EX-99.1 2 c96106exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
(NATIONWIDE HEALTH PROPERTIES LOGO)
NATIONWIDE HEALTH PROPERTIES, INC.
REPORTS 2009 FOURTH QUARTER AND FULL YEAR RESULTS
   
Completed $90 Million Transaction and Amended and Restated Development Pipeline Agreement with PMB
   
Issued $76 Million of Equity in the Fourth Quarter
   
Cash Balance of $382 Million at Year End
   
FAD Payout Ratio of 83% Supports $0.44 per Share Cash Dividend
   
Balance Sheet and Liquidity Position Strong
NEWPORT BEACH, Calif., — February 17, 2010 /PRNewswire—FirstCall/ –– Nationwide Health Properties, Inc. (NYSE: NHP) today announced results of operations for the fourth quarter and the year ended December 31, 2009. Contemporaneously with this press release, the Company filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2009 with the Securities and Exchange Commission.
“We began 2009 with the capital markets under extreme duress and the recession gripping the U.S. economy. During that difficult period, NHP’s primary goals were to fortify its already strong balance sheet and further enhance its liquidity position. These goals were clearly accomplished as evidenced by upgrades to our investment grade rating, leverage–related statistics among the very best for investment grade REITs and over $1 billion of available capital,” commented Douglas M. Pasquale, NHP’s Chairman and Chief Executive Officer. “For 2010, our strong financial position combined with improvements in the capital markets and the economy has shifted our attention to growth. In February, we acquired two PMB properties for $90 million and improved our multi-year development agreement with them. We expect to close on another five PMB properties before the end of the first quarter” Mr. Pasquale added.

 

 


 

FOURTH QUARTER 2009 RESULTS OF OPERATIONS
The following table presents selected unaudited financial information for the fourth quarter and the year ended December 31, 2009 as compared to the same period of 2008:
SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)
                                 
    Three Months Ended December 31,  
    2009     2008     $ Change     % Change  
 
                               
Revenue
  $ 98,631     $ 95,894     $ 2,737       2.9 %
Income from Continuing Operations
  $ 29,675     $ 31,136     $ (1,461 )     -4.7 %
Net Income Attributable to NHP Common Stockholders
  $ 30,895     $ 31,964     $ (1,069 )     -3.3 %
Net Income Attributable to NHP Common Stockholders Per Diluted Share
  $ 0.27     $ 0.31     $ (0.04 )     -12.9 %
Diluted FFO
  $ 61,821     $ 64,002     $ (2,181 )     -3.4 %
Adjusted Diluted FFO
  $ 62,651     $ 59,361     $ 3,290       5.5 %
Diluted FFO Per Share
  $ 0.53     $ 0.60     $ (0.07 )     -11.7 %
Adjusted Diluted FFO Per Share
  $ 0.53     $ 0.56     $ (0.03 )     -5.4 %
Diluted FAD
  $ 61,481     $ 63,195     $ (1,714 )     -2.7 %
Adjusted Diluted FAD
  $ 62,311     $ 58,554     $ 3,757       6.4 %
Diluted FAD Per Share
  $ 0.52     $ 0.59     $ (0.07 )     -11.9 %
Adjusted Diluted FAD Per Share
  $ 0.53     $ 0.55     $ (0.02 )     -3.6 %
                                 
    Year Ended December 31,  
    2009     2008     $ Change     % Change  
 
                               
Revenue
  $ 390,512     $ 368,319     $ 22,193       6.0 %
Income from Continuing Operations
  $ 125,194     $ 106,761     $ 18,433       17.3 %
Net Income Attributable to NHP Common Stockholders
  $ 143,040     $ 260,501     $ (117,461 )     -45.1 %
Net Income Attributable to NHP Common Stockholders Per Diluted Share
  $ 1.31     $ 2.63     $ (1.32 )     -50.2 %
Diluted FFO
  $ 253,357     $ 236,514     $ 16,843       7.1 %
Adjusted Diluted FFO
  $ 249,291     $ 231,873     $ 17,418       7.5 %
Diluted FFO Per Share
  $ 2.27     $ 2.29     $ (0.02 )     -0.9 %
Adjusted Diluted FFO Per Share
  $ 2.23     $ 2.24     $ (0.01 )     -0.4 %
Diluted FAD
  $ 251,956     $ 230,968     $ 20,988       9.1 %
Adjusted Diluted FAD
  $ 247,890     $ 226,327     $ 21,563       9.5 %
Diluted FAD Per Share
  $ 2.25     $ 2.23     $ 0.02       0.9 %
Adjusted Diluted FAD Per Share
  $ 2.22     $ 2.19     $ 0.03       1.4 %

 

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NON-GAAP FINANCIAL MEASURES
Diluted Funds From Operations (“FFO”) and Diluted Funds Available for Distribution (“FAD”) are non-GAAP measures that we believe are important to understanding our operations. We believe diluted FFO is an important supplemental measure of operating performance because it excludes the effects of depreciation and amortization and gains (losses) from sales of facilities (both of which are based on historical costs and which may be of limited relevance in evaluating current performance). We believe diluted FAD is an important supplemental measure of operating performance because, like diluted FFO, it excludes the effects of depreciation and amortization and gains (losses) from sales of facilities (both of which are based on historical costs and which may be of limited relevance in evaluating current performance). It also excludes straight-lined rent and other non-cash items that have become more significant for us and our competitors over the last several years. We believe that net income is the most directly comparable GAAP measure to diluted FFO and diluted FAD. Reconciliations between net income and diluted FFO and net income and diluted FAD are included in the accompanying financial data. For guidance, we have also included in the accompanying financial data reconciliations between net income per share and diluted FFO and diluted FAD per share. We have also included adjusted diluted FFO and adjusted diluted FAD amounts which exclude acquisition costs and the recognition of gains on debt extinguishments in 2009.
FOURTH QUARTER 2009 INVESTMENT ACTIVITY
During the fourth quarter of 2009, we sold three facilities for $7.3 million in gross proceeds and we invested approximately $16 million in revenue producing capital expenditures at a blended yield of 8.2% on our existing triple net portfolio.
Pacific Medical Buildings Update
In February of 2010, we acquired the Poway, CA medical office building for $74.0 million and a 71% interest in a joint venture which owns a medical office building in Gilbert, AZ for $6.3 million. Additionally, we committed to loan the joint venture $8.8 million.
We have also signed the amended and restated pipeline agreement whereby Pacific Medical Buildings will be responsible for development and NHP will be responsible for project financing for approved development projects. Other modifications to the development agreement provide NHP with improved terms, including preferred returns, a reduced promote interest to PMB and pricing determined at the time of acquisition rather than at the pre-development stage.
We anticipate acquiring majority interests in joint ventures that own the Mission, Orange, and Pasadena, CA assets and the 55.05% interest in the two San Bernardino, CA assets that we do not already own by the end of the first quarter 2010.

 

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FOURTH QUARTER 2009 FINANCING TRANSACTIONS
During the fourth quarter of 2009, we issued 2.3 million shares of our common stock through our at-the-market equity offering program at an average price of $33.27 per share, resulting in net proceeds of approximately $76.2 million. From January 1, 2010 to February 16, 2010, we issued 635,000 shares of our common stock through our at-the-market equity offering program at an average price of $35.03 per share, resulting in net proceeds of approximately $22.0 million.
On October 1, 2009, we retired $2.6 million of senior notes with an interest rate of 6.90% that were put to us.
During the fourth quarter of 2009, shareholders of our Series B convertible preferred stock converted 235,540 preferred shares into 1,061,195 shares of our common stock. Subsequent to year end, 512,727 shares of Series B preferred stock converted into 2,314,944 shares of our common stock and we redeemed the remaining 917 shares of our Series B convertible preferred stock.
2010 GUIDANCE
Our adjusted diluted FFO guidance per share range is from $2.05 to $2.09 and our adjusted diluted FAD guidance per share range is from $2.01 to $2.05. Our guidance includes shares issued under our at-the-market equity offering program through February 16, 2010 and the Pacific Medical Buildings transactions and excludes any other acquisitions, investments, impairments or capital transactions occurring in 2010. Additionally, certain costs associated with acquisitions which were previously capitalized are now required to be expensed. While our guidance does not assume any acquisitions other than the transactions with Pacific Medical Buildings, we will incur certain costs that will be expensed for any acquisitions we may make and those costs could be material.
Reconciliation of 2009 Adjusted Diluted FFO to 2010 Adjusted Diluted FFO High Guidance
                 
    High Guidance  
    Amount     Per Share  
2009 adjusted diluted FFO
  $ 249,291     $ 2.23  
Internal triple net portfolio growth (1)
    5,147       0.05  
Internal medical office building portfolio growth (2)
    (900 )     (0.01 )
Reduction in straight-line rent (3)
    (1,900 )     (0.02 )
Leakage and reserves (4)
    (8,750 )     (0.08 )
PMB acquisition (5)
    9,900       0.09  
Share issuances (6)
    N/A       (0.17 )
 
           
2010 adjusted diluted FFO — high guidance
  $ 252,788     $ 2.09  
 
           
(1) Primarily reflects our annual rent escalators
(2) Reflects reduction in non-recurring revenue items and renewal/lease-up expectations for 2010
(3) Reflects the adjustment to rental revenue on our triple net portfolio as cash rents received are greater in 2010 than in 2009 and therefore the straight line rent adjustment is lower
(4) In addition to the ordinary course leakage set forth in our accompanying Supplemental Information Package, reflects reserves for expected lower rent payments compared to 2009 on three unrelated triple net leased facilities
(5) Expected 2010 FFO contribution from the PMB transaction described in this earnings release
(6) Dilution resulting from issuance to February 16, 2010 of shares of common stock
CONFERENCE CALL INFORMATION
We have scheduled a conference call and webcast on Thursday, February 18, 2010 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) to discuss these results. The conference call is accessible by dialing 866-271-6130 and referencing conference ID number 46478175 or by logging on to our website at http://www.nhp-reit.com. The international dial-in number is 617-213-8894. The earnings release and any additional financial information that may be discussed on the conference call and webcast will also be available at the same location on our website. A digitized replay of the conference call will be available from 11:30 a.m. Pacific Time (2:30 p.m. Eastern Time) that day until 9:00 p.m. Pacific Time (Midnight Eastern Time) on March 18, 2010. Callers can access the replay by dialing 888-286-8010 or 617-801-6888 and entering conference ID number 31632000. Webcast replays will also be available on our website for at least 12 months following the conference call. Our supplemental information package for the quarter and the year ended December 31, 2009 is available on our website, free of charge, at http://www.nhp-reit.com by selecting “Investor Relations” followed by “Financial Information” and is included in our Current Report on Form 8-K filed February 17, 2010 with the SEC also containing this release. Shareholders may receive free of charge a complete set of our audited financial statements upon request.

 

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ABOUT NATIONWIDE HEALTH PROPERTIES, INC.
Nationwide Health Properties, Inc. is a real estate investment trust (REIT) that invests primarily in healthcare real estate in the United States. As of December 31, 2009, the Company’s portfolio of properties, including mortgage loans and properties owned by unconsolidated joint ventures, totaled 576 properties among the following segments: 279 senior housing facilities, 197 skilled nursing facilities, 82 medical office buildings, 11 continuing care retirement communities and 7 specialty hospitals. For more information on Nationwide Health Properties, Inc., visit our website at http://www.nhp-reit.com.
FORWARD LOOKING STATEMENTS
Certain information contained in this release includes forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are not statements of historical facts. These statements may be identified, without limitation, by the use of forward-looking terminology such as “may,” “will,” “anticipates,” “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. Risks and uncertainties associated with our business include (without limitation) the following: deterioration in the operating results or financial condition, including bankruptcies, of our tenants; non-payment or late payment of rent, interest or loan principal amounts by our tenants; our reliance on two tenants for a significant percentage of our revenue; occupancy levels at certain facilities; our level of indebtedness; changes in the ratings of our debt securities; maintaining compliance with our debt covenants; access to the capital markets and the cost and availability of capital; the effect of proposed healthcare reform legislation or government regulations, including changes in the reimbursement levels under the Medicare and Medicaid programs; the general distress of the healthcare industry; increasing competition in our business sector; the effect of economic and market conditions and changes in interest rates; the amount and yield of any additional investments; risks associated with acquisitions, including our ability to identify and complete favorable transactions, delays or failures in obtaining third party consents or approvals, the failure to achieve perceived benefits, unexpected costs or liabilities and potential litigation; the ability of our tenants to pay contractual rent and/or interest escalations in future periods; the ability of our tenants to obtain and maintain adequate liability and other insurance; our ability to attract new tenants for certain facilities; our ability to sell certain facilities for their book value; our ability to retain key personnel; potential liability under environmental laws; the possibility that we could be required to repurchase some of our senior notes; changes in or inadvertent violations of tax laws and regulations and other factors that can affect our status as a real estate investment trust; and other factors discussed from time to time in our news releases, public statements and/or filings with the Securities and Exchange Commission, especially the “Risk Factors” sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. Forward-looking information is provided by us pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. We disclaim any intent or obligation to update these forward-looking statements.
Contact:
Abdo H. Khoury
Chief Financial and Portfolio Officer
Nationwide Health Properties, Inc.
(949) 718-4400
 
***Financial Tables to Follow***

 

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NATIONWIDE HEALTH PROPERTIES, INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
                                 
    Three Months Ended December 31,     Year Ended December 31,  
    2009     2008     2009     2008  
    (Unaudited)                  
Revenue:
                               
Triple-net lease rent
  $ 74,427     $ 72,115     $ 295,757     $ 283,052  
Medical office building operating rent
    17,510       17,229       68,319       60,287  
 
                       
 
    91,937       89,344       364,076       343,339  
Interest and other income
    6,694       6,550       26,436       24,980  
 
                       
 
    98,631       95,894       390,512       368,319  
Expenses:
                               
Interest and amortization of deferred financing costs
    23,091       25,492       93,630       101,045  
Depreciation and amortization
    31,804       30,624       124,264       116,375  
General and administrative
    6,928       6,513       27,353       26,051  
Acquisition costs
    830             830        
Medical office building operating expenses
    7,704       7,849       28,906       26,631  
 
                       
 
    70,357       70,478       274,983       270,102  
 
                       
Operating income
    28,274       25,416       115,529       98,217  
Income from unconsolidated joint ventures
    1,401       1,079       5,101       3,903  
Gain on debt extinguishment, net
          4,641       4,564       4,641  
 
                       
Income from continuing operations
    29,675       31,136       125,194       106,761  
Discontinued operations
                               
Gains on sale of facilities, net
    2,756       1,552       23,908       154,995  
(Loss) income from discontinued operations
    (57 )     704       (44 )     6,251  
 
                       
 
    2,699       2,256       23,864       161,246  
 
                       
Net income
    32,374       33,392       149,058       268,007  
Net (income) loss attributable to noncontrolling interests
    (484 )     24       (668 )     131  
 
                       
Net income attributable to NHP
    31,890       33,416       148,390       268,138  
Preferred stock dividends
    (995 )     (1,452 )     (5,350 )     (7,637 )
 
                       
Income available to NHP common stockholders
  $ 30,895     $ 31,964     $ 143,040     $ 260,501  
 
                       
 
                               
Basic earnings per share (EPS):
                               
Income from continuing operations attributable to NHP common stockholders
  $ 0.25     $ 0.30     $ 1.11     $ 1.01  
Discontinued operations attributable to NHP common stockholders
    0.02       0.02       0.23       1.66  
 
                       
Net income attributable to NHP common stockholders
  $ 0.27     $ 0.32     $ 1.34     $ 2.67  
 
                       
 
                               
Diluted EPS:
                               
Income from continuing operations attributable to NHP common stockholders
  $ 0.25     $ 0.29     $ 1.09     $ 1.00  
Discontinued operations attributable to NHP common stockholders
    0.02       0.02       0.22       1.63  
 
                       
Net income attributable to NHP common stockholders
  $ 0.27     $ 0.31     $ 1.31     $ 2.63  
 
                       
 
                               
Weighted average shares outstanding for EPS:
                               
Basic
    112,575       100,353       106,329       97,246  
 
                       
Diluted
    115,009       102,404       108,547       98,763  
 
                       

 

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NATIONWIDE HEALTH PROPERTIES, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Reconciliation of Net Income to Adjusted Diluted FFO
                                 
    Three Months Ended December 31,     Year Ended December 31,  
    2009     2008     2009     2008  
 
                               
Net income
  $ 32,374     $ 33,392     $ 149,058     $ 268,007  
Preferred stock dividends
    (995 )     (1,452 )     (5,350 )     (7,637 )
Net (income) loss attributable to noncontrolling interests
    (484 )     24       (668 )     131  
Real estate related depreciation and amortization
    31,415       30,837       123,666       118,603  
Depreciation in income from unconsolidated joint ventures
    1,272       1,301       5,209       4,768  
Gains on sale of facilities, net
    (2,756 )     (1,552 )     (23,908 )     (154,995 )
 
                       
FFO available to NHP common stockholders
    60,826       62,550       248,007       228,877  
Series B preferred dividend add-back
    995       1,452       5,350       7,637  
 
                       
Diluted FFO
    61,821       64,002       253,357       236,514  
Acquisition costs
    830             830        
Gain on extinguishment of debt, net
          (4,641 )     (4,564 )     (4,641 )
Gain on extinguishment of debt, net from unconsolidated joint venture
                (332 )      
 
                       
Adjusted diluted FFO
  $ 62,651     $ 59,361     $ 249,291     $ 231,873  
 
                       
 
                               
Weighted average shares outstanding for diluted FFO:
                               
Diluted weighted average shares outstanding (1)
    115,116       102,455       108,621       98,855  
Series B preferred stock conversion add-back if not already converted
    2,517       3,896       3,154       4,526  
 
                       
Fully diluted weighted average shares outstanding
    117,633       106,351       111,775       103,381  
 
                       
 
                               
Diluted FFO per share
  $ 0.53     $ 0.60     $ 2.27     $ 2.29  
 
                       
Adjusted diluted FFO per share
  $ 0.53     $ 0.56     $ 2.23     $ 2.24  
 
                       
 
                               
Dividends declared per common share
  $ 0.44     $ 0.44     $ 1.76     $ 1.76  
 
                       
 
                               
Adjusted diluted FFO payout ratio
    83 %     79 %     79 %     79 %
 
                       
Adjusted diluted FFO coverage
    1.20       1.27       1.27       1.27  
 
                       
     
(1)  
Diluted weighted average shares outstanding includes the effect of all participating and non-participating share-based payment awards which for us consists of stock options and other share-based payment awards if the effect is dilutive. The dilutive effect of all share-based payment awards is calculated using the treasury stock method. Additionally, our redeemable OP units are included as if converted to common stock on a one-for-one basis.

 

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NATIONWIDE HEALTH PROPERTIES, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Reconciliation of Net Income to Adjusted Diluted FAD
                                 
    Three Months Ended December 31,     Year Ended December 31,  
    2009     2008     2009     2008  
 
                               
Net income
  $ 32,374     $ 33,392     $ 149,058     $ 268,007  
Preferred stock dividends
    (995 )     (1,452 )     (5,350 )     (7,637 )
Net (income) loss attributable to noncontrolling interests
    (484 )     24       (668 )     131  
Real estate related depreciation and amortization
    31,415       30,837       123,666       118,603  
Gains on sale of facilities, net
    (2,756 )     (1,552 )     (23,908 )     (154,995 )
Straight-lined rent
    (1,509 )     (2,388 )     (6,275 )     (10,263 )
Amortization of intangible assets and liabilities
    (157 )     (148 )     (564 )     (559 )
Non-cash stock-based compensation expense
    1,780       1,528       7,007       5,800  
Deferred finance cost amortization
    765       908       3,101       3,173  
Lease commissions and tenant and capital improvements
    (1,257 )     (716 )     (4,733 )     (3,715 )
Unconsolidated joint ventures:
                               
Real estate related depreciation and amortization
    1,272       1,301       5,209       4,768  
Straight-line rent
    17       (12 )     (26 )     (66 )
Amortization of intangible assets and liabilities
                5        
Deferred finance cost amortization
    21       21       84       84  
 
                       
FAD available to NHP common stockholders
    60,486       61,743       246,606       223,331  
Series B preferred dividends
    995       1,452       5,350       7,637  
 
                       
Diluted FAD
    61,481       63,195       251,956       230,968  
Acquisition costs
    830             830        
Gain on extinguishment of debt, net
          (4,641 )     (4,564 )     (4,641 )
Gain on extinguishment of debt, net from unconsolidated joint venture
                (332 )      
 
                       
Adjusted diluted FAD
  $ 62,311     $ 58,554     $ 247,890     $ 226,327  
 
                       
 
                               
Weighted average shares outstanding for diluted FAD:
                               
Diluted weighted average shares outstanding (1)
    115,116       102,455       108,621       98,855  
Series B preferred stock add-back if not already converted
    2,517       3,896       3,154       4,526  
 
                       
Fully diluted weighted average shares outstanding
    117,633       106,351       111,775       103,381  
 
                       
 
                               
Diluted FAD per share
  $ 0.52     $ 0.59     $ 2.25     $ 2.23  
 
                       
Adjusted diluted FAD per share
  $ 0.53     $ 0.55     $ 2.22     $ 2.19  
 
                       
 
                               
Dividends declared per common share
  $ 0.44     $ 0.44     $ 1.76     $ 1.76  
 
                       
 
                               
Adjusted diluted FAD payout ratio
    83 %     80 %     79 %     80 %
 
                       
Adjusted diluted FAD coverage
    1.20       1.25       1.26       1.24  
 
                       
     
(1)  
Diluted weighted average shares outstanding includes the effect of all participating and non-participating share-based payment awards which for us consists of stock options and other share-based payment awards if the effect is dilutive. The dilutive effect of all share-based payment awards is calculated using the treasury stock method. Additionally, our redeemable OP units are included as if converted to common stock on a one-for-one basis.

 

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NATIONWIDE HEALTH PROPERTIES, INC.
RECONCILIATION OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
2010 Guidance Reconciliation of Net Income to Adjusted Diluted FFO and FAD Per Share
                 
    Year Ended December 31, 2010  
    Guidance  
    Low     High  
Net income
  $ 152,007     $ 157,007  
Preferred stock dividends
    (10 )     (10 )
Real estate related depreciation and amortization
    116,652       116,652  
Depreciation in income from unconsolidated joint ventures
    4,692       4,692  
Net income attributable to noncontrolling interests
    (3,695 )     (3,695 )
Gains on sales of facilities, net
    (22,268 )     (22,268 )
 
           
FFO available to common stockholders
    247,378       252,378  
Series B preferred dividends
    10       10  
 
           
Diluted FFO
    247,388       252,388  
Acquisition costs
    400       400  
 
           
Adjusted Diluted FFO
    247,788       252,788  
Straight-line rent
    (4,074 )     (4,074 )
Amortization of intangible assets and liabilities
    (285 )     (285 )
Non-cash stock-based compensation expense
    7,026       7,026  
Deferred finance cost amortization
    3,075       3,075  
Lease commissions and tenant and capital improvements
    (11,012 )     (11,012 )
Unconsolidated Joint Ventures:
               
Straight-lined rent
    (5 )     (5 )
Deferred finance cost amortization
    84       84  
 
           
Adjusted Diluted FAD
  $ 242,597     $ 247,597  
 
           
 
               
Diluted FFO per share
  $ 2.04     $ 2.09  
 
           
Adjusted Diluted FFO per share
  $ 2.05     $ 2.09  
 
           
Adjusted Diluted FAD per share
  $ 2.01     $ 2.05  
 
           
 
               
Weighted average shares outstanding:
               
Diluted weighted average shares outstanding
    118,869       118,869  
NHP/PMB OP units
    2,107       2,107  
 
           
Total
    120,976       120,976  
 
           

 

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NATIONWIDE HEALTH PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
                 
    December 31,     December 31,  
    2009     2008  
Assets
               
Investments in real estate:
               
Land
  $ 318,457     $ 320,394  
Buildings and improvements
    3,088,183       3,079,819  
 
           
 
    3,406,640       3,400,213  
Less accumulated depreciation
    (585,294 )     (490,112 )
 
           
 
    2,821,346       2,910,101  
Mortgage loans receivable, net
    110,613       112,399  
Mortgage loan receivable from related party
    47,500       47,500  
Investments in unconsolidated joint ventures
    51,924       54,299  
 
           
Net real estate related investments
    3,031,383       3,124,299  
Cash and cash equivalents
    382,278       82,250  
Receivables, net
    6,605       6,066  
Asset held for sale
          4,542  
Intangible assets
    93,657       109,434  
Other assets
    133,152       131,534  
 
           
Total assets
  $ 3,647,075     $ 3,458,125  
 
           
 
               
Liabilities and Equity
               
Unsecured senior credit facility
  $     $  
Senior notes
    991,633       1,056,233  
Notes and bonds payable
    431,456       435,199  
Accounts payable and accrued liabilities
    132,915       144,566  
 
           
Total liabilities
    1,556,004       1,635,998  
 
               
Redeemable OP unitholder interests
    57,335       56,778  
 
               
Equity:
               
NHP stockholders’ equity
               
Series B convertible preferred stock
    51,364       74,918  
Common stock
    11,432       10,228  
Capital in excess of par value
    2,128,843       1,786,193  
Cumulative net income
    1,705,279       1,556,889  
Accumulated other comprehensive (loss) income
    (823 )     1,846  
Cumulative dividends
    (1,862,996 )     (1,669,407 )
 
           
Total NHP stockholders’ equity
    2,033,099       1,760,667  
Noncontrolling interests
    637       4,682  
 
           
Total equity
    2,033,736       1,765,349  
 
           
Total liabilities and equity
  $ 3,647,075     $ 3,458,125  
 
           

 

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