Nationwide Health Properties, Inc. (NYSE: NHP) announced its second quarter 2009 results last week and showed earnings of .78 per share versus $2.07 for the same period in 2008. The company did not have the same kinds of gains on sale in 2009 as it did during 2008 and NHP lowered the high end of its earnings estimates by a penny per share based upon the amount of new shares issued as part of the equity offerings in the second and third quarters for $47 million in the 2nd and $58 million during the beginning of the 3rd.
During the second quarter the NHP:
- Retired $30 Million of Senior Notes
- Restructured Its Hearthstone Lease
- Had a Payout Ratio of 77% which Supports $0.44 per Share Cash Dividend
- Maintained A Strong Liquidity Position On Its Balance Sheet
"NHP’s strong balance sheet is anchored by low leverage, ample liquidity and modest capital commitments through June 2011. Always looking to improve our balance sheet in this economic environment, to date we raised $105 million of equity and retired $30 million of our senior notes. On an enterprise value basis, our leverage is 35% and after our recent equity issuances we have about $199 million of cash as well as the full capacity of our $700 million credit facility," commented Douglas M. Pasquale, NHP’s Chairman and Chief Executive Officer. "NHP is well positioned to take advantage of investment opportunities as they arise. We expect assets will begin to become available at attractive prices and we are prepared to make excellent investments as these opportunities present themselves," Mr. Pasquale added.
For the full 10-Q, click here.
