Nationwide Health Properties Announces 3rd Quarter Results

Nationwide Health Properties, Inc. (NYSE: NHP) today announced results of operations for the third quarter 2009 that showed an increase in earnings of 9.2% to $29,692,000 for the quarter compared to its results from the same quarter in 2008.  During the quarter, the company’s shareholders converted 168,105 Series B convertible preferred shares into 757,376 shares of common stock.  During the quarter, NHP sold 5.5 million of common stock through the controlled equity offering program at an average price of $30.12 per share, resulting in net proceeds of approximately $163.0 million. Contemporaneously with this press release, the Company filed its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009 with the Securities and Exchange Commission.

"NHP began 2009 with the objective of preparing itself for capital markets under duress while simultaneously positioning itself for growth as investment opportunities arose. Since our last quarter end, we continued to enhance our already strong financial position by issuing $190 million of equity. On an enterprise value basis, our leverage is about 30% and we have about $300 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. "As we direct our attention more towards growth, NHP has agreed in principle with PMB to a multi-faceted transaction involving, among other things, the acquisition of all or a majority interest in up to seven medical office buildings with approximately 800,000 square feet for between $275 million and $300 million," Mr. Pasquale added.

Visit these links for the 3rd quarter earnings release and 10-Q.

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