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Nationwide Reports $.51 FFO Per Share in Third Quarter of 2001

NEWPORT BEACH, Calif., Oct. 15 /PRNewswire/ -- Nationwide Health Properties, Inc. (NYSE: NHP) announced today results of its operations for the third quarter of 2001 and the nine months ending September 30, 2001.

Funds from operations (FFO), the most important measurement of a REIT's financial performance, was $23,928,000, or $.51 on a diluted per share basis in the third quarter of 2001 compared with $25,087,000 or $.54 in the third quarter of 2000. Revenues were $41,541,000 versus $43,057,000 for the same period in 2000. Diluted net income available to common stockholders was $17,910,000, or $.38 per share compared to $15,812,000, or $.34 per share for the third quarter of 2000. Included in net income for the third quarter of 2001 was a gain on the sale of facilities of $3,043,000, or $.06 per share.

For the nine months ended September 30, 2001, diluted FFO per share was $1.55 versus $1.62 for the nine months ended September 30, 2000. Revenues were $125,817,000 compared to $128,544,000 a year ago. Diluted net income available to common stockholders was $46,947,000, or $1.01 per share compared to $47,810,000, or $1.03 per share for the nine months ended September 30, 2000. Included in the September 30, 2001 net income was a gain on the sale of facilities of $3,043,000. Included in the September 30, 2000 net income was a gain on the sale of facilities of $1,149,000.

``Operating results for the year are in line with our expectations,'' said R. Bruce Andrews, President and Chief Executive Officer. ``Furthermore, progress continues in enhancing the Company's financial position to enable it to resume growth from a very strong base.''

The Company will hold an earnings conference call on Monday, October 15, 2001 at 1:00 p.m. PDT. To listen to the conference call, you may call 612-332-0636. Replays will be available for one week beginning at 4:30 p.m. PDT on October 15, 2001, by calling 800-475-6701, access code 606646.


NATIONWIDE HEALTH PROPERTIES, INC.
                             STATEMENTS OF OPERATIONS


                                SEPTEMBER 30, 2001


                     (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)





                                     Three Months Ended   Nine Months Ended


                                        September 30,         September 30,


                                      2001       2000       2001      2000





    Revenues:


      Base rent                     $32,861    $33,157    $98,130   $98,058


      Interest and other income       4,658      5,512     15,070    17,803


      Additional rent and


       additional interest            4,022      4,388     12,617    12,683


                                     41,541     43,057    125,817   128,544





    Expenses:


      Interest & amortization of


       deferred financing costs      13,390     14,628     41,805    43,800


      Depreciation and


       non-cash charges               9,061      9,275     28,447    28,030


      General and administrative      2,304      1,423      5,903     4,295


                                     24,755     25,326     76,155    76,125





    Net income before gain on


     sale of facilities              16,786     17,731     49,662    52,419


    Gain on sale of facilities        3,043         --      3,043     1,149


    Net income                       19,829     17,731     52,705    53,568


    Preferred stock dividends        (1,919)    (1,919)    (5,758)   (5,758)


    Net income available to


     common stockholders            $17,910    $15,812    $46,947   $47,810





    Depreciation and


     non-cash charges                 9,061      9,275     28,447    28,030


    Gain on sale of facilities       (3,043)        --     (3,043)   (1,149)


    Funds From Operations ("FFO")


     available to common


     stockholders                   $23,928    $25,087    $72,351   $74,691





    Per share amounts:





    Basic/diluted earnings from


     continuing operations


     available to common


     stockholders                     $0.31      $0.34      $0.94     $1.01





    Basic/diluted net income


     available to common


     stockholders                     $0.38      $0.34      $1.01     $1.03





    Basic/diluted FFO                 $0.51      $0.54      $1.55     $1.62





    Weighted average shares


     outstanding                     47,301     46,226     46,679    46,226








                        NATIONWIDE HEALTH PROPERTIES, INC.


                                  BALANCE SHEETS


                                SEPTEMBER 30, 2001


                                  (IN THOUSANDS)





                                               September 30,   December 31,


    ASSETS                                         2001            2000





    Investments in real estate:


      Real estate properties


        Land                                     $146,484        $142,721


        Buildings and improvements              1,185,471       1,182,410


        Construction in progress                       --           8,478





                                                1,331,955       1,333,609


        Less accumulated depreciation            (208,736)       (186,206)





                                                1,123,219       1,147,403


      Mortgage loans receivable, net              140,500         185,623





                                                1,263,719       1,333,026


    Cash and cash equivalents                       4,422           6,149


    Receivables                                     8,774           7,607


    Other assets                                   41,015          34,225





                                               $1,317,930      $1,381,007





    LIABILITIES AND STOCKHOLDERS' EQUITY





    Bank borrowings                               $53,000         $79,000


    Senior notes due 2001-2038                    582,750         627,900


    Notes and bonds payable                        62,350          62,857


    Accounts payable and accrued liabilities       56,457          47,778





    Stockholders' equity:


      Preferred stock                             100,000         100,000


      Common stock                                  4,724           4,623


      Capital in excess of par value              574,767         556,658


      Cumulative net income                       628,324         575,619


      Cumulative dividends                       (744,442)       (673,428)





        Total stockholders' equity                563,373         563,472





                                               $1,317,930      $1,381,007








                        NATIONWIDE HEALTH PROPERTIES, INC.


                         SUPPLEMENTAL ANALYST INFORMATION


                                SEPTEMBER 30, 2001





    PORTFOLIO COMPOSITION





      EQUITY OWNERSHIP                                    90%


      MORTGAGE LOANS RECEIVABLE                           10%


                                                         100%





      ASSISTED LIVING FACILITIES                          45%


      SKILLED NURSING FACILITIES                          40%


      CONTINUING CARE RETIREMENT COMMUNITIES              13%


      OTHER                                                2%


                                                         100%








    OWNED FACILITIES


                           FACILITIES               INVESTMENT


      ASSISTED LIVING


       FACILITIES              121    $639,039,000    $68,736  PER UNIT


      SKILLED NURSING


       FACILITIES              146    $511,845,000    $30,627  PER BED


      CONTINUING CARE


       RETIREMENT COMMUNITIES    9    $152,439,000    $63,755  PER BED/UNIT


      REHABILITATION HOSPITALS   2     $16,826,000    $145,052 PER BED








    MORTGAGE LOANS RECEIVABLE


                           FACILITIES               INVESTMENT





      SKILLED NURSING


       FACILITIES               28     $73,127,000    $21,129  PER BED


      ASSISTED LIVING


       FACILITIES                7     $22,477,000    $39,023  PER UNIT


      CONTINUING CARE


       RETIREMENT COMMUNITIES    4     $44,896,000    $41,998  PER BED/UNIT








    INVESTMENT BY OPERATOR


                             NUMBER OF   INVESTMENT   PERCENT OF  PERCENT OF


                             FACILITIES     AMOUNT    INVESTMENT   REVENUES





      ALTERRA HEALTHCARE


       CORPORATION*                54    $192,686,000     13%          12%


      AMERICAN RETIREMENT


       CORPORATION*                11     125,806,000      8%           8%


      ARV ASSISTED LIVING, INC.*   16     102,518,000      7%           9%


      BEVERLY ENTERPRISES, INC.*   31     101,427,000      7%           9%


      LIBERTY HEALTHCARE           17      74,893,000      5%           5%


      EPOCH SENIOR LIVING, INC.     8      69,718,000      5%           5%


      LAUREATE GROUP                4      69,702,000      5%           4%


      SENIOR SERVICES OF AMERICA   10      68,105,000      5%           4%


      LIFE CARE CENTERS


       OF AMERICA, INC.             7      54,048,000      4%           4%


      INTEGRATED HEALTH


       SERVICES*                   11      45,772,000      3%           4%


      AMERICAN HEALTH CENTERS      12      41,559,000      3%           3%


      SENIOR HOUSING ASSOCIATES     6      37,819,000      3%           3%


      MARINER POST-ACUTE NETWORK*   8      35,519,000      2%           3%


      NEXION                       16      33,257,000      2%           2%


      NEW MILLENNIUM CARE           3      31,782,000      2%           2%


      THE NEWTON GROUP, LLC         3      30,372,000      2%           1%


      AMERICAN SENIOR LIVING        6      27,886,000      2%           2%


      SUN HEALTHCARE GROUP, INC.*   6      25,623,000      2%           2%


      HARBORSIDE HEALTHCARE


       CORPORATION*                 4      19,592,000      1%           1%


      HEALTHPRIME                   7      16,003,000      1%           1%


      OTHER - PUBLIC COMPANIES     10      30,403,000      2%           2%


      OTHER                        68     237,965,000     16%          14%


                                  318  $1,472,455,000    100%         100%


      * PUBLIC COMPANY








    FUNDS AVAILABLE FOR DISTRIBUTION





                         3RD QUARTER   3RD QUARTER


                             2001          2001       YTD 2001     YTD 2001


                          (Dollars)    (Per Share)    (Dollars)  (Per Share)





      FUNDS FROM


       OPERATIONS        $23,928,000      $0.51     $72,351,000     $1.55


      ANNUALIZED


       STRAIGHT - LINE


       RENT ADJUSTMENT    (1,853,000)     (0.04)     (3,426,000)    (0.07)


      AMORTIZATION OF


       DEFERRED FINANCING


       COSTS                 242,000       0.00         726,000      0.02


      FUNDS AVAILABLE


       FOR DISTRIBUTION  $22,317,000      $0.47     $69,651,000     $1.50








    SAME STORE


    ADDITIONAL RENT/ADDITIONAL INTEREST


                            1ST           2ND          3RD          4TH


                            QTR           QTR          QTR          QTR


      1997              $2,869,000    $2,916,000   $3,168,000    $3,123,000


      1998              $3,288,000    $3,690,000   $3,674,000    $3,473,000


      1999              $3,855,000    $3,615,000   $3,987,000    $3,934,000


      2000 (1)          $3,760,000    $4,342,000   $4,248,000    $4,410,000


      2001 (2)          $3,638,000    $4,669,000   $3,970,000





       1 - The additional rent for 2000 has been adjusted for SAB 101 as


           follows: 1st quarter was reduced by $395,000, 2nd quarter was


           increased by $253,000, 3rd quarter was increased by $166,000


           and 4th quarter was reduced by $24,000.





       2 - The additional rent for 2001 reflects an adjustment for SAB 101 as


           follows: 1st quarter was reduced by $666,000 and 2nd quarter was


           increased by $488,000.  As a result of entering into new leases on


           existing buildings during the 3rd quarter, approximately $350,000


           of additional rent was recharacterized as base rent.








                                                   2001       2000     1999





    TOTAL RENT COVERAGE


      ASSISTED LIVING FACILITIES                   1.69       1.74     1.78


      SKILLED NURSING FACILITIES                   1.54       1.51     1.51


      CONTINUING CARE RETIREMENT COMMUNITIES       1.68       1.71     1.62


      REHABILITATION HOSPITALS                     2.98       3.23     3.20





    OCCUPANCY


      ASSISTED LIVING FACILITIES                    90%        91%      94%


      SKILLED NURSING FACILITIES                    87%        87%      87%


      CONTINUING CARE RETIREMENT COMMUNITIES        92%        92%      93%


      REHABILITATION HOSPITALS                      71%        68%      61%





    PERCENT PRIVATE PAY AND MEDICARE


      ASSISTED LIVING FACILITIES                   100%       100%     100%


      SKILLED NURSING FACILITIES                    29%        29%      29%


      REHABILITATION HOSPITALS                      95%        94%      93%





    SECURITY DEPOSITS


      BANK LETTERS OF CREDIT                $23,052,000


      CASH DEPOSITS                         $19,887,000


      DISCOUNTS ON MORTGAGE LOANS            $1,084,000





    CURRENT CAPITALIZATION


      REVOLVING BANK LINE OF CREDIT         $53,000,000         4%


      SENIOR DEBT                          $645,100,000        44%


      EQUITY (UNDEPRECIATED BOOK BASIS)    $772,109,000        52%








    MEDIUM TERM NOTE MATURITIES





      YEAR                AMOUNT





      Q4 2001           18,000,000


      Q1 2002           15,000,000


      Q2 2002           10,000,000


      Q3 2002           25,000,000


      Q2 2003           35,000,000


      Q3 2003           71,000,000 (1)


      Q4 2003           41,500,000 (2)


      2004             122,750,000 (3)


      2005              18,000,000


      2006              63,500,000


      2007              85,000,000


      2008              25,000,000


      2009              50,000,000


      THEREAFTER         3,000,000


                      $582,750,000





    (1) Includes $40,000,000 of 6.59% MTNs putable July of 2003, 2008, 2013,


        2018, 2023, 2028 with a final maturity in 2038.





    (2) Includes $41,500,000 of 7.6% MTNs putable November of 2003, 2008,


        2013, 2018, 2023 with a final maturity in 2028.





    (3) Includes $55,000,000 of 6.9% MTNs putable October of 2004, 2007, 2009,


        2012, 2017, 2027 with a final maturity in 2037.








    LEASE EXPIRATIONS


                               MINIMUM        NUMBER OF


      YEAR                      RENT          FACILITIES





      2001                    $867,000             2


      2002                   1,332,000             3


      2003                     481,000             1


      2004                   1,514,000             4


      2005                   9,523,000            19


      2006                  11,647,000            30


      2007                   4,909,000             8


      2008                   1,961,000             5


      2009                   9,931,000            34


      2010                  18,786,000            46


      THEREAFTER            70,664,000           117


                          $131,615,000           269








    MORTGAGE LOAN RECEIVABLE PRINCIPAL PAYMENTS





                             PRINCIPAL           NUMBER


      YEAR                   PAYMENTS       OF FACILITIES





      2001                  $5,407,000             2


      2002                   2,256,000            --


      2003                   6,989,000             3


      2004                   1,951,000            --


      2005                   5,430,000             5


      2006                  10,956,000             4


      2007                  13,184,000             3


      2008                   7,710,000             2


      2009                  21,130,000             3


      2010                   2,112,000            --


      THEREAFTER            66,030,000            17


                          $143,155,000            39
MortgageDaily.com
Nationwide Health Properties, Inc. is a real estate investment trust that invests in health care facilities. The Company has investments in 318 facilities in 37 states. For further information go to www.nhp-reit.com.

Certain matters discussed within this press release may constitute ``forward-looking statements'' within the meaning of the federal securities laws. Although the Company believes the statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to risks and uncertainties described from time to time in the SEC reports filed by the Company.

SOURCE:
Nationwide Health Properties, Inc.

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