Determination Date (the "Auction") of direct obligations of the United States ("Treasury Bills") having the Index Maturity specified
above, under the caption "INVESTMENT RATE" on the display on Moneyline Telerate (or any successor service) on page 56 (or any other page as may replace that page on that service) ("Moneyline
Telerate Page 56") or page 57 (or any other page as may replace that page on that service) ("Moneyline Telerate Page 57"), or if such rate is not published by 3:00 P.M.,
New York City time, on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, or another recognized
electronic source used for the purpose of displaying the applicable rate, under the caption "U.S., Government Securities/Treasury Bills/Auction High". In the event such rate is not published by
3:00 P.M., New York City time, on the related Calculation Date, then the Treasury Rate on such Treasury Interest Determination Date will be the Bond Equivalent Yield of the auction rate of the
applicable Treasury Bills as announced by the United States Department of the Treasury, or if such rate is not so announced by the United States Department of the Treasury, or if the Auction is not
held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption "U.S. Government
Securities/Treasury Bills/Secondary Market". In the event such rate is not published by 3:00 P.M., New York City time, then the Treasury Rate on such Treasury Interest Determination Date will
be the rate of the applicable Treasury Bills having the Index maturity specified above as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying the
applicable rate, under the caption "U.S. Government Securities/Treasury Bills/Secondary Market", or if such rate is not published by 3:00 P.M., New York City time, on the related Calculation
Date, the rate on the particular Treasury Rate Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as
of approximately 3:30 P.M., New York City time, on such Treasury Rate Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent
(after consultation with the Company), for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified above; provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Treasury Rate with respect to such Treasury Rate Interest Determination Date will be the Treasury Rate in effect
on such Treasury Rate Interest Determination Date. 


        "Bond
Equivalent Yield" means a yield (expressed as a percentage) calculated in accordance with the following formula: 



							
	Bond Equivalent

Yield	 	=	 	D × N






  360 - (D × M)	 	× 100






where
"D" refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366, as the case may be, and "M" refers to the
actual number of days in the applicable interest reset period. 


        Any
provision contained herein with respect to the determination of an Interest Rate Basis, the specification of an Interest Rate Basis, calculation of the Interest Rate applicable to
this Note, its 








payment
dates or any other matter relating hereto may be modified as specified in an Addendum relating hereto if so specified above. 



        Notwithstanding
the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified above. The
Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Note will in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United States law of general application. 


        At
the request of the Holder hereof, the Calculation Agent shall provide to the Holder hereof the interest rate hereon then in effect and, if determined, the interest rate which shall
become effective as of the next Interest Reset Date. 


        The
Notes shall have the Events of Default as set forth in Section 501 of the Indenture. If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 


        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 662/3% in aggregate principal amount of
the Outstanding Securities of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 


        This
Note is subject to satisfaction, discharge and defeasance as provided in Article Four of the Indenture. 



        No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, premium, if any, and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 


        The
Indenture contains provisions, which provisions apply to the Notes, for (i) the defeasance of the indebtedness evidenced by the Notes and (ii) the satisfaction and
discharge of the Indenture, in each case upon compliance with certain conditions, and subject to certain exceptions, set forth in the Indenture. 



        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry books of the Company, upon surrender of
this Note for registration of transfer at the office or agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one
or more new Notes, of authorized denominations and for the same aggregate principal amount, having the identical Original Issue Date, Stated Maturity and provisions with respect to payment of interest
and redemption or repayment prior to Stated Maturity will be issued to the designated transferee or transferees. 



        The
Notes are issuable only in registered form without coupons in denominations of $1,000 and integral multiples thereof. As provided in the Indenture and subject to certain limitations
therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 








        No
service charge shall be made by the Company or the Trustee for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith (other than exchanges pursuant to the Indenture not involving any transfer). 


        Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 


        If
money for the payment of principal or interest remains unclaimed for three years, the Trustee or any paying agent will pay the money back to the Company at its request. After any such
payment, Holders entitled to the money as an unsecured creditor, must look to the Company for payment and all liability of the Trustee or such paying agent with respect to such money shall cease. 


        The
terms of this Note include those stated in the Indenture and those made part of the Indenture by the Officers' Certificate delivered pursuant thereto and the Trust Indenture Act.
This Note is subject to all such terms, and Noteholders are referred to the Indenture and said Act for a statement of them. 


        No
stockholder, director, officer, employee or incorporator as such, past, present or future, of the Company or any successor corporation shall have any liability for any obligations of
the Company under this Note or the Indenture or for any claim based on, or in respect of or by reason of, such obligations or their creation. Each holder of a Note by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 


        The
Trustee under the Indenture, in its individual or any other capacity, may deal with the Company as if it were not Trustee. 


        This
Note shall be governed by and construed in accordance with the laws of the State of California. 








        All
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 


        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile, and an imprint or facsimile of its corporate seal to be imprinted hereon. 



							
	[FACSIMILE OF SEAL]	 	HEALTH CARE PROPERTY INVESTORS, INC.
	

 	
 	
By:	
 	
 	
 	
 
	 	 	 	 	





  
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 





Attest:




							
	By:	 	 	 	 	 	 
	 	 	





  	 	 
	 	 	Name:	 	 	 	 
	 	 	Title:	 	 	 	 





Dated:



CERTIFICATE
OF AUTHENTICATION

This is one of the Securities of the series

designated herein referred to in the

within-mentioned Indenture. 


THE
BANK OF NEW YORK

as Trustee 



					
	By:	 	 	 	 
	 	 	





  Authorized Signatory	 	 









OPTION
TO ELECT REPAYMENT 


        The
undersigned hereby irrevocably request(s) and instruct(s) the Company to repay this Note (or portion hereof specified below) pursuant to its terms at a price equal to the principal
amount hereof together with interest to the repayment date, to the undersigned, at 



  








  








(Please
print or typewrite name and address of the undersigned) 


        For
this Note to be repaid, the Trustee must receive at its Corporate Trust Office, or at such other place or places of which the Company shall from time to time notify the Holder of
this Note, not more than 60 nor less than 30 days prior to the Optional Repayment Date, if any, shown on the face of this Note, this Note with this "Option to Elect Repayment" form duly
completed. 


        If
less than the entire principal amount of this Note is to be repaid, specify the portion hereof (which shall be increments of $1,000) which the Holder elects to have repaid
$                         and specify the denomination or denominations (which shall be $1,000 or an integral multiple
thereof) of the Notes to be issued to the Holder for the
portion of this Note not being repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid)
$                        . 



							
	Date:	 	 	 	 	 	 
	 	 	





  	 	 	 	





  
	 	 	





  	 	 	 	





  
	 	 	 	 	 	 	





  The signature on this Option to Elect Repayment must correspond with the name as written upon the face of this Note in every particular, without alteration or enlargement or any change whatever.
	

Signature Guarantee:	
 	

 	
 	

 
	    	 	 	 	 	 	 
	





  	 	 	 	 
	





  	 	 	 	 
	





  	 	 	 	 









ASSIGNMENT/TRANSFER
FORM 



											
	        FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto (insert
	Taxpayer Identification no.)	 	 	 	 	 	 	 	 	 	 
	 	 	





  
	(Please print or typewrite name and address including postal zip code of assignee)	 	 	 	 
	 	 	 	 	 	 	 	 	





  
	    	 	 	 	 	 	 	 	 	 	 
	





  
	the within Note and all rights thereunder, hereby irrevocably constituting and appointing	 	 
	 	 	 	 	 	 	 	 	 	 	





  
	    	 	 	 	 	 	 	 	 	 	 
	





  
	attorney to transfer said Note on the books of the Company with full power of substitution in the premises.







 







 



					
	Dated:	 	 	 	 
	 	 	





  	 	





  






			
	NOTICE:	 	The signature of the registered Holder on this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change
whatsoever.





Signature
Guarantee: 



			
	 







 	 	 
	     
	 	 
	 







 	 	 









ABBREVIATIONS



        The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or
regulations. 



									
	 TEN COM—as tenants in common	 	 
	UNIF GIFT MIN ACT—	 	 	 	Custodian	 	 	 	 
	 	 	





  	 	 	 	





  	 	 
	 	 	(cust)	 	 	 	(Minor)	 	 
	

 	
 	
Under Uniform Gifts to Minors Act	
 	

 
	    	 	 	 	 	 	 	 	 
	 	 	





  (State)	 	 
	TEN ENT—as tenants by the entireties	 	 
	JT TEN—as joint tenants with right of survivorship and not as tenants in common

	 	 





        Additional
abbreviations may also be used though not in the above list. 











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EXHIBIT 4.15